Fannie Mae Preferred S (FNMAS)

[Donotunderstand]

rosen

in the current proposal (sure to change and change)

preferreds have two options

1. Own NEWCO - if you want
2. Get paid at PAR - ahead of any dividend to common by OLDCO

preferreds will not get dividends - those not tendered for NEWCO common will be paid off by OLDCO


that is why I still hold preferreds - as I was afraid I had to tender for NEWCO - maybe with added cash - and I do not