Good luck to them on passing CDS paper. People aren’t touching corporate paper with a long pole at this point. They received a Preferred stock point of conversion at $18. The price can be altered by BofA to get more shares if liquidation occurs. So say they get 111 million shares or ~14% of the company at $18 but if the stock goes to $9 they get double the shares in conversion. If the stock goes to near Zero they screw the common stock holders and take what they’ve wanted all along which is the servicing unit. You can’t tell me that getting in at $18 when the stock was $21 then seeing it pop to $26 on volume of over 140million shares the next day that they weren’t shorting CFC into the hole on that. To top it they get a higher rate dividend than the borrowing rate so they are pretty much light of risk and the first vulture to the body in a liquidation event.