Fannie Mae-No Politics (FNMA)

[Donotunderstand]

Please walk me through this

On this basis, the juniors will need to be offered at least 18% ($33B / $180B) to accept a conversion. If FnF achieve a $250B market cap later, that stake will be worth $45.8B, or around 138% of par.

Is this your estimate or are you commenting on another ?

I do not understand why JPS should get more than PAR in any event


(In the above - why 18% - and what PPS is common at relative to PAR in the conversion)

again - only important if this is how you see things - 138% of PAR ?