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dwnfq is no longer, the shares were cancelled even though they were worth 6 cents last. the bk went chapter 7 liquidation i think.
http://www.reuters.com/article/idUSBNG36346320081124
Where is my money and my shares ¿? How is possible no news in 3 months ¿?
Somebody Know something about this company ?
where is this company and its shareholders ?
repyl to post 1510:
this stock is down the TUBES
Does anyone have any updates on this stock?
Accordingly, it is hereby ORDERED, pursuant to Section 12(j) of the Exchange Act, that registration of each class of Downey’s securities registered pursuant to Section 12 of the Exchange Act be, and hereby is, revoked.
By the Commission.
Elizabeth M. Murphy Secretary
http://www.sec.gov/litigation/admin.shtml
"A stock can be traded until the company has the shares deregistered or the stock's registration is revoked. The SEC does not have a rule that prohibits the trading of stock once a company becomes defunct."
does this mean that dwnfq will still trade? now i am really confused
i guess downey didn't know they had to do a basic filing,with the sec. but because the co is in bk they don't have to file anything with the sec. basically the sec is stopped/stayed by federal bk laws,the sec must be trying to protect the shortsellers. nss foias. the company needs to talk to the fed bk judge and order it back trading.
A stock can be traded until the company has the shares deregistered or the stock's registration is revoked. The SEC does not have a rule that prohibits the trading of stock once a company becomes defunct.
http://www.sec.gov/answers/dfnctco.htm
So basically shares are done, finished, can't be sold?
What is a reporting company?
A company can become "reporting" voluntarily or involuntarily, in a couple of ways. Section 12(g) of the Securities Exchange Act of 1934, as amended, requires a company to file a registration statement under that Act within 120 days when, on the last day of any fiscal year, the company's securities are held of record by at least 500 persons AND the company has total assets exceeding $10,000,000. Section 12(b) of the same Act mandates registration of the company's securities if it desires to list them for trading on a securities exchange, regardless of assets or shareholders.
In either event, the filing of the registration statement makes the company -- as well as its "control persons" -- subject to the periodic reporting requirements under Section 13(a) of the Securities Act of 1933. The reporting obligation commences on the day the registration statement becomes effective, typically 60 days after the date of filing unless a stop order or other administrative order is in effect. Regulation 13A specifies the filings required by the Commission under Section 13(a) (see below).
http://www.stcedgar.com/whofile.html
Doesn't really make sense, they're not required to file periodic reports for pink sheet listing??
Administrative Proceedings 34-61055 Nov. 24, 2009 Downey Financial Corp.
http://www.sec.gov/litigation/admin/2009/34-61056.pdf
1. Downey (CIK No. 935063) is a Delaware corporation located in Newport Beach, California with a class of securities registered with the Commission under Exchange Act Section 12(g). As of June 17, 2009, the common stock of Downey (symbol “DWNFQ”) was quoted on the Pink Sheets. The Respondent filed a Chapter 7 bankruptcy proceeding on November 25, 2008, which was still pending as of June 17, 2009.
2.Downey has failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder while its securities were registered with the Commission in that it has not filed any periodic reports for any fiscal period subsequent to the period ended September 30, 2008.
...
Accordingly, it is hereby ORDERED, pursuant to Section 12(j) of the Exchange Act, that registration of each class of Downey’s securities registered pursuant to Section 12 of the Exchange Act be, and hereby is, revoked.
By the Commission.
Elizabeth M. Murphy Secretary
http://www.sec.gov/litigation/admin.shtml
hey headnorth, been in this one since DECEMBER, .02 average hah
secolton, I got on board today as well. Like the chart. Let's see if the 10day moving average line can support it upward again starting today(Friday).
50 DMA just crossed above 200 DMA, loving this chart !
Dropped to .05 in the last 5 minutes of trading on 15K shares into the bid, give me a freaking break
This stock is ready to pop.. Big Volume
Be interesting to see if this keeps running up. I believe the last run we hit a wall around the .08's.
Edit: Around 1/9/09 was the last time we hit .08 and it fell. Interesting to get here on volume under 200k shares though.
Yup, they waited 9 sweet months to run this sucker hah, might take a week or two to peak due to chart and low float
dont take much buying to make this move. must have low float.
