Yes, and what you say may happen. If a jury trial ever happens, which if memory serves plaintiffs asked for a bench trial (judge only), although there may be other venues attempting to go to a jury trial.

AIG was successful in using Paulson’s, Geitner’s, etc., words against them and the jury ruled in favor of the plaintiffs. I think a jury would be better than a bench trial. Who knows? I’ll keep monitoring …

If it gets to a jury trial - summary judgement to be filed by gov across the board

Kthomp - why are preferred shares now basically 1:1 with commons? Preferred have lost so much value relative to commons. Preferred's are DOA.

Ace Trader - a no brainer? Where have I heard that before?

What a colossal waste of time trying to convince folks about par and contract claims.

When does FNMAT = FNMA?

I have no more skin in the game but enjoy frequenting to be entertained by Preferred Shareholder hilariousness.

The market has spoken ... period. Your JPS shares have lost incredible value relative to Common shares.

Kthomp - and yet preferred shares have lost significantly more value than common shares. The market has spoken and all of the rosey predictions for preferred shares have virtually no value.

The administration needs to be charitable and offer preferred holders a buyout at 20% par and commons at 5 bucks. That’s as much as anyone is going to get because SCOTUS ruled the gov can do whatever it wants and if it weren’t for the “bailout” common and preferred would have nothing. Take it or leave it … all lower courts have an opportunity to kill the entire shareholder effort …

Prefs r still touting par? Well, I’ll tell u this much, prefs are almost on “par” to commons!

Why are Junior Preferred Shares tanking?

The conversion is now close to 1 to 1. haha ... What a waste of time over the past several years touting JR Preferred cht!

I own a paltry sum now of FNMA, but will be following closely.

DoNot - I don’t think that’s the case. How many trial dates have been set? Not many … Renewed motions can be made given SCOTUS

Mnemonic, if plaintiffs can get by the barrage of summary judgements that, IMO, are about to be filed across all venues by the gov, then plaintiffs have a chance. Every judge across the USA has been given an option to clear a case off their docket.

It will take a brave judge to rule in favor of plaintiffs.

Thanks for the response. Given the full float with the latest approved share issuance of ~3$ (even though they’re priced at ~.001 if I remember correctly) making the float at ~200 M (175 M & 25 M @ 3$).

Is the FDA approval priced into the SP? Or will this drug post an FDA approval start to tap into the 3 billion $ market of bladder cancer where ~83% of that market is the non-muscle form?

Anyone have any theories on valuation post a successful FDA approval in a yr and 2 yrs?

With a biotech industry PE being between 25 and 40, do folks here believe this company could generate 50, 100, 250, 500 million a yr from the 3 billion $ market?

Thanks in advance.

Newbie here - What is the market for bladder cancer? How much could Vicinium make over the coming years with this medicine?

Bryndon - Can you share any thoughts on how the remaining cases before the CFC, etc., can overcome a Scotus approved HERA? How do you get to a trial where all the shenanigans of the past administrations can be exposed to a jury of laymen?

If you can get to a jury of peers I feel there is a solid chance. My fear is the gov will now motion for summary judgement in all venues.

Rob, thanks for posting. I will be paying close attention to the political winds. The only thing I’ll say about TH’s option 3, I’d like to understand his view on the utility model. I don’t think that fits into option 3 and has its own pros and cons.

I'm really not one to throw shade at the Republic. I consider myself a 100% patriot of the American way. I'm not naive and the Republic certainly ain't perfect, but my bedrock belief in our country's justice system has been cracked.

Note to self - say nothing and hire a lawyer immediately ...

GV - good luck - there are other opportunities ...

Fast - Yellen and the newly nominated FHFA director need to come out in the next three months along with Brown, et al, and propose a utility model and specifically point to legacy shareholders getting a spot at the table.

Timster, I like your thought process and it is certainly a possibility.

pulled some off the table - down about 20% from original buy almost 3 yrs ago now. Watch it go up now on commentary from Yellen and whoever the FHFA Director replacement is.

Who knows?

Need to rely on the gov and given the status quo, GSE investors have been long forgotten.

It's all about political charity now ... I gave it a good couple years. Onto the next with what was 35% of net wealth down to 25% ... There are other opportunities with shorter time horizons and more clarity ...

Would love to sit down with Roberts, Alito, Kavanaugh and Barret and talk about the prospects of a once private company that had shareholders ever returning to private hands.

At minimum I suspected there would be something about the PSPA and how that needed to be deemed paid, but maybe no other monetary compensation. Sort of let bygones be bygones, but start the clock on the Gov to begin in earnest the plan to exit conservatorship over the next many years.

This ruling is quite astounding ... why did they even take it up ... Seems like Thomas surrendered to the majority for what? What horse trading took place behind the scenes?

Per Justice Gorsuch in his dissent on specific parts:

Timster - that is exactly the window left open ...

JPS - can we expect more infighting soon? Or are we finally past that now ?

What a colossal waste of time! I'm not sure I've ever seen such a waste of years on something so ridiculous ... incredible!

Let’s see if the next nominated director is a utility advocate.

Pre-Collins, I’d say the gov would need to have congressionally approved legislation to change the GSEs business model to a utility model.

Post-Collins, I’m not sure FHFA needs anyone’s approval to transform them into utilities. All an FHFA director needs to say is, “It is in the best interests of the companies per my sole discretion as ward of the GSEs, and given the sound business judgement of my proposal, I have decided to transform the GSEs into utilities.”

I say this semi-facetiously, but wouldn’t be surprised at such unilateral actions …

So remember the letter from Biden's DOJ? It's going to take a long time and the liquidation pref will continue to increase. At some point though, they will exit conservatorship but will need to pay 10% of the liquidation pref or the delta they made from the prior quarter.

I suspect at some point in the future after the companies have met the capital requirement that the dividend payment will become more reasonable but here we are ...

If they want to turn the NWS back on they will be shooting themselves in the foot. They need capital built up between them (the gov) and the next economic catastrophe.

So I don't think the NWS will come back on.

We will get a lot more information when Biden nominates the next director.

Rob, isn't that for a confirmed director, though? Not an active director ... thoughts?

Well, whoever is going to be the new director will be going to the Senate soon and will need to speak to the future of FnF.

I think the remand on retrospective remedy will be a tough sell at the 5th circuit. Scotus didn’t shut the door on it, But they probably should’ve.

Bring on the new Director and the Utility model.

Good news is FnF are retaining capital.

Bad news for many, it’s going to take a lot of time. I’ve said this all along I’m in this for the long hall.

Looks like an APA win ...

I dont see the R

Lange v California - no R so another to be released - Justice Kagan

This leaves potential opinions remaining for the day from:

Clarence Thomas, since October 23, 1991.
Stephen Breyer, since August 3, 1994.
Samuel Alito, since January 31, 2006.
Sonia Sotomayor, since August 8, 2009.

Man No Name - it takes Treasury and FHFA to amend the PSPA. Good luck!

Man No Name, you're wrong - see last bolded section per Mr. Mooppan.

Rob, how can the NWS be ratified when it also requires Treasury?

I assume you mean vacate and remand to lower courts to determine remedy.

Per Seila,

Man - the differences are large between Anthrex and Collins. We have to wait and see what kind of remedy we get. We may get a vacate and remand on retrospective relief, where we lost by one vote for backwards looking relief.

There are constitutional and APA claims …

First post for FnF?