AIG is different because AIG took like 125 billion from the fed and like 65 billion from treasury. AIG WARRANTS are minor. It was like for minimal shares because the gov held at its peak like 500 million AIG common shares after conversion to commons. That was big time dilution. AIG sold assets and subs to slowly over several purchases bought back all the commons from the gov. The FMV for the warrants was like 25 million. That is not our scenario.
Fnf took out about 206 billion in cash from the treasury. They issued senior preferreds to that tune of 206 billion. The warrants are 79.9% of fnf commons.
Therefore, the gov converted all their investments in AIG for 79.9% of commo s and AIG sold assets to buy them back.
Vs. Fnf paid dividends. The gov still holds seniors and warrants. I would worry more about seniors converting than warrants. That is your major dilution. At 206 billion out of 250 billion value of anticipated newco utility, it might as well be 79.9% conversion. Please do DD before you roll with people just talking. We did our DD.
The dilution will come from seniors and not the warrants. Per my peoples and LD. You guys are all looking at dilution all wrong. V.
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