Fannie Mae Preferred S (FNMAS)

[44centsAKAchoccake]

I don't know if the major preferred holders also hold substantial common. For those that do, it would be a "first things first" kind of thing--get the dividends going for the preferreds first, worry about the commons later.

I think at least some preferred holders are long the preferred and short the common. They have to keep the preferreds buy and hold so short the common figuring if the commons tank, the preferreds will as well.