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To: snowsislander
Congressman Weiner should read section 6 of the sales purchase agreement for the preferred shares:

Section 6. Conversion. Holders of Designated Preferred Stock shares shall have no right to exchange or convert such shares into any other securities.

I have checked both the Edgar filings for Bank of America and for Wells Fargo, and the language is identical. The terms of the preferred sale are clear: these shares are not convertible to any other type of security, including common.

Excellent find. Thanks.

17 posted on 04/22/2009 7:16:17 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Toddsterpatriot
Excellent find. Thanks.

You are most welcome.

You might also be interested in the following: I noticed at a Wordpress blog a reference to a repository of these agreements in the form of (largish) pdfs: http://financialstability.gov/docs/agreements/. (To give credit where it is due, that link comes from this Wordpress blog site.)

24 posted on 04/23/2009 9:34:34 AM PDT by snowsislander (NRA -- join today! 1-877-NRA-2000)
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