There is already one docketed incident in Judge Sweeney's court concerning release of protected information. It is not helpful to risk another one, with all the subsequent motions and counter motions required to dispose of the earlier matter.
The documents in question have been freed of court protection. However, they are clearly identified as "confidential" and are the property of the parties involved. One of the parties, Skadden, Arps, is among the world's largest law firms. These are not toes to be trodden on.
The crux of the content is a restructuring proposal that will potentially bust the dreams of all existing common and junior preferred shareholders. See starting page 39 with special attention paid to the column to the far right side on page 40.
From the plaintiffs perspective, dragging this material into the dialog carries the weight of both good and bad news along for the ride. The "good"news is that it confirms a sentiment within government that "winding down" the GSEs was the prevailing lead strategy for reforming the GSEs. The bad news is that it does not confirm that "winding down" was the strategy of choice embraced by UST or FHFA, just many in the government sector. AND... the presentation corroborates the defendant's position that no privatization of Fannie Mae and Freddie Mac has occurred in any comprehensive way. No plan like this concept has ever been implemented. Period.
When I see Skadden, Arps leading a reorganization effort, as either a stock or bondholder, I expect to see a juggernaut steam-rolling over the lower levels of the financial stakeholder food chain while the big boys step to the front of the buffet line. Been through this many times. One of their fortes is restructuring without declaring bankruptcy. In such matters, only a shareholder vote to approve is required. Guess who has warrants for 79.9% of voting shares?
But, hey, just keep promoting this proposal. Maybe Lew and Watt can be convinced to implement this plan that likely leaves you with nothing but a rights offer to buy a pitiful tad of NEWCO (as they call it) while your existing equity gets cancelled or massively diluted.
JMHO.
