Ace - Agree - Sell if you don't think it's going up
Have a great trip!
Joe - Occasionally, these meetings have had a gentle reminder that FnF are owned by SHs and the govt. is a major one.
Why would US govt. flush the 79.9% down the toilet? Just to spite the banks and grannies that bought the jr. pfds.?
*IF* they say "now is the time for R-ship", then they do have to have the replacement in place, capitalize it, and give the bondholders 99 cents on their FnF bonds (b/c the sr. pfds = 0, jr. pfds = 0, common = 0).
The "new FnF" might need to sell some bonds, right?
They just going to convert those old bonds to new bonds, change the signs out front, pink-slip the employees and re-hire them at the new FnF?
There are so many outlandish implications of doing an r-ship now.
I posted back when they made the all-income-as-divvy proclamation thar r-ship is done and buried. It is.
Whoever brought up the r-ship from the recent 10K is trying to scare folks here that are very scareable.
That fine-print been in existence since c-ship, and it exists on every disclaimer of every publicly traded company, but in terms that most people pay no heed. Paraphrasing. "We don't know if we will continue to have sales, and if the sales go down precipitously, we may not be able to cover our obligations and may cease to exist as a going-concern".
I am not worried about r-ship.
The only concern is that they do go ahead with the outlandish sign-changing and say to hades with the shareholders and their own money, just to say they got rid of FnF. Pretty harsh medicine and it will cost the taxpayers 100s of billions to do that. No one is that stupid.
chrisanja $2.09 (PS Did you sell any, Joe?)
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