Fannie Mae-No Politics (FNMA)

[bobstruths]

Did the Net Worth Sweep invalidate the Warrants Part 2
The Treasury chose to use the words "NET WORTH SWEEP" to describe the change described in the 3rd Amendment to the SPSPA. They didn't use the words "Net "Cash on Hand"" so I can only address the words they used.

WORTH: equivalent in value to the sum or item specified.

Using words at their face value: When they say "Net Worth Sweep" that means the value of everything including the stocks common and preferred, the buildings and property, the intellectual property, the Warrants, and the "good will". The government claims NET WORTH and accepts[color=red][/color] "PROFIT" as equivalent to the Net Worth.

Next, the question comes up..... can they take the "Net Worth" more than once. After taking the net worth of the "stocks", "propertys", "warrants", and "good will" one time, can they take it more than once? I think they cannot! I think they have to back out the value of those items on each subsequent Sweep and only take the profit, which is what they did! Once they accept "profit" as the worth, they can no longer revisit the other items taken in the first Sweep unless there has been expenditures over and above the original value given in the first Sweep, and they accepted money as the equivalent value of those items. The Warrants have value and they accepted money for that value in the first payment. The Warrants cannot be revisited as value.