Fannie Mae-No Politics (FNMA)

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It is well known Ackman has placed a value of $23 - $47 pps based on Gov exercising their warrants for 80% of commons. That means Gov would own 4 out of every 5 shares in the company while current common shareholders would own 1 share. Dilution therefore is at 1:5. Assuming Gov warrants are ruled illegal in the courts, pps would be at 5x Ackman's estimate or $115 - $235 pps. That gets us in the ballpark.

Can someone explain where we are getting pps speculation at $300 from? I would love this to be true but as the pps has an all-time high of $86, and of $65 before the crash I'm doubtful.