Thursday, April 14, 2022 12:09:17 AM
Crumbs?! His paper has Treasury:
1) cancelling the seniors
2) paying FnF $29.6B in cash
3) cancelling the warrants
all for no return consideration and when his case has been dismissed (pending appeal to the Supreme Court). Quite a list of demands from someone with no leg to stand on in a negotiation. All of those amount to Treasury writing a giant check to existing common shareholders when there is no reason whatsoever for them to do so.
There's a reason he called the list what the government "should" do: what they "will" do is an entirely different thing.
Also note that if you change $175/150 (for Fannie/Freddie) per share to something like $7/5 (while adjusting the share counts accordingly), the plan works just as well. Better, in fact, because who on earth is going to be willing to pay $175/150 for new common shares when that would give them but a token stake in the companies in return for providing most of the capital?
Fisher's paper is pure wishful thinking, plain and simple. A reason for the cheerleaders to put on their short skirts and pick up their pompoms but nothing more.
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