Fannie Mae-No Politics (FNMA)

[kthomp19]

you assume - expect a SR to common equity conversion ---- and JPS to be worth 50% or more of PAR - and indeed common worth MAYBE MAYBE 8

Yes, that's about right.

I don't see any upside scenarios for the common if the seniors are converted, and even if they aren't they face potential dilution by the warrants, a junior-to-common conversion, and a capital raise. Those combine to totally kneecap the commons' upside, even if one of the latter two doesn't happen.