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Sunday, July 31, 2022 5:44:34 PM
Don't give me your JPS/KT answer of 20cents/share or WHATEVER the price was at the time of the Takings!
I don't appreciate the attempt to disqualify the number via an implicit accusation of bias on the part of who said it.
In a takings case, the government is only liable for that the property owner lost. What the government gains is 100% irrelevant. See the quote in the middle of this post I just wrote showing four Supreme Court opinions that say so.
The last open-market traded price of a share of stock is the ONLY objective measure of that share's worth.
These things are true no matter who says them.
Why? Because if you think that the artificial loan loss reserves and a multitude of other FHFA regulator induced accounting shenanigans like the write down and subsequent write up of the $50B tax credits won't come into play, I've got a bridge for sale for you in Brooklyn.
If you're referring to current takings cases, only two (Washington Federal and Kelly) are about anything other than just the NWS, and all of them are on life support: if the Supreme Court denies cert then all those cases will be dead.
Washington Federal only seeks the drop in share price from the day before to the day of conservatorship as damages, and only for whoever held the shares that day before (September 5 2008).
Kelly is a derivative case, and the things you mention could matter there because it's about damage to the companies rather than the shareholders.
If you're referring to potential future takings claims over Treasury exercising the warrants or converting the seniors to commons, what you brought up won't matter.
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