PFFBQ is running also
FINALLY !!!! Hopefully we will start to see some Volume in the next couple of days
It's running. I'm actually green for the first time since January. *lol*
The main problem is lack of volume and the fact that this play trades gay IMO
http://stockcharts.com/h-sc/ui?s=dwnfq&p=D&b=5&g=0&id=p23463897154
I say this runs soon, they've been messing with this since the beginning of the year, I still have all of my original shares and then some
keep on truckin
GLTA
keep on truckin
GLTA
Actually, it has been a while since its been in mid three cent range. I think it is a very positive sign that we were slightly green Tuesday in light of the DOW drop of 185 pts.
Got this one near the top of my watch list right now. Still holding a few shares from January.
Its been in these ranges fo ages any idea when this runs?
http://stockcharts.com/h-sc/ui?s=dwnfq&p=D&b=5&g=0&id=p23463897154
Any idea when US Banc will be taking them over?
Due for a break up, they've been accumulating for some time now, very low floater
Pinch on the weekly. Question if it will break up or down?
dwnfq i am holding here ,chart is looking better.
Hey whats up with this one? Startin' to look good?
Me too.
Last time this stock started upticking, it ran to $.08. Keeping a close watch....
They're going to run this one, very shady activity on it for the past several months, time is ticking down
I wonder if the MMs may be expecting this to go up instead of down, then...?
I'm just hoping that when they're done covering they try to make some money on the back end - who's the idiot who posted that shorts don't have to cover when a company files BK?? I guess they just covered 5 million shares just for the hell of it hah, and they had the help of the market makers who held it under .04 for them to slowly cover
Shorts have been covering very sneakily, short interest was over 6 million at time of BK filing, it's probably close to 1 million right about now.
Hey whats goin on with this one?? something cookin?
I am still here lurking
Am I the only one still in DWNFQ? If anyone has taken a gander at the short interest lately, you'll notice the shorts have been covering at a fever pitch, they only had 2 million left to cover as of Feb. 13, I suspect only around 1 million now, hmmmmmmm why are they in such a rush to cover???
Spread was huge today but buying volume exceeded sell volume
Wow, spread is getting larger, we need news!
Yup well NITE is single-handedly manipulating the crap out of this, has the low as at .021, next ask is at .045
Well by the looks of the charts is goin' to go down some more before it bounces back up...IMO
Not watching here still holding from average .022, this should get over .10 at some point it's the only Q bank stock that hasn't, heck even PFFBQ went to .15 and they have almost exact same float.
Keepin' watch after it stops fallin'!! IMO
I still believe this one has a run left in it
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Downey Financial Corp.
3501 Jamboree Road
Newport Beach, CA 92660
Phone: (949) 854-0300
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Daily Chart
Weekly Chart
MINNEAPOLIS, Nov 21, 2008 (BUSINESS WIRE) -- U.S. Bancorp (NYSE: USB) announced today that, effective immediately, its lead bank, U.S. Bank National Association, has acquired the banking operations of two separate California financial institutions from the Federal Deposit Insurance Corporation. The two acquired institutions are Downey Savings & Loan Association, F.A., the primary subsidiary of Downey Financial Corp. (NYSE: DSL), headquartered in Newport Beach, Calif. and PFF Bank & Trust, a subsidiary of PFF Bancorp Inc. (OTC Bulletin Board: PFFB), headquartered in Rancho Cucamonga, Calif.
Under the terms of these transactions, U.S. Bank will receive approximately $12.8 billion of assets and assume approximately $11.3 billion of liabilities, including $9.7 billion of deposits, of Downey Savings & Loan and will receive approximately $3.7 billion in assets and assume approximately $3.5 billion of liabilities, including $2.4 billion of deposits, of PFF Bank & Trust. As part of the transactions, U.S. Bank has agreed to assume the first $1.5 billion and $0.1 billion of expected losses on the assets of Downey Savings & Loan and PFF Bank & Trust, respectively. Any losses in excess of these amounts will be subject to a loss sharing agreement with the FDIC. U.S. Bank will not acquire any assets or liabilities of the banks' parent holding companies, Downey Financial Corp. or PFF Bancorp Inc. These acquisitions are expected to meet or exceed the company's internal financial hurdles for internal rate of return and earnings per share accretion.
"The timing of this transaction could not be better, as we have just completed the highly successful integration of our Mellon 1st Business Bank acquisition in Los Angeles and Orange County. With the addition of the Downey Savings & Loan and PFF Bank & Trust branch locations, we continue to widen our distribution network in our growing California and Arizona markets," commented Joseph M. Otting, vice chairman of commercial banking and U.S. Bancorp's Western U.S. senior executive. "Once the conversions and integrations are completed, both current and new customers of U.S. Bank will have the increased convenience of 561 branches in California and 75 branches in Arizona to serve their banking needs. This also presents a great opportunity for us to deepen customer relationships by offering U.S. Bank's extensive mix of products and services to our new customers."
