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start paying attention to acg. they’ve been very willing to share on twitter
neither. if you have specific questions, will attempt to answer
no mention re mechanics of pspa amendment. except that after meeting with treasury and fhfa they are positive pspa amendment happening and wont be stopped by politics
You are welcome. fwiw, they expect the issues to be re listed by the fall at latest ahead of offering
ACG held 40 minute conf call this am. extremely positive! quick summary: fhfa and admin want this done and are taking actions that will be irreversible if trump doesn't win.
your “call” on the mkt is only just a guess, what’s gonna happen with fannie is not
heres wtf I am talking about ... most portfolios not 100% Fannie pref nor 100% Fannie common. to meet margin call/redemptions from mkt sell off, only get partial credit when sell positions that are leveraged. only get 100% credit for cash deposits or liquidating positions like Fannie that could never be pledged as collateral in first place. tried to use 1 syllable words, any more questions?
NEWS FLASH! we won on remand in breach of contract claims only. 0, nada, zilch for everything else
you got it backwards as usual. since you never could lever them, there’s 100% release to meet a call
sorry, but again you are showing your lack of market knowledge. recent mkt action in the pref has 0 to do with fundamentals. this is redemption, liquidation and margin calls.
your patience in dealing with these repetitive questions is unbelievable.
10:1 gets my vote!
I guess that means you don't have gs broker to call.
call your GS broker
sorry, but you are wrong. and dont forget, you are only seeing bulletin board volume
ummm, no. for example, very well attended goldman sachs investor mtg yesterday
clarify what?
ummm, no. there is no 2-3 yr window ... lawsuits will be settled and companies getting R and R now.
unfortunately, agree 100% with your statement of the odds. but we did get discovery in her court and collins/lamberth advanced because of it. as i shared before, even if successful, could be 2025 before final decision in CFC. but .... better yet, the admin is now acting. and can’t believe the argument re pref v common still exist. for those w/o access to recent investor meetings, you should not think recent mkt action is a fluke
don’t think so. biggest part of ackman holdings in his closed end fund. no redemptions, can only liquify by selling fund shares
good news today. COMMON & pref.
fhfa put out an RFP - request for proposal - to hire addl law firm. contract expected to be as $ big as houlihan lokey’s for IB services. key is this not addl business for arnold & porter who has been litigating the #### out of this. they are now looking for another firm to help get them out of conservatorship
“the contractor shall provide legal support services ... for responsibly ending the conservatorships of FNF”
not investment advice
is this a joke? sorry, re read last paragraph
you seem to forget it ain't your call to wait until 2025. its calabria and he says its now. he JUST said that. how could you possibly not have heard that.
you are Ackman 8 yrs ago and he now owns pref too
look, we all want/expect to own equity at some point. the pref is much better way to be invested NOW. common at a $1 was also great time to buy.
and I don't recall Thompson mentioning expected payment date in sweeney. he did discuss lamberth in detail re expected payment. pref entitled to par + 6% annual simple interest since date of breach in 2012 and could get $ in 2021. remember 0 detail re expected damages for common, except they will receive something
sorry, but according to counsel if we are successful could be 2025 before collect $ in sweeney
there's a video. you can hear it yourself
this is why the pref is a better bet
there is no link I am aware of and copyright prevents posting. but it is the MOST bullish report I have seen in last 5 yrs ... "We believe consent decree likely in 2020"
nomura: $5 target Fannie, $4.50 Freddie
no, the securities firm. the one someone here was praising for their wisdom
mnuchin letter posted. can get it on twitter. should read it
no. conversion exists because (1) it makes the recap physically easier to accomplish. if you have senious $ invested, suggest you go back and read kthomp posts carefully for explanation why! in addition (2) it exists because it makes the recap possible i.e settles the lawsuits. there is 0 chance new $ comes in until lawsuits settled.
govt ain’t gonna raise the $, companies are with THEIR plans being approved by fhfa
moelis never went away ... but who knows what final recap plan gonna look like? to my knowledge, only PUBLIC scenarios are those prepared by moelis and nomura. jps conversion, though (reasons why thoroughly detailed by kthomp) was acknowledged by calabria, phillips, et al. as possible scenario. and don’t forget, moelis is/was hired by “non litigating pref shareholders “ so pretty good indication that some type of conversion is what it takes to settle.
update
oops, ackman, back in 2014, had no conversion. but after it became clear there was 0 chance recap would come strictly from retained earnings, he added preferred
fyi, i believe moelis now @ 100% and i know nomura forecasting 100% conversions
and thank you again for all your time and willingness to share
fwiw, there are some who believe the fannie common will trade at 10% premium to fannie at ipo - e.g. nomura - and maybe discount has to do with post conversion expectations
yeah, right
freddie common swapping to pref
ummm, facts are inconvenient i know, but there’s an offsetting deficit. double entry accounting, etc