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PEIX below .28
DD - I'd be happy with $10 and don't think its out of the question that it can achieve it either. Still holding my shares tight.
GLTU
Interesting opinion based article re: DRL
Closed nicely already at 1.65, well well ahead of the article's projection.
Resiliency in the Face of a Hurricane: DRL
The Bank will have a Key Ally in U.S. Government.
http://www.smallcapnetwork.com/Resiliency-in-the-Face-of-a-Hurricane-DRL/s/via/14/article/view/p/mid/1/id/176/
The Canadian Press
Date: Friday Aug. 26, 2011 1:23 PM ET
TORONTO — The Ontario Securities Commission accused Chinese timberland company Sino-Forest Corp. of fraud and stopped trading of the company's Canadian-listed shares on Friday
"Sino-Forest and certain of its officers and directors appear to have misrepresented some of its revenue and/or exaggerated some of its timber holdings," the Ontario regulator said in a temporary order.
The regulator had also initially ordered that Sino-Forest chief executive Allan Chan and four other executives resign, but later backed away from the demand as it said it overstepped its authority under a temporary order.
Temporary orders last for 15 days, but may be extended if a hearing is started within the period.
The regulator said it made the move against Sino-Forest without first holding a hearing because the time required could be "prejudicial to the public interest."
Shares in Sino-Forest (TSX:TRE) last traded on the Toronto Stock Exchange for $4.81, however the stock plunged 70 per cent in U.S. trading.
The allegations have not been proven in court and calls to the company seeking comment were not immediately returned.
The OSC order comes after a short-seller Muddy Waters Research made similar allegations earlier this summer.
According to the order signed by OSC chairman Howard Wetston, the company and certain of its officers and directors, including Chan, appeared to be engaging in acts that they knew or reasonably ought to have known were fraudulent.
Sino-Forest launched an investigation by an independent committee earlier this year after the allegations were first made by Muddy Waters and its research director Carson Block.
"We believe that the OSC's action in suspending trading in Sino-Forest is a major positive in that the commission is protecting investors from making uninformed decisions in a highly volatile stock," Block said Friday.
"Our conviction that Sino-Forest is a fraud has not wavered since we issued our report, and we look forward to seeing justice done."
The company said last week that its investigation would take longer than the two to three months that was initially predicted and is now expected to be complete by the end of year.
The stock, which traded for more than $14 before the allegations, fell to as low at $1.29.
However, the shares had recovered some of their value in recent weeks as some investors bet the company would be cleared of the allegations.
New Zealand billionaire Richard Chandler held an 18 per cent stake in Sino-Forest as of Aug. 4, according to data compiled by Thomson Reuters.
The OSC said Sino-Forest has raised approximately $2.986 billion from public investment and debt securities issues since 2003, including four public offerings between 2004 and 2009 which approximately raised $1.05 billion.
TSE.TRE was halted previously, it did not affect SNOFF, of course things could be different this time, its a risky play I'm sure most already realize. Thank you though.
FOR WHAT ITS WORTH
Ontario regulator issues cease-trade order against Sino-Forest
Reuters
9:40 AM, E.T. | August 26, 2011
Canadian, Energy & Resources
AA Follow this
Canadian securities regulators on Friday ordered a halt in trading of securities of Sino-Forest (TRE-T 4.81 0.00 0.00%), saying an investigation showed signs that the Chinese forestry company may have engaged in fraud.
"Sino-Forest, through its subsidiaries, appears to have engaged in significant non-arms-length transactions which may have been contrary to Ontario securities laws and the public interest," the Ontario Securities Commission said in a temporary order to cease trade.
The OSC also ordered Chief Executive Allen Chan, and four other executives to resign as officers and directors of the Toronto-listed company.
