Fannie Mae-No Politics (FNMA)

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A question for all of you number crunchers, assuming a deal similar to the Berkowitz would be implemented:

"Under Berkowitz's November proposal, Fairholme's suit against the government would be dropped, and the new companies would be capitalized with $34.6 billion from the conversion of junior preferred stock in the entities to common shares. At least another $17.3 billion of new capital would be raised from the junior preferred stockholders in a rights offering. The GSEs' book of investments and insurance would be wound down and the proceeds would be used to fully repay the Treasury and provide a profit to taxpayers. Any proceeds remaining would go to common shareholders."

What kind of estimated value in terms of PPS would commons be left with?