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I guess the pinch on the chart wasn't goin' to be on the upside..IMO
Looks like someone capitulated today, back into the .02's
This one looks to be a good play! IMO
Item 4 Ownership:
CITADEL INVESTMENT GROUP, L.L.C.
CITADEL INVESTMENT GROUP II, L.L.C.
CITADEL LIMITED PARTNERSHIP
KENNETH GRIFFIN
CITADEL HOLDINGS I LP
CITADEL DERIVATIVES GROUP LLC
Page 9 of 12
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CUSIP NO. 261018105 13G Page 10 of 12 Pages
(a) Amount beneficially owned:
9,411 shares
(b) Percent of Class:
Approximately 0.03%(8) as of December 31, 2008
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See Item 4(a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See Item 4(a) above.
Item 5 Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: [X]
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
Not Applicable.
Item 7 Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company:
See Item 2 above.
Item 8 Identification and Classification of Members of the Group:
Not Applicable.
--------------------------------------------------------------------------------
8 See footnote 1 above.
Page 10 of 12
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CUSIP NO. 261018105 13G Page 11 of 12 Pages
Item 9 Notice of Dissolution of Group:
Not Applicable.
Item 10 Certification:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
* John C. Nagel is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission on February 24, 2006, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Limited Partnership on Schedule 13G for Morgans Hotel Group Co.
Page 11 of 12
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CUSIP NO. 261018105 13G Page 12 of 12 Pages
After reasonable inquiry and to the best of its knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.
Dated this 13th day of February, 2009.
KENNETH GRIFFIN
By: /s/ John C. Nagel
John C. Nagel, attorney-in-fact*
CITADEL DERIVATIVES GROUP LLC
By: Citadel Holdings I LP,
its Manager
By: Citadel Investment Group II, L.L.C.,
its General Partner
By: /s/ John C. Nagel
John C. Nagel, Authorized Signatory
CITADEL INVESTMENT GROUP, L.L.C.
By: /s/ John C. Nagel
John C. Nagel, Authorized Signatory
CITADEL INVESTMENT GROUP II, L.L.C.
By: /s/ John C. Nagel
John C. Nagel, Authorized Signatory CITADEL HOLDINGS I LP
By: Citadel Investment Group II, L.L.C.,
its General Partner
By: /s/ John C. Nagel
John C. Nagel, Authorized Signatory
CITADEL LIMITED PARTNERSHIP
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ John C. Nagel
John C. Nagel, Authorized Signatory
Page 12 of 12
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Seems like all penny stocks are in what I like to call the "intimidation and accumulation mode", they will run some of these within the next few weeks or so.
http://www.mffais.com/dsl.html
Some patience, could pay off in time
Yeah the market makers are totally messing with it and are going to take it up at some point within the next few weeks (hopefully).
Whats up with this stock? Anything good worth mentioning?
NOTHING WRONG WITH A DREAM
Glad you sold your 10K shares at .04 for a puny profit, I'm still in at a cost average of .022, sitting pretty and waiting for the real run
KEEP HOLDONG THE BAG BUD
Nope not done by any means, I'll hit you back when I make bank on this one
SOLD OUT OF THIS WHEN BID WAS AT 4 CENTS DONE FOR A LONG TIME COULD BE MONTHS OR YEARS IF EVER
Patience . . . . Gotta love the 200 share sales into the bid hah
People that got in and didn't get out at the top and are not adding risk to their bottom line. This is BK'ed no shorts have to cover they are looking to make some cash just like the rest.
Yup I see it too, buying from WHO though? Who's selling them the shares? Certainly not retailers any more, are they just exchanging shares amongst themselves?
Each MM is having their turn at buying and when they all have enough shares they will let it go into next bank rally possibly next week or the next
And they keep selling 100 shares into the bid to give the appearance of a weaker PPS
Also, it went up on extremely high volume, and got trickled down on VERY low volume, key indicators that the run will occur in my opinion
The first run wasn't the real "run", the shorts and market makers were toying with it, seeing how much it took to move it, the real run hasn't happened yet with DWNFQ
This stock is a typical Q... The run 'em after the drop and then they run again someday and then she's gone for good.It's the second time for me and the only reason I got back in is, it didn't get to the teens the first time...the market sold off. Buying has been thin but with the FIN stocks making a move this week it got some action, now DOMS shows up he's.... lookin to buy and to me that' a sign of a small move. I recently re-entered
in the 3's. I wouldn't buy it over 4 cents.
Thanks for your honesty.
Don't know, but I know that it will, nothing will cause it, it will just happen, just like so many other stocks that I've had 400-1000% returns on for no reason whatsoever, they just get run by the market makers or funds or whoever
Not entirely new around the boards, but what would force the shorts to cover. What would be the spark, that would cause this stock to rise significantly?
Yes, will have a huge run, 6 million short out of 18 million float
Is there other than a trading and flipping range, a reason to purchase this stock?
If you send me on a DD hunt, I will, but I see you posting with an apparent handle on what's going on- so I thought I would try a shortcut and ask.
Yup NITE's up to his old tricks
tic toc tic toc DOMS on the bid
u r laughing IMO
hows the chart i'm loaded at .03
This one is looking mighty good again for anyone who chose to hold, should run up BIG by end of February, and I mean .20 and above
Hmmmmmmmmmmmmmmmmmmmmmmm
accumulation time for mm's
dude you're drinking too much KOOL-AID
Not gonna happen they just tore through .04 this morning, stop being such a cheapass
looking for some .025's next
Yeah I originally thought late February was the outside target date, was faked out by the move to .08
it'll be a while maybe a month
Ah you bought them hah, well I'm still averaged at .022, so I'm still sitting pretty, these are all tricks by the way to scare sellers, you saw they tripped the .03 stop order that someone had. No doubt in my mind that this still goes into the teens at least
got my .035's just as I said it would well I said .033 but close enough
So calculated what they're doing, you saw NITE move his bid to .03 when we were at .045, and what happens? They take it to .03 on ridiculously low volume hah, wish I could buy more here
Happened to me a few times. I just watch them do it and take it right back up.
Bastids!
SOmeone must have had a stop at .03 hah, poor bastard, they walked it right down
Man the shorts are really ruthless with this one, I still say it goes over .10, not sure when though
What lucky dog got some at .025? Wish I had some cash available.
Those MM's are bleeding this down on very low volume, wish I had cash to buy more
18 million float, still 6 million short, they're not fooling me :) Patience will pay here
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Downey Financial Corp.
3501 Jamboree Road
Newport Beach, CA 92660
Phone: (949) 854-0300
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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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