Fannie Mae (FNMA)

[Red Captain]

Well if you do not lay out^ your reasoning in clear steps do not expect your audience to intuit your procedure.

Its not clear to me at least what final price per share will be since in part it is dependent on the number of shares issued (or inversely, for a given target pps, so many shares would be issued).

Given the government has fixed amount of warrants, where it to want to maximize its gains it would likely want to limit the amount of shares needed for recapitalization.

Do you need me to lay out the resultant optimization proof? Prima facie it shouldn't be too hard. Something like Max(5billionshares*X) where X is the number of shares, subject to the constraints of the equation given, and #recapshares >0

(^ Side note: Different people like different presentations, I tend to prefer the standard Definitions, Axioms, Theorem, Proof, Corollary setup, or something analogous to it)