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FMARQ: BK Plan effective. All shares cancelled:
http://otce.finra.org/DailyList
Care to elaborate on your prediction?
This is going to rock in the next couple of weeks, mark my words.
FMAQE: failure to comply with Finra 6530 (delinquent Financials. Moved from OTCBB to OTC, FMARQ:
http://www.otcbb.com/asp/dailylist_detail.asp?d=06/24/2014&mkt_ctg=OTCBB
http://www.otcbb.com/asp/dailylist_detail.asp?d=06/24/2014&mkt_ctg=NON-OTCBB
The ticker at my brokerage is now listed as FMAQE... First mariner Bancorp inc persh
Is this company dissolved? Owing this stock has been one of the best/worst learning experiences .
Yeah I have been in this one for awhile. The best thing about this stick is how much I learned from it.
Oh darn I was going to ask how you did on this one... I thought you were just buying when you posted before... I sold yesterday at $0.105 doubled my money :) Definitely risky here, but might spike again with more hype. I joined profit.ly where you can post your trades to be verified, however as far as the subscriptions, don't do it not worth it, stockhaven is free GLTA
'Here's how RKJS plans to make First Mariner Bank a 'real viable option'
Sarah Gantz
Reporter-
Baltimore Business Journal
Apr 16, 2014, 7:41am EDT
After a tumultuous two days in court, First Mariner Bank is all but officially in RKJS Bank’s hands.
Robert Kunisch Jr., the president of the Baltimore-area investor group, should be breathing a sigh of relief. Instead, he is planning his next steps.
“Now the nerves have already set in of how quickly can we turn this around and make it a real viable option,” Kunisch said in an interview.
A U.S. Bankruptcy Court judge on Tuesday approved the sale, pending necessary paperwork, of First Mariner Bank to RKJS Bank for $17.7 million. The deal reversed an earlier plan for National Penn Bancshares Inc. to acquire the Baltimore bank.
RKJS’ strategy for reviving First Mariner is to keep the bank’s name (at least for now) and build on its brand as a Baltimore born-and-bred bank. RKJS has said it will invest between $85 million and $100 million to recapitalize First Mariner.
Kunisch recognizes that rebuilding and rebranding a bank without actually changing its name won’t be an easy task. But he credits much of First Mariner’s hardship to its holding company, First Mariner Bancorp (OTCBB: FMARQ).
First Mariner Bancorp filed for Chapter 11 bankruptcy in February and decided to settle its debt by selling off First Mariner Bank. The bank itself was not bankrupt and its members’ money was insured by the Federal Deposit Insurance Corp. Still, the institution’s financial baggage made it hard to reel in new account holders and effectively market itself because of uncertainty about its financial condition.
“Now the future is pretty clear,” Kunisch said.
More immediately, RKJS will need to focus on getting regulatory approval. The price tag for the bank will go up by $1 million if RKJS does not get approval by April 30. As a condition of its contract, RKJS agreed to push its regulatory approval deadline as far back as July 31. The significance of the deadline is that the buyer can walk away from the deal if it does not get regulatory approval by that date.
RKJS’ ability to get regulatory approval in a timely manner was a sticking point for First Mariner and its creditors. First Mariner originally selected National Penn as the winning bidder largely because the Allentown, Pa., bank was considered a sure bet for getting regulatory approval, since it already runs more than 100 bank branches.
http://www.bizjournals.com/baltimore/news/2014/04/16/heres-how-rkjs-plans-to-make-first-mariner-bank-a.html
They have not emerged from CH 11.
Emerged from bk, very good news. We will back to at least 50 cents then 1 dollar. FMARQ
I am new also but my advice would be to play this one from the sidelines. There are better vehicles for your money with less risk. Just my opinion . I have been holding long and should have pulled out at $2 something.... Good luck
I'm totally new to stocks but what will happen to this stock? Will it go dead after FMARQ settles with the courts? I'm looking at possibly buying in I'm just too new to know what happens to bankrupt stock when the company gets bought out. I thought maybe the new bank that bought them out will just continue the shares or is that not the case?
Voluntary Petition
http://omnimgt.com/cmsvol2/pub_46794/453018_1.pdf
I got out today. I read on the 8k something that sounded like shares will be purchased by new bank then cancelled. I am not quite sure but it was my understanding. READ THE LAST FEW FILING ON COMPANY WEBSITE BEFORE YOU BUY.
