Tuesday, April 16, 2013 5:59:48 PM
HUGE REPORT(!!):Upside Commons +4,828% Preferreds +1,462%
If FNMA goes to be a private company
A Blueprint for Housing Reform in America
http://online.wsj.com/public/resources/documents/WilsonCenter5.22.12.BlueprintforHousingFinanceReform.pdf
on Millstein's report:
"Market Cap
New Fannie $ 108 billion
Government ownership: 85%
p.14, at the bottom
This goes beyond the 79,99% warrants
Leaves the existing common shares with 15%.
Fannie Mae has 1,158,072,058 shares.
15% of $ 108 billion is $ 16 billion, that's $ 13.8/share.
He left out:
1.the putbacks/lawsuits,
2.the part of the reserves that can be reversed,
3.the deferred tax-assets.
Upside from the current price level:
Preferreds +1,462%
Commons +4,828% +4,828% (Fannie);
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