Fannie Mae-No Politics (FNMA)

[kthomp19]

Thats what Moelis plan where they want pref holders to flourish in cost of common shareholder.

A very common (!) misconception. Juniors and commons have similar upside from here in the Moelis plan. The only way anything can happen at the "cost of common shareholders" is if the price manages to end up below where we are now. You can't argue about what commons "should have been worth" if the Moelis plan is implemented because there's no basis for any sort of number, other than where we are today. If the choice ends up being between Moelis and being wiped out, which would you take?

Thats why its DOA plan, it will enriching HFs only.

You're ignoring two things: Ackman owns mostly commons and he's a hedge fund, and there are plenty of non-hedge fund junior pref holders, like me.