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James Lockhart was nominated by President Bush and confirmed by congress. He was Director at FHFA, not Acting Director, when the spspa was established.
IMO SCOTUS just said that acting directors can do anything they want, but afterwards if a presidential appointed and senate confirmed director is put in place, they COULD correct the actions of the acting director.
Lower courts will weight in on it.
There's more, imo of course. We have to see what Janet Yellen does.
FHFA was created to oversee FnF. James Lockhart was the director, nominated by President Bush and confirmed by the senate. Not an acting director, Lockhart has to go by the law.
Then spspa was written, containing section 6.7 which states that if any order, injunction, or decree is issued by any court.....the Purchaser
may by written notice to Conservator and Seller declare this Agreement null and void, whereupon all transfers hereunder (including the issuance of the Senior Preferred Stock and the Warrant and any funding of the Commitment) shall be rescinded and unwound and all obligations of the parties (other than to effectuate such rescission and unwind) shall immediately and automatically terminate.
Bump
Why SCOTUS opinion is good for common shares:
1. The structure of FHFA is unconstitutional. The decisions for spspa, warrants, treasury preferred are invalid as the decisions were made by a Director (not Acting Director). No more Senior P debt.
“The judgment of the Court of Appeals is affirmed in part, reversed in part, and vacated in part, and the case is remanded for further proceedings consistent with this opinion.
It is so ordered.”
That’s an order. Section 6.7 spspa is in effect.
2. P shareholders win the APA claim, which also helps C holders (someone please remind me what that is)
3. Treasury is not sucking out proceeds from the NWS, but C shares aren’t able to benefit from profits. Directors, not Acting Directors, COULD have corrected the language in the 3rd amendment. Damages started once Director (Watt?) was in place 2014, IF a lower court determines that damages are warranted.
4. SCOTUS remanded to lower courts for P share compensation, which may never come.
5. Calabria’s 4% Capital Rule is dead. Watt’s Capital Rule is 2% (although I have not gone back to verify that) FnF have cash now for 2%. .
6. Accelerated redemption of P shares (per letter put out about a month ago) plus 2% Capital Rule will put FnF in condition to release. No more Junior P share debt. No debt at all.
7. Lamberth’s deadline request for documents is in July. (from Jose yesterday: The parties are asking Judge Lamberth to extend Treasury’s deadline to respond to Fairholme’s sealed discovery motion to July 13. The parties say they’ve resolved one attorney-client privilege dispute and may be able to resolve some more if given more time)
8. The Federal Circuit has scheduled oral argument on the appeals from Judge Sweeney’s decisions for 10:00 a.m. Aug 4.
Post is stickied
My interpretation. I don't see any opinions from lawyers, just journalists who are lumping C and P shares together.
Why SCOTUS opinion is good for common shares:
The structure of FHFA is unconstitutional. The decisions for spspa, warrants, treasury preferred are invalid as the decisions were made by a Director (not Acting Director). No more Senior P debt.
“The judgment of the Court of Appeals is affirmed in part, reversed in part, and vacated in part, and the case is remanded for further proceedings consistent with this opinion.
It is so ordered.”
That’s an order. Section 6.7 spspa is in effect.
P shareholders win the APA claim, which also helps C holders (someone please remind me what that is)
Treasury is not sucking out proceeds from the NWS, but C shares aren’t able to benefit from profits. Directors, not Acting Directors, COULD have corrected the language in the 3rd amendment. Damages started once Director (Watt?) was in place 2014, IF a lower court determines that damages are warranted.
SCOTUS remanded to lower courts for P share compensation, which may never come.
Calabria’s 4% Capital Rule is dead. Watt’s Capital Rule is 2% (although I have not gone back to verify that) FnF have cash now for 2%. .
Accelerated redemption of P shares (per letter put out about a month ago) plus 2% Capital Rule will put FnF in condition to release. No more Junior P share debt. No debt at all.
Lamberth’s deadline request for documents is in July. (from Jose yesterday: The parties are asking Judge Lamberth to extend Treasury’s deadline to respond to Fairholme’s sealed discovery motion to July 13. The parties say they’ve resolved one attorney-client privilege dispute and may be able to resolve some more if given more time)
The Federal Circuit has scheduled oral argument on the appeals from Judge Sweeney’s decisions for 10:00 a.m. Aug 4.
Why SCOTUS opinion is good for common shares:
1. The structure of FHFA is unconstitutional. The decisions for spspa, warrants, treasury preferred are invalid as the decisions were made by a Director (not Acting Director). No more Senior P debt.
