mg0516

Pulse Seismic fits the bill.

thanks constructive...saw in the Q. can't imagine another scenario when the liquidation pref isn't reduced as capital is returned.

From the 2008 Agreement: http://www.fhfa.gov/Conservatorship/Documents/Senior-Preferred-Stock-Agree/2008-9-26_SPSPA_FannieMae_RestatedAgreement_N508.pdf "3.3. Increases of Senior Preferred Stock Liquidation Preference as a Result of Funding under the Commitment. The aggregate liquidation preference of the outstanding shares of Senior Preferred Stock shall be automatically increased by an amount equal to the amount of each draw on the Commitment pursuant to Article 2 that is funded by Purchaser to Seller, such increase to occur simultaneously with such funding and ratably with respect to each share of Senior Preferred Stock. " Fannie drew $117B (table 1 pg 2): http://www.fhfa.gov/DataTools/Downloads/Documents/Market-Data/TSYSupport10012014.pdf with $130B paid back to Treasury (table 2 page 3) Does the liquidation preference decline byt he amount of the dividends paid back to Treasury or does the Liq Pref remain on the amount drawn of $117B and not decline? Clearly a material item that I don't have a clear answer to...

Can anyone confirm the mechanics of the liquidation preference on the SPC and estimates of value? It's an accordion meaning it increases with the size of the draw but couldn't find anywhere in the legal docs that indicate it declines as the funds are paid back. Any help would be appreciated. Thanks

Phenomenal book. - Matt

done...good luck! great cause.

i just joined the board to share my ideas, get feedback and source new ideas. may be time to bail if this is the path forward...

BG2008 - if you need a compounding pharmaceutical contact, let me know.

analyst at buyside shop, cfa.

Pulse Seismic should be added too...