As part of these transactions, U.S. Bank will modify the terms of certain acquired residential mortgage loans in accordance with the FDIC Mortgage Loan Modification Program. The objectives of this program are to improve affordability, increase the probability of performance, and allow borrowers to remain in their homes.
"The strategic acquisition of the banking operations of Downey Savings & Loan and PFF Bank & Trust will strengthen our geographic footprint in the Western region of our franchise with the addition of approximately 500,000 new loan and deposit customers," noted Richard K. Davis, chairman, president and chief executive officer of U.S. Bancorp. "We believe that acquisitions like these are an efficient means of leveraging U.S. Bank's strong capital base and investing in our company. These are very positive transactions for our shareholders and are consistent with our growth strategy, especially in key California markets. Importantly, this transaction will also allow us to work closely with approximately 35,000 homeowners through the FDIC loan modification program in an effort to provide solutions for these potentially troubled borrowers to stay in their homes."
The Downey Savings & Loan and PFF Bank & Trust branch locations will continue to operate under their current names and will be re-branded as U.S. Bank branches in the near future. Downey Savings & Loan and PFF Bank & Trust customers should continue to conduct their banking as they have in the past. U.S. Bank will soon be providing additional information to Downey Savings & Loan and PFF Bank & Trust customers about this transaction. Downey Savings & Loan and PFF Bank & Trust customers should know that their deposits are now backed by the financial strength and security of U.S. Bank.
With the addition of approximately $12 billion (9 percent) to the company's deposit base, these transactions will more than double U.S. Bank's deposit share and number of branches in important Southern California markets such as the Los Angeles/Long Beach/Santa Ana area. Also, this acquisition will allow U.S. Bank to enter into new markets in Central California and Arizona.
The 175 Downey Savings & Loan branches that are part of this transaction include 170 in California and five in Arizona. These branches include locations in the following markets: Southern California (Los Angeles, Riverside, San Diego and Oxnard) with 59 traditional branches and 78 in-store branches; the Bay Area (San Jose, San Francisco, Sacramento, Santa Rosa and Napa) with 20 traditional branches and four in-store branches; Central California (San Luis Obispo, Santa Barbara and Bakersfield) with two traditional branches and seven in-store branches; and Arizona (Lake Havasu, Kingman and Prescott) with four traditional branches and one in-store branch.
The 38 PFF Bank & Trust branches that are part of the transaction include branches in eastern Los Angeles, northern Orange, San Bernardino and Riverside counties. These PFF Bank & Trust branches are located in the following Inland Empire communities: Adelanto, Alta Loma, Apple Valley, Beaumont, Cathedral City, Chino, Claremont, Corona Hills, Diamond Bar, Fontana, Foothills Crossing, Glendora, Hesperia, Indian Hill, Indio, La Quinta, La Verne, Mira Loma, Montclair, Moreno Valley, Ontario, Palm Desert, Pomona, Rancho Cucamonga, Riverside, San Dimas, San Jacinto, Terra Vista, Tustin, Twentynine Palms, Upland, Yorba, Yucaipa and Yucca Valley.
If customers of Downey Savings & Loan have any questions regarding their accounts involved in this transaction, they should continue to use the same channels as they have in the past, by contacting their local branch, visiting downeysavings.com or calling 1-800-9-DOWNEY.
If customers of PFF Bank & Trust have any questions regarding their accounts involved in this transaction, they should continue to use the same channels as they have in the past, by contacting their local branch, visiting pffbank.com or calling 1-888-342-5733.
Prior to this announcement, U.S. Bank had 353 branch offices in California -- 216 traditional branches and 137 in-store branches. In Arizona, U.S. Bank currently operates 70 branch offices -- 18 traditional branches and 52 in-store branches.
Additional information regarding this transaction will be included in a brief presentation to be posted shortly on the U.S. Bank website. To access the presentation, please go to www.usbank.com and click on "About U.S. Bancorp" and then "Investor/Shareholder Information." The link to the slides can be found on both the "Press Releases" and "Webcasts and Presentations" pages.
U.S. Bancorp was advised in this transaction by Morgan Stanley & Co. Incorporated, Dorsey & Whitney LLP and Sullivan & Cromwell LLP.
U.S. Bancorp, with $247 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States as of September 30, 2008. The company operates 2,556 banking offices and 4,903 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
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