The Floridian Boys

[JohnnyWinter]

It is still a good trade and will have some pops, but you should listen to WMI's lawyer from Friday's hearing. Some people are claiming a lot of things about what it means, but it is very very clear to me.

There will certainly be another pop if an EC is formed and granted, but a reorg plan is due on or before January 19, 2010 , so expect the plan to include the issuance of new securities .


Here is a link to the audio and a quote from Friday's hearing. Just start at the beginning and listen to the first 5 minutes or so.

"the equity holders are not going to be in the money here, either the preferred or the common equity holders.”

http://www.mediafire.com/?nlmttndgfyq


By the way, many people accuse me of "working" for certain parties and blah blah blah, but nothing could be further from the truth.

The manipulators and the ones with an agenda are the ones that are holding the stock imo, and hand is a perfect example of that. He claims he is long and strong on the message board, yet he told me via email that he dumped at .17 . I guess long and strong means different things to different people.

[loniee]

Hey bro,you don't like WAMUQ anymore?I own a few...whats up with it..TIA

[THUMBS]

IR said the ceo confirms HUGE things coming there in the first wk of the new yr--they waiting to post them til after tax-loss season lol

[loniee]

yes it is...alot easier to find the trail now than it was in the 1930's...They might not get away with it this time...lol

I see our BNXR is hovering...with oil over 65.00 I think fins will suprise..

[THUMBS]

interesting bro

[loniee]

By Tom Hals Tom Hals – Tue Dec 15, 6:03 pm ET
WILMINGTON, Delaware (Reuters) – Bankrupt holding company Washington Mutual Inc (WAMUQ.PK) asked a federal court to compel the U.S. Federal Reserve, U.S. Treasury and more than a dozen others to turn over documents relating to its collapse in 2008.

The company wants to investigate discussions between JPMorgan & Chase Co (JPM.N), regulators, competitors and rating agencies it said led to the seizure of Washington Mutual, or WMI, according to a filing in bankruptcy court on Monday.

It said the alleged misconduct includes JPMorgan "disclosing confidential information, in violation of the confidentiality agreement, to government regulators, ratings agencies, media and investors in an effort to harm WMI by driving down WMI's credit rating and stock price."

Washington Mutual said it needs to determine if it has valuable claims against regulators and others that could be pursued on behalf of its creditors.

The company was the largest U.S. savings and loan when it was seized by the government in September 2008, at the height of the financial crisis, and sold for $1.9 billion to JPMorgan in what Washington Mutual has called a "fire sale."

The company has been investigating possible claims against JPMorgan since the middle of 2009 and cited some of the documents provided by the bank to justify expanding its investigation.

It cites an internal JPMorgan email it said shows that a week before Washington Mutual was seized, the bank's executives were contacted by the Federal Deposit Insurance Corp regarding their interest in Washington Mutual.

The request to expand its investigation also relies on information from a suit filed by American National Insurance Co, which is suing JPMorgan for its losses on its investments in Washington Mutual securities.

American National said in its suit that JPMorgan used former JPMorgan executives who went to work for Washington Mutual as part of a long-term plan to acquire the savings and loan.

JPMorgan declined to comment.

The case is In re Washington Mutual Inc, U.S. Bankruptcy Court, District of Delaware (Wilmington), No. 08-12229.

(Reporting by Tom Hals; editing by Andre Grenon)
http://news.yahoo.com/s/nm/20091215/bs_nm/us_washingtonmutual

[Twilson]

Good to hear from you bro!Don't think you have missed much.

[stocksniperz]

Glad to hear from you my friend. Take care and if you every need anything let me know!

[THUMBS]

Great to hear bro!Call when you can-

[loniee]

Hey guys,I am alive and kicking...just waiting on results...got your messages last night but it was late...was out doing the santa thing and left my phone home...Thanks for asking...I will be back trading soon...

[THUMBS]

i tried calling him twice yesterday and left a message....hope all is good

[stocksniperz]

any words my friend? how are you doing?

