Fannie Mae-No Politics (FNMA)

[big-yank]

Steele finally files something before the court seeking leave to add one additional complaint to the three remaining after the pare back to avoid consolidation. The "new" complaint is an enrichment claim against UST.

Very disappointing. I was hopeful of a claim with some real meat on it. I was expecting a real salvo, like contesting the legality under Delaware state law of paying pfd to one class of shareholders while stiffing other classes of preferred shareholders. Such an initiative had a serious chance of legal favor and a speedy resolution to the Amendment 3 question.

This latest gambit is just another "ho-hummer" that will accomplish little, if it even gains court approval, and will likely only serve to delay everything for another 6 months, just like the hiatus after the stay was pulled.

JMHO.