Just released from The Ontario Securities Commission:
IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5 as amended
- and -
IN THE MATTER OF
SINO-FOREST CORPORATION, ALLEN CHAN, ALBERT IP, ALFRED C.T. HUNG,
GEORGE HO AND SIMON YEUNG
TEMPORARY O R D E R
(Section 127(1) & (5))
WHEREAS it appears to the Ontario Securities Commission (the "Commission") that:
Sino-Forest Corporation (“Sino-Forest”) is a publicly traded Canadian company and a “reporting issuer” in Ontario and other provinces, as that term is defined in section 1(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act");
Allen Chan (“Chan”) is Chairman and Chief Executive Officer (“CEO”) of Sino-Forest;
Albert Ip (“Ip”) is the Senior Vice President Development and Operations North–East and South-West China of Sino-Forest;
Alfred C.T. Hung (“Hung”) is Vice-President Corporate Planning and Banking of Sino-Forest;
George Ho (“Ho”) is Vice-President Finance of Sino-Forest;
Simon Yeung (“Yeung”) is Vice President - Operation within the Operation / Project Management group of Sino-Panel (Asia) Inc., a subsidiary of Sino-Forest (“Yeung”);
Since 2003, Sino-Forest has raised approximately $2.986 billion from public investment and/or debt securities issues including four public offerings between 2004 and 2009 which approximately raised $1.05 billion;
Sino-Forest has over 150 subsidiaries, the majority of which are registered in the British Virgin Islands and Peoples Republic of China (“PRC”);
Sino-Forest’s operations are predominately in the PRC and its management has offices in Hong Kong primarily and also in the PRC and Ontario;
Staff of the Commission is conducting an investigation into the activities and business of Sino-Forest and its subsidiaries and their management;
The Independent Committee of Sino-Forest has also been conducting an investigation into the activities and business of Sino-Forest and its subsidiaries and their management. As a result, Sino-Forest has recently suspended Ho, Hung, and Yeung temporarily and curtailed Ip’s duties and responsibilities.
Sino-Forest, through its subsidiaries, appears to have engaged in significant non-arm’s length transactions which may have been contrary to Ontario securities laws and the public interest;
Sino-Forest and certain of its officers and directors appear to have misrepresented some of its revenue and/or exaggerated some of its timber holdings by providing information to the public in documents required to be filed or furnished under Ontario securities laws which may have been false or misleading in a material respect contrary to section 122 or 126.2 of the Act and contrary to the public interest;
Sino-Forest and certain of its officers and directors including Chan appear to be engaging or participating in acts, practices or a course of conduct related to its securities which it and/or they know or reasonably ought to know perpetuate a fraud on any person or company contrary to section 126.1 of the Act and contrary to the public interest;
AND WHEREAS, the Commission is of the opinion that the time required to conclude a hearing could be prejudicial to the public interest as set out in section 127(5) of the Act;
AND WHEREAS the Commission considers it to be in the public interest to make this order;
AND WHEREAS by Authorization Order made July 14, 2011, pursuant to subsection 3.5(3) of the Act, each of Howard I. Wetston, James E. A. Turner, Kevin J. Kelly, James D. Carnwath, Mary G. Condon, Paulette L. Kennedy, Vern Krishna, Christopher Portner and Edward P. Kerwin, acting alone, is authorized, to exercise the powers of the Commission under the Act, subject to subsection 3.5(4) of the Act, to make orders under section 17 of the Act.
IT IS HEREBY ORDERED that, pursuant to clause 2 of section 127(1) of the Act that all trading in the securities of Sino-Forest shall cease;
IT IS FURTHER ORDERED that pursuant to clauses 7 and 8 of section 127(1) of the Act that Chan, Ip, Hung, Ho and Yeung resign any and all positions that they hold as a director or officer of Sino-Forest or any other registrant and that they are prohibited from becoming or acting as director or officer of an issuer;
IT IS FURTHER ORDERED that pursuant to clause 2 of section 127(1) of the Act that all trading by Chan, Ip, Hung, Ho and Yeung in securities shall cease;
IT IS FURTHER ORDERED that, pursuant to section 127(6) of the Act that this order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission.
DATED at Toronto this 26th day of August, 2011.
OSC orders cease trade order against SINO FOREST / SNOFF
http://www.bnn.ca/
Thanks - been kind of busy with other things than trading these days, so I hope my mod work is up to par....holding a position in DRL.
Left for the day, and came back to see what it did... oops, shouldn't have said anything lol.
