Fannie Mae-No Politics (FNMA)

[Sogo]

Where did Ackman's 9bil sharecount come from then? If gvt owns warrants for 80% of shares after exercising, then that would multiply the current share count by 5 if they were exercised. That would be a total of well short of 9 billion shares. I haven't seen his presentation in a while. I would think the shortfall still couldn't be explained by any kind of options compensation to executives, for example.