The valuation by Tim Howard (real) was interesting and very thorough and his range was almost identical to Ackman's of $20-25ish with warrants and $75-100ish if warrants were voided.
Agreed that it could reach $200 within maybe 5 yrs if the GSEs were RRR with warrants voided and no dilution needed to recapitalize. But so many variables exist, including how much of the market the TBTF will want to get and how well they are "represented" in the resolution process.
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