Emerges From Bankruptcy!!!
****Shearson Financial Network Inc. Emerges From Bankruptcy****
SAN FRANCISCO, May 7, 2009 /PRNewswire-FirstCall via COMTEX/ -- Shearson Financial Network Inc., a financial services holding company that conducted diversified mortgage banking and brokering operations (Pink Sheets: SHSNQ), announced today that it successfully emerged from bankruptcy on May 7, 2009. On February 25, 2009 the United States Bankruptcy Court "Confirmed" Shearson's First Amended Joint Plan of Reorganization.
Mr. Harry R. Kraatz, the newly appointed Chairman and Chief Executive Officer of Shearson, stated that, "The Plan was overwhelmingly supported by the Company's creditors and it represented a comprehensive and fair proposal for the treatment of outstanding claims. No objection to confirmation of the Plan was made."
Greg Garman, bankruptcy counsel with the law firm of Gordon Silver said, "In these challenging times it was encouraging to work with Shearson and its creditors to get the company restructured and out of bankruptcy within a matter of months."
Shearson Financial Network Inc. is a financial services holding company that conducted diversified mortgage banking and brokering operations and is a provider of both traditional and online mortgage services to a diversified customer base consisting of mortgage lenders, mortgage brokers, real estate agents and consumers.
Shearson Financial Network, Inc.
2470 St Rose Parkway
Henderson, NV 89074
United States - Map
Company Web Site: http://www.shearsonfinancialnetwork.com/
Investor Relations: None
Transfer Agent: Continental Stock Transfer & Trust Company
Shareholders seeking information or assistance may contact Continental at 212.509.4000 ext. 206, or by e-mail at firstname.lastname@example.org.
Index Membership: N/A
Shearson Financial Network, Inc. operates as a direct-to-consumer mortgage broker and banker. The company originates mortgage loans and home equity loans in the United States. Its mortgage loan products include conforming mortgage products, which are adjustable and fixed rate loan programs; alternative A/sub prime mortgage products; fixed rate amortizing and fixed rate with a balloon payment programs; JUMBO loans, which are adjustable and fixed rate loan program; and fixed-rate first mortgage loans. As of December 31, 2005, Shearson Financial Network operated through 28 retail branches in 12 states. The company was founded in 2000. It was formerly known as Blue Star Coffee, Inc. and changed its name to Consumer Direct of America in 2002. Further, the company changed its name to Shearson Financial Network, Inc. in June 2006. Shearson Financial Network is headquartered in Las Vegas, Nevada.
Shearson Home Loans has grown overnight to be the leading consolidator of mortgage brokerage businesses across the country. The Company currently employs over 500 people, and operates branch locations in over 33 states. Shearson has acquired five companies over the last two years and leases in excess of 54,000 sq. ft. of administrative and branch office space throughout the nation. Emerging as a national leader in mortgage brokerage and ancillary services, the Company plans to continue to expand its regional hubs via acquisition or via joint venture. The Company is aggressively looking for regional representation throughout the United States.
4,689,988 shares of Common Stock outstanding as of September 30, 2007.
MAJOR DIRECT HOLDERS
Michael A. Barron - Chairman & CEO
From March 1995-1998, Mr. Barron pioneered the first nationwide commercially deployed video conference mortgage financing platform for Intel Corporation which as a licensed mortgage banker and broker in 20 states funded over $1 billion in closed loans. In November 1988, he founded and served as President, until 1992, of Finet Holdings Corporation (NASDAQ:FNCM), a publicly traded mortgage broker and banking business specializing in e-mortgage financing on site in real estate offices and remote loan origination via the Internet (www.finet.com). In June 1979, TRW hired Mr. Barron to develop its real estate information services division (TRW/REIS) that acquired 11 companies in the field and eventually became the world’s largest repository of real estate property information - Experian. Mr. Barron was a founder of Citidata, the first electronic provider of computerized real estate multiple listing services (MLS) in the nation from 1975 to 1979. Mr. Barron was the Senior Planner for the City of Monterey where he was the HUD liaison for the City’s downtown redevelopment project. He master planned the city’s redevelopment of famous Cannery Row, Fisherman’s Wharf, and was Secretary of the Architectural Review Committee. Mr. Barron holds a B.S. degree from California Polytechnic University and has completed courses in the MBA program at UCLA.
Mortgage rates rise a bunch
For a lot of homeowners, there's still an opportunity to refinance. Even if they missed an even better chance last week.
The benchmark 30-year fixed-rate mortgage rose 31 basis points, to 5.88 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.38 discount and origination points. One year ago, the mortgage index was 6.42 percent; four weeks ago, it was 6.14 percent.
The benchmark 15-year fixed-rate mortgage rose 27 basis points, to 5.38 percent. The benchmark 5/1 adjustable-rate mortgage rose 31 basis points, to 5.66 percent. And the benchmark jumbo 30-year fixed, for loans greater than $417,000, went up 18 basis points, to 7.03 percent.
An increase of 31 basis points is well over a quarter of a percentage point, and that's a big jump in just one week. But much of that increase is a matter of timing. Bankrate collects rate information on Wednesdays, mostly in the morning. On Jan. 23, mortgage rates skyrocketed more than a quarter of a percentage point, just a few hours after Bankrate had gathered its weekly rate data.
Technical Indicator Definitions.
The Williams %R produces values from 0 to -100, a reading over 80 usually indicates a stock is oversold, while readings below 20 suggests a stock is overbought.
The MACD is calculated by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA. A nine-day EMA of the MACD, called the "signal line", is then plotted on top of the MACD, functioning as a trigger for buy and sell signals.
Chaikin Money Flow (CMF) An oscillator that helps signal if a stock is undergoing accumulation or distribution.
RSI ranges from 0 to 100. An asset is deemed to be overbought once the RSI approaches the 70 level, meaning that it may be getting overvalued and is a good candidate for a pullback. Likewise, if the RSI approaches 30, it is an indication that the asset may be getting oversold and therefore likely to become undervalued.
ChiOsc Chaikin Oscillator monitors the flow of money in and out of the market - comparing money flow to price action helps to identify tops and bottoms in short and intermediate cycles. He suggests that it be used in conjunction with a 21 day price envelope and an overbought/oversold indicator (such as Momentum or RSI).
Parabolic SAR allows the investor to follow the dots in either an upward or downward trend until SAR is reached and the trend reverses. It is primarily used in trending markets and is based on always having a position in the market. The indicator may also be used to determine stop points and to estimate when to reverse a position and take a trade in the opposite direction.
ACCUM/DIST At nearly all times the oscillator will track market movements. When it is rising, the underlying market will be rising, as more and more stock is purchased and volumes increase ( Accumulation ). When it starts to head downwards the underlying market will be heading down an stock is sold off and volume decreases ( Distribution ). When a divergence in the market occurs,e.g. the Oscillator is rising but the market isn't, then this is an indicator that a change in trend is imminent
To form a Golden Cross, the 50 day moving average must cross from below the 200 day MA to above the 200 day MA, whilst the
200 day MA must also be rising".
Free Trading Shares/Float
As per Filing July 23rd 2007 (calculated post split)
Holder Shares Reported:
Greg Shanberg 520,000 11.4%
Keith Fink 389,250 8.5%
La Jolla Cove Investments 300,000 6.6%
CEO & Chairman 151,509 3.3%
Mariners Capital INC 240,000 5.3%
President 190,000 4.2%
Executive Vice President,
Secretary, Treasurer and
Director 85,679 1.9%
CFO 85,000 1.9%