i have more preferred than commons, and added to the preferred recently. This was a lottery ticket before election but now the preferred is really a 50 cents on a dollar.
I find it’s hard to believe that commons will be zero. If the govt want to re-ipos the shares, it will be hard to raise capital if they zeroed the commons? Also, all the common shareholders like Ackman can also buy preferred, thus will be able to vote on restructuring. But on the other hand, i am also not sure that the potential payoffs for commons will be a lot higher than preferred, cuz this is completely decided by the kindness of the secretary at time of restructuring.
by the way, Buffett has 300bn cash. Can he buy the whole thing? That will be so cool !