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Tuesday, April 06, 2021 8:32:44 AM
that the Companies would return as bulwarks in housing; and that the Agency, having ensured
the soundness and solvency of the Companies, accordingly would terminate their
conservatorships."
Instead opportunistic politicians (really from both parties) have used our private property for their own exclusive benefit!
"100. Owl Creek further expected that, in any event, the Agency would—as it had
assured markets it would do, and as the Recovery Act reasonably indicated it should and
would do—act with a view to rehabilitating the Companies and not as an accomplice to
Treasury’s carnivorous secret plan to seize, for itself, the entire value of the Companies in
disregard of the property interests of Owl Creek and other shareholders.
101. As such, by early summer of 2012, Owl Creek reasonably anticipated that the
Companies would soon emerge from conservatorship (as two Directors of the Agency had
publicly predicted), from which it would be in a position to redeem the Treasury Senior
Preferred Stock and allow Owl Creek to realize benefits from its reasonable investment-
backed expectations in the property interests represented by the Junior Preferred Stock. Owl
Creek, in any event, did not reasonably expect the Sweep Amendment or any other action that
would make the conservatorship antithetical to those goals and in fact make them impossible
to achieve.".
"Nor was Owl Creek aware of any prior use of
a senior preferred stock instrument to strip 100% of a company’s profits in perpetuity, to the
derogation of the property rights of other holders of stock."
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