Friday, September 5, 2014

Fannie Mae is run by the treasury, so says the FHFA. FHFA is conservator, not treasury.

http://www.valueplays.net/2014/09/04/continental-western-ruling-immaterial-fairholme-case/

Rosen62:

Not a lawyer either. But in a prior discussion about this same topic 
I was arguing if the admission by the government and the assessment 
by the judge that "in factual terms" (not facial) CWIC complain about the
 3rd amendment is valid (it's true) will actually mean that the government 
may win this battle (Iowa) but could lose the war (either Lamberth or Sweeney).

The win for the government here is "no discovery". BUT, Sweeney already 
granted discovery in her court. Why would she reverse now? She has already 
established the need for it. It will be a contradiction to follow Iowa's case. 
For this win, the government used a technicality but in my complete layman 
view this technicality was based in "facial terms". They are not contesting "facts", 
so they argue that no discovery is needed and apparently the judge agrees with this. 
But then, the judge also says that since "factual terms" are not contested by the 
government she must assume they are true. This is where I ask myself if the 
government has established the seeds of their own destruction regarding the other cases.

jwood402:

Agree with Rosen62. Treasury & FHFA admitting they are slimeball communists "
solely for the purpose of this motion" is a rather risky strategy, IMO. They technically 
preserve for later their ability to deny that they are slimeballs, but the simple fact that 
they refuse to contest it now must have some implications for later, if only in the judge's 
perception of the case. To do this to fight a simple motion to dismiss, which is unlikely 
anyway to be granted, seems ill-advised to me, unless the slimeballs are convinced they 
will win the motion.


Only US Treasuries and Fannie and Freddie MBS qualify

http://www.bloomberg.com/news/2014-09-05/banks-left-guessing-if-mortgage-bonds-liquid-under-rules.html?cmpid=yhoo

from fnma (fannie mae) google group:

Private Label MBS, Car Loan AB's, Credit Card AB's, Non-US Sovereigns, and Corporate Bonds do not qualify!  Only US Treasuries and Fannie and Freddie MBS qualify.


Absurd_Trader

Very important article on Bloomberg today, and very important rulings on Bank liquidity.  
Most people continue to not understand how important Fannie and Freddie MBS are in the 
US Banking systems.  Most people also don't understand that Banks hold on average 10% of Assets
 in Fannie and Freddie MBS in Order to Stay Liquid.  You mean, banks sell mortgages to Fannie and 
Freddie who bundle them up, and then the banks buy the same MBS?  The answer is yes.  
The Federal Reserve requires them to hold a large portion of their assets in highly liquid securities 
in order to be liquid in case you got it, there are large withdrawals from the bank. 
 Private Label MBS, Car Loan AB's, Credit Card AB's, Non-US Sovereigns, and Corporate Bonds do not qualify!
  Only US Treasuries and Fannie and Freddie MBS qualify.  
So, yes the entire banking system would not work without Fannie and Freddie MBS.  
That's what people like Corker, Warner, Crapo, etc don't realize.  
They worked with a small team, led by a guy that was a mortgage trader to re-write the banking system.  
Their bill does not work and is impossible to implement, just like half of the Dodd Frank regulation.  
Just ask Dimon and Blankfein. They'll tell you the same. 
 Notice that not one person who understands the banking system has come out publicly and 
said that Fannie and Freddie need to go.  People in the know have no idea how the system
would work without them.  Truth.





Thursday, September 4, 2014

The Revised Model Business Corporation Act

Lets see how fannie common share holder would do if court rules the govt has been paid back and warrants cant be used and are worthless as has been shown already by courts in the AIG case,
as of aug 2014:

With its previous payments totaling $126.7 billion, Fannie has more than fully repaid the $116 billion it received from taxpayers. Washington-based Fannie will pay a dividend of $3.7 billion to the U.S. Treasury next month

total paid 130.4 billion, total from treasury 116 billion.  130-116= 14 billion extra.
so of the 1.2 billion shares outstanding this would be about $10 a share as of august 2014.

Fannie has no debt, this has been taken care of by the bailout of the firm and only debt is to the treasury. That has been paid back in full.

Each quarter that fannie sends another 3.7 billion to treasury would add another $3 to each share in liquidation.

