Actually skateboarder gse pref dilution trash talked gse commons for years and years with fake posters. Payback tastes kind of good. I have both commons and prefs. I think both will get something eventually. Fannuegate zero diesnt
The JPS will never dilute the commons since they are non-convertible stocks to begin with. Hello?
Common stockholders are having" common dilution warfare" with jps.
Secondly, with the Balance Sheets as of September 30, 2023, the JPS are wiped out in any restructuring. There is no such thing as a rule: "Haircut in the same terms as the SPS, because Mnuchin said so, according to Calabria in his book".
It wouldn't be a debt restructuring, but an Equity restructuring, where the Equity that belongs to the JPS is $0 (Net Worth = $118B, but $310B SPS LP outstanding)
The actor Glen Bradford claims that the JPS have anti-dilution protection, which is false because there has never been a fixed Conversion Rate that is what would be diluted, and secondly, he assures that this anti-dilution is an anti-loss protection.
This is what the frivolous lawsuits was all about. Don't challenge the capital distributions to Treasury (dividends and today's SPS LP increased for free. RESTRICTED) in order to stuff the Treasury with SPS and deplete their capital massively. Later, call for a conversion to common stocks, both SPS and JPS in the same terms.
The reality is that the SPS need the Commons to be monetized. Their haircut is 62% (only $118B allowed, out of $310B SPS outstanding) and the JPS would be wiped out. Both measures boost the common stock price, so the conversion of the SPS to Cs would capture the resulting Balance Sheets and the conversion price would stand at $200 per common stock or so. This scenario is better for the common stocks than the Takings at Book Value scenario. Bring it on!
BOTTOM LINE You'd better join the Separate Account plan and pay Punitive Damages for the Govt theft story in formal documents.
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