Big dog Gary Hinds submitted his comment. Short but direct.
Unfortunately, other than his first sentence ("I share their views.") the rest of his comment letter is directed at Treasury. It's another case of "wrong audience, bucko."
FHFA has no obligation or incentive to maximize Treasury's warrant value, and they have no fiduciary duty to any shareholder, Treasury included.
I wish he had included the math behind his estimate on what the warrants are worth. I find $100-150B to be quite a stretch when the total FnF common stake isn't likely to be worth much more than $200B, and the re-IPO investors will likely want at least half of that.
Hindes also doesn't seem to understand that if Treasury truly tries to maximize thier total return they will monetize the seniors (convert them to commons) and crush the existing commons to near-nothing. Ackman doesn't seem to understand this either, given that his reason for owning commons at all is due to their alignment with Treasury's interests in the form of the warrants.
Treasury is not in maximization mode, and if they were it would be bad for the existing commons.
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