Fannie Mae-No Politics (FNMA)

[RickNagra]

How did you do the senior preferreds math ?

Navy very serious thought. What if by listing on NYSE and announcing removal from conservatorship shares hit $30+ and instead of warrant conversion they cancel those and convert senior preferreds? That would involve less dilution if I did the math right. I’d still rather do warrant conversion though if they raise the strike price to $5 though.