Fannie Mae-No Politics (FNMA)

[ajcntex1]

Looks like you put some thought into you calculations using worst case scenarios, which isnt a bad exercise. So IMO your share price estimate is absolute minimum after recap/release.
But if SCOTUS rules in plaintiffs favor or shareholders win in other lawsuits, then Treasury gets to negotiate with a $300Bil sword of damocles hanging over them. They might be willing to make a deal for warrants or capitalization under that circumstance.