Fannie Mae-No Politics (FNMA)

[kthomp19]

I don't think that was the question nor stipulated in the response.

It was implicit when you acted as if a no-seniors-no-warrants common share price of $60 was ridiculously low. Enough dilution from outside investors and/or a junior-to-common conversion can bring the number down considerably; this is why I linked my framework post which shows exactly such an outcome.

If you want to throw in additional criteria to the question - Why not throw total dissolution and revocation of the Charter in there so the value is zero?

I think the chance of this happening is close enough to zero that rounding it to zero doesn't affect the calculations.

I have receivership and Treasury choosing to cancel both the seniors and warrants in the same category.