[stocksniperz]

LOL


iHub subscription prices will increase on January 1, 2010

[loniee]

Hey bro,sorry...I will be back strong after I see what these med problems are going to consist of...I am afraid to get into anything new untill I see whats up..I am happy to see you back state side..welcome home.

[stocksniperz]

ya, i'm stuck in one until who knows when lol

[Twilson]

I am still here...stuck in a few....lol

[stocksniperz]

anyone trading anymore? i'm getting my net installed in my house on thursday and I'll be back!!!

[JohnnyWinter]

MGM is still in play in the 10-12 range imo.

buy it, sell it, short it, buy to cover, buy it, sell it, short it, buy to cover...............

[goforthebet]

Silver all set to outshine gold in 2010

2009-11-16 17:35:00

By Marc Davis

http://www.commodityonline.com/news/Silver-all-set-to-outshine-gold-in-2010-22970-3-1.html

Silver may yet outshine gold in 2010 as spot prices for the white metal respond to the prospect of a surge in industrial demand. With a little additional help from investment demand, silver may even rally into the $25 an ounce range.

So says Chintan Parikh, a commodity analyst at the CPM Group – a leading New York-based commodities research, consulting, asset management and investment banking organization.

“Prices may spike as high as $25,” he says. At the very least, it should breach its most recent high, which was set at $20.79 in the spring of 2008, he adds.

Parikh says much of this impetus for higher prices is being driven by the fact that traditional industrial end users of silver, such as the ever-burgeoning global electronics industry, have in recent weeks begun to replenish severely depleted inventories.

In fact, silver inventories became so run-down during the financial crisis that it may take up to six months to fully rebuild them to normal levels. Parikh also notes that demand from the industrial sector tends to be quite price inelastic, meaning that buyers have few options other to pay prevailing prices.

Another key driver for 2010 will be the advent of new market places for silver, including pent-up demand for silver-zinc batteries in ‘smart’ automobiles and an array of portable electronic devices, Parikh says.

In fact, the widespread adoption of silver-zinc batteries is going to be “one of the major drivers behind a rise in prices because it may absorb a lot of silver,” he adds. Though this important new application for silver might not necessarily become a major factor in demand for silver as early as next year, it promises to become a very sizeable marketplace, he suggests. And especially for automobiles.

Notably, China is forecast to become a huge adopter of electric cars to curtail its rising dependence on foreign oil and to reduce its air pollution. In fact, electric cars and hybrid plug-ins will account for more than half the auto market in China by 2020, according to Dr. Wolfgang Bernhart, an auto industry expert with the international think tank, Roland Berger.

Furthermore, silver-zinc batteries are destined to generate major market share as they are said to be much safer, more environmentally-friendly and far more energy-efficient than lithium-ion batteries (which currently dominate the markets for smart cars and portable electronics).

Also, the ever-expanding industrial sector for silver now includes LCD/plasma television screens, solar panels, water purification and even medical and superconductivity applications. It is also finding a critical new use in biocides (which use silver in chemical agents to kill dangerous bacteria, including superbugs).

GFMS, a renowned London precious-metals consulting firm, concurs that overall fabrication demand (which also includes the photography, jewelry silverware sectors) is expected to rebound to “normal levels” in 2010. And the emergence of key new markets for silver is sure to help power this recovery, according to Neil Meader, research director at GFMS.

“It is becoming an increasingly industrial metal and novel new uses will also likely assist the recovery in silver’s demand,” he says.

However, the restocking of inventories for more of silver’s traditional uses will likely be the most powerful demand driver in the near-term, Meader suggests. It may even help propel silver prices into new territory to the extent that “a peak (in prices) could occur late this year or early next year.”

The revitalization of industrial demand is an inevitable consequence of silver’s growing importance as a high tech metal. In fact, this has grown year on year since 2001 to the onset of the financial crisis. And it only dipped a meager 1.4% to 447 million ounces in 2008.

This long-term growth trend is set against a backdrop of a multi-year rally in silver prices during this time frame, with gold’s poorer cousin refusing to be upstaged. It actually tripled in value to average US $15 in 2008 (in spite of its short-lived collapse to around $9). And it is continuing to trend higher this year now that supply/demand dynamics are beginning to reflect a return to a normal economy. All of this clearly demonstrates the price inelasticity of industrial demand.

