Fannie Mae-No Politics (FNMA)

[Donotunderstand]

yes

but such value can be wiped out by the CORKERS who came damn close

the political risk - of F and F replaced with no benefit to us - impacts both preferred and common

did you have a chance to do the math as to what is the true remnant value of F and F is one takes it through CH 7

recall that prior discussion

If the value is 40B and the preferred need 19B that leave 21B for common which I assume would not be diluted in a 7 (While I believe there is legal argument for the value of the warrants - I do not think that is true in bankruptcy)**

** - anyone of the lawyers - ** - if a company goes 7 and has outstanding some warrants --- does anyone know if such conversion to actual stock occurs or is ruled in essence as "too little too late"

With no dilutions the remaining 21B gives the common one help of a jump from 2.45