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They're going after Flagstar's 1.1 Billion mortgage servicing business. Punk ass greedy criminals. Shareholders get screwed...Share Dilution!!!
Multi-Family units unsalable. Don't be a sucker!
"In connection with the equity capital raise transaction, NYCB will sell and issue, in the aggregate, to the Investors shares of common stock of the Company at a price per share of $2.00 and a series of convertible preferred stock with a conversion price of $2.00, for an aggregate investment amount of $1.05 billion. In addition, investors will receive 60% warrant coverage to purchase non-voting, common-equivalent stock with an exercise price of $2.50 per share, a 25% premium to the price paid on common stock."
Without dealing with the (surely toxic) convertible preferred (1:1,000), 525 million shares of common stock will be issued in connection with the equity capital raise ($1.05B / $2 per share). Shares outstanding before today was 722M. Basically 1.25B shares soon to be outstanding. Mnuchin has about 42% here. Again, that's before dealing with the preferred and 60% warrant coverage, etc.
We can rest assured Mnuchin is going to make out like he did with Indy Mac back in the day. Current shareholders probably not so much."In connection with the equity capital raise transaction, NYCB will sell and issue, in the aggregate, to the Investors shares of common stock of the Company at a price per share of $2.00 and a series of convertible preferred stock with a conversion price of $2.00, for an aggregate investment amount of $1.05 billion. In addition, investors will receive 60% warrant coverage to purchase non-voting, common-equivalent stock with an exercise price of $2.50 per share, a 25% premium to the price paid on common stock."
Without dealing with the (surely toxic) convertible preferred (1:1,000), 525 million shares of common stock will be issued in connection with the equity capital raise ($1.05B / $2 per share). Shares outstanding before today was 722M. Basically 1.25B shares soon to be outstanding. Mnuchin has about 42% here. Again, that's before dealing with the preferred and 60% warrant coverage, etc.
We can rest assured Mnuchin is going to make out like he did with Indy Mac back in the day. Current shareholders probably not so much.
Everything is fine. They're doing a stock offering to raise funds so that they can hire a tax consultant to report their losses. See ya at $16.
Insiders and Soros got screwed. This is great. But there's a twist. Don't know what it will be. MSM should be reporting soon.
As for the March Puts at $2.50 strike. Big congrats.
London Bridge has fallen down. See you at-0.16
Central Banks are insolvent
Sorry, there won't be a Christmas. No Bailouts this time around. London Bridge has fallen down.
NYBC, SVB, CS and soon Flagstar. One by one and done
Moody’s downgrades New York Community Bancorp to junk
It's being coined Suicide Week for Bankers.
Shareholders that lost money on New York Community Bancorp, Inc. (NYCB) should contact Levi & Korsinsky about pending Class Action - NYCB
https://markets.businessinsider.com/news/stocks/shareholders-that-lost-money-on-new-york-community-bancorp-inc-nycb-should-contact-levi-korsinsky-about-pending-class-action---nycb-1033129939?op=1
NYCB scam short selling bank days are numbered. Loosing BILLIONS or Lost BILLIONS!
You hooked a whale. Sacrifice the rod and reel, not the boat!
BTFD
Buy Buy Buy. Straight up from here!!!
NYCB Says Loan Reserves Already Account for Material Weaknesses
https://finance.yahoo.com/news/nycb-says-loan-reserves-already-152322048.html
(Bloomberg) -- New York Community Bancorp said its disclosure of “material weaknesses” in how it tracks risks won’t require additional reserves for future loan losses.
“Our allowance for credit losses considered these weaknesses and is not expected to change,” Alessandro DiNello, who this week replaced Thomas Cangemi as chief executive officer, said in a statement Friday. “The company has strong liquidity and a solid deposit base, and I am confident we will execute on our turnaround plan to deliver increased shareholder value.”
Also on Friday, the bank named George F. Buchanan chief risk officer and Colleen McCullum chief audit executive. Those executives’ predecessors left their posts in the months before the bank slashed its dividend and stockpiled cash against future loan losses in late January, sparking a crisis that has sent its shares tumbling.
Read More: NYCB’s Talks With Watchdog Led to Moves That Rocked Market
Buchanan has more than 30 years of experience in risks related to financial services, having previous stints at First Union, AmSouth Bank and Regions Financial Corp. McCullum joins NYCB from United Community Bank, where she was chief audit executive. She previously spent three years at Capital One Financial Corp., most recently as a senior vice president and head of line-of-business audit.
“George and Colleen are proven leaders with large bank and public company expertise and successful track records of delivering operational excellence,” DiNello said in the statement.
US Bank Crisis Looms
Outflows Accelerate
Reverse Repo Bailout Facility (The regional bank crisis is still very much alive as evidenced by the red line below (without The Fed's imminently expiring BTFP facility).
What's BTFD mean????
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