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TRANSCRIPT
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 1 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 1 of 57
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 2 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 2 of 57
Penn Central
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 3 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 3 of 57
A & D Auto Sales, Inc. v. United States
Altair Global Credit Opportunities Fund (A), LLC v. United States
Am. Continental Corp. v. United States
Am. Pelagic Fishing Co., L.P. v. United States
Ambrose v. United States
Arakaki v. United States
Armstrong v. United States
Ayanuli v. United States
Branch v. United States
Brooks Range Contract Servs., Inc. v. United States
Cal. Hous. Sec., Inc. v. United States
Cambridge v. United States
Carter v. United States
Cienega Gardens v. United Statespassim
Colonial Chevrolet Co. v. United States
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 4 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 4 of 57
Creppel v. United States
Davenport v. United States
Del-Rio Drilling Programs, Inc. v. United States
Delta Sav. Bank v. United States
Detroit Int’l Bridge Co. v. Gov’t of Canada
Eastport Steamship Corp. v. United States
Figueroa v. United States
First Hartford Corp. Pension Plan & Trust v. United States
Fla. Rock Indus., Inc. v. United States
Fla. Rock Indus., Inc. v. United States
Gibson v. Resolution Tr. Corp.
Golden Pac. Bancorp v. United States
Greene v. United States
Johnson v. United States
Joint Venture of Comint Sys. Corp. & EyeIT.com, Inc. v. United States
Kemp v. United States
Kentera v. United States
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 5 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 5 of 57
Laudes Corp. v. United States
Leon Cty., Fla. v. Fed. Hous. Fin. Agency
Lucas v. S.C. Coastal Council
Maritrans, Inc. v. United States
Maritrans, Inc. v. United States
Mastrolia v. United States
Ministerio Roca Solida v. United States
Ministerio Roca Solida v. United States
N. Cal. Power Agency v. United States
Norman v. United States
Novosteel SA v. U.S., Bethlehem Steel Corp.
Parker v. United States
Penn Cent. Transp. Co. v. City of New York
Perry Capital LLC v. Lew
Perry Capital LLC v. Mnuchinpassim
Prakhin v. United States
Resolution Tr. Corp. v. Commerce Partners
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 6 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 6 of 57
Rith Energy v. United States
Roberts v. Fed. Hous. Fin. Agency
Robinson v. Fed. Hous. Fin. Agency
Rose Acre Farms, Inc. v. United States
Rose Acre Farms, Inc. v. United States
Ross-Hime Designs, Inc. v. United States
Sacramento Grazing Ass’n, Inc. v. United States
Saxton v. Fed. Hous. Fin. Agency
Slattery v. United States
SmithKline Beecham Corp. v. Apotex Corp.
Starr Int’l Co. v. United States
Summit Multi-Family Hous. Corp. v. United States
Tahoe-Sierra Preservation Council, Inc. v. Tahoe Reg’l Planning Agency
Tenerife Real Estate Holdings, LLC v. United States
Tooley v. Donaldson, Lufkin & Jenrette, Inc.
Turping v. United States
United Nuclear Corp. v. United States
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 7 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 7 of 57
United States v. Testan
United States v. White Mountain Apache Tribe
Webster v. Doe
et seq.
passim
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 8 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 8 of 57
Armstrong v. United States
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 9 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 9 of 57
none
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 10 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 10 of 57
See
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 11 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 11 of 57
after
Leon
Cty., Fla. v. Fed. Hous. Fin. Agency Slattery v. United
States en banc
Perry Capital LLC v. Mnuchin
Perry Capital
Penn Central Transportation Co. v. City
of New York
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 12 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 12 of 57
Cienega Gardens v. United States
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 13 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 13 of 57
Id.
Id.
Id.
Id.
Id.
Id.
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Id.
Id.
Id.
Id.
Id.
Id.
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 15 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 15 of 57
Id.
It is an infusion of confidence the financial markets need.
If anybody would take the time to go look at the default rates, for example, they would look at the loans Fannie Mae holds, and they are at 1.2 percent, well under what is considered a normal, good, healthy balance.
