Monday, March 2, 2009

Citi Issues 8K Clarifying Preferred Exchange Terms

Read all about it here. Looks like discount to privates is only 5%

Summary of public preferred terms:



We are perusing the 8K currently.

Seems public preferreds are happy. C AA stock spiking after government announces conversion number of public prefs into common shares will be equal to the privates after all... unless we are reading this totally wrong...

update - odd selloff in preferreds now from highs of $9.75. Nothing to see here...


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11 comments:

  1. AnonymousMarch 2, 2009 at 12:45 PM

    T Dizzle- your analysis couldn't have been more wrong. Hope you sold this AM. Citi tanking like the Titanic....-18%

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  2. Tyler DurdenMarch 2, 2009 at 12:47 PM

    variable was the definition of premium. seems citi meant parity after all. C is option value here.

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  3. AnonymousMarch 2, 2009 at 1:07 PM

    Whats the biggest reason for this selloff? That all preferreds are going to be converted in equal numbers?

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  4. Tyler DurdenMarch 2, 2009 at 1:11 PM

    no f'ing clue what is going on anymore.

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  5. AnonymousMarch 2, 2009 at 1:18 PM

    stock is going to break $1 today

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  6. Tyler DurdenMarch 2, 2009 at 1:23 PM

    what are odds of another short sell ban? keep in mind you are dealing with insane asylum patients

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  7. UnknownMarch 2, 2009 at 1:26 PM

    I like to consider all unknown odds to be 1 in 6. Given the people in charge of this fiasco, roll the die and hope for the Yatzee.

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  8. AnonymousMarch 2, 2009 at 4:19 PM

    Exactly how many C shares/toilet paper are these worth at 95%.

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  9. AnonymousMarch 2, 2009 at 9:30 PM

    Exactly how many C shares/toilet paper are these worth at 95% acceptance.

    Pretty simple question.

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  10. AnonymousMarch 3, 2009 at 5:18 PM

    You were happy to spread misinformation about the deal, but a simple question goes unanswered.

    ReplyDelete
  11. AnonymousMarch 17, 2009 at 5:07 PM

    I have 162 of the series T preferreds. At 13 common shares per preferred - this is a great deal for me.

    What date is this supoosed to happen? Will Citi send me a letter with the offer?

    ReplyDelete