USCFC ALREADY RULED THAT 80% OF THE EQUITY IN AIG THAT THE GOV’T GOT WAS A TAKING REQUIRING JUST COMPENSATION!!! jmurrayx said: September 4, 2014 at 1:36 am RE: Starr Int’l Co. v. United States, 106 Fed. Cl. 50, 69 (2012) As David Boies, lead attorney for the plaintiffs in Starr Int’l Co. v. US [a k a “AIG case”], said back on January 10, 2013 on CNBC,* the Federal Court of Claims, in Washington, D.C. [Judge Wheeler], already ruled on the legal issue in the case, i.e., pursuant to Sec. 13(3) of the Federal Reserve Act (FRA), that when the Gov’t makes a loan to a company to stabilize the economy, while the Gov’t is authorized to get interest and security on a loan, it CANNOT get equity in a company, i.e., “the right to take over a company…in this case, 80% [79.9%] of the company.” In the words of Judge Wheeler (From Page 2 of Starr International Co., Inc. v. United States, Case No. 11-00779(C) (Fed. Cl.)): “In its initial and amended complaints, Starr alleged that through the actions of (1) the imposition of the Credit Agreement on September 22, 2008 by which the Government obtained a 79.9% equity interest in American International Group, Inc., (“AIG”), and (2) the reverse stock split on June 30, 2009 by which shareholders were denied a separate vote, the Government effected a taking of illegal exaction of the property of shareholders in violation of the Fifth Amendment of the U.S. Constitution. In a prior opinion and order on the Government’s motion to dismiss, the Court determined that Starr had sufficiently pled these two events as government actions allegedly requiring just compensation, although the Court made no determination as to the merits of such claims. Starr Int’l Co. v. United States, 106 Fed. Cl. 50, 69 (2012).” The purpose of the September trial in the Starr Int’l Co. v. US case, is to determine if the case has merit and, as David Boies said, “…this case will be very easy to litigate.” This case will effectively serve as one of the many precedents in the Washington Federal Case (No. Document 13-385 C), that will allow Judge Sweeney, in the Federal Court of Claims, to simply set aside the warrants for 79.9% of the common shares in Fannie and Freddie.
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