wasnt dumb enough to buy this
Beware posters who use ALL BOLD
Not referring to "the Dog". You can scroll down and see the nonsense I'm referring to.
Oh, and if somebody said "buy" and you did, don't expect them to tell you when to "sell", cuz they won't.
Heck, you may have even bought THEIR SHARES!...
You mean restatement right?
I like dividends. Provable, payable dividends.
Does ECRO have any, or will it ever? How can we know?
Financials are so old and out-of-date, and the company has essentially been dark for 10 years. This appears to have gotten somebody's attention, for unknown reasons.
As mentioned, it's NOT a "RE-instatement", it's a company RESTATEMENT which in this case reads like a poison-pill to prevent an outsider takeover or something.
Kinda like the OPPOSITE of a reinstatement.
"The Amendment and Restatement adds new ownership and transfer restrictions ... if it is no longer in the best interests of the Corporation to qualify as a REIT but... determines subsidiary or affiliates STILL qualify as a REIT."
Confusing legal-speak, but still sounds like a poison pill. Correct me if I'm wrong.
And explain if able, WHY DID THEY DO THIS?
[$ECRO has a website but difficult to perform any real DD via the usual sources.]
Yep, looking good and holding gains nicely here... $ECRO
Looks like we hit the MOTHERLODE with this one. Wait until folks catch on after the Xmas holidays :)
Company clearly stated that it's not qualifying for real estate investment trust any more! and wasn't a reinstatement it was restatement.
not qualified anymore? we seeing selling due this?
Wow this one reminds me of UNRG when i rode it from PENNIES to .50 cents. Looking for entry here
$ECRO: Love this volume coming in .... Recognition
Its about time
$ECRO morning sellers drying up here. ask slappers arriving.
$ECRO: Reinstatement... well lets gooooooooooo
Now hitting $0.0142
I'm all ears.
Yep, it looks like $20 and $1 per page... I will look around someone might post something from it...GL $ECRO
Will that 69 page pdf image come on later or do we need to buy it..I'm not sure with Maryland.
$ECRO Articles of Amendment and Restatement
I am still holding....
I sold a few months ago. Just saw this because you answered my post
anything going on here...???
Even though the guys says don't buy. Lot of people who never heard of ECRO may get in
CORONA DEL MAR, Calif., June 3, 2011 -- ECC Capital Corporation (OTC:ECRO.PK), a mortgage finance real estate investment trust, announced today that its Board of Directors has declared a cash distribution of $0.03 per share of common stock. ECC Capital will make this distribution on Thursday, June 23, 2011, to shareholders of record on Tuesday, June 14, 2011. The distribution will have an ex-dividend date of Friday, June 24,
Last year was the first year since 2005 that they did not pay a divy. Hope we see one too
Well the good thing there is. If we have been here 15 months or so, we should all have free shares
No news here. If there is no Dividend, this will be the first non dividend year since 2005
yeah i think this company is going under but not to sure cause its been a year and there has been no news and no insider tradeing going on .
It is now a couple months past the normal distribution announcement and dividend date and still nothing. I see nobody has posted in a while. Does anyone have any news?
I just let it ride. I believe this one has paid a dividend every year since 2004 or 5. One year it paid 3 dividends. The lowest one I saw was .09 cents. I have received 2008 a 2009 at .16 and .12. My shares are free now.
Are insiders selling or buying ECRO ? Does anybody know that?
Don't know how they do it but since 2005, I believe they have paid at least 1 divy per year.
Did it again....who is selling?
Thursday, February 28 2008 9:00 PM, EST
ECC Capital Corporation Announces Common Stock Cash Distribution of $0.10 Per Share
PR Newswire "US Press Releases "
IRVINE, Calif., Feb. 28 /PRNewswire-FirstCall/ -- ECC Capital Corporation (OTC: ECRO), a mortgage finance real estate investment trust, announced today that its Board of Directors has declared a cash distribution of $0.10 per share of common stock. ECC Capital will make this distribution on Friday, March 21, 2008, to shareholders of record on Friday, March 7, 2008.
ECC Capital recently received approximately $9.5 million from the release of over-collateralization proceeds related to the Encore Credit Receivables Trust 2005-1. The fact that ECC Capital received this distribution is not an indication that it will receive any additional distributions from any of its securitization trusts or, if it does receive a distribution, that those proceeds will be distributed to shareholders. The circumstances of the over-collateralization release from the 2005-1 trust were specific to that trust. These circumstances include, but are not limited to:
-- This trust had more time to season prior to the deterioration of the
lending and housing markets than the Encore Credit Receivables Trust
2005-2, 2005-3 and 2005-4 (the "Remaining Trusts"); and
-- The losses and delinquencies for the 2005-1 trust were lower than the
Remaining Trusts at comparable ages.
ECC Capital continues to experience higher levels of delinquencies and losses on mortgage loans held for investment in its securitization trusts and deterioration in the housing market. Therefore, ECC Capital cannot guaranty it will receive any additional over-collateralization proceeds. The amount and timing of any over-collateralization released from any securitization trusts depends on, among other things, the applicable delinquency and credit loss limits specified in the securitization agreements and loan performance in those trusts. Further, ECC Capital has repeatedly cautioned about the uncertainty of any future distributions to shareholders due to future capital requirements, the adverse, changing and unpredictable environment in which it operates, the continued deterioration of the lending industry and capital markets and the subsequent adverse effects these factors have on ECC Capital's loan portfolio.
