Fannie Mae-No Politics (FNMA)

[Here I am]

THE CASE OF A SWITCH JPS FOR COMMON STOCKS NOW
JPS outstanding are worth $33 billion while the Common Stocks are worth $400 billion (their estimated Market Capitalization based on a 2019 PER of 13 times)
These are fixed numbers that won't change with multiple stock offerings, as the market cap is calculated multiplying their earnings by 13 times.
How many common stocks do you want per JPS? Now you get 4 common stocks, but theoretically you should get 0.06 common stocks.