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      "kind": "callout",
      "text": "Consistent with more than 4,000 precedent conservatorships and receiverships, the Senior Preferred Stock is only entitled to repayment with interest",
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      "text": "In open bank assistance and conservatorships, the stakeholders’ interests are protected by their contractual rights since the institution is continuing to function as an open and operating company. The provider of the assistance, formerly the FDIC for banks and Treasury for the Companies, receives repayment plus interest like any creditor based on the assistance agreement. All past open bank assistance and conservatorships, and all principles underlying HERA and related insolvency statutes, limited that repayment to the actual funding provided because the statutory goal explicitly is to restore the company to a ‘sound and solvent’ condition. That cannot be accomplished with a confiscatory seizure of current and future value.",
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      "text": "- Cato Institute Working Paper, Michael Krimminger and Mark Calabria, 2/9/2015",
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      "text": "Thoughts on UST Senior Preferred (Cont.)",
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