They have $50 billion in capital, when the requirement is to have $15 billion, so they are sound.
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 16 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 16 of 57
Id.
[w]e’re going to move quickly
and take them by surprise. The first sound they’ll hear is their heads hitting the floor Id.
Id.
Id.
Id.
Id.
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 17 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 17 of 57
Id.
Id.
Id.
Id.
Id.
Id.
Id.
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 18 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 18 of 57
Id.
Id.
Id.
Id
Id.
Id.
See
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 19 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 19 of 57
see id.
id.
id.
id. id.
id.
id.
id.
id.
id. id.
id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 20 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 20 of 57
Id.
Id.
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 21 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 21 of 57
Id.
Id. Wall Street Journal
Id.
See id.
prior
Fairholme
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 22 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 22 of 57
Fairholme
Washington Federal
Washington Federal
Washington Federal
other other
Colonial Chevrolet
Co. v. United States
Laudes Corp. v. United States
prima facie
Mastrolia v. United States
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 23 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 23 of 57
Ambrose v. United States
Ashcroft v. Iqbal
Cambridge v. United States
Laudes
Washington Federal
the Third Amendment
Third
Amendment
Washington Federal
Washington Federal
See, e.g.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 24 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 24 of 57
id.
just once
Id.
SmithKline Beecham Corp. v. Apotex Corp.
Id.
Brooks Range Contract Servs., Inc. v. United
States
reply
Novosteel SA v. U.S., Bethlehem Steel Corp.
Arakaki v. United
unwarranted accounting changes
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 25 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 25 of 57
States Novosteel see also Ross-Hime
Designs, Inc. v. United States
Slattery en banc
imposing
Leon Cty.
only
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 26 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 26 of 57
Fairholme
See
Fairholme Funds, Inc. v. United States
County of Sonoma v. Fed. Hous. Fin. Agency
See, e.g., When Acting As The Enterprises’ Conservator id.
entering into the Third Amendmentid.
Third Amendment claims
E.g. Tenerife Real Estate Holdings, LLC v. United States
receiver
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 27 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 27 of 57
Perry Capital LLC v. Mnuchin
Perry
Perry
Perry
Perry
immediately succeed to (i) all rights, titles, powers, and privileges
of any stockholder
their contract-based
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 28 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 28 of 57
claims are direct and may therefore proceed
Perry
Id.
Perry
Id
Tooley v. Donaldson, Lufkin & Jenrette,
Inc.
Id.
Id.
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 29 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 29 of 57
Perry
Id.
Perry
See Tooley
See Delta Sav. Bank v. United States
see also First Hartford Corp. Pension Plan & Trust v. United States
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 30 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 30 of 57
Am. Pelagic Fishing Co., L.P. v.
United States
laissez faire
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 31 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 31 of 57
See id.
would not be used
an infusion of confidence
strong
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 32 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 32 of 57
some
See Maritrans, Inc. v. United States
Cienega Gardens v. United States
But that does not mean that all regulatory changes are reasonably foreseeable or that regulated businesses can have no reasonable investment-backed expectations whatsoever
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 33 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 33 of 57
cannot rely solely on the fact of regulation, but must probe into its content and other considerations
Cienega
Gardens
Id
Cal. Hous. Sec., Inc. v. United States
Fahey v. Mallonee
Cienega
Gardens
Compare with
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 34 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 34 of 57
any
Golden Pacific Bancorp v. United States California
Housing Securities, Inc. v. United States
Golden Pacific
California Housing
when warranted
see also Branch v. United States
insolvent
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 35 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 35 of 57
Perry
Capital LLC v. Lew
before
E.g.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 36 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 36 of 57
Penn Central
Penn Central
Id.
See Creppel v. United States
seesupra
Lucas v. S.C. Coastal CouncilLucas Tahoe-Sierra Preservation Council, Inc. v.
Tahoe Regional Planning Agency
See, e.g. Maritrans, Inc. v. United States
see also A & D Auto Sales, Inc. v. United States
See, e.g.
id.
id.id.
were being wiped out.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 37 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 37 of 57
Colonial Chevrolet Co., Inc. v.
