Exactly. You can buy about 4.65 shares of FNMA for every share of FNMAS.
This ratio, prior to the cship, was less than 1. (FNMA was worth MORE than FNMAS).
Its like 4 to one odds in favor of FNMA. The so called "dilution" is a mirage, seen only by people wanting to justify their preferred purchase over the commons.
Here is why "dilution" is a mirage:
1. Fannie cant issue new shares, until these lawsuits are settled. The biggest reason is because "old" fannie mae shareholders 'WILL SCREAM LOUD ENOUGH TO BE HEARD EVERYWHERE' IF old shareholders are screwed to the benefit of new shareholders. The screams will be so loud, there wont be anyone to buy new shares and be butchered like the old shareholders.
There is nothing to stop the government from also robbing "new" fannie shareholders if they get away with robbing old shareholders. Thus, no one wants "new shares" any more than they do "old" shares. In fact they would want the new shares LESS because, if that happened it would be dilution. Except it cant happen, because investors are not chickens waiting in line to be turned into chicken nuggets.
They hear the screams of others being butchered and run like the wind.
The "dilution" hypothesis is based entirely on "the assumption" that there will be hundreds of billions of dollars "just waiting" to be thrown at a company with a history of government robbing shareholders. Its an incorrect assumption.
2. Equally important, the FNMAS shares are contractually limited on "back" dividends..there wont be any. The dividends for FNMAS are preferred over the commons "only" in the current quarter. This means if a settlement occurs, FNMA could get a back dividend, while FNMAS can not. The term is "non cumulative" for the preferred's. However, Fannie mae commons have no such limitation over dividends, they get whatever dividend the board so decides..including "special" dividends. There are no "special dividends" for preferreds. They gave that up in exchange for the liquidation preference.
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