Fannie Mae-No Politics (FNMA)

[LuLeVan]

Your leaving out the important fact and very likely truth that invalidates this hypothesis; and that’s the fact that the companies have paid off the Sr preferred.

No, I only wrote (and proved with calculation) that the lower the share price is pushed down (by whomever), the greater the dilution will be in case of a SPS-to-common conversion.

I did not discuss at all whether such a swap is justified. Nonetheless, such a swap has become much more likely now because the Scotus rejected the Collins plaintiffs' request to declare the SPS paid off, citing HERA.