When Howard says "SPS repaid", he means "forgiven", because the SPS are obligations issued by FnF (debenture) and if it's cancelled, it's been forgiven. Because he doesn't mention how they were repaid, like I do with the assessments (capital) sent to UST quarterly, in the Separate Account plan backed up by statutory provisions. Now, we want that capital back, because it's held in escrow. The conservator's Incidental Power (take any action authorized by this section -Rehab-) allows it to hold the Common Equity in escrow, both through phony dividend payments to UST and the offset when the SPS LP is increased for free and for no reason, as of September 2019, and a one-time $3 billion on December 2017. So, there is no need to cancel the SPS if there are none in the Separate Account. Other theme is that in the current Balance Sheets, the gifted SPS are missing. Financial Statement fraud to avoid the "walk of shame" once the FHFA is compelled to unwind its plan that would show $-194 billion Core Capital today, and the same amount every quarter.
1st. Howard's stance is struck down right away. So, the UST took all their capital generated away, directly ($301 billion cash) and indirectly, through the gifted SPS ($121 billion) and, 15 years later there is a negotiation and it would claim that the debt has been satisfied. This isn't serious and can't be a bailout mechanism. Two guys seated at a table with a pencil and without any financial knowledge, talking about billions in FnF and counting on one's fingers. Maybe if FnF throw in a dozen of goats and a cow it's considered done faster.
2nd. Neither FnF are Zambia that need to have their debt forgiven, nor the UST will ever forgive a debt it's owed, just because Howard says so.
3rd. If the SPS are cancelled (forgiven), FnF would post a profit (core capital) but they would have to pay taxes on that profit. So, the capital wouldn't increase 1:1 as he claims.
4th. Funny that Howard says "SPS deemed to have been repaid", because he went to the Supreme Court as Court Amicus, to claim a dozen times that the SPS are "non-repayable securities" and conceal that the FHEFSSA allows the repayment of SPS as exception to the Restriction on Capital Distributions, which is what has happened. An Amicus brief that is the reason why he has to pay us Punitive damages (formal document)
He reminds me you, Glen Bradford, now cheering up when the common stock price rises one day. It seems that you think that we will forget all you've done in the past, with all your toxic SA articles bashing the common stocks and peddling the government theft story, accused of stock price manipulation.
