Luke 532 Posted November 10, 2015 Share Posted November 10, 2015 Perry granted access to Fairholme discovery materials... Excellent. It never made much sense to exclude Perry anyway. Merkhet, is the verbiage "abundant good cause" ordinary? Link to comment Share on other sites More sharing options...
merkhet Posted November 10, 2015 Share Posted November 10, 2015 Perry granted access to Fairholme discovery materials... Excellent. It never made much sense to exclude Perry anyway. Merkhet, is the verbiage "abundant good cause" ordinary? I wouldn't read too much into it. Link to comment Share on other sites More sharing options...
Luke 532 Posted November 10, 2015 Share Posted November 10, 2015 Perry granted access to Fairholme discovery materials... Excellent. It never made much sense to exclude Perry anyway. Merkhet, is the verbiage "abundant good cause" ordinary? I wouldn't read too much into it. That's what I figured but wanted to check. Thanks. Link to comment Share on other sites More sharing options...
Luke 532 Posted November 12, 2015 Share Posted November 12, 2015 Wonder what this is about... **SEALED** MOTION to Quash , filed by FEDERAL NATIONAL MORTGAGE ASSOCIATION.Response due by 10/19/2015. (Attachments: # (1) Appendix)(Hudson, David) Denied by Sweeney... **SEALED** ORDER denying 250 Motion to Quash. Signed by Judge Margaret M. Sweeney. (ta) Copy to parties. (Entered: 11/10/2015) Link to comment Share on other sites More sharing options...
merkhet Posted November 12, 2015 Share Posted November 12, 2015 Wonder what this is about... **SEALED** MOTION to Quash , filed by FEDERAL NATIONAL MORTGAGE ASSOCIATION.Response due by 10/19/2015. (Attachments: # (1) Appendix)(Hudson, David) Denied by Sweeney... **SEALED** ORDER denying 250 Motion to Quash. Signed by Judge Margaret M. Sweeney. (ta) Copy to parties. (Entered: 11/10/2015) Excellent. Link to comment Share on other sites More sharing options...
doughishere Posted November 13, 2015 Share Posted November 13, 2015 We should be getting some formal arguments in the Deleware case tonight, no? Link to comment Share on other sites More sharing options...
Luke 532 Posted November 13, 2015 Share Posted November 13, 2015 Fortune picked up the story. More are becoming aware of the situation as the days go by... http://fortune.com/2015/11/13/fannie-mae-freddie-mac-nationalize-housing-finance/ The spectacle of a conservator wiping out shareholders just as the companies he’s supervising are about to have their best years in history simply doesn’t smell right. It’s hard to picture the Supreme Court letting it stand. Link to comment Share on other sites More sharing options...
merkhet Posted November 13, 2015 Share Posted November 13, 2015 We should be getting some formal arguments in the Deleware case tonight, no? Defendants should be filing a response by tonight. (Motions to Dismiss and Opening Briefs) Also, we have a new filing in Delaware as of yesterday. http://gselinks.com/Court_Filings/Jacobs_Hindes/15-00708-0015.pdf Fortune picked up the story. More are becoming aware of the situation as the days go by... http://fortune.com/2015/11/13/fannie-mae-freddie-mac-nationalize-housing-finance/ The spectacle of a conservator wiping out shareholders just as the companies he’s supervising are about to have their best years in history simply doesn’t smell right. It’s hard to picture the Supreme Court letting it stand. We should all be thanking Bethany McLean. She's pretty well regarded, and her decision to step into the fray is likely the reason why the broader media is starting to pick up on this. Link to comment Share on other sites More sharing options...
doughishere Posted November 13, 2015 Share Posted November 13, 2015 Bethany is amazing. Here's an article on the SEC she just wrote. Does the SEC Inflate their numbers http://finance.yahoo.com/news/does-the-sec-inflate-its-numbers-165803420.html?soc_src=mediacontentsharebuttons&soc_trk=tw Link to comment Share on other sites More sharing options...
Luke 532 Posted November 13, 2015 Share Posted November 13, 2015 Fortune picked up the story. More are becoming aware of the situation as the days go by... http://fortune.com/2015/11/13/fannie-mae-freddie-mac-nationalize-housing-finance/ The spectacle of a conservator wiping out shareholders just as the companies he’s supervising are about to have their best years in history simply doesn’t smell right. It’s hard to picture the Supreme Court letting it stand. Fairholme reading COB&F? :-) Just received this e-mail from Fairholme... Dear Shareholder, "The spectacle of a conservator wiping out shareholders just as the companies he's supervising are about to have their best years in history simply doesn't smell right," writes Roger Parloff in a newly released Fortune Magazine article about Fannie Mae and Freddie Mac. The conservatorship has effectively "nationalized two Fortune 50 companies," and Parloff pointedly remarks that "it's hard to picture the Supreme Court letting it stand." To read more: http://fortune.com/2015/11/13/fannie-mae-freddie-mac-nationalize-housing-finance/ Kind regards, Investor Relations Fairholme Funds, Inc. 4400 Biscayne Blvd. 9th Floor Miami, FL 33137 Link to comment Share on other sites More sharing options...
doughishere Posted November 13, 2015 Share Posted November 13, 2015 I think you work there Luke....just kidding I have no reason for that. Link to comment Share on other sites More sharing options...
