Fannie Mae-No Politics (FNMA)

[kabanch]

From the google board

Actually, no tender is really necessary for quite a while. Having it trade on the OTC could allow a lot of big PE buyers to create 20%+ positions with no filing. It's only mutual funds that really have to report such a holding.

Having it trade on the OTC could really come to bite US Treasury. It allows a big pocketed buyer to buy a huge controlling position, work to break the conservatorship, and not allow the warrants to be exercised because of the share count issue. They could look to reverse merge the company into a non US stub, or do all types of weird M&A shit to get the company out.

Ackman teamed with big PE funds could likely have a business plan to make FnF worldwide companies that are not just in the US. This part makes the most sense to me to get the most out of the platform after it has absolutely zero US government backing in its charter.

I know KKR wants this thing bad. This company has so much optionality in its business model and capital structure, it's ridiculous.