There's no way a settlment will be agreed upon by the EC without some recovery for the commons. I still think the commons will be paid. The question is how much?
If the Prefs recover 50% then the commons will get at least a few dollars.
Do not underestimate financial creativity...If the SNH's are aboard, thyen a structure can be created with a variety of instruments ..for here and now and the future which can take care of everyone..NOL's alone will contribute billions to the pot !
Couldn't agree more. If JPM, FDIC, Debtors et al want this case over and done with, one way NOT to get a deal done is to pay the top 21 classes and then crap all over number 22 (commons)by shuttig them out.
Would love to see some of the numbers for the commons I've seen bandied about on this board ($8, $12, $16, $24 etc.) come to fruition, but I think your estimate of a "few dollars" is more realistic.
Not saying we aren't due more, just don't think a miracle offer is in the offing.
Look, saying the commons will get $20-50 is just wishful thinking. While I'd love to see it, and it would be justified, we have to face the political reality of where this country is at.
I think the EC would settle for 30-50% face on preferred and $2-3 on the commons.
I'd love to see more but am a realist. JPM and FDIC need to put this nightmare behind them and get those releases in their pocket.
Expect a settle in May. Otherwise the ensuing litigation will be crushing for all involved.
SORTA but not really WOLFFE
Within the BK anything can happen ,lets say Prfds except less.
Or lets say they judge says they get less so all can participate.
Now based strictly on their ORIGINAL CONTRACT , yes I agree.
But just as we hope the FJR is applied to SNH's changing their original contract ,so can anyone's within the BK , INCLUDING THE H's