An example would be that august of next year the share price would be around $22 a share upon liquidation.

This all hinges on the fact that the govt has been paid back all with interest, and the sweep is illegal.




Model Business Corporation Act (2006)

§ 14.01 DISSOLUTION BY INCORPORATORS OR INITIAL DIRECTORSA majority of the incorporators or initial directors of a corporation that has not issued shares or has not commenced business may dissolve the corporation by delivering to the secretary of state for filing articles of dissolution that set forth:

(1) the name of the corporation;

(2) the date of its incorporation;

(3) either (i) that none of the corporation's shares has been issued or (ii) that the corporation has not commenced business;

(4) that no debt of the corporation remains unpaid;

(5) that the net assets of the corporation remaining after winding up have been distributed to the shareholders, if shares were issued; and

(6) that a majority of the incorporators or initial directors authorized the dissolution.
§ 14.02 DISSOLUTION BY BOARD OF DIRECTORS AND SHAREHOLDERS(a) A corporation's board of directors may propose dissolution for submission to the shareholders.

(b) For a proposal to dissolve to be adopted:

(1) the board of directors must recommend dissolution to the shareholders unless the board of directors determines that because of conflict of interest or other special circumstances it should make no recommendation and communicates the basis for its determination to the shareholders; and

(2) the shareholders entitled to vote must approve the proposal to dissolve as provided in subsection (e).

(c) The board of directors may condition its submission of the proposal for dissolution on any basis.

(d) The corporation shall notify each shareholder, whether or not entitled to vote, of the proposed shareholders' meeting. The notice must also state that the purpose, or one of the purposes, of the meeting is to consider dissolving the corporation.

(e) Unless the articles of incorporation or the board of directors acting pursuant to subsection (c) require a greater vote, a greater number of shares to be present, or a vote by voting groups, adoption of the proposal to dissolve shall require the approval of the shareholders at a meeting at which a quorum consisting of at least a majority of the votes entitled to be cast exists.
§ 14.03 ARTICLES OF DISSOLUTION(a) At any time after dissolution is authorized, the corporation may dissolve by delivering to the secretary of state for filing articles of dissolution setting forth:

(1) the name of the corporation;

(2) the date dissolution was authorized;

(3) if dissolution was approved by the shareholders, a statement that the proposal to dissolve was duly approved by the shareholders in the manner required by this Act and by the articles of incorporation

(b) A corporation is dissolved upon the effective date of its articles of dissolution.

(c) For purposes of this subchapter, dissolved corporation means a corporation whose articles of dissolution have become effective and includes a successor entity to which the remaining assets of the corporation are transferred subject to its liabilities for purposes of liquidation.
§ 14.04 REVOCATION OF DISSOLUTION(a) A corporation may revoke its dissolution within 120 days of its effective date.

(b) Revocation of dissolution must be authorized in the same manner as the dissolution was authorized unless that authorization permitted revocation by action of the board of directors alone, in which event the board of directors may revoke the dissolution without shareholder action.

(c) After the revocation of dissolution is authorized, the corporation may revoke the dissolution by delivering to the secretary of state for filing articles of revocation of dissolution, together with a copy of its articles of dissolution, that set forth:

(1) the name of the corporation;

(2) the effective date of the dissolution that was revoked;

(3) the date that the revocation of dissolution was authorized;

(4) if the corporation's board of directors (or incorporators) revoked the dissolution, a statement to that effect;

(5) if the corporation's board of directors revoked a dissolution authorized by the shareholders, a statement that revocation was permitted by action by the board of directors alone pursuant to that authorization; and

(6) if shareholder action was required to revoke the dissolution, the information required by section 14.03(a)(3).

(d) Revocation of dissolution is effective upon the effective date of the articles of revocation of dissolution.

(e) When the revocation of dissolution is effective, it relates back to and takes effect as of the effective date of the dissolution and the corporation resumes carrying on its business as if dissolution had never occurred.
§ 14.05 EFFECT OF DISSOLUTION(a) A dissolved corporation continues its corporate existence but may not carry on any business except that appropriate to wind up and liquidate its business and affairs, including:

(1) collecting its assets;

(2) disposing of its properties that will not be distributed in kind to its shareholders;

(3) discharging or making provision for discharging its liabilities;

(4) distributing its remaining property among its shareholders according to their interests; and

(5) doing every other act necessary to wind up and liquidate its business and affairs.