United States
Id. Penn Central
Rose Acre Farms, Inc. v. United States
more than $41 billion
Penn Central See Fla. Rock
Indus., Inc. v. United States
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 38 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 38 of 57
Id.
See inter alia
Fla. Rock Indus., Inc. v.
United States
See
id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 39 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 39 of 57
Kemp v. United States Appolo Fuels, Inc. v. United States
See, e.g. Rose Acre Farms,
Inc. v. United States
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 40 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 40 of 57
Am. Continental Corp. v. United States
Cienega Gardens
Id.
Cf. id.
Cienega Gardens United Nuclear Corp. v. United States
Cienega Gardens
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 41 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 41 of 57
Id.
Id.
Id.
Id.
Id.
United Nuclear
Id.
Id.
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 42 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 42 of 57
Id.
Id.
Id.
Id.
Id.
Cienega Gardens United Nuclear
See,
e.g. Am. Continental
See
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 43 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 43 of 57
take
them by surprise
Id.
Penn Central
Rose Acre Farms
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 44 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 44 of 57
Lingle v. Chevron U.S.A. Inc.
Id.
see also id.
Branch
Armstrong v. United States
See
Cienega Gardens
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 45 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 45 of 57
Armstrong
United States v. Testan Eastport Steamship Corp. v.
United States
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 46 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 46 of 57
Id.
See id.
et seq.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 47 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 47 of 57
Norman v. United
States Cyprus Amax Coal Co. v. U.S.
Starr Int’l
Co. v. United States Fisher
v. U.S.
See Kentera v.
United States
See Norman
fairly be interpreted as mandating compensation
United States v. White Mountain Apache Tribe U.S. v. Mitchell
reasonably amenable
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 48 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 48 of 57
a fair inference will do White Mountain
N. Cal. Power Agency v. United States
Kentera
N. Cal. Power Agency See Greene v.
United States
Kentera
See White Mountain Mitchell
see e.g.,
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 49 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 49 of 57
White Mountain
White Mountain
the Government should be liable in damages for the breach of its fiduciary duties
Id. Mitchell
Saxton v. Fed. Hous. Fin. Agency
see also Roberts v. Fed. Hous. Fin. Agency
Robinson v. Fed. Hous. Fin. Agency
see also, Perry Capital
See Fairholme Cacciapalle
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 50 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 50 of 57
Owl Creek
Third Amendment Third Amendment
ultra vires
as a conservator Id.
unlawful See
See Del-Rio
Drilling Programs, Inc. v. United States
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 51 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 51 of 57
see
See
See Del-Rio
Figueroa v. United States see also Rith Energy v. United States
Perry Capital Perry CapitalRoberts
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 52 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 52 of 57
See
Id.
damages
within 30 days
for an order requiring the Agency to remove itself as conservator
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 53 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 53 of 57
See Ministerio Roca Solida v. United States Summit
Multi-Family Hous. Corp. v. United States
i.e.
Detroit Int’l Bridge Co. v. Gov’t of Canada
See Carter v. United States
Perry Capital LLC v. Mnuchin
only only
Id.
see
See Altair Global Credit Opportunities Fund (A), LLC v. United StatesU.S. v. Tohono O’Odham Nation
See also Ministerio Roca Solida v. United States
Perry CapitalId.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 54 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 54 of 57
Perry Capital
Gibson v. Resolution Trust Corp.
Id.
Resolution Trust Corp. v. Commerce Partners
six years
See e.g., Ayanuli v. United States
Davenport v. United States
Turping v. United States See also, Sacramento Grazing
Webster v. Doe
Id.
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 55 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 55 of 57
Ass’n, Inc. v. United States Johnson v. United States
Prakhin v. United States Parker v. United States
See Joint Venture of Comint Sys. Corp. & EyeIT.com, Inc. v. United States
Foman v. Davis
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 56 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 56 of 57
/s / Steve W. Berman
Case 1:13-cv-00385-MMS Document 69 *SEALED* Filed 11/02/18 Page 57 of 57Case 1:13-cv-00385-MMS Document 77 Filed 07/25/19 Page 57 of 57