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no body what sell and if no body wants to sell including markert maker, no stock selling. to me, it like they know it worth whole lot more.
we will win
the truste for indymac says they owe him over 800 million from the sale of the bank that would put the bancorp in great shape because they listed 100 million assetes and 100-500 million debt
we have to see how it plays out
idmcq
idmpq
This is what I like the most:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=34820178
If the holding company gets those $750MM+ from the sale of the bank, then there will be enough money to pay the preferred shares at their face value ($50 a piece). AND, we are approaching the 180 days after the filling for bankruptcy (07/11/2008). That is on Feb 6! I expect settlement by then! That is just three weeks away! Damn, I have a very good feeling about this stock!
Have a great weekend everyone!
WAHUQ is part of the debt so it is priced higher. If WMI was to liquidate, WAHUQ is the best place to be.
if this true, then we in rhe same boat. the trusee going after more asset as you read this. 50 dollars a shasre.
Much better day yesterday. Interesting to see what happens Tuesday.
Something is up, and it is good news, IMHO!!!
I bought another 7K shares today.
81,000 shares bought on the ASK and 46,000 sold on the BID
Big buy at the end of the day.
That is too bad... The preferred shares are getting some love today!
that was a sell. i sold 10,000
HOPE THINGS WORK OUT GREAT FOR US.
thanks i have been loading up on idmpq
1 on the bid at .56 and 1 MM on the bid at .60
1 on the ask at .65 and then it goes to 1.75.
Very good volume today & Bid is getting stronger. Wouldn't take much to push this back up to 1.50 IMO.
no it idid not i put a limit order in at 1 and it filled me at 75!
Damn! The ASK went up again... geezzzz!
Me too - small fills on the ASK; I hope it will not go up before I am done buying...
Just need some volume to come in..
This baby is paper thin with 900k total units..
i love it great things coming for us!!!
Looks like LABS and NITE are fighting on the BID and LABS tries to stay ahead of NITE! Now LABS is at 0.60!
The BID is stacking at 0.51 (LABS and now NITE). Only one MM at the ASK at 0.99 (ETMM) then LABS at 1.00. More and more MM are joining the ASK at 5.00!!!
i notices alot of people on ihub board saying indymac 13.9 billion is was bought for wont cover the fdic losses
these people after reading news articles a thousand times somehow believe that this is true
all the article says is after the 13.9 billion buyout the fdic will still have losses of about 8.9 billion
that doesnt mean 13.9 billion pluss 8.9 billion in losses like some of these people think. it also say in the article that the 13.9 billion will cover the losses with money left over
please do your own dd and only sell the stock if u want to not because someone is trying to play with wording from a news article!!
Yest, it is. See:
http://www.quantumonline.com/search.cfm?tickersymbol=IMB-&sopt=symbol
Only 900,000 shares available for free trading!
What's the max liquidation payout for preferreds here? Is it $50
idmpq is a monster can easily run up to 40-45 bucks in one day
if there is 50$ payout
Thanks to RonnieD on the IDMCQ board!
From http://www.sec.gov/Archives/edgar/data/773468/000095014808000053/v38189e10vk.htm
"Trust Preferred Securities and Warrants
On November 14, 2001, we completed an offering of Warrants and Income Redeemable Equity Securities (“WIRES”) to investors. Gross proceeds of the transaction were $175 million. The securities were offered as units consisting of trust preferred securities, issued by a trust formed by us, and warrants to purchase IndyMac Bancorp’s common stock. As part of this transaction, IndyMac Bancorp issued subordinated debentures to the trust and purchased common securities from the trust. The yield on the subordinated debentures and the common securities is the same as the yield on the trust preferred securities. Also, we issued 3,500,000 warrants, each convertible into 1.5972 shares of IndyMac Bancorp’s common stock as part of the WIRES offering. Beginning on November 14, 2006, Indymac has the option to redeem the warrants for cash equal to the warrant value subject to the conditions in the prospectus. During 2007, a total of 40,000 warrants were exercised at an exercise price of $35.17 per share to purchase 63,888 shares of IndyMac Bancorp’s common stock. During 2006, a total of 2.5 million warrants were exercised at an average exercise price of $35.09 per share to purchase 4.0 million shares of IndyMac Bancorp’s common stock. To date, total warrants of 2.6 million have been exercised and converted into a total of 4.2 million shares of IndyMac Bancorp’s common stock. Subordinated debentures redeemed in conjunction with the warrant exercises totaled $130.2 million and $64.5 million as of December 31, 2007 and 2006, respectively.
