It's irrelevant, as neither of the twins are in liquidation anyway. Suffice it to say that Fannie and Freddie are "greatly undervalued", even when measured by liquidation value.
I thought that 200 billion was for both Fannie and Freddie?
Yes. The $200bn figure, though incorrect, is for both Fannie and Freddie.
A&M's conclusion is not 200B after liquidation and taxes. According to A&M, the number would be almost half that amount. See page 18, Note 4 for net liquidation proceeds.
Net Liquidation Proceeds would be $61,429 million for Fannie Mae and $47,583 million for Freddie Mac if cash income taxes are applied, calculated at the 35% Federal statutory rate.
Source: LIQUIDATION ANALYSIS OF FANNIE MAE AND FREDDIE MAC PREPARED FOR GSO CAPITAL PARTNERS - March 19, 2014 http://bit.ly/2jdZPR3