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Seems like trial will be finished in 4 days on 10/20
Calendar: 10/17/2022-11/15/2022
Case Number and Title
Judge
13-cv-1053: FAIRHOLME FUNDS, INC. et al v. FEDERAL HOUSING FINANCE Judge Royce C. Lamberth
AGENCY, et al
13-mc-1288: IN RE: FANNIE MAE/FREDDIE MAC SENIOR PREFERRED
STOCK PURCHASE AGREEMENT CLASS ACTION LITIGATIONS
Judge Royce C. Lamberth
19-cv-1154: LOVELACE V. MEDSTAR HEALTH. INC. et al
Judge Royce C. Lamberth
Judge Royce C. Lamberth
(21-cr-0149: USA v. UPTMORE
(21-cr-0149: USA v. UPTMORE
20-cr-0194: USA v. MADZARAC
122-cr-0097: USA v. FOREMAN
Judge Royce C. Lamberth
Judge Royce C. Lamberth
Judge Royce C. Lamberth
122-cr-0097: USA v. FOREMAN
Judge Royce C. Lamberth
19-cr-0307: USA v. SMITH
Judge Royce C. Lamberth
Time
10/17/2022 10:00AM
10/17/2022 10:00AM
10/21/2022 10:00AM
10/25/2022 03:00PM
110/25/2022 03:00PM
110/28/2022 12:30PM
11/01/2022 10:00AM
11/01/2022 10:00AM
11/14/2022 10:00AM
Courtroom
Courtroom 15- In Person
Courtroom 15- In Person
Courtroom 15- In Person
Courtroom 15- In Person
Courtroom 15- In Person
Telephonic/VTC
Courtroom 15- In Person
/Courtroom 15- In Person
Courtroom 15- In Person
Purpose
Jury Trial
Jury Trial
Final Pretrial Conference
Sentencing
Sentencing
/Status Conference
Seems like we are close to settlement to me. It will be win win for all.
Calendar: 09/19/2022-09/23/2022
Case Number and Title Judge Time Courtroom Purpose
22-cr-0264: USA v. BOYD Judge Royce C. Lamberth 09/21/2022 11:00AM Telephonic/VTC Status Conference
21-cr-0616: USA v. SMITH Judge Royce C. Lamberth 09/21/2022 11:30AM Telephonic/VTC Status Conference
21-cr-0735: USA v. ELLIOTT Judge Royce C. Lamberth 09/22/2022 02:00PM Telephonic/VTC Status Conference
22-cr-0214: USA v. MAZZIO, JR Judge Royce C. Lamberth 09/22/2022 03:00PM Courtroom 15- In Person Sentencing
22-cr-0139: USA v. CLAYTON Judge Royce C. Lamberth 09/23/2022 10:00AM Telephonic/VTC Status Conference
22-cr-0148: USA v. KASPER Judge Royce C. Lamberth 09/23/2022 01:00PM Telephonic/VTC Status Conference
21-cr-0567: USA v. SMITH Judge Royce C. Lamberth 09/23/2022 02:00PM Courtroom 15- In Person Sentencing
21-cr-0567: USA v. NEEFE Judge Royce C. Lamberth 09/23/2022 02:00PM Courtroom 15- In Person Sentencing
Nothing yet scheduled on Lamberth’s calendar for us next week, wonder why not?
https://ecf.dcd.uscourts.gov/cgi-bin/CourtSched.pl
5th horse in the race I forgot is Collins apa claim/unconstitutional Dir is remanded from scotus to appeals ct to lower ct for retro relief can be good reward for us too which is now fully briefed.
Takings claim is 2023 horse :)
Four horses in the race…..
Lamberth
Rop
Bhatti
Settlement
Let’s see which one crosses the finish line first, for us. Unimaginable potential upside in next 30-45 days imo.
Yes he sent me snap of his portfolio today. Total Fmcc shares now 396k including 100k from a week or two ago. I told him don’t worry about one or two cents here & there, buy today, don’t want you to miss $17 if Lamberth rules on msj after market close :)
My said he is going to buy 325k fmcc shares today to make his stake 425k total
The court docket reflects Judge Schiltz held a hearing on Fri., June 17, on FHFA and Treasury's motions to dismiss, His Honor took the matter under advisement, and a written decision will be forthcoming. The docket further indicates the hearing was transcribed by Court Reporter Paula Richter, who can be reached at (612) 664-5102 if you want to buy an expedited copy of the written transcript. Because a court reporter was on site this morning, the Court Clerk will not be releasing an audio recording of the hearing.
