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Tuesday, July 19, 2016 11:14:08 AM
The FHFA seeks to bar Pagliara's inspection of Fannie Mae's and Freddie Mac’s corporate records by arguing that HERA's federal statutes grant succession to the FHFA, as Conservator of the GSEs, all the rights of the GSEs' shareholders, including those asserted by Pagliara. Therefore, the FHFA, as Conservator, filed this motion to substitute itself for Pagliara (remove Pagliara as Plaintiff) in the Fannie Mae complaint and to stymie the Pagliara's inspection of the GSEs corporate records.
The motion is a tactical and strategic move by the FHFA to completely block all shareholder access to corporate records.
Will the FHFA succeed?
That answer depends Judge Sleet's reading and interpretation of HERA and its relation to Delaware law.
Sources:
Freddie Mac Complaint
http://gselinks.com/Court_Filings/PagliaraVA/2016-03860-0001.pdf
Fannie Mae Complaint
http://gselinks.com/Court_Filings/PagliaraDE/12105-0001.pdf
FHFA Motion
http://gselinks.com/Court_Filings/PagliaraDE/16-00193-0009.pdf
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