It doesn't matter. The more I study these the more I become convinced that the Judges don't read AND any assistance they get from interns or whoever are uninformed. Is it possible that there are informal "amicus brief" where over lunch the Judges or even the interns get an overview on how to proceed?
If I am not mistaken, all of the ~$3T debt Fannie reports is actually assets backed by mortgage. As creditor, doesn't the holder of the debt get first place in line ahead of liquidation preference? My belief is Employess, Creditors, Preferences, commons. If so, why then is the UST piling on liquidation preference? Would that to place themselves in front of any other non-government funded "equity" that may exist?
If what I have said is true, SCOTUS has allowed a court examination for retrospective relief, barred forward relief which entails further liquidation preference on lent funds which they have first stake in anyway. How is this a win? It is at best a non-loss and most likely a loss based on the fact that Miami will be undewrwater due to the Gore-effect long before any conclusion is reached in the courts. In the perpetual meantime, UST has all the money effectively.
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