Don’t forget this ruling is also close, just like Rop is, 3 months already from oral arguments.
• Fannie and Freddie (FNMA / FMCC) now. They were short when Mick was at Pershing. Increased exposure in light of the case.
• Fannie/Freddie two of the best businesses in the world.
• Very safe business. Allows banks to sell/offload 30 yr mortgage which isn’t a good instrument for banks yet is very helpful to homeowners.
• They di-worisified their business by buying fixed income securities (subprime, etc.). That is why Pershing was originally short before the US government recapitalized the company.
• Became profitable in late FY11, when housing markets recovered. Over-reserved during the crisis. Heading back to their core mission/business. Bought them on that basis.
• USA government took 100% of future profits of both entities, excuse was that they could never pay the government back. That was false, on their way to pay back the government.
• Largest taking of a private asset by the government. Thankfully, it’s illegal. 5th amendment.
• Judge Lamberth decision wasn’t about the takings claim which matters the most.
• His best argument (for a hostile judge) is that shareholders can still trade the stock and make a profit. This could ultimately go to the Supreme Court.
• Maybe Republicans want to get this solved and recapitalized. Very interesting risk reward, stock went from a dollar on the lost. Think it’s worth $40 - $50.
• Reminds him of GGP when it was bankrupt.
• “Always bet on America”
• How do you size an opportunity on Fannie/Freddie? AGN hard to lose money but make 2x, make it bigger. Fannie could lose a lot but make a ton, hence for Pershing its 2% position.
https://www.marketfolly.com/2014/11/bill-ackmans-fireside-chat-at-invest.html
Well, plaintiffs would now expect jury doubling down on compensatory damages by executing punitive damages on their verdict form. Contract laws & 5th amendment says we deserve fair compensation from govt for taking 100% of profits for ever.
Bingo. That’s why we expect $17 damages in 2 months and will get it. It’s very easy case to win since evidence is so clear cut imo.
This is nit the first time Bill saw fraud or accounting manipulation….Farmer Mac, MBIA, GGP……all multi bagger for him.
We will get it all with interest, contracts with shareholders are all in written nothing verbal here. Courts rule based on evidence & this is our first chance to present evidence to judge & jury. Just matter of 5 weeks before the game starts. Ackman won’t let Govt get away without paying for the massive accounting fraud & most illegal act of scale.
Yes, pref will make 10x while common will make 30x imo
14 & 17, daily draw starts in 5 weeks on 17th if not before 17th
The Rop Plaintiffs filed their opening brief in the Sixth Circuit on 12/21/21. The Rop Plaintiffs tell the panel the Supreme Court has already held that the restriction on the President’s ability to remove the FHFA director was unconstitutional. So the only remaining question is whether that restriction harmed Plaintiffs by preventing the President from removing the FHFA director and implementing his policy of restoring the shareholders’ value. The Supreme Court held that a public statement from the President expressing his displeasure with the FHFA director and explaining that the restriction prevented him from removing the director from office would "clearly" show that restriction harmed the shareholders. Former President Trump has issued just such a statement -- explaining that, were it not for the removal restriction, he would have removed the FHFA director and restored the shareholders' value. Under Collins, the Rop Plaintiffs contend, shareholders are entitled to a remedy.
Facts and law is on our side, scotus added weight to our case too imo.
FHFA, Fannie and Freddie don't want the jury to hear any testimony from Susan Hartman or see any graphics she and her BVA Group colleagues have prepared for the trial starting on Mon., Oct. 17. A copy of the trio's motion in limine, and is accompanied by copies of Exhibits C, D and E. Exhibit L was filed under seal.
At 44:30m David Thompson says I got the evidence, the facts are on my side, he gives $12 damage model for preferred so common will make more if $14-$17 are awarded to Hamish Hume
Yes it will be in our favor imo
3 cases argued on same date as Rop got opinions today
https://www.opn.ca6.uscourts.gov/opinions/opinions.php?todo=today
There has to be good reason behind asking for jury trial & going for class action suit for Hamish Hume, whose big portrait pic will hang on my home office wall soon :)
A good friend bought his first 100k shares of fmcc last week after having dinner together, he said will buy 300k more next week once his rental property is sold.
Yes ignore the noise, focus on trial & bulls eye on $17 & plus punitive damages
Contract is contract, law is law, property rights, I can’t say I wont pay my Amex card next month, each share when bought there is expectation attached to that investment. No one can deny your property rights not even govt. period. Has been this way since 1934.
