Fannie Mae-No Politics (FNMA)

[Always wondering]

Why do you assume preferred holders would share ALL the common upside?
This process has and will allow ample time for common shares to steadily rise and rise significantly as all value investments do. Commons have no cap and could possible trade at many multiples of current levels before or to be more accurate, if any settlement talks have even neared finality.

In the investment world, you must live your dreams through the specific investment vehicle you have chosen to own. Preferred shares will, as expected at purchase, reach the level of par. Good story the end.
Commons increases on the other hand are not bound or restricted. Obviously F/F will be increasing significantly just as preferred shares will the closer we get to the truth.
To arbitrarily claim preferred will simply just convert with zero knowledge of timing, price, structure, court rulings etc...is just foolish imo.