C analysis on terms

-300 billion backstop
-20 billion infusion
-Fed gets 7 billion in preferred
-Common divvy canceled.

What I don't get is the warrants.....what the hell does this mean? No dilution?

Anyways, my analysis:
Worst we can fall is approx 40% if I understand the terms of the agreement correctly (which takes into consideration potential dilution/cancellation of divvy).

NOW that is the worst case scenario. Granted a 300 billion backstop and 20 billion infusion IS NOT factored in. Neither is the fact that the divvy cancellation was most likely already factored in (no way it wasn't).

C trading up in Japan. I'm wondering if it has something to do with the warrants and how that relates the the limited dilution.