"
There are only 900,000 (3.5 million - 2.6 million) shares of IDMPQ free trading on the market. That is why the preferred shares move on air!!!
i hope is not up too much I want to buy more preferreds..
I sold most of my commons I may sell the rest and buy all prefereedss
might only be up little because no one has details on deal
i wouldnt be suprised to see 3-4 bucks
What do u think preferred will be at on Monday ?
that 1.5972 exchange rate for pref is if the common stock is trading higher 34.49 range that will be uped big time
besides i believe they will get 50 bucks a share
the pref are in great shape.
The warrants allow the holder at any time prior to the maturity date of 9/15/2031 to purchase 1.5972 shares of common stock at an initial exercise price of $34.49 per share, increasing on a daily basis up to $50 per share at the warrant maturity date of 9/15/2031
this is the key
increasing on a daily basis up to $50 per share at the warrant maturity date of 9/15/2031
nice moving the bid up!
they will run this at eod!
.60/1.00
Yesterday I think that the MM sold more shares than they had in their hands, so today they are trying to buy some cheap shares to help cover their short position.
From yesterday's L2:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=34509268
why is there such a spread with idmpq from bid to ask and idmcq does not?
Does anyone get the feelin the prefferd's are going to explode again....
:)
THIS baby is thin...
900k total units..
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IndyMac Capital Trust I, Warrants & 6% Equity Sec WIRES due 11/14/2031
Security's Distribution is Suspended!
QUANTUMONLINE.COM SECURITY DESCRIPTION: IndyMac Capital Trust I, Warrants and Income Redeemable Equity Securities (WIRES) Units,
which consist of an IndyMac Capital Trust I preferred security and a warrant to purchase 1.5972 shares of IndyMac Bancorp (NYSE: NDE) common stock.
The 6% preferred security, stated liquidation amount $50, is subject to remarketing in conjunction with the redemption of the warrants at the issuer's option
on or after 11/14/2006, maturing 11/14/2031, distributions are paid quarterly on 2/1, 5/1, 8/1 & 11/1. The warrants allow the holder at any time prior
to the maturity date of 9/15/2031 to purchase 1.5972 shares of common stock at an initial exercise price of $34.49 per share, increasing on a daily basis
up to $50 per share at the warrant maturity date of 9/15/2031. At the holder's option, the warrants and the preferred securities may be separated and
transferred separately. The company has the right, at any time, to defer interest payments on the preferred securities for up to 20 consecutive quarters.
See the IPO Prospectus for additional information on the WIRES by using the link provided below.
Notes: From the company news release dated 5/12/2008 -- "Given our forecast for continued losses in 2008, we need to take all prudent measures
to preserve our capital, improve our capital ratios and keep Indymac safe and sound. Therefore, we have made the decision to exercise our contractual rights
and defer the interest on our trust preferred securities at the holding company and suspend the dividends on our non-cumulative, perpetual preferred stock
at Indymac Bank, as this represents the most efficient and least dilutive means of generating capital in the current environment. The contractual provisions
in these preferred securities that allow us to take these actions were clearly put in place for extraordinary times and events such as we are now experiencing,
and the presence of these provisions is one reason why these preferred securities are considered 'core' capital for regulatory purposes. Taking these actions
will improve our cash flow by $7.4 million per quarter at the holding company, enabling us to contribute more capital to the bank, and preserve capital of
$10.6 million per quarter (which also flows directly to earnings) directly at the bank. We view the deferral/suspension of the interest/dividends on the
preferred stock issues as temporary, and, once the market stabilizes and Indymac returns to solid profitability,
we anticipate resuming the interest/dividend payments and paying the accumulated deferred interest on the holding company trust preferred.
Link to IPO Prospectus:
http://www.sec.gov/Archives/edgar/data/773468/0000950150-01-500721.txt
NOTICE: This security is trading on the Pinksheets now, and is in Chapter 7 bankruptcy.
But there is light at the end of the tunnel:
EXCLUSIVE: FDIC to Sell IndyMac To Private Equity Firm{C}{C}
2008-12-26 - ml-implode.com
By Teri Buhl, with contributions from IEHI Staff. Teri Buhl is an investigative journalist covering Wall Street who writes for the New York Post.
