Perry Capital has accumulated both common and preferred stock in the two entities before this change, and now wants those dividends to be paid to those shareholders once the government’s priority preferred stock has received its 10 percent. It argues that the government failed to justify the change in dividend payments.
The firm is now suing, pitting its resources against the federal government. Perry is taking this matter seriously, hiring the superstar litigator Theodore Olson. Mr. Olson has good experience suing governments, and is the lead lawyer representing the bondholders in the big sovereign debt litigation going on in the United States Court of Appeals for the Second Circuit in Manhattan.
The government’s failure to cleanly deal with Fannie and Freddie is coming back to haunt it with Perry Capital’s suit.
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