What is the modification? That is the key…..JJ says:November 18, 2011 at 4:29 pmI have trups isuesd in increments of $1,000. Not the pref shares at $25. From what I read they can only be called at par. That part of indenture is not being modified.JJ says:November 18, 2011 at 4:49 pmWhen I say payments I mean all the payments. I saw sprinkler shut off, lawnservice canceled, couldnt afford to close pool and now he has heating bills coming in. Unless he wants to live in Grey Gardens he has to get out. He can’t afford a small yard shed right now. November 18, 2011 at 4:50 pmmod is right to call at par and replace trup with equiv sub note at at par.chicagofinance says:November 18, 2011 at 5:36 pmJJ: you tell me….MBNA Capital D 8.125% Trust Preferred Securities, Series D is currently callable at par and is trading at $24 1/8. Why the solicitation? Just call the ***? I think a backroom deal is afoot…..chicagofinance says:November 18, 2011 at 5:45 pmThe critical definition is “like amount”The effect of the Proposed Amendment for any series of Capital Securities will be, if any Capital Securities of such series are acquired by Bank of America, to permit the delivery of such securities to the property trustee for cancellation in exchange for a like amount of the underlying junior subordinated debt, which would then be presented to the applicable debt trustee for cancellation.chicagofinance says:November 18, 2011 at 6:52 pmfound this….The thinking has been that the securities would be called at par, but there is a good argument that the realized price may be less than par. Quoting Merrill Lynch “The redemptions could come as call or tender offers. For securities that are trading near or above par, we would expect the redemptions would likely come as calls. For securities trading well below par, companies may opt for a voluntary tender offer—under such a scenario, holders of the security would be given the chance to sell the security back to the company at a price above the market price, but below the par call price.”We are putting together an update piece for our subscribers to PreferredsOnline. 11 Oct, 02:13 PM0chicagofinance says:November 18, 2011 at 6:57 pmmore…..Did everyone see the news from BAC Thursday night? They commented in the 10Q that they are considering selling stock to buy back the trust preferreds. Page 10 of the latest 10Q;“During the third quarter, global economic uncertainty and volatility continued as described more fully in the Executive Summary – Third Quarter 2011 Economic and Business Environment discussion on page 7. Concerns over these and other issues contributed to a widening of credit spreads for many financial institutions, including the Corporation, resulting in lowering of market values of debt and preferred stock isuesd by financial institutions. The uncertainty in the market evidenced by, among other things, volatility in credit spread movements, makes it economically advantageous at this time to consider retirement of isuesd junior subordinated debt and preferred stock. As a result of these matters, we intend to explore the issuance of common stock and senior notes in exchange for shares of preferred stock and, subject to any required amendments to the applicable governing documents, certain trust preferred capital debt securities (Trust Securities) isuesd by unconsolidated trust companies, in privately negotiated transactions. If we pursue the exchange of Trust Securities, we would immediately use the purchased Trust Securities to retire a corresponding amount of our junior subordinated debt that we previously isuesd to the unconsolidated trust companies. These transactions would increase Tier 1 common capital and, on an after-tax basis, reduce the combined level of interest expense and dividends paid on the combined junior subordinated debt and preferred stock. The senior notes and common stock would be recorded at fair value at issuance, which is expected to be less than the par and carrying value of the preferred stock and/or junior subordinated debt, which would result in the exchanges being accretive to earnings per common share for the period in which completed. The ultimate impact on earnings per common share is not expected to be significant for periods subsequent to the exchange and will not be known until the level of earnings per common share for the period and the exact combination of exchanged preferred stock and Trust Securities are known. We will not issue more than 400 million shares of common stock or $3 billion in new senior notes in connection with these exchanges.”chicagofinance says:November 18, 2011 at 6:59 pmThis passage from above…WTF does this mean?The senior notes and common stock would be recorded at fair value at issuance, which is expected to be less than the par and carrying value of the preferred stock and/or junior subordinated debt, which would result in the exchanges being accretive to earnings per common share for the period in which completed. The ultimate impact on earnings per common share is not expected to be significant for periods subsequent to the exchange and will not be known until the level of earnings per common share for the period and the exact combination of exchanged preferred stock and Trust Securities are known.

Rather good posting. I just mlbsuted upon an individual's blog together with wanted that will tell you the fact that I have quite enjoyed analyzing an individual's blog site together with reports. Anyway I’ll get subscribing an individual's provide for together with That i intend that will read an individual's blog site for a second time.