PMI starting to look interesting again - 26m market cap 160m shares, trading at .16
The post seems to be mostly opinion-only based, so pure speculation. I do think they are a candidate however....and currently at quite a low price given the book value per share is about 4 bucks....no?
Could go up easily from here...current broader market situations aren't helping a this very moment.
DealTalk: In Puerto Rico, bank deal may mean survival
Fri, Aug 19 2011
By Jochelle Mendonca
BANGALORE (Reuters) - First BanCorp (FBP.N: Quote, Profile, Research, Stock Buzz) and Doral Financial (DRL.N: Quote, Profile, Research, Stock Buzz), the No.2 and No.3 banking groups by assets in Puerto Rico, may be pushed into combining their operations to survive profitably in the Caribbean U.S. island territory's overbanked market.
Almost a year after First BanCorp, the parent of Firstbank, rejected a $96 million offer from Doral, it has cut deals with three big private investment firms that could put it in a strong position to turn the tables, and go after Doral.
Thomas H Lee Partners, Oaktree Capital Management and Wellington Management will pump at least $500 million in capital into First BanCorp, which will also convert $424 million it received from the U.S. Treasury into common stock.
Once those deals are completed, First BanCorp will be significantly larger than Doral, which is currently valued at around $177 million.
"My view is that those investors are not going to make a decent return by just investing in Firstbank alone without combining with, most likely, Doral," said a Doral stockholder, who did not want to be named because of the sensitivity of the matter.
The investor, who has a significant Doral stake and previously owned First BanCorp shares, said First BanCorp "is going to have to talk" to Doral.
About 6.3 percent of Doral is currently held by funds which bet on merger activity as part of their investing thesis, according to Thomson Reuters data.
Both companies have problems tied to the weak Puerto Rican market -- both are under regulatory orders to maintain capital levels and, separately, neither has the muscle to really compete with market leader Popular Inc (BPOP.O: Quote, Profile, Research, Stock Buzz).
Joining forces would boost their earnings power and competitivity -- even as interest rates look set to remain low.
"A combination of First BanCorp and Doral will take out a large chunk of expenses, and that would help a combined institution be profitable almost right off the bat," B Riley and Co analyst Joe Gladue told Reuters.
Doral's April-June net income was less than a tenth of its quarterly non-interest expenses of $59.3 million. Firstbank's non-interest costs were $86.4 million, while it lost $22.2 million in the quarter.
Cantor Fitzgerald analyst Michael Diana expects a combination of the two banks to provide scale and help shore up pricing in Puerto Rico.
Combined, Firstbank and Doral would have $22.6 billion in total assets and more than $16 billion in deposits, according to data from the Federal Deposit Insurance Corp (FDIC). Popular has $29 billion in assets and $20.75 billion in deposits.
Doral and First BanCorp declined to comment for this article.
LOGICAL COMBINATION
Despite a cull last year, Puerto Rico remains over-banked, and analysts say there must be consolidation for surviving banks to grow.
If Firstbank and Doral want to look at other banks in the region, they will find the going much harder.
Others operating locally include units of Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz), Banco Santander (SAN.MC: Quote, Profile, Research, Stock Buzz) and Banco Bilbao Vizcaya Argentaria (BBVA.MC: Quote, Profile, Research, Stock Buzz) -- all of which have deep-pocketed parents.
"They could talk to them, but they will have to offer a higher premium. Those banks do not have to sell and may not want to," said B Riley's Gladue.
Popular, which took over a local rival last year with the regulator's blessing, could see the FDIC play spoiler this time as it already controls over 40 percent of the island's deposits.
"A better outcome for Popular would be the acquisition of First BanCorp by Bank of Nova Scotia, which would create a duopoly, with rational pricing," said Cantor's Diana.
However, the Canadian bank already has a Puerto Rican unit and has cut its stake in Firstbank to 3 percent from the 10 percent it bought in 2007 -- making an offer unlikely.
Scotiabank's U.S. unit is also smaller than Doral in assets and deposits and is a key part of its push into the Latin American market. In addition, Firstbank's private equity owners are unlikely to want to have to cede some control.
"There's a built-in logic if First BanCorp and Doral decide to merge," said Gladue.
