Monday, November 27, 2017 7:39:38 PM
Nope. FNMAS trades around a 2.2:1 ratio to FNMA commons right now. If FNMAS holders are offered a conversion above that ratio, say 3:1, then a dollar invested in FNMAS right now makes about 37% more than a dollar invested in FNMA.
An attractive conversion offer is the best way to settle the lawsuits without the government having to pony up any cash.
For other series, those that are less liquid and with lower dividend rates, junior prefs outperform commons ever more.
And this is all true even if the warrants are cancelled or otherwise never exercised.
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