I hear you! What gets me!
Quote: "and the junior preferreds convert at par, leaving about 6.4 billion common shares pro forma."
No Management in their right mind would dilute the Common Stock for the JPS Shareholders. On top of that it's been suggested, on this board, to give away to the JPS Shareholders 1/2 of the entire businesses of Fannie and Freddie by converting the JPS to common. AND the person who suggested this spoke this with a God Bless! God Bless?? Hello? God bless us to steal the businesses from the owners? and that's somehow a God bless? The JPS Shareholders or in this for a very small portion of the value of the Enterprises.
The JPS are non-cumulative, no reason for management to allot any money on behalf to the shareholders at this point in time to exit conservatorship and re-list on the NYSE. When management determines to reinstate dividend payments the companies can choose to sell into the open market new issues of cumulative preferred stock at a lower payout amount replacing the higher yield on the existing JPS and shareholders of the then old issue receive par.
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