Ironically, investment demand is also mostly shrugging off higher prices. Not only is there strong physical demand for silver bullion coins and bars, but the recent emergence of silver exchange-traded funds like the iShares Silver Trust is also creating strong additional demand.

Parikh notes that silver offers a safe haven in times of economic upheaval, while it also has the potential for significant investment returns.

“Silver is a unique metal that wins whether the economy is going well or is in bad shape,” he says. “In the latter, the investor buys it as a hedge against the downturn in the economy and the markets. And if the economy improves, then the industrial demand increases.”

All of this is music to the ears of silver miners, who are already ramping up production to satisfy newly resurgent industrial demand for silver. One company on the frontlines of this push for greater output is Vancouver-headquartered Great Panther Resources (TSX: GPR), which has been operating its Guanajuato and Topia mines in Mexico since 2006.

Notably, Great Panther is one of only a small handful of companies in the world that are primary silver producers, since the vast majority of this precious metal comes as a by-product of mines that are mostly focused on extracting lead and zinc or copper.

Company President Bob Archer says that he believes that higher silver prices next year will significantly boost the company’s ever-improving bottom line. Great Panther became cash flow positive earlier this year after producing 1.8 million silver equivalent ounces (silver plus by-product metals, including gold, lead and zinc) in 2008.

Archer has now set his company’s sights on generating over US $50 million in revenues by 2012 (based on a projected output of over 2.6 million silver ounces and 12,600 gold ounces, as well as minor base metals credits which translates into 3.8 million silver equivalent ounces).

“Our output is growing steadily. We just had our best quarter ever in the third quarter of this year. And we’re in the process of completing a $10 million equity financing to accelerate our three-year growth strategy to capitalize on higher silver prices.” Archer says.

“In fact, we’re quite bullish on silver prices for 2010. I believe that investment demand will be the biggest driver for higher silver prices next year. That said, I’m sure there will also be an increase in industrial demand going forward.”

Courtesy: http://www.BNWNews.ca

[goforthebet]

Indian investors dump gold for silver

2009-11-06 17:45:00

RAJKOT, India (Commodity Online): India's smart investors in the state of Gujarat have now realized the importance of silver following the huge rise in prices of gold. So, many of them have shifted to silver to make a killing.

Jewellers in the state opined that people who just want to invest in precious metals have started buying silver instead of gold, but consumers who want to buy jewellery have not shifted from gold.

Sales of silver coins and biscuits have gone up this week. Raw silver sales have risen by at least 30 per cent from any normal day.

This week pure gold (.999) prices opened to an all-time high of Rs 16,720-16,740 per 10 gm and touched the price of Rs 16,900.

Since August, silver prices in Gujarat have risen to Rs 27,000 a kg from earlier Rs 22,000, a rise of 22 per cent. While gold prices have risen only 8 per cent in the same period.

Spot silver prices were likely to rise to Rs 30,000 a kg end of this month, a rise of over 11 per cent from current prices, while gold is likely to climb to Rs 18,000 per 10 gm, up only 7 per cent.

Silver traded in the spot market at Rs 27,350 a kg this week. Silver seems lucrative as of now for the investors, but those who want to buy jewellery for the ongoing wedding season have not shifted to silver.

Jewellers said currently sales of gold jewellery were down sharply, despite the wedding season. Gold jewellery sales are down by 40-50 per cent after the sudden price rise. However, sales of raw silver have gone up 30-35 per cent as it is likely to give more returns.

http://www.commodityonline.com/news/Indian-investors-dump-gold-for-silver-22711-3-1.html

[JohnnyWinter]

This weekend I am going to put a list together of probable upcoming failures/seizures over the next year just for fun. Generally bank stocks that are trading in the .50 - 2.00 are pretty much guaranteed to fail, but as you know, that doesn't mean that they aren't good trades.

[Hedge Starz]

you like MTXX?

