Fannie Mae-No Politics (FNMA)

[big-yank]

I just reread Hamish Hume's supplemental brief on contractual breach. It is largely based on a common law claim that the text on stock certificates provides for a 2/3's shareholder affirming vote on certain matters like changes in liquidation preference. This is really remote stuff, to me. First, how many shareholders ever get or read terms on a share certificate? I have invested for twenty years and have held exactly one share certificate (Walgreens) over that span of time. That said, senior preferred shares being granted a superior liquidation preference than junior preferred shares could be ruled as only requiring a vote in a liquidation scenario which would not be ripe at this time.

http://gselinks.com/Court_Filings/Perry/14-5243-1602880.pdf

I say, again, that the breach argument is a wild goose chase in the appeal. The takings claim may have some legs to it.

JMHO.