The Courts are finally seeing through this. The Preferred may be capped by their call provision – not sure about, that since it will require money to call them at a time when Fannie and Freddie are trying to recapitalize - but the Commons have a hell of a ride to go. Best case, $16 billion divided by 1.15 billion shares times a PE multiple of 10 equals $140. Worse case, if warrants are indeed exercised - and I argue they won't be- $16 billion divided by 5.5 billion shared time 10 equals $29.
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