Luke 532 Posted November 13, 2015 Share Posted November 13, 2015 I think you work there Luke....just kidding I have no reason for that. Well, the weather would certainly be a change for the better if that were the case. Miami vs. Northern Virginia. Link to comment Share on other sites More sharing options...
merkhet Posted November 14, 2015 Share Posted November 14, 2015 A bunch of filings from yesterday: FHFA Motion to Dismiss http://gselinks.com/Court_Filings/Jacobs_Hindes/15-00708-0017.pdf FHFS Opening Brief http://gselinks.com/Court_Filings/Jacobs_Hindes/15-00708-0018.pdf Treasury Motion to Dismiss http://gselinks.com/Court_Filings/Jacobs_Hindes/15-00708-0019.pdf Treasury Opening Brief http://gselinks.com/Court_Filings/Jacobs_Hindes/15-00708-0020.pdf Defendant's Unopposed Motion for a 14-Day Extension http://gselinks.com/Court_Filings/Perry/14-5243-1583262.pdf Link to comment Share on other sites More sharing options...
orthopa Posted November 14, 2015 Share Posted November 14, 2015 Has anyone been adding in light of recent developments/seemingly change in media coverage and public opinion. Price really has gone nowhere for a while as the picture has become less bleak. I have added some FNMAJ to balance out some common exposure after some of Lukes comments a couple weeks back. Total portfolio exposure is ~5% now roughly split between common and preferred. Anyone else adding any more exposure lately? Link to comment Share on other sites More sharing options...
doughishere Posted November 14, 2015 Share Posted November 14, 2015 I'm pretty maxed out Link to comment Share on other sites More sharing options...
Luke 532 Posted November 17, 2015 Share Posted November 17, 2015 WASHINGTON, D.C. —On Tuesday, November 17th at 11:00 AM EST, Investors Unite Executive Director Tim Pagliara will host a teleconference to update Investors Unite members on the latest legal developments affecting Fannie Mae and Freddie Mac shareholders. Former Chief Justice of the Delaware Supreme Court and lead attorney on the Delaware GSE litigation, Myron T. Steele, will join Pagliara on the call. DIAL-IN PHONE NUMBER: (800) 230-1059 Link to comment Share on other sites More sharing options...
TonyG Posted November 17, 2015 Share Posted November 17, 2015 Do you need a confirmation code or just dial in the number? Link to comment Share on other sites More sharing options...
Luke 532 Posted November 17, 2015 Share Posted November 17, 2015 Do you need a confirmation code or just dial in the number? I RSVP'ed via e-mail but they didn't send me a confirmation code. The phone number listed in my post above was e-mailed to me this morning (and it is different from the original press release) so the new phone number is effectively the confirmation code I would imagine. Link to comment Share on other sites More sharing options...
TonyG Posted November 17, 2015 Share Posted November 17, 2015 Ya I emailed too but they didn't respond back either. Thanks Link to comment Share on other sites More sharing options...
muscleman Posted November 17, 2015 Share Posted November 17, 2015 I just joined. No need for a code. Just dial and tell the operator which conference you wanted to join. Link to comment Share on other sites More sharing options...
