Fannie Mae-No Politics (FNMA)

[Potty]

They will deal with the liquidation preference and warrants by converting them to new commons - the warrants in full and then the liquidation preference to some degree

To roll that RnR forward, they may give a payout to resolve nuisance of existing JPS -- probably converting the JPS to still MORE common

Then they will issue still MORE common to new investors

At that point, I will be able to purchase all the existing common with my jar of pennies... but why would I bother?