(Reporting by Jochelle Mendonca in Bangalore, Editing by Ian Geoghegan)
Added PEIX this morning... hope a bottom is in
PMI filled the gap from Fri/Mon?
NEPH shares are scarce....could break 2 soon
Doral more than doubles Fifth Ave. footprint
Puerto Rican financial firm will have a total of 27,500 square feet at tower, between East 50th and 51st streets.
By Amanda Fung on August 16, 2011
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Doral Financial Corp. is more than doubling its Fifth Avenue office space to a total of 27,500 square feet.
The San Juan, Puerto Rico-based financial services company has signed an eight-year deal to renew 13,000 square feet and take on an additional 14,500 square feet at 623 Fifth Ave., between East 50th and East 51st streets. Asking rent for the space in the 36-story, 350,000-square-foot tower ranged from $80 per square foot to $135 per square foot.
“The building was able to accommodate Doral Financial’s growth as the company continues to expand its business in New York,” said John Picco of Cushman & Wakefield Inc. He and colleague Richard Nocom represented the tenant.
The company currently occupies the 13th floor of the building and is expected to move into the entire 19th floor by the fall.
The landlord Cohen Brothers Realty Corp. was represented in-house by Steve Lambert and David Nevins.
Read more: http://www.crainsnewyork.com/dcce/20110816/12/real_estate/122/deals_active/2629500#ixzz1VDrSdHb0
Anybody's thoughts on this?
http://www.sec.gov/Archives/edgar/data/840889/000095012311077873/g27895ntnt10vq.htm
I'm very happy dd!
The float was so low on this with near term catalysts...we shall see how NEPH will fare with the FDA this time around.... I AM HOLDING!
Great news from NEPH today...
DORAL FINANCIAL IS GOING BACK IN THE BLACK AS POSITIVE EARNINGS ARE NOW EXPECTED (DRL)
Print Share
Aug 11, 2011 (SmarTrend(R) News Watch via COMTEX) -- Doral Financial (NYSE:DRL - Snapshot Report), which was in the red a year ago, is expected to turn a profit this year according to analyst expectations.
In the last fiscal year, the company lost $2.81 per share. Doral Financial is now estimated to attain profitability and earn $0.07 per share this year, based on 127.3 million shares outstanding.
Doral Financial is currently trading below its 50-day moving average of $1.91 and trading below its 200-day moving average of $1.53.
It could be retail - someone who bought at .23 to .25, selling for a 100k profit.
Or it could be an institution lessening their load, we don't know. Though it was getting bought up throughout the day.
The future circumstances for PMI are uncertain obviously, but there is a chance that they will come to an arrangement with the regulators and/or PMAC will be approved to take over writing new business.
The situation is complex and fluid. Bankruptcy was never outright mentioned.
Bad earnings, uncertain future, all in a bad market with huge short interest = big selloff
IF they come up with any positive news/agreement, then PMI will shoot to $1.20+ very quickly.
Remember, there are only 161million shares out there, and at this price, the market cap is around 50m.
Something tells me in the short and mid term... some may be saying they wish they got in at .35 just my opinion.
Still a risky stock PMI but worth a buy down here imo.
Agreed...added at .3615 will see how it plays out in the coming days
Adding PMI at .3615
I don't think so. They did not announce BK on the conference call or in the earnings...yes, they are facing challenges regarding their business and need to come to a solution with regulators, but they are still writing new business, seeking to unlock value for shareholders (their words).
PMI isn't going anywhere anytime soon.
Today's selloff is overdone, though a good buying opportunity and a good time to cover for shorts who are changing sides for the meantime. all imho
PMI .40 again.... look for trade opps with this volatile stock... can rally easily imo
PMI post cc...catalysts still in play watch for trade opportunities. Currently .40 LOD .38
In a week could bounce heavily due to large short interest.
Are you listening to the CC....catalysts still there....they are in negotiations, still writing business
PMI .38
PMI .46 now!
1.60... NEPH entering a new level here..2011 is going to be interesting
Wow! Southpaw holding that much? Sheesh this is a low float!
No, I dont' know.
