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Docket # 59799
Filed Jun 28 2019
Operating Report : May 2019 Post-Effective Operating Report for the Period of May ...
If the warrants were legal the government would have been used by now and Fannie & Freddie would have been released.
They government has been paid back and any use of warrants will never survive in a court of law. Any dilution of shares or issue of any new shares will be by FNMA or FMCC to raise capital.
Yep, I think we have 4 (or 5) numbers and are waiting for the mega ball
Agreed. Mulvaney’s plan unleashed?This is the first verdict that actually feels positive in some way- not that the gov will be paying any money back though.
Perfect Ada - a lot of chaotic rhetoric being spouted recently. Seem suspicious. I wished I’d followed your advice about the gaps always being filled. You’ve nailed this for at least the last 5 years.
At 80% they would have had to report all of Fannie and Freddie’s as national debt. About 5 trillion $. So government decided to take only 79.9% of private companies but 100% of their profits.
Lehman Judge Fumes At RMBS Trusts' Distribution Moves
By Alex Wolf
Law360, New York (April 19, 2018, 10:22 PM EDT) -- Trustees for investors who bought toxic residential mortgage-backed securities from Lehman Brothers Holdings Inc. before the 2008 financial crisis got an earful Thursday from a New York bankruptcy judge who fumed that their concerns over how to distribute funds from a $2.4 billion settlement could have been raised months ago.
The hearing Thursday was put in motion by a group of institutional investors that want any matters regarding the distribution of their shared recoveries from the Lehman estate to take place in U.S. Bankruptcy Judge Shelley C. Chapman's court. (AP)
Counsel for U.S. Bank NA, Citibank NA and other trustees that fought a multiweek court battle to estimate claims against Lehman for selling billions of dollars’ worth of toxic home loans before its 2008 collapse drew heaps of scorn Thursday over how they have proceeded since U.S. Bankruptcy Judge Shelley C. Chapman determined the final amount of their Chapter 11 settlement last month.
The judge, who was not physically present but phoned into the hearing in her Manhattan courtroom, repeatedly admonished the trustees for seeking help from a New York state court judge earlier this month to determine how to distribute recovered funds to the RMBS investors instead of raising the same legal issue in her court.
“As you can tell, I’m quite unhappy that we have to deal with this issue,” Judge Chapman said.
The hearing Thursday was put in motion by a group of institutional investors that want any matters regarding the distribution of their shared recoveries from the Lehman estate to take place in Judge Chapman’s court. Attorneys for BlackRock, Goldman Sachs and other institutional investment firms sought to enjoin the trustees from bringing their proceeding in state court and delaying a current distribution of more than $800 million.
The trustees said they filed the so-called Article 77 petition in state court out of an abundance of caution because they did not want to risk violating the trusts’ governing agreements and failing to dutifully follow the “order of operations” for distributing the amount of funds they were ultimately deemed entitled to.
Attorneys for the trustees said that they sought the relief because there are varying economic consequences for the underlying investors based on the amount of money received. If the settlement sum had been higher or lower, the distribution scheme may have changed, said Glenn E. Siegel of Morgan Lewis & Bockius LLP.
Though incensed that the trustees waited until after the bankruptcy court proceedings had finished to raise their concerns about how to distribute settlement funds, Judge Chapman ultimately said she would allow the parties to appear in state court for the purpose of interpreting the governing agreement. But she said she will enter an order directing that the settlement agreement be enforced strictly in accordance with its terms.
The settlement amount at issue was decided in March after a trial-like claims estimation proceeding. Under the arranged deal, Lehman’s bankruptcy plan administrator agreed to seek estimation and allowance of $2.4 billion, and the trustees received the chance to fight for a higher amount.
During the proceedings, the trustees contended that there’s strong evidence that Lehman repeatedly breached its contracts on tens of thousands of misrepresented home loans, entitling them to a claim of approximately $11.4 billion.
But Judge Chapman ultimately found that the claims brought over the toxic securities were appropriately valued at around $2.38 billion.
The trustees are represented by Alston & Bird LLP, Mayer Brown LLP, Morgan Lewis & Bockius LLP, Faegre Baker Daniels and Hahn & Hessen LLP.
The institutional investors are represented by Becker Glynn Muffly Chassin & Hosinski LLP and Gibbs & Bruns LLP.
The bankruptcy is In re: Lehman Bros. Holdings Inc. et al., case number 1:08-bk-13555, in the U.S. Bankruptcy Court for the Southern District of New York.
Rekcusdo,
Does it seem to you that the ruling today that 'claims be remanded to district court' sets up Judge Sweeney to rule favorably in the Court of Federal Claims?
One of the protesters, Bob Corker 64 of Tennessee identified himself as an expert shyster and said, “We’re here to resist the normalization of this administration.”
Can you post it? A lot of us are Twitter blocked by carney for retweeting his pre WSJ 'articles '
He's gone to CNBC
Is it this?
311, granting in part and denying in part the Shareholders' request to unseal the handful of documents lodged with the D.C. Circuit.
Well respected journalist-sure. Here's one of his many classics financial pieces.
http://dealbreaker.com/2006/10/the-stripper-question/
Magnificent. We're gold
absurdtrader
Not that the SEC would care but I submitted a complaint on the SEC website:
Dear Sir/Madam,
I have a complaint to make concerning Senator Ted Corkers comments on CNBC 10/7/15. He suggested that investors should short Fannie Mae and Freddie Mac stock. The US Government is currently the conservator of both Fannie Mae/Freddie Mac and Sen. Corker has a powerful position within the US Government that can influence decisions in both companies. If a director of a corporation were to advise investors to short his own stock then surely this would signal a red flag and would be investigated by the SEC? I please ask that you investigate Sen. Corker’s comments.
These fat cats want all the cream for themselves. It's the same back in England.
http://viz.co.uk/letterbocks-fat-cats/
Carney,
You pledged never to post again if the share price ever got to $2.
Come out of the closet.
We accept you as you are
An opinion is like John Carney. Everybody has one
He is Wall Streets Perez Hilton
He's a 'credible' journalist for WSJ. This is one of his best articles:
http://dealbreaker.com/2006/07/meet-nadia-marcinkova-star-girl-of-the-raunchiest-part-of-epstein-scandal/
Tweet him about this and he blocks you
Delete the ihub app and then restore it
Joe Pesci will be playing him when the movie comes out
@ckc12_rb @SRuhle @SleipnirPerkins @aspit @TreyGarrisonHW @matt_levine I think you may have missed this one. pic.twitter.com/PvrFd7WJ83
— Matt Hill (@hill_matt) August 20, 2015
Maybe deliberate- this attorney may want out like Schwind
I thought the NY times request was in Judge Sweeney's court?
Larry Kudlow @larry_kudlow Fannie-Gate story will be covered on next week's radio @LarryKudlowShow
12-10 along party lines means it's going nowhere.
The Treasury Department “has consistently communicated to FHFA that a change in CEO compensation at Fannie Mae and Freddie Mac is not appropriate, given that taxpayers continue to backstop both enterprises,” Adam Hodge, a spokesman, said in an e-mail. “Ultimately, FHFA, not Treasury, has sole authority over executive compensation at Fannie Mae and Freddie Mac. Nonetheless, Treasury strongly recommends that FHFA continue its existing limits on CEO compensation.”
Smoke and mirrors lame quote to prove FHFA are independent from US Treasury
DT,
Can you add me-silver?
Thx
DT
Add me to list Gold.
Thx