Fannie Mae Preferred S (FNMAS)

[KylieM]

If the Treasury are to liquidate FnF, they can either

a. Build a new entity and transfer all interests and liabilities of FnF to the same

b. Transfer all the mortgages to private markets

So what's the chance of our getting zero in both above scenarios?
Will we get any payment? How much? How to calculate?
Will we get 1:1 share in the new entity in scenario a.?