49 yrs of work experience in law, he got to know when someone lies under oath & is not complying covenant of good faith & fair dealing
$17 coming in 5 weeks…..big wish list is ready :)
7. On August 9, 2012, Susan McFarland, then the Chief Financial Officer of
Befendant Fannie Mae, informed the United States Treasury that Defendant Fannie Mae's financial condition had improved to the point that it was again making profits.
8. Approximately one week later, on August 17, 2012, Defendant Fannie Mae and the United States Treasury entered the Third Amendment to Amended and Restated Senior Preferred Stock Purchase Agreement (hereafter the "Third Amendment").
9. Pursuant to the terms of the Third Amendment, Defendant Fannie Mae has been paying 100% of its profits to the United States Treasury.
10. The Third Amendment deprives Plaintiff of what his shares would otherwise be worth. If not for the operation of the Third Amendment, Plaintiff's 50,000 shares would now be valued at approximately $35 (thirty-five dollars) per share, for a total of $ 1,750,000 (1.75 million dollars). Thus, Plaintiff has been deprived of his property.
https://gselinks.com/Court_Filings/Voacolo2/17-cv-05667-0001.pdf
Won’t be shocked if jury awards $35 in damages, that’s where we should be if nws was not forced upon illegally.
Thanks Navy
2 more months for verdict form being signed by jury. Its coming…..
He is not going to reverse his ruling in 2018 especially after more docs came out that should be more damaging for govt
Ackman said they both hold $91B as of Aug 20th semi annual report.
Thanks Guido. If Lamberth allows those docs for jury’s eyes it will be game changer. Next 6 weeks will be very interesting to see how things move. First case for us to reach trial & that also jury trial.
6 more weeks. Bring it.
Judge Royce C. Lamberth of Federal District Court said: ''It is clear that the decisions here were made at the highest levels of Government, and the Government itself is -- and should be -- accountable when its officials run amok. There were no rogue lawyers here misleading this court.''
Rather, Judge Lamberth said, ''the executive branch of the Government, working in tandem, was dishonest with this court, and the Government must now face the consequences of its misconduct.''
For instance, for a decade, Lamberth prodded along the massive, lumbering Indian trust fund case, cementing his reputation as something of a maverick who demanded that government agencies live up to the standards of good faith and fair dealing that the public deserves.
2. Timothy Cassell (2462 Berwick Blvd., Columbus, OH 43209)
Timothy Cassell is a class representative who holds shares of Freddie Mac common stock.
Mr. Cassell is expected to testify about his ownership of Freddie Mac common stock and his reasonable expectations as a stockholder. His direct testimony should take less than one hour.
3. Michelle Miller (4602 Ringer Road, St. Louis, MO 63129)
Michelle Miller is a class representative who holds shares of Freddie Mac common stock.
Ms. Miller is expected to testify about her ownership of Freddie Mac common stock and her reasonable expectations as a stockholder. Her direct testimony should take less than one hour
There is something called pain & suffering from a theft of private without compensation to the owners, they must have been shocked on Aug 17th 2012 & lost hope & things like daughter’s college tuition, retirement income, mortgage payments on their house etc These people will describe to jury the expectations they had when they bought their fmcc shares before nws
Prof. Joseph Mason is an expert witness retained by Plaintiffs to provide an analysis of the damages suffered by Plaintiffs as a result of the Net Worth Sweep. In particular, Prof. Mason conducted an analysis of the present value of the future dividend streams that would have been payable to shareholders “but for” the Third Amendment and its Net Worth Sweep. Prof. Mason found that the shareholders suffered damages that can be reasonably estimated as follows:
i. $10.3 billion of damages suffered by private preferred stock shareholders in Fannie Mae;
ii. $5.9 billion of damages suffered by private preferred stock shareholders in Freddie Mac; and
iii. $11.0 billion of damages suffered by private common stock shareholders in Freddie Mac.
Prof. Mason will testify regarding these topics and his economic and historical analysis supporting his conclusions and the assumptions he made for purposes of his “but for” analysis in which the Third Amendment’s Net Worth Sweep was never implemented. Those “but for” assumptions include:
i. Based on a review of projections and housing market data, Fannie Mae and Freddie Mac were projected to, and did, make enough income to repay Treasury;
ii. Treasury would have allowed repayment of the senior preferred dividends; and
iii. Consistent with historical practice, Fannie Mae and Freddie Mac would have resumed paying dividends only after fully repaying Treasury and meeting regulatory capital requirements.
Prof. Mason’s direct testimony should last approximately three hours.
Great, looking forward best year end holidays in last 10 yrs of FnF legal fight
You can fmcc in 5 mins of selling fnma, no need to wait for settlement, at least in my case