I think it will be a good deal as long as GFED is able to sell the additional common stock at a high enough price not to dilute existing shareholders from a book value standpoint. Inside ownership is high enough here that I doubt they would sell the stock at a steep discount. I'm amazed the price action has been so stagnant here. Lack of liquidity is definitely not helping the stock. The earnings multiples look good, but GFED has had a history of "surprises" over the last 5 years and they are usually not positive. In their defense though, the last 5 years for the banking sector have been the worst since the Great Depression. I'm cautiously optimistic (sorry to be so cliche) and redeeming the preferred stock will allow GFED to reinstate their dividend to common stockholders. That could pay off extremely well given the current P/E multiples here. Even a $.10 cent dividend would payout a 3.6% yield which isn't too shabby and would be easily affordable without the preferred dividend looming overhead.