Hi, I come from Joel Greenblatt's Greatest Investment post by Dirtcheapstocks. Nice write-up, at one point you mention that "One can easily wait until the second-step conversion occurs if they don’t want to lock up their capital with a partially converted thrift and risk the dilution that may come from a second-step." However, from Dirtcheapstocks I understood that there is no dilution because the shares already exist. What am I missing? And, are you aware of mutual banks currently targeting this type of conversions? Thank you ;) Charles.
Hi, I come from Joel Greenblatt's Greatest Investment post by Dirtcheapstocks. Nice write-up, at one point you mention that "One can easily wait until the second-step conversion occurs if they don’t want to lock up their capital with a partially converted thrift and risk the dilution that may come from a second-step." However, from Dirtcheapstocks I understood that there is no dilution because the shares already exist. What am I missing? And, are you aware of mutual banks currently targeting this type of conversions? Thank you ;) Charles.