BeerBBQ

Any thoughts on what he meant around the 6:28 mark where he mentions GNMA?

Anyone have any thoughts on this lawsuit? https://pennrecord.com/stories/511539439-class-action-lawsuit-filed-against-federal-housing-finance-agency-and-treasury-department#.W3277o7CxEd.twitter

https://www.politico.com/story/2018/07/27/federal-housing-chief-sexual-harassment-investigation-714779

where is the menu entry? I can't find view -> Pagee STyle ->no style

Does the denial strengthen the Sweeney case? Since the Government has successfully argued that they have the authority to take all the assets, will they be allowed to continue arguing that the FHFA is not part of the government in the Sweeney case?

there is a rewind button in lower left of the video stream

Thanks SD!

Do you have any thoughts on the energy consumption and transaction speed (7-10 per second) that are often cited as reasons that blockchain will not be able to scale? More specifically, is it possible for blockchain to achieve mass adoption for various use cases with those two hindrances core to the protocol? Thanks

Any recommendations?

Does HERA allow the treasury secretary to do this while in conservatorship? How are all existing shares cancelled - what technically happens?

I keep seeing references to the equity gets wiped out or that the entire capital structure is wiped out. Since the GSEs are in conservatorship, how would a restructuring occur? Do these companies need to be put in receivorship first? Or would they have to be declared bankrupt and restructured through a bankruptcy court (prepackaged or otherwise)? What is the mechanism for either of these changes to the capital structure?

fairholme owns about 20% of series S (fannie) and maybe 5-10% of other series (I think). Not sure about others...

Why don’t you think the legal leverage justifies current trading price? I was thinking that the legal leverage, capital structure priority, contractual nature of prefs, and the relationships of those who will be negotiating on behalf of the prefs (esp relative to common) would mean that a higher pref price would be justified. (obviously market disagrees with that assessment) As an aside, I think many have assumed that Trump wants to maximize the value of the warrants (I have thought that too) but it may be that his “must have” is reform, recap, and release because of the potential positive impact from housing for his growth agenda and he might be willing to give up the warrant value to achieve bigger agenda goals. I may be misunderstanding what you are saying but are you saying that junior prefs derive value from common share value? I’m confused as t oif treasury trashes warrant value thesis, how junior prefs get hurt?

see page 11 http://www.fairholmefundsinc.com/Documents/PublicConferenceCall20161118.pdf

The two breach issues that I referenced both pertain to the preferred. The common does not have a case based on Perry. I haven't a clue why there is divergence between the security prices of the two. This is part of the reason why I think preferreds are in a better position now relative to common. Do you have an opinion on if this ruling has improved the negotiating leverage of either preferreds or common vs. each other and/or vs. others within negotiating framework?