Good question Ricco79 - am I wrong about this risk? The UST will not exercise its warrants until it has to which right now and will likely extend the maturity date past 2028 - dont you agree. Also - dont you think that the JPS conversion potential has to be decided before EXIT? Ackman assumes a JPS Conversion and an 18% stake for legacy common after a JPS conversion so perhaps all we need to worry about is dilution from 20.1% to 18%?
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