Fannie Mae-No Politics (FNMA)

[The Man With No Name]

you can talk to members of this board til you are red in the face trying to educate them surrounding the facts of what is about to happen and --- you're just wasting your time.

that said i agree with you. i've come around to the spspa equitization scenario... recap/release ==> something like 95-99% dilution. you end up with commons at like $0.50, but to your point, in that scenario they could drive commons lower if they wanted to.

anyway; this is more of just a boilerplate restructuring than i originally thought.. bummer. i just don't think you put the nws back in the bag so to speak.

Agree. Instead of resorting to mental gymnastics of how commons will receive some type of big pay day, the likely outcome is that they will be crushed.

Furthermore, my take on Ackman is that he let his ego get the best of him...and he'll get crushed too.