Fannie Mae-No Politics (FNMA)

[whipstick]

Hey Mr. Yank. Sorry to thread-jack so to speak but this topic is relevant to the warrant discussion.

Wondering what you think Ackman is thinking positioning himself in the commons over the preferreds (as I know you are more bullish on the pref than the common)?

I guess he's expecting to settle at some $ value that is a greater change from the ceiling of Par ~$25/pref (+damages) from the levels back when her purchased his common for pennies, which would still equate to a $ price somewhere in the $20s perhaps?

Are you thinking he sues when the gov't attempts to exercise their warrants?

Just curious as to what you think he's thinking going common over pref.

thanks