Fannie Mae-No Politics (FNMA)

[DaJester]

We can keep going back & forth on this topic too, but I'll refrain. I'll give you my perspective and then I'll move on.

"the 2012 NWS completely extinguished the possibility of any future economic gains for common and junior preferred shareholders."
If this were true, neither you nor I should be invested in common or JPS.

"you would have to show that those letter agreements caused shareholders harm beyond the harm done by the 2012 NWS"
This is not true. You would have to show that the agreement violates the implied covenant of the shareholder agreement. There is no criteria to compare it to any other harm.

If I had an employee who earns 2% of the company profit, and I decide to temporarily give away all the profit, the employee can sue me for breach of implied contract. While not explicitly stated, it's implied that I will continue running a For-Profit business. Once I pay them the settlement, I cannot do the same thing again next year or the year after, stating "well the employee knew this was possible after it happened the first time." The contract and expectations that the business is still running for-profit has not changed.