[JohnnyWinter]

It was only a matter of time.

I will be spending a lot of time in the upcoming weeks finding a couple companies that have books that are equally as $hitty as CIT's, and I will be going all in SHORT . Some of these companies and their stock prices are just hilariously high considering they have/had no chance of continuing on as a viable business.

I noticed that BAC is the largest unsecured creditor huh? Like they really need to lose any more money.


So what do you do if you want to play it? Put in a GTC order at .01 and wait for a market sell? I see cit.pr.a got down to .13 already. ---scratch that, I saw it made it down to .05 and now it's back up to .30 )

[loniee]

There they go..
..........................


CIT Group Files Bankruptcy, Seeks to Cut $10 Billion in Debt Share Business ExchangeTwitterFacebook| Email | Print | A A A
By Tiffany Kary and Dawn McCarty

Nov. 2 (Bloomberg) -- CIT Group Inc., the 101-year-old commercial lender that saw its funding dry up in the credit crunch, filed for bankruptcy in an effort to cut $10 billion in debt following a failed debt exchange and U.S. taxpayer bailout.

CIT listed $71 billion in assets and $64.9 billion in liabilities in a Chapter 11 petition yesterday in U.S. Bankruptcy Court in Manhattan. The Treasury Department said the government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.

The lender, which funds about 1 million businesses such as Dunkin’ Brands Inc. and Eddie Bauer Holdings Inc., said it plans to exit court protection quickly due to support from bondholders, who voted for a “prepackaged” plan. None of CIT’s operating subsidiaries, including Utah-based CIT Bank, were included in the filing, and operations will proceed as normal, CIT said in a statement.

“Short term, it’s going to cause some difficulties for startups and smaller borrowers,” said Jean Everett, a partner at Hiscock & Barclay LLP focusing on financial institutions and lending. “CIT lent across so many sectors it’s sort of difficult to predict how it’ll affect each sector.”

The bankruptcy, the fifth-largest by assets, “will allow CIT to continue to provide funding to our small business and middle-market customers,” Chief Executive Officer Jeffrey Peek said yesterday in a statement. CIT said it will attempt to emerge from court protection by the end of the year. Shareholders may be wiped out as common and preferred stock is likely to be canceled when the company ends its reorganization.

Carl Icahn

CIT has $1 billion from investor Carl Icahn to fund operations while it reorganizes. The credit line, to be drawn on until Dec. 31, will be a so-called debtor-in-possession loan. It also expanded its $3 billion credit facility by another $4.5 billion on Oct. 28.

The company had asked bondholders to exchange $30 billion in debt for new securities and equity. Icahn made a competing offer.

After New York-based CIT’s offer expired at midnight on Oct. 29, the company said it was tallying 150,000 ballots. Debt holders rejected the exchange offer, with 90 percent of holders who voted opting for the company’s prepackaged bankruptcy plan.

“We’ve been arguing for this type of result all along, whereby the bondholders can control the company’s fate and where management can’t just squander the company’s resources,” said Egan-Jones Ratings Co. President Sean Egan. “I think this outcome is absolutely fantastic.”

Holding Companies

The failure of CIT’s bank-holding company is the biggest measured by assets since regulators seized Washington Mutual Inc.’s banking unit in September 2008. Washington Mutual and IndyMac Bancorp Inc. are other banks with unmanageable debt that sought court protection to wind down their holding companies. Both put their retail banking units in the hands of the Federal Deposit Insurance Corp. CIT became a bank-holding company in December to qualify for a Treasury bailout.

“Disruptions in the credit markets coupled with the global economic deterioration that began in 2007, and downgrades in the company’s credit ratings” hindered CIT’s ability to obtain financing, according to an Oct. 2 filing with the U.S. Securities and Exchange Commission.

According to the petition, CIT’s largest unsecured claim holders were Bank of America Corp., as collateral agent for a $7.5 billion claim, and Bank of New York Mellon Corp., as a trustee for retail bonds with a claim of $3.2 billion. Canadian senior unsecured notes have a claim for $2.1 billion, and Citigroup Inc. also has a $2.1 billion claim as an administrative agent to bank debt due 2010.

