Sorry you misread what I said on warrants. In this new thesis, the warrants are deemed settled between FHFA and UST in renegotiating the SPSPA. Whatever the agreement is called is immaterial. It substitutes an agreement on Senior shares for UST's benefit, but at a lesser value than 79.9% warrant equity.
I am not ready to share the valuation rationale until I make my buy, if I do so.
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