when the restructuring takes place and $FNMAT is converted to common the shares you end up with will trade at a price x share count that is pretty close to $25 in a conversion scenario -- and in a lower probability dividend turn on scenario, the price of the $FNMAT will rise because people value 8.25% dividend rates... possibly to above $25.
Warrants will be exercised. Common lack dilution protection against SPSPA being converted.. Common thus have no security. Preferred will be made whole.