Nice outline. I do object to the contention they will not return to normal yeilds given the 2 year suspension, due to the regulatory nature of the suspension; should be seen as a one-time event.

Not drooling, but I think that 44 percent is close to a no-brainer target. Actually, I'm using my AEG and ING preferreds as benchmarks. That would put the M's in the 16 range 2 years hence assuming the AEG and ING preferreds are stagnant, and actually they should add 4 bucks I think.

jack