Fannie Mae-No Politics (FNMA)

[kthomp19]

In this case the main three variables for a common shareholder to possibly factor in:
1. Spspa
2. Warrants
3. Capital raise/equity offering

You forgot one: junior-to-common exchange offer. That would not only result in more dilution (thereby lowering the per-share price of the common) but would also remove the stated value cap on the value of the juniors, having a big effect on whether it's better to own the commons or juniors now.