Question about Subscription right of FBC

laptoper

I own FBC 24814 shares (market price 0.64) and have subscription right FBC 37278 at $0.71 for the shares of common stock I owned as of 5:00pm Dec 24, 2009 which will close at Feb 8, 2010(Extended).

1. If I sale my owned shares of FBC before Feb 8, do I still have the subscription right after the sale before Feb 8?
2. Flagstar Bancorp Announces $300 Million of $500 Million in New Capital. Why do people take and fill a offering at 0.71 with subscription right if they can buy directly from Market at 0.64?

Thanks