Fannie Mae-No Politics (FNMA)

[ease2002]

Can someone tell me even if the warrants at 80% are exercised wouldn’t that mean essentially you would have another billion shares in the float along with any convertible preferred if say the mollis plan was enacted So Even with two.5 billion shares in the company will still probably average roughly 15 to 20 billion a year in net income for the forseeable future? Isn’t that still plenty of net income to drive the share price at a 20 multiple to say $30-$50?

What am I missing? Top 3 only plz ??