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Wednesday, February 19, 2014 11:01:44 AM
Hypothetically speaking, what would happen to the lawsuits if the FHFA and Treasury agree to enact a 4th amendment to the PSPA that essentially invalidates the 3rd? Let's say they do this in "good faith" because the taxpayers have "been made whole" (at least in the eyes of public perception). Do the lawsuits seeking to repeal the 3rd amendment then have no grounds to proceed forward? Is the focus on the suits challenging the legality of the decisions made to enact the 3rd amendment or simply seeking to revoke it?
I am aware that Ted Olsen, Cooper & Kirk are representing on behalf of several hedge funds and doing so in the name of constitutionality and shareholder rights. However, I also realize that the hedge funds could mostly care less if they didn't have major skin in the game and would reap huge financial rewards in the repeal of the dividend sweep. So, if the sweep is cancelled on the FHFA/Treasury's own accord, would that give motive for Perry Capital, et al to drop the suit? I do also realize that there are other pending suits challenging 5th Amendment (i.e. illegal takings) violations. So perhaps this preemptive strategy by the govt would not ultimately help much.
Just thinking out loud here. I do not have a legal or financial background, so your insightful thoughts are very much welcome. Thanks in advance for the discussion!
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