Fannie Mae-No Politics (FNMA)

[M I A]

If fhfa argument is FnF would have needed to pay Lp before any distributions, then doesn't it mean excess money $100+B (est) would have gone toward paydown? In which case the Sp is deemed paid and companies are owed $27+B(est).

Or $100+B(est) is used for our recap? And $100+B needs to be returned.

?????

So FHFA making argument that no dividends would have been paid unless Lp was paid or full recap means all that money would have have done 1 of 2 things.

1. FnF full Recap overnight, but $190B Sp remains because excess of 10% interest was used for recap but not pay down.

Or

2. Sp deemed paid, written to zero, and $27B or so returned to FnF towards recap.

I prefer 2nd option, but don't really know what is being sought and available based on all these different filings.

Also, aren't there only three options absent the 3rd amendment?
1. Give shareholders dividends.
2. Pay down Lp
3. Recap FnF
1 or a combination of those 3?


Thoughts or insight from anyone appreciated.

Thanks.

JMO