Fannie Mae Preferred S (FNMAS)

[Joe Stocks]

while avoiding the 5th amendment lawsuit.

So are you saying that the taking of 79.9% of our property without just compensation is okay if we get to keep the other 20.1% so we can pay dividends to the junior preferreds? I think the common shareholders would have a problem with that.

Keep in mind that the payment of dividends on our share are discretionary. I think it is a forgone conclusion that as little as one dollar in profits can not be paid as dividends to the juniors until the taxpayers have been paid back in full.

The main problem I see is that "payment in full" as not been defined. Is payment in full net investment? Nothing in writing says that? No case history either. Currently according to the PSPA payment in full is the shareholders will receive all equity forever until they are wound down.