Fannie Mae-No Politics (FNMA)

[bradford86]

im saying that if they equitize the spspa commons are worth $0.05 or whatever.. if they want to maximize their dilution.

that said, they can basically dilute as much as they want.. so if --- to your point, they don't want to kill the commons down to $0.05 they can configure a setup where they strike a deal where they end up diluting commons to lock in the current price as to not impair them further --- in this case maybe 50 cents, --- or maybe to help raise capital they give commons 10-20% upside there to like 70 cents. who knows.

that's spspa conversion.

if spspa is written down instead of converted -- common valuations for me range $3-8 ---

i personally don't care. i don't own any, price would have to go down significantly for me to gamble on them.