not 500 million.
2.4b was the par value. I believe par on the preferred shares was 40 so it he purchased them at 6 he only paid 360 million roughly.
Im wrong... par is 25 on fnmas. So he invested roughly 500 million.
restructuring the companIty is bad for the common shareholders. common shares will be deemed worthless
So you admit that the company will be restructured and released from c-ship... Noted. How that could possibly be bad for common shares, you'll never be able to explain. You're just a shorty.
He is the first to break the BILLION$$-ice; stand back and watch the stampede of hedge funds follow his lead
This is just the beginning!
ok you just made upa a news again. This is very bad.
Bruce Berkowitz's Fairholme Capital Management on Monday said it owns $2.4 billion worth of Fannie Mae (FNMA_) and Freddie Mac (FMCC_) preferred stock.
Check the headlines here smart guy.
Sentiment: Strong Buy