$8/shr more cash and magical debt reduction for Citi. new preferred shares are basically a loan rather than dilutive. all positive for common shareholders. seek analysis you can trust and you will conclude common shares are ridiculously undervalued. the truth is out there. shorts are also way off the cliff.
Watch the stock price. This deal is so different from the FRE/FAN deal. It is huge for C, now the strongest of the big banks. With stroke of a pen they picked up another $4/sh. in cash but even more than that a couple hundred billion in magical debt reduction (value - additional $10-15/sh.)