His premise is actually quite simple. Dividends are capital distributions and as such they are restricted during conservatorship. No one has rights to dividends! The money must go into a refunding structure, in order to put the companies in sound condition. The most likely refunding structure is a similar playbook during the S&L crisis (Sandra and folks were in fact involved with it). And due to the agency's incidental powers - they can lie to the public about the mechanics of it.
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