If they could do that....say a 20% cut on a 1000 shares would be 200,000.00 dollars which is a lot of money.....but if I had to take that cut and receive 800,000.00...that would be an easy choice for me.
Probably within the context of a vote on a por. In a sense the hedge funds we hope are giving up their right to payment on the instruments they own in exchange for the insider trading examination being dropped. But why would preferred want to gift their value away to common...other than for some nuisance value to get this entire mess settled?
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