Fannie Mae Preferred S (FNMAS)

[Donotunderstand]

stock analyze

when you say in liquidation common is 20

how do you see FNMA paying off the preferreds - as that needs to be done first - with no capital allowed by amendment three - so does the 20 assume preferred paid off or not

does the 20 assume 1 Billion shares or 5 Billion shares (the extra 4B being shares available I think to the GOV)

thank you

I can see where the payments over 10% need to be returned to FNMA
That should be? more then enough to pay off FNMA preferred and create value for common on an asset basis on top of earning basis?

But where would GOV get the money to return? Its been spent - its reducing the deficit and debt

IMO the GOV would have no option but to IPO the 79.9% they can say they own and raise the money to offset the COST of losing the Berkowitz case or ceeding the point in negotiations

????
Would love to better understand your math at 20

(at 20 with no warrants is a 20B dollar company - now add the money returned by the gov and it increases but goes to preferred -but the money overpaid is likely more per share then current value