Fannie Mae (FNMA)

[obiterdictum]

Obit, good evening.

Good Evening cfljmljfl.

See you have been busy posting last couple of weeks. Your candid and direct explanation on those things legal are major support to us not as experienced. Thank you!

You are welcome.

If permitted, I would like a progress of where the Virginia and Delaware law certification status if you have any info you can share. My understanding is when Judge Steel submitted his brief, included was a request for certification of Virginia and Delaware concerning Corperate law definition.

Judge Steele filed an application for certification of two categorical questions of law (the questions demand a yes or no answer) to the Delaware and Virginia Supreme Courts on January 15, 2016.

The two questions of law are:

1. Does Delaware law permit preferred stock of a corporation to have a cumulative
dividend right equal to the entire net worth of the corporation, payable quarterly in perpetuity, as
provided in Section 2 of Fannie Mae’s Amended and Restated Certificate of Designation of
Terms of Variable Liquidation Preference Senior Preferred Stock, Series 2008-2, dated September
27, 2012 (which is attached hereto as Exhibit A)?

2. Does Virginia law permit preferred stock of a corporation to have a cumulative
dividend right equal to the entire net worth of the corporation, payable quarterly in perpetuity, as
provided in Section 2 of Freddie Mac’s Amended and Restated Certificate of Creation,
Designation, Powers, Preferences, Rights, Privileges, Qualifications, Limitations, Restrictions,
Terms and Conditions of Variable Liquidation Preference Senior Preferred Stock (Par Value
$1.00 Per Share), dated September 27, 2012 (which is attached hereto as Exhibit B)?
(See: http://gselinks.com/Court_Filings/Jacobs_Hindes/15-00708-0024.pdf)

Did I understand correctly that such request required case setting judge had to approve the request before the request proceeded to the desiginates courts at which upon arriving in those courts, the designated court would have to accept the request before proceeding to delivery a certification.

Yes. That is correct.

Point is, if correct, any thoughts were the request is presently. I am assuming if Tuesday is court day, this request has been granted and complete? I hadn't seen any follow up or progress on that request. Appreaciate any derails or explanation.

To my knowledge, presiding Judge Gregory M. Sleet has not yet made a decision and order granting or denying the application for certification of the two questions of law. This is the next step in this legal process. For more details on the process, see the reference materials in the post links listed below.

The Defendants were to respond to the January 15th application by February 1, 2016. However, that was not possible for the Defendants. So, on January 28, 2016, Plaintiffs and Defendants proposed, stipulated and agreed together for an extension allowing the Defendants to have until February 16, 2016 to file a joint response to the Application for Certification.

Also, Plaintiffs shall have until February 26, 2016 to file their reply in support of the Application for Certification See: http://gselinks.com/Court_Filings/Jacobs_Hindes/15-00708-0025.pdf.

So, the case heads into March for decisions on the application and proposal.

Reference Materials
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=119956829
http://investorshub.advfn.com/boards/replies.aspx?msg=119957671