I am sure you have spent more time reading the outstanding litigation but the Lamberth case may be the beginning of the end for the SPSA since invalidating the 3rd Amendment to the SPSA is central to the Lamberth case. Also the claim for past dividends is also material for FMCC in particular because there are only 650 million shares of public common outstanding.
FMCC did not draw on the SPSA line after the first quarter of 2012 yet paid $ 119 bn in payments against cumulative draws of $ 71 bn. Accrued interest at 10% is in the $ 30 bn range leaving $ 18 bn in overpayments. JPS could make a claim of $ 8bn leaving $ 10 bn to common. Even if the UST claims 80% of that it is still $ 2 bn for FMCC legacy common or about $ 3 per share for FMCC.
As you probably know the Net Worth Sweep is broadly declined as the 3rd Amendment in its entirety which increased the liquidation preference for no consideration.
I have cited Paragraph 117 of the Amended Complaint and included the cite for the Complaint itself
117. First, the Net Worth Sweep eliminated entirely the economic interests in Fannie and Freddie held by the Companies’ private shareholders. The quarterly sweep of the Companies’ net worth ensures that there never will be sufficient funds for the Companies to pay a dividend to private shareholders. It also ensures that private shareholders will receive nothing in the event of liquidation, as Treasury’s Government Stock entitles it to an additional dividend payment plus its liquidation preference in the event of liquidation. Government Stock Certificate § 8. The dividend payment will leave Fannie and Freddie with negligible capital well shy of the Government’s nearly $200 billion liquidation preference, guaranteeing that there will be nothing left for private shareholders. In light of this reality, it is not surprising that, as FHFA’s Mr. Ugoletti observed, “the preferred stock got hammered the day the Net Worth Sweep was announced.” Similarly, after the imposition of the Net Worth Sweep, Mr. Lockhart—FHFA’s former Director—told a reporter that the Companies’ privately-owned stock “is worthless and should be worthless.
Thanks again for all your efforts on behalf of GSE public shareholders
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