Fannie Mae Preferred S (FNMAS)

[feralcomprehension]

"junior pref. has no meaning. they are equal to common stocks.."

Again with this. It is highly unlikely that a preferred share ($25/$50 redemption value) is "equal" to a common share.

While a conversion event is possible, it is not likely to be at 1:1.

Unless of course you have actual evidence to which you can direct us?