His range of $23-$47 was in 2014…..now there is no wind down & replace GSEs bs anymore in DC, profit for GSEs has gone double from $17B to $34B last yr and dilution is almost half since both FnF will have almost 100B capital retained by end of this month. So if you see bigger picture, the delay in recap and release has actually been in favor of common holders and since UST owns 80% warrants its in their vested interest too. I am looking forward to see updated spread sheets from Ackman reflecting his new higher range for FnF. Just my 2 cents.
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