As much as I enjoy Obit, he is not a judge. There are always matters of interpretation involved. With AIG the judge ruled in the shareholders favor, but guess what the judge then decided that if the companies hadn’t excepted the bailout and warrants then they would have been bankrupt and so even though a taking occurred, the plaintiff gets zero. So as you can see there is much more to a ruling than simply the share-price on the day the taking occurs. Any future takings case about the warrants should follow this precedent “if not for the gov action share price would be ?????). Bottom line is 79.9% of FNMA would be taken from existing common shareholders. So the real question becomes, “what is 79.9% of FNMA worth unencumbered by the past gov actions? That is the only question to figure out.
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