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Friday, November 15, 2013 12:06:07 AM
Something is only worth what someone is willing to pay for it This is a starting point offer from berko and company. The are trying to buy it for 25 cents on the dollar. The govt won't sell their interest for less than 200b. They will meet in the middle at 125b, if they make a deal.
Net zero actually had some meaning now because berko waited to make the offer when the govt is made whole and then some by freddie and 2b shy by Fannie. Notice the offer of 52 billion. That will give the govermemt 50b clear in profit and make it justifiable to the public and make themselves look like heroes, which in this case they would be, touting it as the most profitable bailout.
If they met at 125b, that would put a value of 60pps on fnf. That is around the number blue, obi, and others have been throwing around for sometime now.
Also, did you see that carlyle rated fnf as a buy!
For all we know, the deal could be done already as a result of the court and a moderator and could be dropped tomorrow.
Wouldn't it be great if the govt countered at 250b and created a bidding war!
Logistically they would literally have to refinance and/or selloff that 6 trillion on the fnf books. It could literally take 10-20 years to do that in regular auction offerings.
IMHO
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