navycmdr Friday, 10/06/17 09:18:47 AM Re: CatBirdSeat post# 431924 Post # of 434300 Quote:FNMFO Value of conversion option For a full $100,000 to be realized via conversion, common shares would have to be worth $94.31 per share. Considering Fannie Mae common shares currently trade at $2.96, this conversion option would be considered busted under most definitions. But there is the possibility that this conversion option could prove valuable. In Bill Ackman's presentation on valuing Fannie Mae shares, he estimated a post net worth sweep valuation of $23 to $47 per share. However, Ackman still assumes the Treasury is able to exercise its warrants for 79.9% of the common stock.