Go to the company website and look at last few 8k filings
What am I missing ?not seeing anything
Hey I'll take it. Any good resources on learning the charts?
I really don't want to sound like an a--hole so I will do my best to just give you some advice that I wish I had listened to last year, when I was starting.
Pennyland is different, forget your DD, stocks here tank even with "real prodcuts real revenues" etc, and some absolute scams will skyrocket, if you want to do well in Pennyland simple: Learn charts and their patterns only, F the company. Sorry but thats the cold hard truth. If you really like a company down here and what they do the only saving grace of a stock here is an honest/good CEO find one of those, only time it's safe to hold long. Everything else means nothing.
In so saying, in pennyland as soon as you make your initial investment, take those profits out, therefore you are on a "free ride", if the stock tanks, ok move on, if it keeps making money, great you keep making money. In the mean time your initial investment you can put in something new, and there you go more money.
As far as this stock my realistic target it will flatline $0.35-0.04 which I should've waited for, but I am still working on my entry/exit timing as you can see) then first profit target is $0.10-0.15 probably around $0.12 will be first good spike.
No worries, it's up to me to do DD. I am new to the game so just trying to learn as much as possible.
My apologies, it has not flatlined yet, so might be a bit more patience then usual on this one, but hopefully be worth it
Exactly, bottom, and then it flatlines, and then there is suddenly out of nowhere just a bit of buying, it usually means someone knows something... and then patience
I like it ! So you just need to judge on when it hits the bottom, then get in ?
I am, I always make money on bankrupcties because any time it goes to any type of court or there is an update there will be "pops" as there is supposedly going to be a payout via the buyout...
Eric Idle is my idol. “Tis only a flesh wound.”
"Luck is the idol of the idle.”
THEGQ, UITK, UTIXQ, VEXPQ, VYTRQ: SEC Suspension:
http://www.sec.gov/litigation/suspensions/2014/34-71578.pdf
Order:
http://www.sec.gov/litigation/suspensions/2014/34-71578-o.pdf
Admin Proceeding:
http://www.sec.gov/litigation/admin/2014/34-71579.pdf
FMARQ, is the next!
FMARQ, shares will be Cancelled, SOON!
Bought on the sixth day down.
Some people may think their money or shares are worthless after reading this. The truth is Chapter 11 will allow for reorganization. The .25 per share number as I once thought is not something to look forward to.
Something to look forward to is new management new money invested new business strategy all determined by a series of federal and 3rd party audits and consultation.
Even at $0.02 the MV is still ridiculous high ($400K) as a Q stock! Very soon the price will crash to 0.0005 or lower! Sell ASAP!
You're right! The common shareholders will lose 99% as the mostly Qs did. I don't understand why the investors purchased the shares at such significant high MV (near $1.7M at $0.0845)! 0.000x comes soon!
FMAR changed to FMARQ: Bankruptcy:
http://www.otcbb.com/asp/dailylist_detail.asp?d=02/11/2014&mkt_ctg=OTCBB
I'm not sure how to say it any clearer..the answer is no.
Shareholders get nothing, nadda, zip, zilch, zero.
You have large creditors with very expensive lawyers in a line ahead of you who will put up a fairly nasty fight over that $4.77M even if it is just a pittance towards the $60 Million dollars the BHC owes them.
It looks as though FMAR is back on that slab in the morgue and it appears they are there for good this time. I did well with this bank and hate to see the story end. I got rid of most of my remaining shares about three weeks back and the last of my shares today.
so do the shareholders get .25 cents per share or no?
Wrong and wrong.
Do you understand what "absolute priority" is?
For starters the $100MM goes to the Bank... not the bank holding company [BHC].
The $4.77MM goes to the unsecured creditors of the BHC...and I just showed you who is in line ahead of equityholders that have a claim on that $4.77MM.
Filing BK allowed them to ditch the creditors and the BHC and then take over the bank minus all those debts. The problem for equiyholders is they go with the BHC ...not the bank.
$100 M goes to those stakeholders, then $4.77 M goes to the commons, ie. $4.77 / 18 M shares = $0.25 /share.
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First Mariner Bancorp is the holding company for First Mariner Bank
Estimated Market Cap
$7,540,000 as of March 21, 2012
Outstanding Shares
18.86MM as of March 21, 2012
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