You make some great points regarding the mechanics of a remedy. I do not have a good counter argument at this time because I have not thought about you points enough.
Regarding a conversion - as we discussed earlier it would intuitively seem to be off the table unless the Plaintiff's asked for it in the hearing. I dont believe that Plaintiff's attorney's will ask for it because : (1) this would lead to the need to a lengthy discovery process with a focus on all the accounting issues you referenced and (2) would actually be a windfall for the UST giving them most of the equity of the GSEs for no new consideration.
Outside of HERA, the SPS would be a preference and would be voided since it is a voidable contract for no consideration agreed to by related parties and one of which with fiduciary duty as a common law conservator. I dont see the 5th Circuit leaving the UST in a better position that they would deserve in equity nor better than they were given at the imposition of the conservatorship.
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