The Frob warned preferential shareholders yesterday that today is the last day of the extended timeframe for selling their shares to the Guaranteed Deposit Fund.
Doing so will allow shareholders to cash in their preferential shares, albeit at a new lower value, and still have the ability to file complaints with the courts or make other grievances. If they don?t sell their shares and the respective banks are sold or acquired at low symbolic prices, which could be the case with NCG Banco and CataluynaBanc, the shareholders run the risk of owning shares worth practically nothing.
Until now the Frob has not issued any warnings about that happening, and there is no reason for waiting until the last day to hurt shareholders even further.
