Developing story per Dow Jones: Citi is "meeting with success" in persuading some investors who own preferred shares to convert them to common shares, according to Elizabeth McDonald from Fox Business News. The sovereign wealth funds of Singapore, Abu Dhabi and Kuwait are among those named in the report. Saudi billionaire Alwaleed bin Talal has also been involved in discussions, the report said. The report said the company hadn't yet heard from the New Jersey State Pension Fund or former CEO Sandy Weil.
It is not clear whether this is in addition to or merely under the parameters of the existing exchange offer. But as more news of this nature leaks, it becomes more and more obvious that there will be at least some fireworks on the 7th.
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