Luke 532 Posted November 17, 2015 Share Posted November 17, 2015 WASHINGTON, D.C. —On Tuesday, November 17th at 11:00 AM EST, Investors Unite Executive Director Tim Pagliara will host a teleconference to update Investors Unite members on the latest legal developments affecting Fannie Mae and Freddie Mac shareholders. Former Chief Justice of the Delaware Supreme Court and lead attorney on the Delaware GSE litigation, Myron T. Steele, will join Pagliara on the call. DIAL-IN PHONE NUMBER: (800) 230-1059 Paraphrased quotes from Steele: “I can’t remember being more excited about representing a case.” “Let me ease any concerns… nothing in any of the briefs by the government could be considered a surprise or unexpected. The arguments were very predictable. Nothing we’ll have a hard time responding to.” “The government set up a standard they must comply with and then they violate their own standard. You’ll see this clearly in our response briefs.” “We will dispute each and every claim the government made, there are no concessions* to be made.” *I’m not sure if “concessions” was the word he used, but that was the idea. I know specific words are very important when it comes to legal matters but I didn’t catch the exact word, although it may very well have been “concessions.” “Very short in their responses to Delaware and Virginia law. They didn’t spend much time on it because they want the court to focus on dismissing the case outright.” Upcoming Court Events (according to Steele): -January 16th is deadline for Steele’s written reply to each government argument. -Then a reply from the government shortly after that. -Then it’s in Federal District Court Judge Sleet’s hands. Q&A Christian Herzeca (attorney that covered the MBIA case so well on his blog a few years ago) asked a question but I didn’t write it down as it didn’t strike me as material. It probably was material given Herzeca’s profession is law and mine is not, but I didn’t write it down. Joe Light (WSJ) asked if Steele was open to asking for damages instead of just the 3rd Amendment complaint. Steele responded (paraphrased) “we have the option to amend our complaint for damages. If we were to do that I’d hold my response until then.” Roger Parloff (Fortune article author) asked if Steele represents both preferred and common shareholders. Steele responded (paraphrased) “we represent our clients Hindes and Jacobs and each has held both.” Overall, I thought it was a very good call. Steele seems confident. Link to comment Share on other sites More sharing options...
muscleman Posted November 17, 2015 Share Posted November 17, 2015 WASHINGTON, D.C. —On Tuesday, November 17th at 11:00 AM EST, Investors Unite Executive Director Tim Pagliara will host a teleconference to update Investors Unite members on the latest legal developments affecting Fannie Mae and Freddie Mac shareholders. Former Chief Justice of the Delaware Supreme Court and lead attorney on the Delaware GSE litigation, Myron T. Steele, will join Pagliara on the call. DIAL-IN PHONE NUMBER: (800) 230-1059 Paraphrased quotes from Steele: “I can’t remember being more excited about representing a case.” “Let me ease any concerns… nothing in any of the briefs by the government could be considered a surprise or unexpected. The arguments were very predictable. Nothing we’ll have a hard time responding to.” “The government set up a standard they must comply with and then they violate their own standard. You’ll see this clearly in our response briefs.” “We will dispute each and every claim the government made, there are no concessions* to be made.” *I’m not sure if “concessions” was the word he used, but that was the idea. I know specific words are very important when it comes to legal matters but I didn’t catch the exact word, although it may very well have been “concessions.” “Very short in their responses to Delaware and Virginia law. They didn’t spend much time on it because they want the court to focus on dismissing the case outright.” Upcoming Court Events (according to Steele): -January 16th is deadline for Steele’s written reply to each government argument. -Then a reply from the government shortly after that. -Then it’s in Federal District Court Judge Sleet’s hands. Q&A Christian Herzeca (attorney that covered the MBIA case so well on his blog a few years ago) asked a question but I didn’t write it down as it didn’t strike me as material. It probably was material given Herzeca’s profession is law and mine is not, but I didn’t write it down. Joe Light (WSJ) asked if Steele was open to asking for damages instead of just the 3rd Amendment complaint. Steele responded (paraphrased) “we have the option to amend our complaint for damages. If we were to do that I’d hold my response until then.” Roger Parloff (Fortune article author) asked if Steele represents both preferred and common shareholders. Steele responded (paraphrased) “we represent our clients Hindes and Jacobs and each has held both.” Overall, I thought it was a very good call. Steele seems confident. Thank you for taking the notes. I joined late and didn't take any notes, but I recall these are pretty much all the questions people asked. Link to comment Share on other sites More sharing options...
doughishere Posted November 17, 2015 Share Posted November 17, 2015 Why Shareholders can't seek RELIEF and file an INJUNCTION to STOP the ILLEGAL 3rd Amendment SWIPE while the CASE is being heard in Court ? "A shareholder could file for injunctive relief, but would immediately confront the anti-injunction provision in the fed act " The call can be listened to again via the International number. For some reason the USA number didnt work. Toll-Free Replay: USA: (800) 230-1059 Intl: (320) 365-3844 Access Code: 373902 Edit: Theres a lot in here worth listening to. I cant type fast enough and its difficult to rewind. Link to comment Share on other sites More sharing options...
Luke 532 Posted November 17, 2015 Share Posted November 17, 2015 http://www.valueplays.net/2015/11/17/what-did-former-fannie-cfo-mcfarland-reveal/ What Did Former Fannie CFO McFarland Reveal?? Link to comment Share on other sites More sharing options...
Luke 532 Posted November 18, 2015 Share Posted November 18, 2015 Sweeney unseals November 10th order (the one allowing Fairholme to depose Egbert Perry).Sweeney_Unsealed_11-17-2015.pdf Link to comment Share on other sites More sharing options...
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