Freddie Mac said it would pay $7 billion in required dividends
to the Treasury next month and could make a larger payment based on its own recalculation of tax writedowns.
If the tender offer is not enjoined and a merger is permitted, the Directors of Futbol and Sportif will have successfully perpetrated a blatant and outrageous fraud in the form of forgiven loans and a failure to pay required dividends
not taken into consideration when determining the tender offer price," continued Mr.
The Board of Trustee's decision to reduce the dividend and ultimately to pay the minimum required dividends
for 2009 was made due to the lack of clarity as to the length and depth of the current economic downturn and the extremely challenging operating environment," said Hans Weger, Chief Financial Officer.
If Fannie and Freddie continue to post profits in excess of their required dividends
, they will be able to do so under the new plan.
The holders have the right to elect two directors due to Granite's failure to pay required dividends
on the Preferred Stock for more than three semi-annual dividend periods.
s debt in 2005 and the reduction in the amount of required dividends
from Mutual Savings to service the debt for the near term, should assist Mutual Savings in its efforts to rebuild its surplus position.