Agreed - NEPH has the ability to do double digits. And its completely under the radar...right now anyways.
NEWS: Nephros Provides Corporate Update
Nephros Inc. (OTCBB:NEPH)
Intraday Stock Chart
Today : Wednesday 27 July 2011
Nephros, Inc. (OTC Bulletin Board: NEPH), a medical device company developing and marketing filtration products for therapeutic applications, infection control, and water purification, today provided an update on its operations and strategy.
"Nephros has undergone significant changes in its operational activities this year. The company is providing shareholders with an overview of these changes and the company's ongoing strategy," said Dr. Paul Mieyal, acting CEO of Nephros.
Recent Highlights
Completed $3,200,000 Rights Offering;
Completed Licensing Agreement with Bellco S.r.l.;
Received first installment payment of euro 500,000 from Bellco S.r.l.;
Obtained U.S. FDA 510(k) approval for MSU, SSU;
Obtained approval to market Dual Stage Ultrafilters (DSU) in Canada; and
Engaged DHR International for CEO recruitment
Hemodiafiltration System
Nephros anticipates submitting a new 510(k) application to market its leading-edge hemodiafiltration (HDF) system for end-stage renal disease (ESRD) in the U.S. in the third quarter of 2011 which would be subject to the FDA's standard 90-day review period. The application will detail Nephros's OLpur MD220 diafilter and Nephros's OLpur H2H Hemodiafiltration module. Nephros's OLpur MD220 is a dialyzer designed expressly for HDF therapy that employs Nephros's proprietary Mid-Dilution diafiltration technology. Nephros's OLpur H2H Hemodiafiltration module enables the most common types of standard dialysis machines to perform HDF therapy. Nephros believes that, if approved, its technology would be the first approved on-line HDF therapy available in the U.S.
"Physician interest in Nephros ESRD products continues to be strong; I look forward to the new 510(k) submission for FDA approval of Nephros's products as a significant step toward bringing this important HDF therapy to the U.S.," said Dr. Leonard Stern, Medical Director for Home Therapies at Columbia University Dialysis Center and clinical advisor to Nephros.
Ultrafiltration Products
The Association for the Advancement of Medical Instruments' (AAMI) adoption of more stringent water purity standards for dialysis applications as well as observational studies showing a significant reduction in required erythropoietin dosing when the Nephros DSU is utilized during dialysis therapy has significantly increased interest in Nephros ultrafiltration products. In addition to the DSU, Nephros recently announced 510(k) clearance for its SSU and MSU filters to enable these additional ultrafiltration products to be used in dialysis applications.
Nephros has introduced product line extensions for the hospital infection control market which include a more durable filter design to withstand the higher pressures of hospital plumbing, filter covers to improve the aesthetics of the filters in hospital showers, and the Safe Spout as a convenient endpoint filter to address acute outbreak scenarios. Nephros is investigating a range of additional commercial, industrial, and military opportunities for its DSU technology.
Military
Nephros has contracted with the Office of Naval Research to develop an advanced water purification system for military field use. Nephros's proprietary dual stage cold sterilization ultrafilter will form the basis of the portable system. For 2011, Nephros has generated approximately $249,000 of revenue through June 30 from its U.S. Defense Department project.
In response to a Request For Information (RFI) from the U.S. Army, Nephros submitted its UF-40 ultrafilter for consideration as part of the standard issue hydration pack for soldiers in the field. Nephros has been informed by the U.S. Army Public Health Command that its UF-40 filter has been validated to meet the military's NSF P248 standard for emergency military operations as a microbiological water purifier. Nephros believes that its UF-40 filter is the only stand-alone filter to date to have met the performance criteria of the NSF P248 standard without secondary disinfection steps. The Army has not to date issued a Request For Proposal (RFP), and Nephros has no information regarding when or if an RFP applicable to the UF-40 ultrafilter may be put forth by the U.S. Army.
Business Development
As previously announced, Nephros licensed its mid-dilution technology to Bellco S.r.l. in exchange for upfront cash payments and royalties on future sales of MD190 and MD220 dialysis filters in Canada and certain European countries. For the second half of 2011 and for the remainder of the license period, installment payments from the Bellco license will be recognized as revenue on an amortized basis.
