Fannie Mae (FNMA)

[kthomp19]

so they are not giving me the details of the lawsuits but they know what they are doing (big legal firms)

All the NWS lawsuits had big legal firms as the plaintiffs who knew what they were doing and they lost anyway.

When Treasury exercises the warrants and/or converts the seniors to commons, I do expect lawsuits to be filed. But I see no reason to think that those lawsuits will cause any delay to recap/release or succeed in undoing any of the dilution.

And the moment Treasury does either of those things above I expect the juniors to trade at several multiples of today's prices. At that point I could sell out a huge gain and not worry about what happens as a result of the lawsuits, while the common shares would have to wait until the lawsuits were resolved to see the same kind of price appreciation.

As they have invested a ton and they know their strategy.

Invested a ton in commons?

If I were you, I would check into their junior pref holdings too. If they hold enough juniors they can afford to take a hit on their common position while coming out ahead overall, just like Bill Ackman. Especially because warrant exercise and/or senior-to-common conversion is likely to be accompanied by a junior-to-common conversion.