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kthomp19

03/20/24 11:27 PM

#789339 RE: FOFreddie #789126

you know it is never too late to say that you were wrong to advocate for 10 cents for GSE Common?



When did he advocate for this?

You continue to make the same mistake over and over. Predicting something and advocating for it are different things. Stop conflating them.

Now is the time to say that the commons and the JPS were screwed by the USG and that there should not be a cramdown.



What any of us thinks should happen means nothing.

Just let the market take care of the outcomes but stay on the side of fairness and the protection of private property rights.



How would a senior-to-common cramdown be a violation of property rights? Right now the common shareholders don't own anything at all: they have no voting rights and all of their economic value is worthless due to the massive liquidation preference of the seniors.

If Treasury were to write off the seniors completely, someone who bought common shares today would see a huge windfall, whereas someone who held shares for years and years but sold recently would get nothing at all. In what world is that fair? Fairness went out the window a long time ago and it ain't coming back.