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This article suggests that Bank of America's Countrywide deal was even more of a sweetheart deal for B of A (desperate deal for Countrywide) than first reported. On top of the fact that this is preferred stock (debt convertible into equity), the strike price for conversion (reportedly at 18) can be lowered at Bank of America's discretion. The article points out that B of A has taken some real risk here - but it is a lot less than those foolish shareholders who see the deal as a buying opportunity in Countrywide are taking.

 

Submitted: Aug 29, 2007    Views: 209    Comments: 0    Likes: 4   


View Article: http://online.wsj.com/article/SB118834731735111689.html


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