This excerpt taken from the C DEF 14A filed Jun 18, 2009.
The holders of our Interim Securities following the consummation of the USG/Private Holders Transactions will be the USG, the Government of Singapore Investment Corporation Pte Ltd., the Kuwait Investment Authority, HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Capital Research Global Investors, Capital World Investors, the New Jersey Division of Investment, Sanford I. Weill and the Weill Family Foundation. After the approval of the Authorized Share Increase and the conversion of the Interim Securities into shares of common stock, depending on the levels of participation in the Exchange Offers, some of these persons will be significant stockholders, and certain of these persons may hold more than 5% of our common stock.
Following completion of the Transactions, and assuming approval of the Authorized Share Increase, the U.S. Treasury would own approximately 29% of our outstanding common stock under the Low Participation Scenario (as described under Unaudited Pro Forma Financial Information), and approximately 34% of our outstanding common stock under the High Participation Scenario (as described under Unaudited Pro Forma
Financial Information). We expect that the Exchange Offers will be fully subscribed, in accordance with the High Participation Scenario, if the Exchange Offers are viewed favorably by the marketplace and by our stockholders. However, if the aggregate liquidation preference or amount of Subject Securities that is tendered and accepted for exchange in the Exchange Offers is equal to $12.5 billion, and all Series T Public Preferred Depositary Shares are tendered and accepted for exchange, the U.S. Treasury could own up to approximately 37% of our outstanding common stock upon completion of the Transactions. Participation by holders of Subject Securities in amounts greater than $12.5 billion, up to the maximum aggregate liquidation preference or amount of $20.5 billion, would dilute the U.S. Treasurys ownership to the 34% ownership level discussed above under the High Participation Scenario.
The interests of these persons may differ from those of our other stockholders, and they may exercise their rights in ways that differ from your interests.