Based on FnF activity at market close yesterday, I am speculating that many retail investors didn't "get the email" until a few minutes before the market closed. They got it now, and will "nickel and dime" FnF purchases throughout the day. Here's hoping for a green start and end.
The Fairholme plaintiffs have sued the Government alleging the execution of the Net Worth Sweep was a taking of the value of their Fannie stock.
The Government recently moved to dismiss most of the suits arguing the plaintiffs did not own the shares at the date of the alleged taking.
The Fairholme plaintiffs have moved to stay the Government's Motion to Dismiss.
The Fairholme plaintiffs should win on the motion to stay, but the Government’s motion to dismiss has legs.
In the ongoing litigation saga of the shareholders of Fannie Mae versus the Government, the Government recently filed another Motion to Dismiss most of the suits by plaintiffs filed in the Court of Federal Claims. Those claims allege that the execution of the Net Worth Sweep was a taking of the value of plaintiffs' shares in Fannie. The Government argues that the plaintiffs did not own the shares at the time of the alleged taking and hence are not entitled to any recovery. The plaintiffs responded with a Motion to Stay the Government's Motion to Dismiss arguing judicial economy and that, in any case, takings law is not as clear cut as the Government implied. The Government then filed a Notice of Supplemental Authority, presenting a recently decided Federal Court of Claims case it asserted was on point. The plaintiffs then filed a Response which argued that the recent ruling was irrelevant.
The tangle of motions and disputed cases is indecipherable to the lay reader. The underlying law is complex and has only once been applied to a stock taking and never in a case like this. This article will summarize the cases cited by the parties, discuss the legal variables and give my view of the likely ruling on the merits. The goal here is to give other investors a rational basis for the investment decision rather than the emotional reaction of "The Government should not be able to do this, therefore shareholders win." I am both a holder of Fannie common and a practicing attorney who i
For those not in the know....Pukin' Buzzard = Screaming Eagles=101st Airborne Division=Band of Brothers=Greatest Division of WWII and Vietnam.
So Mr. Smarty Pants, how's come NASDAQ is posting this:
Federal National Mortgage Association (FNMA) Pre-Market Trading
*Delayed - data as of 07/16/2015 09:18
come on now jpd....you needn't bs us. anybody "grabbing" 50k of anything wouldn't be on this board telling us about it. If you were to say "I just grabbed some more shares"....more believable. Just saying friend. BTW, you could be giving us the straight poop, just that it's highly unusual.
Hey Chess....I read your input and although I must admit, I don't fully comprehend all of what you said, the main thing.....we are on the same boat. Each .01 tick up on Fannie and Freddie makes me an extremely happy dude. Thanks for your posts.
Sue, those of us on this board who have followed your posts and are long, truly appreciate your diligence in keeping us posted. Keep up the great work. Thanks again.
Are you dumb, blind or a joker? Or maybe all three. I read 8.33% pps at the close. You can't imagine how much my positions moved $$ wise as a result of a .19 cent increase in pps today. Maybe you should contact your fifth grade teacher and take back that shiny apple.
chiefseattle, you just explained the hypocritical nature of the whole argument of illegal immigrants taking jobs by some. As Willy Sutton said about robbing banks, the question is why do illegals flock to the US? Because that's where the jobs are....and who's hiring them? We Americans...looking for cheap labor.