Fannie Mae Preferred S (FNMAS)

[44centsAKAchoccake]

That's the dispute; if it's a joke, it's not a funny one.

It's possible that the conservator doesn't have obligations to the existing investors, but I doubt it. If nothing else, the conservator has obligations toward the entity that is being conserved, i.e., safety and soundness and so on. How can the conservator maximize the interests of the entity being conserved without treating existing capital providers (common, preferred, debt) fairly?