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These guys don't understand this! Big red flag.
COURTS don't "CONVERT SHARES" - PRIVATE COMPANIES DO
Exact-a-mundo Navy! The government is worried about the government 1st and foremost (often referred to as the taxpayer - lmao rof), GSE's and capitalization 2nd, everyone else last. Too many do not see this order of priority, aka pecking order. The government needs to do what's right to avoid further litigation, and if they want to have a strong housing market, then do what's right by the GSE's, which by extension means all shareholders.
The JPS pumpers here trying hard to get out of illiquid positions, I guess, probably trying to switch to commons! How? You may ask...it's simple, talk up the JPS as if it is the fulcrum (lmao) security and then bash commons. Notice, those holding commons are not selling here and also not bashing JPS, just pointing out they are in the same tub of shit as commons.
All the useless talk about liquidation prefference in Lamberths court is a non issue. Read the definition:
A liquidation preference is a clause in a contract that dictates the payout order in case of a corporate liquidation. Typically, the company's investors or preferred stockholders get their money back first, ahead of other kinds of stockholders or debtholders, in the event that the company must be liquidated
GSE'S ARE NOT BEING LIQUIDATED! how many times does that have to be repeated? Never going to happen. So JPS have their back dividend issue in Lamberth's court, they state contract claims. Ha-ha. Two big hurdles!
Non cumulative IS specified in those contracts, specifically for the purpose of protecting much needed capital when companies experience hard financial times, go figure..
SCOTUS: government (FHFA) can do what they want to protect the public. JPS don't think Lamberth will site this? I got news for ya...
Unless the JPS argue that it's a takings, doubtful they get any dividend back pay. Courts realize this would affect commons also, they're not stupid in that sense.
I am not Skeptic, lol but this will get pushed out if whatever cases in the pecking order are not resolved, and right now, no judge is doing their job! They keep playing musical chairs wanting some other court to decide something else before they decide, a whole "who's on first" fiasco to avoid culpability.
I'm still betting it bumps out 6 more months, maybe 9, pushing it into 2023.
Solyndra. Another Berry, supported catastrophe.
https://www.reuters.com/article/usa-solyndra/obama-admin-knew-was-cheaper-to-cut-off-solyndra-republicans-idINL2E8J25BD20120802
Not corporations, but whole industries, they want to take over or influence practically. Obamacare!
When government puts itself in a position of power over the free market, it reduces competition, increases prices and provides less than stellar services. The current administration wants government to compete with anything they deem not to their liking. Like wanting to control drug pricing.
Also says absolutely nothing about giving any shareholder an upperhand. Shareholders are ALL hopefully reinstated, made whole only through court ordered remedies, whether direct or derivative.
FHFA (governments own explanation & Q&A on conservatorship. Doesn't seem to jive with HERA or SCOTUS views
https://www.fhfa.gov/Conservatorship
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.treasury.gov/press-center/press-releases/Documents/fhfa_consrv_faq_090708hp1128.pdf&ved=2ahUKEwjwpP_esOb1AhXxlIkEHWYQAlUQFnoECAQQBg&usg=AOvVaw2QhmHzL_2s7iWUdK4SiANJ
That would be because of the kite
That makes a great analogy! GB flying high in his kite are the JPS gang, the big shark behind is the govetnment. Now...ya gotta ask yorself how fair is that big shark going to play, and exactly how hungry is he? There are other fish in the sea (commons) but the shark see's that big juicy (dividend) target floating up there. Why expend the energy chasing all those other fish when he can swim casually along and wait for the unexpected fall. Lol
Lol. Turttle swimming sideways!
These guys never explain how treasury/government gets rich while simultaneously making JPS richer and still covering the capital short fall. It's like their going to do a Penn and Teller act and magically pull boat loads of money out of their rears. Lol
Don't forget to pass it around! Don't be stingy!
Does anyone know if this Enbanc decision has a firm deadline, by law? Or can they just sit on it indefinitely?
It seems every court involed in this has used the max amount of time before opinioning and used the tactics of extensions to the max also....hmmmmm
How do the lawyers petition to do this?
https://www.law.cornell.edu/rules/frcp/rule_62
For sure, there's a number of things that could paralize these companies and thereby the housing market if left under government meddling.
He doesn't really say or explain what he means by "too late". The government is playing Russian roulette with our companies.
If it is named after anything in DC, I think folks here could think of numerous fitting names. No reflection on the players, mind you.
