AHUM, but yes I know you can't compare securities...
hardasset
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Thursday, January 19, 2012 10:37:04 AM
Re: clawmann post# 40157
Post # of 40618
I dunno Clawmann, but I think you are reaching. Which is ok. Long ago I felt that preferreds would need to see at least 70% before commons got a bone. Commons got a bigger bone, relatively but the best way I can reconcile that is the pre-seizure holders are deserving, if that enters into the equation anywhere. I suspect it did, because of the massive fraud involved. I remember in the Worldcom case, the SEC took $750 million right off the top and distributed it later to the commons on a sliding scale, depending on how long the shares were held. No one argued with that, even though senior creditors only got a 23% recovery. And Bernie Ebbers rots in prison, where Jamie is destined.
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