During 2010, Nephros completed the initial milestone under the joint collaboration agreement with STERIS Corporation and expects to complete the remaining product development milestones under the agreement by the end of the third quarter of 2011. The remaining milestones, if met, would result in aggregate payments to Nephros of $60,000.
Executive Recruitment
Nephros has engaged DHR International to recruit a full-time Chief Executive Officer. DHR is the fifth largest search firm in the United States and the sixth largest globally. The terms of the engagement are reported separately in a current report on Form 8-K filed with the SEC.
"Nephros's Board of Directors thanks Dr. Mieyal for his continued stewardship of the company during this period," said James S. Scibetta, Chairman of Nephros. "The company believes it is now well positioned to attract top talent for its future growth. We look forward to working with DHR to identify a permanent CEO who can continue to maximize the value of the company for shareholders."
DHR Contact:
Donald M. KilinskiEVP and Global CFO Practice Group LeaderDHR International One Newark Center | 1085 Raymond Blvd.| 14th Floor | Newark, NJ | 07102 T: 973-792-1710 | M: 201-314-7177 | dkilinski@dhrinternational.com
About Nephros, Inc.
Nephros, Inc., headquartered in River Edge, New Jersey, is a medical device company developing and marketing filtration products for therapeutic applications, infection control, and water purification.
The Nephros hemodiafiltration (HDF) system is designed to improve the quality of life for the End-Stage Renal Disease (ESRD) patient while addressing the critical financial and clinical needs of the care provider. ESRD is a disease state characterized by the irreversible loss of kidney function. The Nephros HDF system removes a range of harmful substances more effectively, and with greater capacity, than existing ESRD treatment methods, particularly with respect to substances known collectively as "middle molecules." These molecules have been found to contribute to such conditions as dialysis-related amyloidosis, carpal tunnel syndrome, degenerative bone disease and, ultimately, mortality in the ESRD patient.
The Nephros Dual Stage Ultrafilter (DSU) is the basis for the Nephros line of water filtration products, which includes the MSU and SSU ultrafilters. The patented dual stage cold sterilization ultrafilter has the capability to filter out bacteria and, due to its exceptional filtration levels, filter out many viruses, parasites and biotoxins. The Nephros DSU, MSU, and SSU are FDA cleared for the filtration of biological contaminants from water and bicarbonate concentrate used in hemodialysis procedures. Nephros' DSU ultrafilters are being evaluated at several major U.S. medical centers for infection control. Nephros ultrafilter technology has also been selected for further development by the U.S. Marine Corps for purification of drinking water by soldiers in the field.
For more information about Nephros, please visit the company's website at www.nephros.com.
Forward-Looking Statements
Statements in this news release that are not historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Such statements may be preceded by words such as "may," "plans," "expects," "believes," "hopes," "potential" or similar words. For such statements, Nephros claims the protection of the PSLRA.
Forward-looking statements are not guarantees of future performance are based on assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond Nephros' control. Actual results may differ materially from the expectations contained in the forward-looking statements. Factors that may cause such differences include the risks that Nephros may not be able: (i) to continue as a going concern; (ii) to realize the benefit of any strategic relationship, including the license agreement with Bellco, the joint collaboration agreement with STERIS Corporation and projects with the U.S. military; (iii) to obtain appropriate or necessary governmental approvals to achieve its business plan or effectively market its products; (iv) to obtain additional funding when needed or on favorable terms; v) to have its technologies and products accepted in current or future target markets; (vi) to demonstrate in pre-clinical or clinical trials the anticipated efficacy, safety or cost savings of products that appeared promising to Nephros in research or clinical trials; or (vii) to secure or enforce adequate legal protection, including patent protection, for its products. More detailed information about Nephros and the risk factors that may affect the realization of forward-looking statements is set forth in Nephros' filings with the SEC. Investors and security holders are encouraged to read these documents on the SEC's website at http://www.sec.gov/. Nephros does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
SOURCE Nephros, Inc.
NEPH at 1.49....this stock is so thin it's ridiculous. Any major good news and we're off to double digits imo