1) FnF have no capital because treasury has it all, and now they want an additional 79.9%, no other investor is willing to enter on that basis
Calling the 79.9% "additional" implies that it refers to capital. The warrants are not capital.
Also, new investors won't enter while the warrants exist, but they would if the warrants are exercised first.
2) If the seniors are converted to common how can this be legally executed, pay all you have into perpetually and then convert them
In this country, people (and government agencies) are innocent until proven guilty. It's up to you to show why a senior-to-common conversion would be illegal; it's not up to me to show why it would be legal.
Treasury converted their pref shares in AIG to common stock, so there is precedent. And Wheeler's opinion about why it was illegal (it violated the Federal Reserve Act) doesn't apply here because Treasury's actions are authorized by HERA.
3) Somehow all illegal funds need to be returned first, otherwise the government cannot make a buck on it
I don't understand what this means.
The "illegal funds" amount to $16.1B at the moment, and the Collins plaintiffs don't even want that returned in cash, only left with Treasury as a future credit against income taxes.
4) how to decide executing either the SPS or warrant or both?, who will decide with what reason and will it be plausible to the outside world and can it be executed, if it is not even proven that they entered FnF legally, and how do you get new investors interested if they have no return on investment for the next 10 years
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