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Earnings wednesday before market ope.
2 years - is that the real expected timeline to recapitalize?
Fannie Overhaul Might Get Boost on Debt Ceiling Deal, Cowen Says
Posted July 19, 2019, 10:39 AM
By Felice Maranz
Debt deal might allow for end of ‘profit sweep’ to Treasury
That’s key for any Fannie, Freddie plan, analyst Seiberg said
A deal to raise the debt ceiling for two years would probably be good for housing finance reform, as it would lift an obstacle preventing the end of the so-called “sweep” that sends profits from Fannie Mae and Freddie Mac to the Treasury Department, according to Cowen.
“We see ending the sweep ascentral to any GSE reform plan,” analyst Jaret Seiberg wrote in a note.
Seiberg noted Fannie and Freddie sent $4.7 billion to Treasury for their fourth quarter dividend...
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https://news.bloomberglaw.com/banking-law/fannie-overhaul-might-get-boost-on-debt-ceiling-deal-cowen-says
Like I said, what difference does it make if an activity is illegal?
It's illegal to issue stock while in cship, but what does that matter.
That's exactly how I feel.
Let's see, what about this ruling could set precedent?
Gov is accused of stealing from a private company and has to give the money back.
The en banc opinion will be released as published. This means it will set precedent. Precedent takes extra work.
It will be released tomorrow (July 17) and favor Collins. This is my opinion. If I am wrong, I will lose all credibility.
These last minute opinion letters will do nothing to change the decisions the judges already made weeks ago and are now finalizing in their majority and dissent opinion texts.
Thanks for keeping the Average Joe Plan alive.
And now the average joes are mailing out their plan to people with the wrong name and spelling errors.
Best post ever.
"The house of cards is falling"
Absolutely correct.
"If any part of the spspa is deemed unlawful, the whole spspa is void."
My thinking is the en banc decision will be a giant step towards recapitalizing Fannie and Freddie and all this gum flapping about dilution will be moot.
If any part of the spspa is deemed unlawful, the whole spspa is void.
Give the money back.
There was never a “must” or commitment to pay the NWS because the word “shall” was used. Government messed up big time by using the word “shall”.
The Cship Will Be ended by ONE Word “Shall”.
A complete reversal of the NWS! BOOM ...!!!!!! $$$$$$
At last, something we can all agree on.
FHFA is worthless. I don’t mind if the court lobs a nuke FHFA.
Yes he did.
Mark just pissed off all the judges @ 5cu
In my opinion!
Let's face it.
JPS are gonzo.
Well I plan to write a polite letter to the trustee and ask for a review of Wu transcript and review of guarantee clause.
You are absolutely correct. There is no tbd listed, not even a row for it.
Best post award.
What if the US filed bankruptcy then how much money would Fannie and Freddie need maybe a bigger guarantee?
What if US went to nuclear war with russia and 200Million people died, what then, how much of a backstop do you need?
See at some point the argument gets pretty silly, cause ultimately you are betting on the American Economy to be sound or at least not totally implode. And, if it did, arent there more important things to worry about?
Yeah, what if if rained all across America for 40 days and 40 nights non-stopped. And California dropped into the ocean... how much do you need then. After all, its a stress test and well it could happen.
Silly and at some point defeatest arguments.
What if Apple folded? What if Microsoft was found colluding with some rogue nation and all of their cloud data was corrupt? Then what ???
Again, horribly silly, put in place regulated captital requirements of 3-5% and lets get on with it already.
These government clowns were fast to cause harm and steal my companies but so slow in doing the right thing. Its beyond comical.
Its time to Flush already!
That is exactly the history of the sweep payments.
If payment date falls on a weekend, it has in the past been paid on friday. Looking good. There will be NO SWEEP.
No row for upcoming sweep June 30. Used to have a row with the planned sweep with tbd for date.
https://www.fhfa.gov/DataTools/Downloads/Documents/Market-Data/Table_2.pdf
Appealing any negative ruling will drag this out another further.
Was Fails trying to give us a hint?
Excellent points.
DO THE TRUSTS 3,4,5,6 FOLLOW THE CH11 PLAN?.
ARE THESE TRUST IN BANKRUPTCY?.NO.
THEN WHY WOULD THE CTs SHOULD FOLLOW CH11 POR?.
WHY NOT RELY ON THE BOD DECISION MADE ON PARTIAL GUARANTEES TO FULL GUARANTEES AND PROSPECTUS?.
Where do you see that Wail retired? Maybe he is retired because the bankruptcy is over.
Mr. WU's boys are very professional, maybe because of this problem Wail retired.
Isn't it 11:00?
Newflow where did you find that information?
