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Sunday, September 16, 2018 4:29:44 PM
wayne, thanks for reminding me to check the still pending suits. Washington Federal challenges the original cship, warrants, NWS, etc. and final briefings on D's motion to dismiss are due to Sweeney by Dec 19, 2018. The suit is filed on behalf of all those who held common and preferred shares prior to Sep 5, 2008 and is seeking compensation for a taking without due process under the 5th amendment. It will be interesting to see when/how Sweeney rules on the motion, especially given her role/knowledge in the discovery process.
As a layperson, I have always felt that a takings claims was the only way to get around the anti-injunction clause of HERA. It also recognizes that the government has the right to effect a taking for public purposes, but that "just compensation" is due. That approach avoids taking issue with a cship decision made "in the fog of war" ... and as long as it can be established that FnF were NOT worthless at the time, then a takings occurred.
Having said all that, if Sweeney grants the D's motion to dismiss, then I think common will get diluted below 5% or even less after the warrants and depending on how/when recap is effected (including conversion of jrpfd). The rational side of me says switch to preferred, but the emotional side says F-no ... and to hold on to my common to the bitter end. Really appreciate the replies - and I will hold at least until Dec 19 to see what the final brief looks like.
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