Pershing Fannie Mae Lawsuit Coordinated With Fairholme Before Sweeney

Pershing Fannie Mae Lawsuit Coordinated With Fairholme Before Sweeney

Fannie Mae

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Pershing Fannie Mae, Freddie Mac Lawsuit Coordinated With Fairholme Before Sweeney by Todd Sullivan, ValuePlays

The order (link) :

On October 10, 2014, defendant in the above-captioned case filed an unopposed motion for an extension of time to respond to plaintiffs’ complaint. This case is coordinated with jurisdictional discovery in Fairholme Funds, Inc. v. United States, 13-465. Defendant thus requests that it be required to respond to plaintiffs’ complaint sixty days after jurisdictional discovery has concluded in Fairholme. For good cause shown, the motion is GRANTED; defendant’s response to plaintiffs’ complaint is due sixty days after the completion of jurisdictional discovery in Fairholme.

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The government now has to file an answer to Pershing’s complaint by May 27 (give or take a few days).  The next step one has to expect is for Pershing’s legal team at Jones Day to request to be added to the protective order and to be included in discovery. Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC)

I would fully expect that to be granted by Sweeney.

Updated on

Todd Sullivan is a Massachusetts-based value investor and a General Partner in Rand Strategic Partners. He looks for investments he believes are selling for a discount to their intrinsic value given their current situation and future prospects. He holds them until that value is realized or the fundamentals change in a way that no longer support his thesis. His blog features his various ideas and commentary and he updates readers on their progress in a timely fashion. His commentary has been seen in the online versions of the Wall St. Journal, New York Times, CNN Money, Business Week, Crain’s NY, Kiplingers and other publications. He has also appeared on Fox Business News & Fox News and is a contributor. His commentary on Starbucks during 2008 was recently quoted by its Founder Howard Schultz in his recent book “Onward”. In 2011 he was asked to present an investment idea at Bill Ackman’s “Harbor Investment Conference”.
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