(b) Dissolution of a corporation does not:

(1) transfer title to the corporation's property;

(2) prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation's share transfer records;

(3) subject its directors or officers to standards of conduct different from those prescribed in chapter 8;

(4) change quorum or voting requirements for its board of directors or shareholders; change provisions for selection, resignation, or removal of its directors or officers or both; or change provisions for amending its bylaws;

(5) prevent commencement of a proceeding by or against the corporation in its corporate name;

(6) abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or

(7) terminate the authority of the registered agent of the corporation.
§ 14.06 KNOWN CLAIMS AGAINST DISSOLVED CORPORATION(a) A dissolved corporation may dispose of the known claims against it by notifying its known claimants in writing of the dissolution at any time after its effective date.

(b) The written notice must:

(1) describe information that must be included in a claim;

(2) provide a mailing address where a claim may be sent;

(3) state the deadline, which may not be fewer than 120 days from the effective date of the written notice, by which the dissolved corporation must receive the claim; and

(4) state that the claim will be barred if not received by the deadline.

(c) A claim against the dissolved corporation is barred:

(1) If a claimant who was given written notice under subsection (b) does not deliver the claim to the dissolved corporation by the deadline;

(2) if a claimant whose claim was rejected by the dissolved corporation does not commence a proceeding to enforce the claim within 90 days from the effective date of the rejection notice.

(d) For purposes of this section, claim does not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.
§ 14.07 UNKNOWN CLAIMS AGAINST DISSOLVED CORPORATION(a) A dissolved corporation may also publish notice of its dissolution and request that persons with claims against the dissolved corporation present them in accordance with the notice.

(b) The notice must:

(1) be published one time in a newspaper of general circulation in the county where the dissolved corporation's principal office (or, if none in this state, its registered office) is or was last located;

(2) describe the information that must be included in a claim and provide a mailing address where the claim may be sent; and

(3) state that a claim against the dissolved corporation will be barred unless a proceeding to enforce the claim is commenced within three years after the publication of the notice.

(c) If the dissolved corporation publishes a newspaper notice in accordance with subsection (b), the claim of each of the following claimants is barred unless the claimant commences a proceeding to enforce the claim against the dissolved corporation within three years after the publication date of the newspaper notice:

(1) a claimant who was not given written notice under section 14.06;

(2) a claimant whose claim was timely sent to the dissolved corporation but not acted on;

(3) a claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.

(d) A claim that is not barred by section 14.06(b) or section 14.07(c) may be enforced:

(1) against the dissolved corporation, to the extent of its undistributed assets; or

(2) except as provided in section 14.08(d), if the assets have been distributed in liquidation, against a shareholder of the dissolved corporation to the extent of the shareholder's pro rata share of the claim or the corporate assets distributed to the shareholder in liquidation, whichever is less, but a shareholder's total liability for all claims under this section may not exceed the total amount of assets distributed to the shareholder.
§ 14.08 COURT PROCEEDINGS
(a) A dissolved corporation that has published a notice under section 14.07 may file an application with the [name or describe] court of the county where the dissolved corporation's principal office (or, if none in this state, its registered office) is located for a determination of the amount and form of security to be provided for payment of claims that are contingent or have not been made known to the dissolved corporation or that are based on an event occurring after the effective date of dissolution but that, based on the facts known to the dissolved corporation, are reasonably estimated to arise after the effective date of dissolution. Provision need not be made for any claim that is or is reasonably anticipated to be barred under section 14.07(c).

(b) Within 10 days after the filing of the application, notice of the proceeding shall be given by the dissolved corporation to each claimant holding a contingent claim whose contingent claim is shown on the records of the dissolved corporation.

(c) The court may appoint a guardian ad litem to represent all claimants whose identities are unknown in any proceeding brought under this section. The reasonable fees and expenses of such guardian, including all reasonable expert witness fees, shall be paid by the dissolved corporation.