“The judgment of the Court of Appeals is affirmed in part, reversed in part, and vacated in part, and the case is remanded for further proceedings consistent with this opinion.
It is so ordered.”
That’s an order. Section 6.7 spspa is in effect.
2. P shareholders win the APA claim, which also helps C holders (someone please remind me what that is)
3. Treasury is not sucking out proceeds from the NWS, but C shares aren’t able to benefit from profits. Directors, not Acting Directors, COULD have corrected the language in the 3rd amendment. Damages started once Director (Watt?) was in place 2014, IF a lower court determines that damages are warranted.
4. SCOTUS remanded to lower courts for P share compensation, which may never come.
5. Calabria’s 4% Capital Rule is dead. Watt’s Capital Rule is 2% (although I have not gone back to verify that) FnF have cash now for 2%. .
6. Accelerated redemption of P shares (per letter put out about a month ago) plus 2% Capital Rule will put FnF in condition to release. No more Junior P share debt. No debt at all.
7. Lamberth’s deadline request for documents is in July. (from Jose yesterday: The parties are asking Judge Lamberth to extend Treasury’s deadline to respond to Fairholme’s sealed discovery motion to July 13. The parties say they’ve resolved one attorney-client privilege dispute and may be able to resolve some more if given more time)
8. The Federal Circuit has scheduled oral argument on the appeals from Judge Sweeney’s decisions for 10:00 a.m. Aug 4.
Class Action Lawsuit Against the BNYM, as Trustee
They are looking for shareholders who are interested in joining a class action lawsuit against the BNYM, as Trustee, for breaching their fiduciary duty to require Lehman Brothers Holdings Inc. to file the subordinated guarantee certificates annually. It is the responsibility of the Trustee each year to make sure the certificates are filed.
I read it. Looking good.
This almost looks like the language could have been lifted from the Collins case which isn't quite done yet.
UNITED STATES v. ARTHREX, INC. was argued March 1, 2021
Nice Summary Robert. Thank you.
This is patent law, but the language applies to us also.
Bye bye pspa
Do a search on 'seve'
p. 23-24
case that presents a conflict between the Constitution and
Opinion of the Court statute, we give “full effect” to the Constitution and to whatever portions of the statute are “not repugnant” to the
Constitution, effectively severing the unconstitutional portion of the statute.
p. 28-29
For most of this Nation’s history, an issued patent was
considered a vested property right that could be taken from
an individual only through a lawful process before a court.
Oil States Energy Services, LLC v. Greene’s Energy Group,
LLC, 584 U. S. ___, – (2018) (GORSUCH, J., dissenting) (slip op., at 8–10). I continue to think this Court’s recent decision in Oil States—upsetting this traditional understanding and allowing officials in the Executive Branch
to “cancel” already-issued patents—departed from the Constitution’s separation of powers. But it would be an even
greater departure to permit those officials to withdraw a
vested property right while accountable to no one within the
Executive Branch.
This could happen.
This is why we're up
Yellen spoke to China's Liu He about "frankly tackling issues of concern"
— Saleha Mohsin (@SalehaMohsin) June 2, 2021
Full readout from @USTreasury: pic.twitter.com/Mq5vFPwoUf
Lawrence McDonald - live via https://t.co/l7RpDTndop https://t.co/ufR331wSct
— Lawrence McDonald (@Convertbond) May 6, 2021
He's an embarrassment to himself. You don't need to expand on it.
Fantasy - the power or process of creating especially unrealistic or improbable mental images in response to a psychological need
Hopefully by mid-May we get our decision.
$2.42 then $2.55 is next resistance.
$2.42 then $2.55 is next resistance.
Well said Navy.
Well said Navy.
Read the 4th amendment , it states right there that commons ahare at the top of the capital structure
Scroll way way down and read this:
"9. Additional Classes or Series of Stock"
You are absolutely reading that right.
Lots of interesting fmcc talk there.
Please join us on mewe for freddie discussion
https://mewe.com/group/5fd6405d8124437597590371
Excellent observation.
Anticipated Supreme Court ruling favorable to shareholders expected very soon.
fmcc analyst coverage is suspended
Stealing from large corporations is okay if it's for the good of society?
I remember. Jimmy used the phrase "across the pond" often.
I didn't know the merging plan was no longer considered.
Likely to happen imo
This may be old fmcc news, but Calabria just posted it
https://soundcloud.com/user-222385514/ep-6-mark-calabria-director-of-the-federal-housing-finance-agency-fhfa
Detailed and relevant posts Tutt. thank you.