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Friday, March 21, 2014 12:13:08 AM
"the "deal" of conservatorship and giving away our company - without a vote."
-The best bet for shareholders is that this is a Revlon/Unocal violation whereby shares were offered of a company at a lockout to other shareholders. There is a law that prevents lockout share sales. Here, if shares were available to the government at .00001 per share, that price should also be available to all shareholders.
Also, this is a violation of the directors duty not to sell shares at below par value. Since the sale was PART of the contract for the conservatorship, this is a breach of fiduciary duty of the directors AND a breach of duty for the government. The directors could be personally liable for the breach and the government could be liable for the full share price at the time of the contract.
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