(d) Provision by the dissolved corporation for security in the amount and the form ordered by the court under section 14.08(a) shall satisfy the dissolved corporation's obligations with respect to claims that are contingent, have not been made known to the dissolved corporation or are based on an event occurring after the effective date of dissolution, and such claims may not be enforced against a shareholder who received assets in liquidation.
§ 14.09 DIRECTOR DUTIES
(a) Directors shall cause the dissolved corporation to discharge or make reasonable provision for the payment of claims and make distributions of assets to shareholders after payment or provision for claims

(b) Directors of a dissolved corporation which has disposed of claims under sections 14.06, 14.07, or 14.08 shall not be liable for breach of section 14.09(a) with respect to claims against the dissolved corporation that are barred or satisfied under sections 14.06, 14.07 or 14.08.
Subchapter B. ADMINISTRATIVE DISSOLUTION
§ 14.20. GROUNDS FOR ADMINISTRATIVE DISSOLUTIONThe secretary of state may commence a proceeding under section 14.21 to administratively dissolve a corporation if:

(1) the corporation does not pay within 60 days after they are due any franchise taxes or penalties imposed by this Act or other law;

(2) the corporation does not deliver its annual report to the secretary of state within 60 days after it is due;

(3) the corporation is without a registered agent or registered office in this state for 60 days or more

(4) the corporation does not notify the secretary of state within 60 days that its registered agent or registered office has been changed, that its registered agent has resigned, or that its registered office has been discontinued; or

(5) the corporation's period of duration stated in its articles of incorporation expires.
§ 14.21. PROCEDURE FOR AND EFFECT OF ADMINISTRATIVE DISSOLUTION(a) If the secretary of state determines that one or more grounds exist under section 14.20 for dissolving a corporation, he shall serve the corporation with written notice of his determination under section 5.04.

(b) If the corporation does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the secretary of state that each ground determined by the secretary of state does not exist within 60 days after service of the notice is perfected under section 5.04, the secretary of state shall administratively dissolve the corporation by signing a certificate of dissolution that recites the ground or grounds for dissolution and its effective date. The secretary of state shall file the original of the certificate and serve a copy on the corporation under section 5.04.

(c) A corporation administratively dissolved continues its corporate existence but may not carry on any business except that necessary to wind up and liquidate its business and affairs under section 14.05 and notify claimants under sections 14.06 and 14.07.

(d) The administrative dissolution of a corporation does not terminate the authority of its registered agent.
§ 14.22. REINSTATEMENT FOLLOWING ADMINISTRATIVE DISSOLUTION(a) A corporation administratively dissolved under section 14.21 may apply to the secretary of state for reinstatement within two years after the effective date of dissolution. The application must:

(1) recite the name of the corporation and the effective date of its administrative dissolution;

(2) state that the ground or grounds for dissolution either did not exist or have been eliminated;

(3) state that the corporation's name satisfies the requirements of section 4.01; and

(4) contain a certificate from the [taxing authority] reciting that all taxes owed by the corporation have been paid.

(b) If the secretary of state determines that the application contains the information required by subsection (a) and that the information is correct, he shall cancel the certificate of dissolution and prepare a certificate of reinstatement that recites his determination and the effective date of reinstatement, file the original of the certificate, and serve a copy on the corporation under section 5.04.

(c) When the reinstatement is effective, it relates back to and takes effect as of the effective date of the administrative dissolution and the corporation resumes carrying on its business as if the administrative dissolution had never occurred.
§ 14.23. APPEAL FROM DENIAL OF REINSTATEMENT(a) If the secretary of state denies a corporation's application for reinstatement following administrative dissolution, he shall serve the corporation under section 5.04 with a written notice that explains the reason or reasons for denial.

(b) The corporation may appeal the denial of reinstatement to the [name or describe] court within 30 days after service of the notice of denial is perfected. The corporation appeals by petitioning the court to set aside the dissolution and attaching to the petition copies of the secretary of state's certificate of dissolution, the corporation's application for reinstatement, and the secretary of state's notice of denial.

(c) The court may summarily order the secretary of state to reinstate the dissolved corporation or may take other action the court considers appropriate.

