Fannie Mae-No Politics (FNMA)

[LuLeVan]

How would this work technically? Senior conversion leads to a dilution by factor 170. Warrants exercise adds another factor of 5. Makes a total factor 850.

This would mean that commons would drop from around 85 cents now to 0.1 cents.

If - afterwards - the JPS are converted at par value of $25, each JPS holder would have to receive 25,000 commons per JPS.

Because 25,000 x 0.1 cents = $25.

Is this a realistic expectation?