A winner!

[chrise...@gmail.com]

https://twitter.com/bykatiebuehler/status/1691141799358640158

Hallellujah!

BREAKING: A DC federal jury found the

@FHFA

wrongly amended stock purchase agreements related to the governments bailout of

@FannieMae

&

@FreddieMac

and awarded shareholders $612.4 million in damages, broken out as follows:

[skibrian]

hazzah!

https://finance.yahoo.com/quotes/FMCC,FNMA,FMCKJ,FMCKI,FMCCM,FMCCK,FMCCT,FMCCI,FMCKK,FMCCG,FMCCH,FMCCL,FMCCN,FMCCO,FMCCP,FMCCJ,FREGP,FMCKP,FMCCS,FMCKO,FMCKM,FMCKN,FMCKL,FNMAP,FNMAO,FNMFO,FNMAM,FNMAG,FNMAN,FNMAL,FNMAK,FNMAH,FNMAI,FNMAJ,FNMAS,FNMAT,FNMFM,FNMFN/view/v1

I'm sure they will be down 50% tomorrow....

[chrise...@gmail.com]

Not the $1.6B number, though?!

Huh?

[skibrian]

I just looked up the number of jr preferred shares outstanding, it's 464.17mm.  Let's be generous.  $281.8mm for Freddie.  Lawyers get 25%.  $211.35 left for us.  46 cents per share.

For me, that's $6,200.

Mind you, I have a mix of 25s and 50s, mostly 50s...my guess is the amount for the 25s will be double per share than the 50s.

But, that's a way to look at it...I have 13,480 shares.  That's all I get.

I expect lawyers and fees eat into it, it will be appealed...meh.

that said, maybe it changes the perspective of other claims that might still be floating around.

would be nice to recap and release and be done.  looking at you creepy uncle joe.

BTW...freddie commons get $31.2mm.  25% to lawyers,  $23.4mm left.  There are 3,234 million freddie commons outstanding.  1 cent per share.  good luck common stock holders.  if there is a recap and release, this should be a lesson worth taking on board.

----ski

[chrise...@gmail.com]

The Freddie count you have includes the govt. 80%.  There are only 680M or so today (unless they R&R to get their own penny back). So it will be 4 cents net of legal.

I did sign up for 7-day trial on Law360. Katie reports on the what was tried, etc., but the damages part is here:

Three classes of Fannie Mae and Freddie Mac shareholders had argued during a two-week trial that they were entitled to $1.6 billion in damages for the FHFA's allegedly improper actions, which effectively eliminated the prospect of the shareholders receiving dividends of their own again. The FHFA defended its decision, claiming it was necessary to enable the two companies to keep functioning.

The requested damages amount is equal to the drop in value of Fannie Mae preferred shares and Freddie Mac preferred and common shares that occurred after the 2012 amendments were publicly announced.

The jury, however, awarded shareholders less than a third of their requested damages. The jury determined the Fannie Mae junior preferred shareholders should receive $299.4 million in damages, the Freddie Mac junior preferred shareholders should receive $281.8 million in damages and the Freddie Mac common stock shareholders should receive $31.2 million.

So, I am still confused. 600M is not less than 1/3rd of 1.6B (1/3rd would be of 1.8B so it is more than a third). Nothing about interest (added to the award) and nothing about the legal fees percentage Lamberth will assign.

[skibrian]

exact dollars aside (and good catch on the UST warrants...which WILL be exercised Mike)....this is a big sigh.  Please, someone with deep knowledge of how the courts work and this case tell me I'm wrong.  Holding out hope it impacts the other cases or the recap/release decision and speeds things up.

grrrr....been here forever!

[MikeSP]

Law360 story about Court Award today

https://www.law360.com/articles/1710685

need prescription to read whole story....doggone it!

[Guido da Costa Pereira]

For those who want media coverage about the victory in Judge Lamberth's  court, please like and/or retweet Commander's posts.

https://twitter.com/usnavycmdr/with_replies