(d) The court's final decision may be appealed as in other civil proceedings.
Subchapter C. JUDICIAL DISSOLUTION
§ 14.30. GROUNDS FOR JUDICIAL DISSOLUTIONThe [name or describe court or courts] may dissolve a corporation:

(a) (1) in a proceeding by the attorney general if it is established that: (i) the corporation obtained its articles of incorporation through fraud; or (ii) the corporation has continued to exceed or abuse the authority conferred upon it by law;

(2) in a proceeding by a shareholder if it is established that:

(i) the directors are deadlocked in the management of the corporate affairs, the shareholders are unable to break the deadlock, and irreparable injury to the corporation is threatened or being suffered, or the business and affairs of the corporation can no longer be conducted to the advantage of the shareholders generally, because of the deadlock;

(ii) the directors or those in control of the corporation have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent;

(iii) the shareholders are deadlocked in voting power and have failed, for a period that includes at least two consecutive annual meeting dates, to elect successors to directors whose terms have expired; or

(iv) the corporate assets are being misapplied or wasted;

(3) in a proceeding by a creditor if it is established that:

(i) the creditor's claim has been reduced to judgment, the execution on the judgment returned unsatisfied, and the corporation is insolvent; or

(ii) the corporation has admitted in writing that the creditor's claim is due and owing and the corporation is insolvent; or

(4) in a proceeding by the corporation to have its voluntary dissolution continued under court supervision.

(5) in a proceeding by a shareholder if the corporation has abandoned its business and has failed within a reasonable time to liquidate and distribute its assets and dissolve.

(b) Section 14.30(a)(2) shall not apply in the case of a corporation that, on the date of the filing of the proceeding, has shares that are:

(i) listed on the New York Stock Exchange, the American Stock Exchange or on any exchange owned or operated by the NASDAQ Stock Market LLC, or listed or quoted on a system owned or operated by the National Association of Securities Dealers, Inc.; or

(ii) not so listed or quoted, but are held by at least 300 shareholders and the shares outstanding have a market value of at least $20 million (exclusive of the value of such shares held by the corporation's subsidiaries, senior executives, directors and beneficial shareholders owning more than 10 percent of such shares).

(c) In this section, "beneficial shareholder" has the meaning specified in section 13.01(2).
§ 14.31. PROCEDURE FOR JUDICIAL DISSOLUTION(a) Venue for a proceeding by the attorney general to dissolve a corporation lies in [name the county or counties]. Venue for a proceeding brought by any other party named in section 14.30 lies in the county where a corporation's principal office (or, if none in this state, its registered office) is or was last located.

(b) It is not necessary to make shareholders parties to a proceeding to dissolve a corporation unless relief is sought against them individually.

(c) A court in a proceeding brought to dissolve a corporation may issue injunctions, appoint a receiver or custodian pendente lite with all powers and duties the court directs, take other action required to preserve the corporate assets wherever located, and carry on the business of the corporation until a full hearing can be held.

(d) Within 10 days of the commencement of a proceeding under section 14.30(a)(2) to dissolve a corporation, the corporation must send to all shareholders, other than the petitioner, a notice stating that the shareholders are entitled to avoid the dissolution of the corporation by electing to purchase the petitioner's shares under section 14.34 and accompanied by a copy of section 14.34.
§ 14.32. RECEIVERSHIP OR CUSTODIANSHIP(a) A court in a judicial proceeding brought to dissolve a corporation may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage, the business and affairs of the corporation. The court shall hold a hearing, after notifying all parties to the proceeding and any interested persons designated by the court, before appointing a receiver or custodian. The court appointing a receiver or custodian has exclusive jurisdiction over the corporation and all of its property wherever located.

(b) The court may appoint an individual or a domestic or foreign corporation (authorized to transact business in this state) as a receiver or custodian. The court may require the receiver or custodian to post bond, with or without sureties, in an amount the court directs.

(c) The court shall describe the powers and duties of the receiver or custodian in its appointing order, which may be amended from time to time. Among other powers:

(1) the receiver (i) may dispose of all or any part of the assets of the corporation wherever located, at a public or private sale, if authorized by the court; and (ii) may sue and defend in his own name as receiver of the corporation in all courts of this state;

(2) the custodian may exercise all of the powers of the corporation, through or in place of its board of directors or officers, to the extent necessary to manage the affairs of the corporation in the best interests of its shareholders and creditors.
(d) The court during a receivership may redesignate the receiver a custodian, and during a custodianship may redesignate the custodian a receiver, if doing so is in the best interests of the corporation, its shareholders, and creditors.

