Fannie Mae-No Politics (FNMA)

[capitalismforever]

In case of GSEs, with 5X (80%) dilution, pps will be $20.

You can't logically value the company until all the knowns are known. What's recap going to be? Will they raise the equity for recap through common shares? Will they recap the company over time through retained earnings? Will the warrants be excercised? Will the government decide to change the entire structure of the business and operate them as a utility? There are 101 unknowns. It's IMPOSSIBLE to determine the value of the commons until they've all been answered. You're throwing darts with a blindfold on, I assure you.