Fannie Mae Preferred S (FNMAS)

[robigus]

JWN, you are very knowledgeable, do you have any thoughts on this?:
I had shares of FNA which in July 2010 changed to FANIP
http://www.quantumonline.com/search.cfm?tickersymbol=FANIP*&sopt=symbol

It was an 8.75% $50 pref. that was mandatorily converted to commons (1:1.8) which at the time of conversion in May 2011 commons were around 30 cents, I believe. So I went from $50 to just under 60 cents.

If everything works out as it should and the UST is found guilty, do you have an opinion as to whether former FNA holders have any recourse?

Thanks for your thoughts.