(e) The court from time to time during the receivership or custodianship may order compensation paid and expense disbursements or reimbursements made to the receiver or custodian and his counsel from the assets of the corporation or proceeds from the sale of the assets.
§ 14.33. DECREE OF DISSOLUTION(a) If after a hearing the court determines that one or more grounds for judicial dissolution described in section 14.30 exist, it may enter a decree dissolving the corporation and specifying the effective date of the dissolution, and the clerk of the court shall deliver a certified copy of the decree to the secretary of state, who shall file it.

(b) After entering the decree of dissolution, the court shall direct the winding up and liquidation of the corporation's business and affairs in accordance with section 14.05 and the notification of claimants in accordance with sections 14.06 and 14.07.
§ 14.34. ELECTION TO PURCHASE IN LIEU OF DISSOLUTION(a) In a proceeding under section 14.30(2) to dissolve a corporation that has no shares listed on a national securities exchange or regularly traded in a market maintained by one or more members of a national or affiliated securities association, the corporation may elect or, if it fails to elect, one or more shareholders may elect to purchase all shares owned by the petitioning shareholder at the fair value of the shares. An election pursuant to this section shall be irrevocable unless the court determines that it is equitable to set aside or modify the election.

(b) An election to purchase pursuant to this section may be filed with the court at any time within 90 days after the filing of the petition under section 14.30(2) or at such later time as the court in its discretion may allow. If the election to purchase is filed by one or more shareholders, the corporation shall, within 10 days thereafter, give written notice to all shareholders, other than the petitioner. The notice must state the name and number of shares owned by the petitioner and the name and number of shares owned by each electing shareholder and must advise the recipients of their right to join in the election to purchase shares in accordance with this section. Shareholders who wish to participate must file notice of their intention to join in the purchase no later than 30 days after the effective date of the notice to them. All shareholders who have filed an election or notice of their intention to participate in the election to purchase thereby become parties to the proceeding and shall participate in the purchase in proportion to their ownership of shares as of the date the first election was filed, unless they otherwise agree or the court otherwise directs. After an election has been filed by the corporation or one or more shareholders, the proceeding under section 14.30(2) may not be discontinued or settled, nor may the petitioning shareholder sell or otherwise dispose of his shares, unless the court determines that it would be equitable to the corporation and the shareholders, other than the petitioner, to permit such discontinuance, settlement, sale, or other disposition.

(c) If, within 60 days of the filing of the first election, the parties reach agreement as to the fair value and terms of purchase of the petitioner's shares, the court shall enter an order directing the purchase of petitioner's shares upon the terms and conditions agreed to by the parties.

(d) If the parties are unable to reach an agreement as provided for in subsection (c), the court, upon application of any party, shall stay the section 14.30(2) proceedings and determine the fair value of the petitioner's shares as of the day before the date on which the petition under section 14.30(2) was filed or as of such other date as the court deems appropriate under the circumstances.

(e) Upon determining the fair value of the shares, the court shall enter an order directing the purchase upon such terms and conditions as the court deems appropriate, which may include payment of the purchase price in installments, where necessary in the interest of equity, provision for security to assure payment of the purchase price and any additional costs, fees, and expenses as may have been awarded, and, if the shares are to be purchased by shareholders, the allocation of shares among them. In allocating petitioner's shares among holders of different classes of shares, the court should attempt to preserve the existing distribution of voting rights among holders of different classes insofar as practicable and may direct that holders of a specific class or classes shall not participate in the purchase. Interest may be allowed at the rate and from the date determined by the court to be equitable, but if the court finds that the refusal of the petitioning shareholder to accept an offer of payment was arbitrary or otherwise not in good faith, no interest shall be allowed. If the court finds that the petitioning shareholder had probable grounds for relief under paragraphs (ii) or (iv) of section 14.30(2), it may award to the petitioning shareholder reasonable fees and expenses of counsel and of any experts employed by him.

