Citigroup seeks "emergency cash" from U.S. Treasury

Quote from Random.Capital:

The $28B in preferred come with a 10% warrant kicker.
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Is it just me or is the way the warrant section is written cumbersome and vague, even by Federal Government standards.

Summary of Warrant Terms
Warrant:

Institution will issue a warrant to UST for an aggregate exercise value of
10% of the total preferred issued to USG (in both transactions) ($2.7 bn).

Exercise Price: The strike price will be equal to $10.61 per share (the 20 day trailing
average ending on November 21, 2008). The warrants issued to UST are
not subject to reduction based on additional offerings.

Term: Ten years, immediately exercisable, in whole or in part.
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Why the hell did they not just say:

Citigroup will issue a warrant to government for 10% of all common stock. The strike price will be equal to $10.61 per share exercisable anytime within a ten year term. The warrants issued to UST are not subject to reduction based on additional offerings.


At least that's how I interpret what they're saying, but the way they have it written is leading to mass confusion. I can't imagine Citigroup lawyers would allow them to sign off on this poorly written shit.
 
Quote from shortie:

"U.S. to Back $306 Billion in Citigroup Assets, Regulators Say"

great news since the sh*tty assets are the root of the problem for C.

looks like bagholders like myself will get a chance to dump C on monday. :D
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wow! 5 WHOLE dollars!! what a great bailout!!! LOL

neeext. MS? JPM? BSC/MER?
 
Quote from AMT4SWA:

Selling ES 806's on up this round....keep playing the edges. :)
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That was a very nice move....all the way down to the 783's......last out at 786's.

Round 4, selling some 816's and up.....will see what we get before the cash open.
 
Quote from AMT4SWA:

That was a very nice move....all the way down to the 783's......last out at 786's.

Round 4, selling some 816's and up.....will see what we get before the cash open.
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Ok...we traded down to only the 813 area then back to the 816's so I am out and flat at B/E + 1 tick......time for some sleep until the cash session opens. :)
 
Exactly my thoughts bond trader - many secondary school students could have written the warrant section in a clearer manner

Quote from bond tr4der:

Is it just me or is the way the warrant section is written cumbersome and vague, even by Federal Government standards.



Why the hell did they not just say:

Citigroup will issue a warrant to government for 10% of all common stock. The strike price will be equal to $10.61 per share exercisable anytime within a ten year term. The warrants issued to UST are not subject to reduction based on additional offerings.


At least that's how I interpret what they're saying, but the way they have it written is leading to mass confusion. I can't imagine Citigroup lawyers would allow them to sign off on this poorly written shit.
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Quote from AMT4SWA:

Not again???? Another SHORT signal...selling $816's one more time....LOL!
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There she goes....covering 33% of position at 811.25's for +5.0 points.....stop at b/e +1 tick @816.00 :)
 
Quote from AMT4SWA:

There she goes....covering 33% of position at 811.25's for +5.0 points.....stop at b/e +1 tick @816.00 :)
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OK...last out at 815.00 to keep a bit of the profits on the remaining position. That is it until the cash session opens and we can see what we get for price action.....very productive night!
 
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