Fannie Mae-No Politics (FNMA)

[Potty]

In court cases, commons are riding pref’s coat-tails, like you note

In RnR, ironically, common is riding the coat-tails of the warrants they all deride and are going to sue about (not). Ackman was right that warrants are only reason to keep existing common around - rather than dilute it to oblivion. They should have been careful what they wish for, warrants less important to Treasury = more dilution. Something spooked Ackman to hedge with prefs, I wonder what it was?

What you don’t know cannot hurt you, but it can kill your investment