Mr. Pagliara delivered a brief opposing FHFA’s motion to substitute to Judge Sleet in Delaware this afternoon, and a copy of that brief is attached to this e-mail message.  Additionally, a declaration by one of Mr. Pagliara’s Delaware lawyers is posted at http://bankrupt.com/misc/16-00193.014.pdfbecause it’s a large compilation of scanned documents.  Mr. Pagliara challenges and points out the illogic of FHFA’s “all means all” position that HERA intended that the regulator stepped into shareholders’ shoes.

16-00193-0013

 

Judge Cacheris entertained oral arguments this morning and a filing reflecting that is attached to this e-mail message.

At today’s hearing before Judge Cacheris, Mr. Cayne, representing FHFA, stressed “all means all” when HERA says FHFA acquired shareholders’ rights.  Mr. Connally, representing Mr. Pagliara, said that “all” is less than everything because otherwise FHFA would have cancelled the shares and executed a release of all shareholder claims.  So “all” means something and the additional phrase in HERA about affecting the GSE assets means something as well.  Judge Cacheris suggested this is a matter of first impression for the Court to decide (indicating he’s being asked to interpret rather than read the statute).  Judge Cacheris asked about the Delaware proceedings and was told they are moving in slow motion.  Freddie’s lawyers from King & Spalding said nothing at today’s hearing.16-00337-0039

 

According to the filing attached to this e-mail message, the Roberts Plaintiffs will present their unopposed motion to unseal their amended complaint to Judge Chang at 8:30 a.m. on Tues., Aug. 9, 2016, in Chicago.16-02107-0044

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