Washington Swamp rats would be a name many could relate too.
That's for sure. I can't wait until she gets kicked from head of that committee. She means any millions not spent have not been funneled to the right liberal group or liberal donor....unacceptable!
Best post of the day. IMHO
Why worry? Not .70 cents yet...
This is why government HATES hedge funds. They can't stand someone who makes more in the market legally then they do illegally.
Aaaaaaa...thanks.
AND they didn't even finish writting that book!
New type of pref? Lol
The Biden administration's poker face is pretty good
We'd be released years ago if the NWS never was created....guess who did that?
Have mod sticky, so it's accessible.
Nice post!
I think if SCOTUS meant for this to go down to the bottom court to start all over again, they should have dam well specified that. What I heard from SCOTUS was remand to the cicuit court Enbanc for damages, if any. Meaning make the frick'n damage determination and give plantifs justice! Quit denying and slowing the inevitable, just to give government more shots at CYA'ing.
If thrown back to the lower court and more discovery, then the lawyers should ask or demand that they add to the original complaints filed. Add illegal nationalization, 5th amendment takings, loan sharking and whatever else. Stack the charges as deep and convoluted as HERA. Why not? If you throw so many problems in the form of illegal practices with this at the courts, maybe they wont be able to construct a convoluted play on 3-4 words to destroy the whole premise.
I believe the SPSA says clearly that they CAN NOT be converted into any other type of shares. From Treasury dept fact sheet. Unless Treasury says so, so ST doing anything on that front is wrong. Seniors are just that...seniors, nothing else. If they wanted a ton of commons to wind this up they would have allowed Senior conversion from jump start.
• The following covenants apply to the GSEs as part of the agreements.
o Without the prior consent of the Treasury, the GSEs shall not:
? Make any payment to purchase or redeem its capital stock, or pay any
dividends, including preferred dividends (other than dividends on the senior
preferred stock)
? Issue capital stock of any kind
? Enter into any new or adjust any existing compensation agreements with
“named executive officers” without consulting with Treasury
? Terminate conservatorship other than in connection with receivership
? Sell, convey or transfer any of its assets outside the ordinary course of business
except as necessary to meet their obligation under the agreements to reduce
their portfolio of retained mortgages and mortgage backed securities
? Increase its debt to more than 110% of its debt as of June 30, 2008
? Acquire or consolidate with, or merge into, another entity.
Doubt it! Very, very doubtful. Midterm campaigns will be in full swing. They will probably be busy with Ukraine financing a policing build up after and during the Build Back Bolshevik. Where's all the money going to come from? Everything in the economy is a mess, crime getting worse, planes transporting illegals who have nothing but maybe covid or more crine. Again, where is all the money coming from? Never in my life have I seen such a total disregard for law, order and national security, and just a total destruction of a country in such a short time. To think more years to go....We will never make it as a priority as long as the group in charge in DC keep living by the credo of never letting a good crisis go to waste, while they create crisis after crisis to deflect, and never solving any of the crises they created.
That would be shorstop! Unless I don't know....dam SECOND BASE
More like a carbuncle, if you ask me.
That is a very Damming and fact filled statement. I hope it is given the utmost attention whenever they release their decision.
I don't know...SECOND BASE!
Of course they're making stuff up. It's a coordinated pump dump and buy being done by like 4-5 posters. Maybe a few with multiple ID's? If they're getting converted...when? Who says so? They haven't even won in Lamberth court, which they are predicting. They learned nothing from SCOTUS.
This one will fail us too. Politicians are controlled by banks, businesses. People/citizens stopped being a factor when they found they could absolve themselves from laws, protect themselves while in office from most legal proceedings. Corruption is getting prevalent and impossible to do anything about because of the swamp factor.
Whoever that person is, they should be lighting up all the circuit judges and SCOTUS judges twitter accounts.they all need to learn and stop guessing.
What a frick'n idiot hypocrite! He needs to STFU. He had his chance, blew it. How much further would we be if he had been HONEST? A word you will rarely hear around DC.
Sure ya did....show solid proof.
NO. That means current admin will be hip deep in crisis, and no time for reinstituting GSE THEFT, thank God! With Ukraine, inflation, midtetms, Fauci lying about covid origins, etc, now new Breyer appointment needed! They are one crisis away from imploding. You give current admin way, way, waaaaay too much credit.
Midterms and then 2024 will decide this....you better hope so at this point, or we're all screwed.