Friday, December 15, 2023 10:26:40 PM
we aren't betting on a legal outcome buying this.
the main thing we are buying here is FNMA hitting 2.5% net worth absent SPSPA capital requirements in 2025 which --- if you ask me --- is another dimension of ... why is the government holding a publicly traded company hostage in conservatorship when if it restructured its equity they could legally exit conservatorship... since SPSPA basically makes a big hole in their balance sheet.
the litigation --- who gives a crap.. the current damages model is bust. the main value there is in appealing the damages model and getting in an actual breach of contracts damages model. i believe reliance damages were excluded using lamberth is a dirtbag reasoning --- i think that this only gets worse for the government if they don't settle.
congrats on your 200K+ FNMAT/S shares. $5M+ par value!
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