$FNMA #FANNIEGATE

Owl Creek filed a lawsuit against the government in the U.S. Court of Federal Claims late last week, and a copy of the complaint is attached to this e-mail message.  Owl Creek is represented by a team of corporate restructuring lawyers led by Bruce Bennett at Jones Day.  Owl Creek owned approximately $2 billion of junior preferred stock in the GSEs acquired post-conservatorship and prior to imposition of the Net Worth Sweep">Net Worth Sweep.  Count III of the complaint, at pp. 43-44, says HERA's succession clause imposed duties on the government to honor the GSEs' contracts and look out for non-controlling shareholders' interests, and the government breached those duties.  Count IV of the Complaint, at pp. 44-47, says the government breached its implied-in-fact contract with Owl Creek and other junior preferred shareholders. 18-00281-0001

Owl Creeks' team of lawyers at Jones Day has requested access to non-public discovery materials, and an updated chart showing who has access to those materials is attached to this e-mail message.Individuals With Access to Protected Information(1)

Chief Judge Stewart and Judges Haynes and Willett are the three-judge panel who will hear argument in the Collins case before the Fifth Circuit one week from today in Fort Worth.  See http://www.ca5.uscourts.gov/clerk/calendar/1803/27.cthse.htm