Fannie Mae-No Politics (FNMA)

[Donotunderstand]

Yup
Right hand keeps and Left hand owes

As the company builds capital during this period, increases in our Net Worth Amount
have been, or will be, added to the aggregate liquidation preference of the senior
preferred stock.

But --- as ACKMAN suggests and assumes - if the LP SP are declared PAID --- we THEN win as F and F have the CASH but nothing owed as the LP count of the value of the SP is zero