Fannie Mae-No Politics (FNMA)

[The Man With No Name]

I am not digging myself out of anything. I don't need to know about your lack of expertise in bankruptcies. You said "EVERYBODY challenges a violation of the APR if it is not by agreement." That is plain false and I provided an example already.

Since you believe you are an expert in bankruptcies show me an example of instances in which warrant agreements for common were in the same class as actual common in a reorg or liquidation. Show me the confirmation plan and validate that a warrant agreement must always be on equal footing as actual common stock.

Let's just put this conversation to bed. It must be tiring digging such a deep hole...you hit bottom and kept on digging.

First off, I said the warrants would be pari-passu with existing commons. Pari-passu means on equal footing and treated equally. It does not mean they would be put in the same class in a bankruptcy situation; I never said that, that's crap you pulled out of thin air.

But if you want to go there, IF this was in a bankruptcy, ALL of the different JPS issues would be in different classes yet still be pari-passu with each other...but they all would rank higher than commons and warrants. Got it??

Now you keep going back to the example you mentioned about how preferred shares and common shares 'got the same thing' and the APR (Absolute Priority Rule) was violated with no agreement to do so. The CBL case. I just read the plan. Obviously you don't know what a 9019 settlement is. Class 4 and Class 6 took less than 100% recovery. Class 11 Preferred Stock got different (better) treatment than Class 12 Common Stock. I said the only way the APR can be violated is by agreement...because it's the effin law. That's what they did. And you come up with some fairy tale about they didn't. Just stop.