$FNMA #FANNIEGATE
Fairholme and the government have delivered three additional documents to the Federal Circuit:
(x) the government's petition (Doc. 2) to initiate an interlocutory appeal, placing these six questions before the appellate tribunal:
(1) Whether plaintiffs have standing to assert derivative claims notwithstanding the Housing and Economic Recovery Act's provision transferring all shareholder rights to FHFA during a conservatorship;
(2) Whether FHFA’s actions as conservator are attributable to the United States such that the court possesses subject-matter jurisdiction to entertain plaintiffs' derivative takings and illegal exaction claims; and
(3) Whether plaintiffs’ allegations that FHFA entered into an implied-in-fact contract with the enterprises to operate the conservatorships for shareholder benefit fail as a matter of law;
(y) the government's response (Doc. 6) to Fairholme's petition saying the government's questions are better than Fairholme's; and
(z) Fairholme's answer (Doc. 12) to the government's petition showing how the answers to its questions will materially advance all of the cases before Chief Judge Sweeney;
and copies of these three filings are attached to this e-mail message.
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Read moreDisclaimer: This blog post reflects the author's personal opinions at the time of writing and is not financial, investment, or legal advice. Glen Bradford holds positions in securities discussed on this site. Past performance is not indicative of future results. Do your own research and consult qualified professionals before making investment decisions. Some content on this site was generated or edited with AI assistance.