Bryndon Fisher already filed an appeal with a Derivative Takings case (on behalf of FnF) after insisting to judge Sweeney, because it could only appeal the lead plaintiff (Fairholme) and not the 11 related cases. But he loves to be in the spotlight. Then, the same claim was appealed to the Supreme Court with Andrew Barrett individually (Fairholme plaintiffs). Everything denied, because Justice Alito already said that necessarily, there is a Separate Account plan for the rehabilitation of FnF, if you know what that means. Anyway, this unsophisticated lawyer still doesn't understand that a Direct claim and a Derivative claim are, in essence, the same claim. Because what is swept is the Common Equity that belongs to the common shareholders. INCOME STATEMENT Net Income of FnF +Other Comprehensive Income (OCI) = Comprehensive Income (Net Worth increase), is the amount of SPS LP increased for free.
BALANCE SHEET: the quarterly numbers of the Income Statement posted before, are Accumulated here for the picture of the company. Accumulated Retained Earnings account Accumulated Other Comprehensive Income (AOCI)
Both are used to calculate the Common Equity, also known as the Book Value of a company that belongs to the Commons: +Common Stock par value -Treasury Stock (stock buybacks) +Additional Paid-In Capital +Accumulated Retained Earnings account +AOCI
We see how the Common Equity is swept to the Treasury, when the Common Equity generated in the quarter is substituted for SPS in the Net Worth. The figure of Net Worth under GAAP doesn't change.
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