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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Irrespective of court case developments, we believe reform and restructuring of Fannie and Freddie are likely to occur:",
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      "text": "Perry Case Development: In February, the D.C. Circuit Court of Appeals upheld a lower court ruling against shareholder plaintiffs, concluding that the FHFA has broad discretion as conservator and refusing to invalidate the Net Worth Sweep",
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      "text": "We believe that the approximate one-third decline on the day of the ruling was a market overreaction: Various appeals options are available to the Perry plaintiffs; Several other legal cases, including the Court of Federal Claims case under Judge Sweeney, continue to proceed favorably",
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      "text": "We do not believe there is a viable alternative that can preserve the prepayable 30-yr fixed rate mortgage at a reasonable cost; US Treasury warrants for ~80% of the common stock of Fannie and Freddie would be worthless if the entities are eliminated",
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