The FDIC's most expensive bank failure, IndyMac, is slated to land in the hands of a private equity firm.
The winner is New York-based Dune Capital Management, founded by two ex-Goldman partners. Dune's Co-CEO Dan Niedich was known as the "dean" at Goldman of investing the firm's capital in real estate. Chairman and Co-CEO Steve Mnuchin comes from a family of Goldman bankers. The firm was seeded in 2004 by legendary hedge fund trader George Soros.
A sale price for the transaction could not be determined.
Dune Capital has recently been cleared for a bank charter. In principle this means the firm could qualify for TARP funds. The Treasury began issuing special expedited bank charters to private equity groups on November 21st, 2008.
Rumors swirled the market this month around who the natural bidder for the toxic bank would be, with Bloomberg reporting this week that PNC Financial Services Group and U.S. Bancorp were a likely fit, but the media didn't envision a "winner take all" outcome to take shape in the form of a private equity firm.
Executives inside of IndyMac's Pasadena office where told Tuesday a deal to sell the whole bank had been made, final contracts were being negotiated, and an announcement would come in the next couple of days. Assets for sale include: $6 billion in retail deposits, 33 California branches, a near-$200 billion loan servicing portfolio and platform, $16 billion in mortgage loans, and its reverse mortgage company Financial Freedom that holds a mortgage book worth $22 billion.
A slew of bids came in by the extended deadline of December 15th, but only for the failed bank's individual parts. Bidders fought over hot assets such as its loan servicing portion or the reverse mortgage company. According to an executive inside of IndyMac who was involved in the deal-making, serious players who did due diligence on the loan servicing portion included: Leon Black's Apollo Group, Lone Star Capital, Dallas-based Beal Capital, and Goldman Sachs.
Goldman Sachs would not comment on whether they were interested in the whole bank or only the loan-servicing arm. But according to the IndyMac executive, the FDIC and its lead advisor Barclay's had concerns about Goldman's balance sheet and it's ability to pay for the deal. Barclay's would not comment on its advisory position.
"Talk on our 6th floor executive offices was that Goldman would be sloppy seconds as a buyer," said the IndyMac employee who spoke on the condition of anonymity.
As deal terms are still being negotiated through the Christmas holiday, specifics could not be determined and Dune Capital did not return a call for comment. The FDIC's David Bar simply responded they would announce by year-end.
But the player involved in providing financing for Dune turns out to be a consortium of other private equity firms led by Oaktree Capital, a Los Angeles-based firm with over $55 billion in assets. According to the Indy insider TH Lee Partners, Michael Dell's MSD, Vestar Capital and Wafra Partners were also all part of Dune's due diligence team and are expected to shoulder some of the risk in financing the deal.
"I'd seen a few of these firms before because when former CEO Mike Perry was rushing to shore up capital the private equity firms had agreed to invest if each got 25 percent of the company -- a move made to stay below the regulatory disclosure rules. But two of them backed out and it fell apart," said the Indy insider who had been involved in the transaction.
According to sources inside of Indy, part of the concession on the deal by the FDIC involves their loan-modification program - protecting it is an important political agenda for their leader Shelia Bair. The FDIC will eat the foregone interest and only sell the marked down principal amount of the loan to the buyer.
Getting the bank as a whole is a sticking point for Dune and as a result the Indy insider said they've been crunching numbers this week to try to get Dune to pay more for the reverse mortgage arm. The FDIC doesn't want egg on its face if the bid is too low, leaving room for the private equity firm to profit from the flip of an asset sale after the deal is done. As a result, even as of today the insider warned that "the deal is still fluid."
A seasoned banker at GE Capital who asks not to be named said, "For Dune this deal is about liquidity and with $6 billion of retail deposits that's the prize they're really after. The FDIC said they would use all means necessary to sell the bank and with this deal they'll set the precedent for non-banking institutions to get into the banking game."
Paul Miller, bank analyst for Friedman Billings and Ramsey says, "Private Equity firms coming into the market will help but it doesn't fix the problem that most banks are broke."
http://ml-implode.com/viewnews/2008-12-26_EXCLUSIVEFDICtoSellIndyMacToPrivateEquityFirm.html
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