Fannie Mae-No Politics (FNMA)

[The Man With No Name]

When the capital requirements are met, it will have been after the Seniors (some) are converted into commons and the warrants have been exercised. How much existing commons 'soars' from a point of maximum dilution is anyone's guess, but it won't be what you think it is. There will be voluntary conversion of the seniors by Treasury, followed by dilution, followed by issuance of new warrants in the post-ipo company and somewhere in there will be a reverse split.