"I don’t think that printing any new shares will be done."
If you ask any Wall Street Investment Banker on how to rehabilitate a financially distressed company, then they have standard template.
1. Wipe out existing common equity holders.
2. Convert debt to common equity and let debt holder become new owners
But in case of FnF, they are not financially distressed companies. FnF are highly profitable companies and have paid back all their financial obligations to Gov. But only problems FnF have is, lawless conservatorship, greedy financial establishment and revolving door bureaucrats pursuing to rob their business.
Moelis have not given any reasons why they want dilute common equity with JPS convesrionas well as with new common equity issue. Moelis plan requires raising fresh $225B from markets ($100B for FnF capital and $125B for Gov warrants). Raising $225B is almost impossible even for a pristine companies leave alone raising any amount for FnF under lawless FHFA.