This, or something like it sounds like a good idea - forcing the courts to rule on the legality of arbitrarily preserving the value of some investors, while not preserving that of others. I am only out about $7k at this point, but I'm still holding on, hoping that eventually some sort of dividend will be preserved. I'm annoyed that the government is getting 10% on its new ultra preferred shares, though, while mine are now getting zip.
good luck on that, but you will never get a dividend again, why would they pay you a dividend? The shares aren't cumulative, you will never see it. I sold mine and took quite a loss. If they were cumulative preferreds they couldn't have done this, the government took advantage of the fact they these were supposed to be supersafe hence the non cumulative nature of them. That in itself should be the lawsuit. But how do you get 36 billion worth of preferred back to the rightful owners?