MR.WU PLEASE CHECK THESE DOCUMENTS
This Certificate of Trust is being duly executed as of March 31, 1999
for the purposes of forming a business trust pursuant to the Delaware Business
Trust Act (12 Del. C. Section 3801 et. seq.) (the "Act").
https://www.sec.gov/Archives/edgar/data/806085/0001047469-99-013690.txt
Delaware Business
Trust Act (12 Del. C. Section 3801 et. seq.) (the "Act")
https://delcode.delaware.gov/title12/c038/sc01/
§ 3805 Rights of beneficial owners and trustees in trust property.
(a) Except to the extent otherwise provided in the governing instrument of the statutory trust, a beneficial owner shall have an undivided beneficial interest in the property of the statutory trust and shall share in the profits and losses of the statutory trust in the proportion (expressed as a percentage) of the entire undivided beneficial interest in the statutory trust owned by such beneficial owner. The governing instrument of a statutory trust may provide that the statutory trust or the trustees, acting for and on behalf of the statutory trust, shall be deemed to hold beneficial ownership of any income earned on securities of the statutory trust issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country.
(b) No creditor of the beneficial owner shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the statutory trust.
(c) A beneficial owner's beneficial interest in the statutory trust is personal property notwithstanding the nature of the property of the trust. Except to the extent otherwise provided in the governing instrument of a statutory trust, a beneficial owner has no interest in specific statutory trust property.
(d) A beneficial owner's beneficial interest in the statutory trust is freely transferable except to the extent otherwise provided in the governing instrument of the statutory trust.
(e) Except to the extent otherwise provided in the governing instrument of a statutory trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the statutory trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a statutory trust.
(f) Except to the extent otherwise provided in the governing instrument of the statutory trust, legal title to the property of the statutory trust or any part thereof may be held in the name of any trustee of the statutory trust, in its capacity as such, with the same effect as if such property were held in the name of the statutory trust.
(g) No creditor of the trustee shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the statutory trust with respect to any claim against, or obligation of, such trustee in its individual capacity and not related to the statutory trust.
(h) Except to the extent otherwise provided in the governing instrument of the statutory trust, where the statutory trust is a registered investment company under the Investment Company Act of 1940, as amended (15 U.S.C. § 80a-1 et seq.), any class, group or series of beneficial interests established by the governing instrument with respect to such statutory trust shall be a class, group or series preferred as to distribution of assets or payment of dividends over all other classes, groups or series in respect to assets specifically allocated to the class, group or series as contemplated by § 18 (or any amendment or successor provision) of the Investment Company Act of 1940 [15 U.S.C. § 80a-18], as amended, and any regulations issued thereunder, provided that this section is not intended to affect in any respect the provisions of § 3804(a) of this title.
(i) Unless otherwise provided in the governing instrument of a statutory trust or another agreement, a beneficial owner shall have no preemptive right to subscribe to any additional issue of beneficial interests or another interest in a statutory trust.
"Relieving the Plan Administrator and the Debtors of Their Duty to Continue to Maintain the Examiner Database "
What's in the Examiner Database anywy?
Preferreds do not have voting rights.
Commons have voting rights, once out of cship again.
This is not in a liquidation scenario.
Looks scary but it's just an odd trade amount.
$100 Billion over payment.
This is about the CTs, not the 18th distribution.
?? motion is granted ??? NOT
establish July 18, 2019 as a Distribution Date
establish June 17, 2019 as the Record Date
PLEASE TAKE FURTHER NOTICE that unless a written objection to the
Motion and the Proposed Order, with proof of service, is served and filed with the Clerk of the
Court and a courtesy copy is delivered to the Bankruptcy Judge’s chambers and the undersigned
08-13555-scc Doc 59756 Filed 06/07/19 Entered 06/07/19 16:48:31 Main Document
Pg 1 of 13
2
WEIL:\97047443\4\58399.0011
so as to be received by June 21, 2019 at 4:00 p.m. (Prevailing Eastern Time), there will not be
a hearing and the Proposed Order may be signed.
not granted at this moment
This is about the 18th distribution, not the CTs.
RECORDING DATE (Official date) IS ON JUNE 17, 2019..... MOTION IS GRANTED!!
++++++++++++++++++
Recording date of the distribution was moved in advance behind the Date of G20 summit in June 28.
why such an effort to make this motion in court??
FASTEN YOUR SEATBELT !!!
Look up contract law on debt that has not paid dividends for 10 years. They are already void at that point.
Look up contract law on debt that has not paid dividends for 10 years. They are already void at that point.
Nothing is being heard from the inside.
We think en banc will be released prior to July 18th and favor Plaintiffs. This will open additional legal maneuvering for shareholder lawsuits.
