No, however if JPM wouldnt have bought them they were facing bk protection. Of course this is coming from a statement from JD himself. Bear Stearns is very similar, I find it hard to beleive that anyone investing in the p's feel they will receive full face value. A settlement is just that .... If creditors get a hair cut why wouldn't all stock. Yes the argument of the bi-laws stating that the commons cant be paid unless p's are paid in full.... read up on the Bear stearns deal and get back to me.
jerle, i have a question...the pref's are due to convert in 2012. if the commons receive above 42.00/shr, can the bk court put to a vote that the pref's could convert early if agreed upon? the 144 share conversion plus price would certainly increase the net to us. what do you think. and does anyone know if their is such a clause to allow this?
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