Fannie Mae-No Politics (FNMA)

[kthomp19]

That is not the only route. An offer can be made without the shareholders having to have a 2/3 majority vote. 2/3rds only means that the agreement can be amended and non-consenting shareholders are obliged to convert.

Right. This is what happened with Citi prefs. An offer was extended, and it got around 97% takeup.

If FnF juniors had a similar conversion offer and takeup, the remaining small amount of the shares could be called for less than $1B in cash.