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Between suing the government for taking all of the profits from two companies that it began taking all of the profits from more than a year before he bought 10% of each of them, and Friday morning, the Pershing Square Capital Management chief had another brilliant idea, and decided to sue the government again.
Pershing Square’s second suit seeks an injunction stopping the so-called net-worth “sweeps,” a declaratory judgment that the revised bailout terms and the sweeps are illegal, and the unwinding of the sweeps or “other equitable and ancillary relief.”
The suit is nearly identical to Pershing Square’s earlier lawsuit, but also makes an additional argument focused on an aspect of corporate law: that if the government has not illegally taken the dividend payments–which the suit argues it has–then it has broken corporate law by giving itself “super-senior preferred stock, unilaterally appropriating all rights of common shareholders” since it is benefiting from the sweeps.
Ackman’s Pershing Square Files 2nd Suit Against U.S. Over Fannie, Freddie [WSJ MoneyBeat blog]