Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

new common shares are worth more if the juniors are converted first (due to $33B less liquidation and $2B less dividend preference in front of those new commons than with no conversion), and new pref shares are easier to sell if there aren't other prefs that would need dividends.

This is something most Commons don't understand. That's $33B less dilution that will have to occur.

If I owned Commons, I'd be hoping a JPS Conversion occurs to prevent additional dilution when I know there's already going to be massive dilution occurring.