obiteridctum Wednesday, 03/19/14 11:31:07 PM
Re: 44centsAKAchoccake post#
194918 Post # of
194941 Those documents were reckoned as the administrative record filed by the US Treasury and FHFA in the US Court of Federal Claims. The full administrative record was not provided. This was not discovery.
The usual items in a discovery are depositions, request for production, interrogatories, and request for admissions. (Legal Dictionary -
dictionary.law.com/)So far, we know these items were requested by the plaintiffs from the defendants:
Quote:Plaintiffs have already communicated, in the declaration of counsel attached to their
motion, that their discovery requests will be wide-ranging. On the issue of ripeness alone,
plaintiffs intend to seek the following:
With regard to the Government’s expectations about the future
profitability of the Companies and how long they will remain in
the conservatorship, Plaintiffs seek discovery of emails, strategy
documents, internal analyses and projections, and other
communications regarding the expected future profitability of
Fannie and Freddie (both at the time of the Net Worth Sweep and
at present) and also regarding when (if ever), and how, the
conservatorships will end. This discovery should include, for
example, the production of all nonprivileged documents, and
appropriate depositions, relating to the Government’s belief that
Fannie and Freddie will remain profitable for the foreseeable
future. Plaintiffs also need discovery about the
Government’s decision to allow the Companies to recognize
billions of dollars of the Companies’ deferred tax asset valuation
allowances. This discovery should include documents in the
possession of Treasury, FHFA, and/or any other relevant
Government agencies. Discovery Motion, Exhibit A at 4.
With respect to FHFA’s status as conservator, plaintiffs’ declaration states the following:
With regard to whether FHFA voluntarily entered into the Third
Amendment, Plaintiffs seek discovery of communications and
documents of FHFA, Treasury, and other Government agencies
that concern the agencies’ analyses of the financial and other
considerations implicated by entering into the Net Worth Sweep.
Discovery should include production of all Government documents
related to whether Treasury or other Government agencies
influenced the decision of FHFA to enter into the Third
Amendment. Interrogatories, depositions, and document
productions are likely, in Plaintiffs’ view, to yield information that
would rebut the Government’s factual claims and reveal that
Treasury or other Government agencies played a causal role in
FHFA’s decision to agree to the Net Worth Sweep. Discovery Motion, Exhibit A at 5.
Finally, with respect to investment-backed expectations, the plaintiffs state:
With regard to whether the Companies were insolvent in 2008 or
whether shareholders in the Companies would have had reasonable
investment-backed expectations about the Companies’ profitability
and private control, Plaintiffs seek discovery of all nonprivileged
documents, and appropriate depositions, relating to the financial
condition of Fannie and Freddie at the time they were placed into
conservatorship, and about the Government’s own expectations
about when and how Fannie and Freddie would return to normal
business operations. The discovery should also include the
production of documents and depositions related to why the
Government allowed the Companies’ pre-existing capital structure
and stockholders to remain in place, and whether this decision was
based in part on the expectation that the Companies would be
profitable again in the future. Discovery Motion, Exhibit A at 5.
Thus, in order to merely complete briefing on the Government’s threshold challenge to
plaintiffs’ claims (which focus on actions taken in August 2012), plaintiffs apparently plan to
seek expansive discovery that begins prior to the initiation of the conservatorships – four years
earlier – and stretches into the indefinite future.
Source:
www.valueplays.net/wp-content/uploads/Motion-to-Stay-.pdf