Fannie Mae Preferred S (FNMAS)

[HUDDUH]

Agreed. So the most considerable remaining question is 1) Will those seniors become the only equity, in the case of a transfer of assets to a new entity, or 2) Is there, and will there be, enough equity for us, as well, regardless of scenario. Or (3) is all talk just a smoke screen that will accomplish nothing.

No matter how the pie is sliced and diced, I simply can not fathom a scenario where these preferreds are shut out. So why are these things still so damn cheap?