Plan Outline

CIT had said in its Oct. 2 outline of a prepackaged plan that it would give most noteholders new notes at 70 cents on the dollar plus new common stock, compared with the range of 70 cents to 90 cents and new preferred stock proposed in the exchange offer.

The lender, which reported $3 billion of losses in the past eight quarters, received $2.3 billion from the Treasury on Dec. 31, giving the U.S. preferred stock and warrants. The company wasn’t given access to the FDIC’s debt-guarantee program.

“We will be following developments very closely with an eye towards protecting taxpayers during the bankruptcy proceeding,” Treasury spokesman Andrew Williams said yesterday in an e-mailed statement. “But as the company’s disclosure on the prepackaged bankruptcy makes clear, with debt holders receiving less than face value of their instruments, recovery to preferred and common equity holders will be minimal.”

CIT said the debt exchange would have given it a quicker reorganization without the cost of defaulting on loans, unwinding derivatives or fees for bankruptcy lawyers.

Largest Bondholder

Icahn, who said he’s the largest bondholder with $2 billion of debt, had initially sought to block CIT’s prepackaged plan, saying bondholders would get a better deal if the company went into a “free-fall bankruptcy.” He offered to buy bonds for 60 cents on the dollar.

The company tried to stave off bankruptcy with a $3 billion rescue loan from bondholders in July to see it through a cash crunch. Bondholders stepped in after CIT failed to get another U.S. government bailout or enough loans to permit an out-of- court restructuring.

CIT’s $3 billion facility, arranged by Barclays Plc, included investors led by Newport Beach, California-based Pacific Investment Management Co. and Centerbridge Partners LP in New York. Also providing financing were Oaktree Capital Management LLC and Capital Research & Management Co., both in Los Angeles, and Boston-based hedge fund Baupost Group LLC and Silver Point Capital LP in Greenwich, Connecticut.

Finances Trade

CIT has said it’s the third-largest U.S. railcar-leasing firm and the world’s third-biggest aircraft financier. It also finances trade in Canada, Europe and Asia by lending to small manufacturers that sell to retailers.

CIT accounts for about 70 percent of all short-term U.S. financing known as factoring, worth about $40 billion a year, according to Ray Ecke, president of Credit Management Resource in Oakland, New Jersey.

In factoring, suppliers and manufacturers sell payments owed for goods and services to companies such as CIT because they need immediate cash. The process gives vendors money to produce goods retailers have ordered. Retailers typically make payments within 90 days. After they do, a factor keeps a fee based on a percentage of the total order.

Subprime Mortgages

Peek, 62, who joined CIT in 2003 after failing to land the top job at Merrill Lynch & Co., moved the lender into subprime mortgages and student loans to pump up growth.

Assets at CIT jumped 77 percent from 2004 to the end of 2007 as it acquired companies that focused on vendor finance, education lending and medical, construction and industrial equipment loans. Net income surpassed $1 billion in 2006, a 39 percent increase over two years.

CIT’s $500 million of notes due Nov. 3 fell to 68 cents on the dollar as of Oct. 29 from 80 cents at the beginning of the month, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

The lender’s bankruptcy filing was made by Skadden, Arps, Slate, Meagher & Flom LLP, which the company said on July 11 it had hired as a legal adviser.

The case is In re CIT Group Inc., 09-16565, U.S. Bankruptcy Court for the Southern District of New York (Manhattan).

To contact the reporters on this story: Tiffany Kary in U.S. Bankruptcy Court for the Southern District of New York in Manhattan at [e-mail] and; Dawn McCarty in Wilmington, Delaware, at [e-mail].

[THUMBS]

you can say that again

[goforthebet]

no I did not loniee. I have bought MZEI with the cash I had available :)

[loniee]

u2..I wasn't sure if you grabbed some or not..be good..or at least be good at being bad..lol

[goforthebet]

good for you loniee, congrats.. wish you a great weekend :)

[loniee]

LAB heading the right way now..

