Making some assumptions. Berkowitz says he owns 2.4B face value,
he also says he purchased $500M in shares. that would give him an average price of approx. $5.2 a share, if you assume $25.00 face value.
That seems like some wack daddy assuming to me. I'd assume he paid under 5% face (Average $1.25 on the 25's and 2.50 on the 50's.) which would be pretty easy to build over the last couple years.
He blows his own horn about 2.5 billion worth--and is selling LIKE MAD into the spike at 27-28% of face.
At 5% of face, it's a 20-1 shot, maybe worth the gamble. At 4 to 1? Maybe Nader...buying common. Not Berkowitz.