We think the Treasury plan will be released internally to FHFA by end of June and then undergo internal negotiations between FHFA, Treasury, and Kudlow. Kudlow will release in late August after Trump reviews. Net Worth Sweep won't happen in October.
The recap and release plan will have a longer horizon than most people want to see (probably up to 3 years but definitely initiated next year).
I'd expect listing to NYSE as early as 3Q2020 and full release in 2021 but wouldn't be shocked if it bled a little into 2022. Republicans and Democrats will negotiate a bipartisan housing reform package that gives additional powers to FHFA (Calabria/Economist Gang), creates some type of ongoing guarantee from Treasury (Swamp Gang), protects the 30 year mortgage (Consumer Protection Gang), and creates an opportunity for additional charters to be issued beyond Fannie and Freddie (Wall Street/Banker Gang).
That being said it is not unreasonable to assume en banc will push this to $5/s, the plan to push it to $7-12/s, and eventually Fannie and Freddie to be trading between $50 and $100 with all dividends restored in the next 3-5 years.
We may see some kind of conversion and dilution but no one is going to end up holding a bag. Everyone is going to walk away with at least 2x upside. And, it just may happen that all this talk of IPO, re-IPO, or secondary offering to raise capital is just garbage and FHFA/Treasury work something out that is much simpler.
We wouldn't be doing this if we believed otherwise and I have some very smart guys on my team.
Everyone has been very patient. It always gets hard right near the end. Stay strong and be patient just a little longer.
Jersey my friend.
Very strong words.
Another darn fine summary and opinion.
I do not dismiss arguments without reason, even from those with an opposing view and even if I think they may have an 'agenda' behind them... I was also having the same question as you, that ECAPS were issued by LB UK... BUT, when I re-read LBHI's CT prospectuses, I found that it is an 'all-encompassing' "Global Guarantee" and doesn't make any distinction as to 'which subsidiary' the 'other' "Preferred Securities' may belong to. IF LBHI did not have such a Guarantee, they would not ave been able to sell such large # of CTs, to a 'truly Global' Investment Community that bought the CTs...I think this is also the reason that RSM Advisory went after LBHI and NOT just LBIE... IF what you claim is true, RSM Advisory, being that they are well-versed with all the 'Legal interpretations' of their ECAPS Propsectuses, would in fact have 'no grounds what-so-ever' to engage in any Legal motions with LBHI...
IMO, Cotton and Rex Wu studied all these Dockets from all these Legal Angles and filed their objections...
I am also really 'amused' by the 'Alacrity' with which the Plan Administrator filed for a 'Special Distribution' to Creditors, WITH a RECORD DATE of JUNE 17th, 2 Days BEFORE the Hearing on Mr.Rex Wu's Motion... It is Really A Very Suspicious Move... The Whole intent of the Plan Administrator's move seems to be to "Grab Whatever Assets He can" and "Disburse them off to the Creditors" to 'pre-empt' a "Court Order Finding on June 19th, in Favor of Mr Rex wu's Objection Motion".
This is nothing but "Thievery" and I am hoping Mr. Wu & Mr. Cotton (Mr. Gregory) object to it and I also hope that Regardless of whether someone objects or not, the Court will Take "An Investigative Review" of this 'Brazen Attempt' to Steal Assets from CTs and other Equity, when an important Hearing is pending in front of it, on this very matter...
Wasn't ECAPS just paid? LBHI is arbitrary in disbursements if they are paying ECAPS and not CTs.
Many or almost every post that I’m seeing are irrelevant ever since..
People are buying stocks they don’t even understand. For Ct holders, I can only say “Hang on folks” don’t sell your CT’s to Joe. Everything is working in accordance with the plan(POR). We are very close to see the conclusions after this long wait..
Not to worry about the 10-B claim because it won’t be paid period!...
I’ve been saying this over and over.. 10-B claim will not be paid because the guarantee is that the CT’s are in parity to the preferred.
READ MY PREVIOUS POSTS.. LBT is near closing and selling notes.. it only means that LBT IS COMING BACK INTO BUSINESS.. LBT is wholly owned by LEHMAN BROTHERS UK, WHICH IS WHOLLY OWNED BY LBHI.. AND LBHI IS ALL OF US EQUITY HOLDERS INCLUDING CTS
Did anyone notice that Calabria C shares would continue to trade, but he didn't mention a thing about P shares?
THE MOELIS SECT IS UNDER PROBE
— Conservatives against Trump (@CarlosVignote) June 7, 2019
The infamous endorser of Moelis Plan,Bradford,has been forced to abandon his @Twitter handle,@DoNotLose, for keep posting misleading information,like an excerpt from a non-existent @business' article a few days ago(see👇)#Fanniegate @SEC_Enforcement https://t.co/jEiEobd3HX