[loniee]

yes
no
and Arrrrrg..lol


glad your back

[stocksniperz]

yep it's pretty awesome. I just can't believe how peacefull it is up here. Was so sick of Hawaii, I can finally breath.

It seems that ihub as quieted down some since i was last on? Is it dieing? or is it just that time of year?

Also, wtf happened to spng lol.

[loniee]

Not a very good day in the stock market.

[loniee]

You type like your pretty happy to be home...Nice to be back with your family I bet..

[THUMBS]

sweeeet!Minneapolis, about 4hrs from fargo
yup,i hunt,havent in a few yrs,but me and DFLY used to all the time

[stocksniperz]

where are you in MN??? You hunt? I just got my deer tag. I see they have some buck tags left in MN I might be interested in. Last night I dreampt I field dressed a deer in under 60 seconds lol. It's great to be back...

[THUMBS]

heyyyyy bro!NICE,back in the states~ND,huh,by me in Mn.
Brrrrrrrrrrr coming our way with plenty-o-snow lolllllllll
good to see ya

[loniee]

Hey Hey..welcome to the mainland..

[stocksniperz]

I'm back! Finally made it up to North Dakota and in a regular time zone! I will be participating much more as the days go on!

[goforthebet]

It should be a buy, if not something is wrong :)

[loniee]

I grabbed a few tuesday..looking like bottom to me...we shall see though

[goforthebet]

gm loniee, it seems there is no more space on the downside or it will fall off the chart ;)

[loniee]

MPG...are we going to get a chance to play again?Gapping up this morning

[loniee]

LAB turning into a pincher play..

[goforthebet]

SILVER NEWS

ANTI-MICROBIALQUALITIES

http://www.mineweb.co.za/mineweb/view/mineweb/en/page32?oid=91435&sn=Detail

Silver containing wound dressing launched into $15 billion global market

In yet another medical application for silver, Advanced Medical Solutions has launched a silver-containing wound dressing for the global woundcare market.

Author: Lawrence Williams
Posted: Tuesday , 27 Oct 2009

LONDON -

British specialist technology company, Advanced Medical Solutions (AMS), which supplies the $15 billion global woundcare market with advanced woundcare dressings and tissue adhesives for wound closure has announced a new silver-containing dressing. This has already been launched in the U.S. and is being introduced into the European and other international markets this month.

Systagenix Wound Management, the marketing and distribution partner for AMS's fibre-based silver alginate technology, has expanded its existing anti-microbial wound dressings offering with the introduction of AMS's SILVERCEL Non-Adherent Hydro-Alginate Dressing.

The company notes that silver is widely recognised as a safe and effective broad-spectrum anti-microbial agent for infection control.

In 2003, AMS developed a range of wound dressings whereby silver fibres were incorporated into its proprietry calcium alginate technology which allows a controlled and sustained release of silver into the wound without compromising the performance of the base alginate - a natural wound dressing derived from seaweed. The global silver alginate market is currently estimated at around $350 million and growing at 15% per annum.

The new wound dressing should also have application in the military market as well as for accident applications and demonstrates the growing usage for silver in medical applications as noted on Mineweb last month - see Perfect storm for silver brewing as antibiotics substitute--Silver Institute Such medical usage is one of the growing new markets for silver, and while it may take a long time to replace the losses from the switchover to digital from film in the photographic sector, it is becoming a significant market for the sector.

[loniee]

sure does look like crap on the chart and in my portfolio

[Hedge Starz]

STSA had some bad numbers IMO. dilution has to occur at some point. tier 1 ratio is under 8%. and they had some big bad debt allowance numbers

[loniee]

YBUT....lol...whats up?STSA under a buck...wow
alittle sleeper OTCBB I have been adding a little when I get the chance for a little oil play...BNXR will wake one day..IMO

[Hedge Starz]

what are you buying?

[goforthebet]

Indian silver appetite sharpened by record gold

Thu Oct 22, 2009 9:27am IST

http://in.reuters.com/article/businessNews/idINIndia-43340920091022?sp=true

[loniee]

getting better..got the news we were waiting for today...rocken!!!!!!!!!