Although ECC Capital has issued press releases in the past, in an effort to reduce costs and because of reduced staff and limited operations, ECC Capital limits its use of press releases. Please periodically check ECC Capital's website for information. You may also contact ECC Capital using the toll free number of 866-338-8749 or via email at email@example.com.
ECRO - ECC Capital Corp. comm stock
Ex Date: 3/24/2008
Record Date: 3/7/2008
Payment Date: 3/21/2008
Dividend Type: Cash Dividend
Dividend Amount: 0.10
Notes: Due Bill Redeemable Date: 03/26/2008
IRVINE, Calif., Aug. 25 /PRNewswire-FirstCall/ --
This distribution and the prior distribution on March 21, 2008 were the result of one time events and changes in ECC Capital's perspective. These distributions should in no way be viewed as an indicator of future distributions. Several circumstances have contributed to ECC Capital's ability to make a $0.16 distribution on September 22, 2008. These circumstances include, but are not limited to:
-- ECC Capital continues to experience higher levels of delinquency and losses on its mortgage loans held for investment in its securitization trusts. Therefore, ECC Capital estimates that the probability and amount of future cash from over-collateralization has been significantly reduced. Consequently, ECC Capital has significantly reduced the estimate of cash expenditure and investment directed toward maximizing future over-collateralization releases. -- ECC Capital has changed its perspective and reduced the amount of capital that should be retained to invest in its existing and new business opportunities. Management has not found any significant investment opportunities that provide returns that are commensurate with related risk. Therefore, a significant portion of ECC Capital's allocated investment capital will be returned to the shareholders. -- ECC Capital has settled certain liabilities, claims, contractual obligations and restrictions. In addition, ECC Capital sold certain real estate owned properties and collected on certain loans. Collectively, these events provided for a reduction in required cash reserves and an increase in cash. -- ECC Capital has benefited from reduced operating costs.
ECC Capital has evaluated and will continue evaluating several alternatives to facilitate the realization of any remaining shareholder value, which include, but are not limited to:
-- A sale of some or all of its assets. -- A sale of the company. -- Investment in business opportunities that may defray the cost of its remaining operations. -- Use of technology to oversee and maximize the value of its remaining mortgage portfolio or produce revenue from third parties. -- Outsourcing of various functions. -- Partnering and/or joint venturing to reduce cost or increase revenue.
ECC Capital has retained
ECC Capital has previously issued press releases in the past to update shareholders. Going forward, in an effort to reduce costs and because of reduced staff and limited operations, ECC Capital will limit its use of press releases. Please periodically check ECC Capital's website for information. You may also contact ECC Capital using the toll free number of 866-338-8749 or via email at firstname.lastname@example.org.
Safe Harbor Regarding Forward-Looking Statements
Certain statements contained in this press release, including those regarding future distributions to shareholders and the release of proceeds related to over-collateralization may be deemed forward-looking statements under federal securities laws and ECC Capital intends that those forward-looking statements be subject to the safe-harbor created thereby. These forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties, which could affect ECC Capital's future plans. ECC Capital cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. These factors include, but are not limited to: (1) the impact of losses and delinquencies from ECC Capital's residual interests in securitizations (2) the tightening of credit standards, (3) the condition of the U.S. economy and financial system, (4) interest rates and the subsequent effect on the business, (5) ECC Capital's ability to obtain quality loan servicing and default management services, (6) the stability of residential property values, (7) the potential effect of new state or federal laws or regulations, (8) ECC Capital's ability to implement successfully its business plan, (9) continued availability of credit facilities and access to the securitization and capital markets or other sources of capital, (10) ECC Capital's ability and the ability of its subsidiaries to operate effectively within the limitations imposed on REITs by federal tax rules, (11) ECC Capital's ability to qualify for exemptions under any SEC registration requirements; (12) ECC Capital's ability to retain qualified personnel, (13) the outcome of various pending litigation, and (14) other factors and risks discussed in ECC Capital's financial report for the year ended December 31, 2007 and the three months ended March 31, 2008 posted on its webpage and its Annual Report on Form 10-K for the year ended December 31, 2006, which is on file with the
For Further Information: AT THE COMPANY: Roque A. Santi President and Chief Financial Officer (949) 955-8730 email@example.com
IRVINE, Calif., Sept. 3 /PRNewswire-FirstCall/ --
As ECC Capital continues to assess its cost structure, it cannot provide assurance that it will post third quarter 2008 financial information. In addition, although ECC Capital has issued press releases in the past, in an effort to reduce costs, ECC Capital does not intend to use press releases if it posts quarterly financial information going forward. Please periodically check ECC Capital's website for new postings and other information. You may also contact ECC Capital using the toll free number of 866-338-8749 or via email at firstname.lastname@example.org.
AT THE COMPANY: Roque A. Santi President and Chief Financial Officer (949) 955-8730 email@example.com