Regarding remand it is 50/50 FHFA and treasury and FHFA are not on the same page, 1 asked for a remand and 1 asked not to remand, don’t recall who asked for what, so that with the 2020 timeline you mentioned and the outspoken intension to get them out of conservatorship during this term makes me reasonably believe this will be a slam dunk, plus a positive 5th circuit ruling will be so much more cheaper for the administration
You read too fast in the NON-Cumulative, it is cumulative not convertible, cumulative as in building up, growing, snowballing dividends “If the company chooses not to pay dividends in any given year, the shareholders of the non-cumulative preferred stock have no right or power to claim such forgone dividends at any time in the future.” And since there are convertible prefs too that can be changed from pref to
common (but not in FnF), it would be changing contracts, and why is there a remedy needed for prefs, because they did not receive dividends, so converting to me is very very difficult if not impossible, I see a lot of roadblocks to converting,
as to “The junior prefs hold nearly all the cards” I don’t see it, they want a conversion, because dividends where not paid but should be paid, I agree so that is what is supposed to happen either missed dividends are paid or just compensation. All other half backed solutions can be put to rest IMO
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1)the catch 22, loan money, but you can never repay
2) being under capitalized due to conservatorship
3) 79.9% ownership with never leaving, the government should put the 5T on their balance
4) 10.000 documents should be disclosed for public interest what happened
5) Draining a company to fund the government
6) in conservatorship yet acting in governments favor
7) 3th amendment put tax payer at risk in perpetuity
8) If the pref are converted to common they admit they have done something wrong
9) EPS are not honestly disclosed (cooking the books)
10)pay damages as FNF now can never return to normal for profit companies
11)Stock manipulation
12)Government officials claiming on national tv to short a stock
13)Acting director puts FnF in conservatorship (only if they claim something on otting)
As to the lawsuits most of them are about ending the nws only, NON of them are filed on the catch 22 case, and there was never a ruling that the government could run conservatorship and draining the reserves of a company, think about it, it is really mind blowing what these cases can accomplish
On the 79.9% you are correct, warrants are not exercised yet, but with the “can never leave hotel California“ it makes them responsible, you cannot have both sides, either private or government, and since the government is eager to hold, they should have it, pay us and put 79.9% on their balance
Regarding what the prefs have done wrong, Nothing at all, but with converting prefs for common they amid it was not proper for them to suspend the dividends, so they admit decisions were made in bad faith
As for 9,11,12 you are correct, it is very difficult to make a stand alone lawsuit from, but is could be embedded into others
Regarding “Relisting the commons can't happen until after the companies are recapitalized” sure they can be released and relisted, they have the credit card of the USA, and according to the government lawyers that is enough, you do not need capital a lifeline is enough, and if you need capital the Nws sweep is illegal, and then again you have capital because they need to pay it back
As for the damages, it is very difficult to envision the whole picture without knowing what actions are taken in the future, if you take a look at what happened and the decisions made in the past, it is very clear the government overstepped its authority, if you take the 80/20 solution we are in the 80 and the government is in the 20, with failing to settle in the ackman case it tells me the government was not aware of the problems they found themselves in, so the government said screw you to bill and bruce, but the problem did not leave, and only got wors, and now before it gets out of hands in the 5th ,a solution must be thought of, will it be wise? I hope so for the government and us, but what the outcomes is, I do not know, is it in favor of shareholders, YES
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