(f) Upon entry of an order under subsections (c) or (e), the court shall dismiss the petition to dissolve the corporation under section 14.30, and the petitioning shareholder shall no longer have any rights or status as a shareholder of the corporation, except the right to receive the amounts awarded to him by the order of the court which shall be enforceable in the same manner as any other judgment.

(g) The purchase ordered pursuant to subsection (e), shall be made within 10 days after the date the order becomes final unless before that time the corporation files with the court a notice of its intention to adopt articles of dissolution pursuant to sections 14.02 and 14.03, which articles must then be adopted and filed within 50 days thereafter. Upon filing of such articles of dissolution, the corporation shall be dissolved in accordance with the provisions of section 14.05 through 14.07, and the order entered pursuant to subsection (e) shall no longer be of any force or effect, except that the court may award the petitioning shareholder reasonable fees and expenses in accordance with the provisions of the last sentence of subsection (e) and the petitioner may continue to pursue any claims previously asserted on behalf of the corporation.

(h) Any payment by the corporation pursuant to an order under subsections (c) or (e), other than an award of fees and expenses pursuant to subsection (e), is subject to the provisions of section 6.40.
Subchapter D. MISCELLANEOUS
§ 14.40. DEPOSIT WITH STATE TREASURERAssets of a dissolved corporation that should be transferred to a creditor, claimant, or shareholder of the corporation who cannot be found or who is not competent to receive them shall be reduced to cash and deposited with the state treasurer or other appropriate state official for safekeeping. When the creditor, claimant, or shareholder furnishes satisfactory proof of entitlement to the amount deposited, the state treasurer or other appropriate state official shall pay him or his representative that amount.

comment I found on web: fannie mae

JustinMcC
3/14/2014 2:10 PM CDT
While getting the taxpayer out of the business of guaranteeing mortgages may seem like a praisworthy goal, it's important to remember 2 things: 1) it was the subprime mortgages and Alt A mortgages that really drained the coffers and created the need for TARP- Fannie and Freddie's underwriting guidleines have always been relatively conservative (no stated income, fico's below 600, etc) and 2) the housuing recovery is now very dependent on these two quasi private institutions to continue reestablishing many families wealth. My concern is that these Rand Paul, small gov't type legislators that want to see Fannie and Freddie unfriended by the taxpayer, are blurring the lines between the role that Fan and Fred actually played in the mortgage meltdown when clearly it was market created by the big, private banks for subprime, alt A loans that was primarily responsible. Fannie and Freddie lost money, yes, as all players in the mortgage arena did after the meltdown, but they didn't precipitate the crisis like the private banks did.  
 
For example: Various mortgage companies that my associates and I worked with up until late 2007 wrote thousands of World (World - Wachovia), Countrywide (B of A), and Washington Mutual toxic Option ARM loans in the Bay area and expensive enclaves in the Southland that, in retrospect, were most likely to implode. Wamu option arm for example- 100% Wamu financing through a 90/10, with 580 minimum credit, stated income stated asset. All private loans. I can't speak to what went on in Orange County, the former subprime epicenter, but I hear it's much worse.  
 
Fannie and Freddie are not the issue. They are actually generating a very positive cash flow and have been very instrumental in our housing recovery. It's the small gov't cadre of lawmakers who want to blurr the lines, ride the hype and throw out the baby with the bathwater.


Aig's hank greenberg vs the govt for their takeover of aig.

watch this video.

http://video.cnbc.com/gallery/?video=3000140103

warrants are not ownership or is the govt allowed to take over a company, It can only give a loan.

Fannie Mae Not the Fault, The congress and BANKS were. 2008.

This is old article 2008 just before conservatorship started. All the dems defended fannie against the govt regulators.

Fnma ( Fannie Mae) last sold similar 10-year debt in 2007.

http://www.bloomberg.com/news/2014-09-03/fannie-mae-plans-first-benchmark-10-year-agency-bond-since-2012.html

Fannie Mae (FNMA) is planning to sell 10-year benchmark debt in the first offering of its type from a government-sponsored enterprise in more than two years

But this is not true. This is a 10-year debt. 

Fannie Mae last month sold $3 billion of its three-year benchmark debt. It last sold similar 10-year debt in 2007.

Fannie has not sold 10-year debt since 2007. They have only sold 3 year debt since the conservatorship. This is very interesting, much more long term.