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Pretty much a dying industry, and slow motion train wreck. Markets shun uncertainty. And with the Puerto Rico debacle, that will potentially take years to sort out, shorting the bond insurers and most financials in this rigged market a good bet. And Syncora being a perpetual pink sheet company any settlement will have little or no impact on PPS. Again, you guys can't see the forest for the trees. Elvis has left the building, last one to leave, turn out the lights. IMO.
The silence of Syncora's management speaks volumes. IMO.
And a year from now USAA and/or some other entity will be unloading for tax loss credit. Only we will be much lower. Maybe even sub penny. Basically just another worthless company. Way too many companies stock is not worth a hill of beans. IMO.
It's been obvious for a long time that a heck of a lot a shares are being unloaded, at whatever price they can dump them at. The unloading will continue for a long, long time, on low volume. IMO.
We will see an agonizingly slow death. Hate to say I told you so. Susan and boards only goals, priorities is to cover their arses and keep their fat paychecks coming for as long as possible. Can't say I blame them. IMO.
Syncora's management out for themselves. And that this is a Bermuda domiciled company, it is impossible to sue Syncora for breach of fiduciary duty. Only in America can inept bozos keep their great paying jobs indefinitely. But not without an army of lawyers to make sure their arses are covered, and everyone involved compensated real well for years. IMO.
Conference call not going to happen. As bozo Vice President Corbally, cautioned. And Syncora don't have to say squat. Why is Syncora going to .10 or less. Because they can. IMO.
jboy71, not involved in the selling. When it comes to companies like Syncora, you can see/feel the dump coming, especially after the run up in March 2014. If Syncora hasn't shown itself to be a scam, it has as a complete sham. Syncora's management out for themselves and kissing NYID, you know what. Also, surmised like many companies cronyism, the norm at Syncora. Watch how they disconnect preferred from commons going forward. IMO.
Holty, just noise, however, continuous pink sheet = perpetual obscurity. Perdicting between .001 and .10 by April 2016. More sellers to follow. IMO.
Brand, ok, enough negative comments from me. I am going far away from the maddening crowds for a long while. No access to Internet. Have a great weekend to all Syncora investors. IMO.
Brand, good points. However, for me, circumstances today in the market have changed for the worse. That Syncora couldn't hold up in a good market and now we potentially heading into a prolonged bear market, or a least until January, Syncora will continue to languish and drift lower. Pink sheet companies are notorious for taking retail people's money. IMO.
Brand, you and others again can't see the forest for the trees. All the questions you posed at this juncture don't amount to a hill of beans. Syncora a pink sheet company for years now and management is incompetent or just don't car, or both, in their ability to enhance interest in Syncora common shares. I wish I was wrong. But the tape don't lie. IMO.
Lincoln, I am not an insider. Just highly disappointed that Syncora just another toxic pink sheet company. I suspected long ago that Syncora's management just a bunch of self serving bozos, like way too many "public companies". Syncora has reinforced in me the importance of investing in safe, tangible investments. IMO.
Also, in tandem with dumping Syncora, that are making money, shorting, and naked shorting when needed. With Pink sheet stocks they can make money in strange ways. IMO.
Eddie I wouldn't by more of Syncora with your money. This Company/stock has major problems. It looks more likely unfortunately, that Syncora just keeps hemorrhaging until 0 or close to it. Becoming a typical pink sheet penny stock, that languishes for years and gone. Obvious that this is being dumped at the bid at whatever price they can get. Doubt now, very much that .35 a bottom. That saying never get married or fall in love with a stock/company never more appropriate. IMO.
Great post Brand. One thing, the bid price are usually a buy price. In Syncora's case the bid had/is the sell price. And on TD amertrade there are 2500 share lots all the way down to .35. Hoping that will be a bottom? IMO.
Denny, naked shorting, more likely. IMO.
Denny, I am not happy with Syncora. I have been trying to grasp, what's going on in this crazy market and financials in perticular. I may be paranoid, but I believe the banks and the powers that be are trying to undermine the municipal bond market. Maybe the banks are trying to get back at the bond insurers for recouping millions because of those toxic mortgages. The drum beat of more potential municipal bankruptcies getting more press. Unfortunately, that Syncora is a pink sheet company for who knows how long, had/has negative repercussions, especially after so many years. Denny you have been fact finding magician, and most likely a great person. If not for you Syncora would potentially be much lower. IMO. GLTA.
When too many believe that municipal bankruptcies are going to happen more and more, this sector and pink sheet Syncora specifically, does not instill confidence. Too much risk, uncertainty. A friend still believes Syncora going to .35ish, sooner or later. IMO.
Denny, I am no expert. A distinct possibility, however is that naked shorting of Syncora has/is occurring, regularly. IMO.
Beta, those almost one million shares at 1.174, if even half shorted, pretty good return. When volume spikes, and many shares go off, we go lower. Looks like short covering to me. IMO.
Beta, obvious shorts have been making money. And they will continue to do so, for a loooong time. IMO.
Two "trades" for .65 of 172,990, at exactly 13:28:41. Total BS. IMO.
Told you so guys. When the big boys want to shaft retail. Nuff said. IMO.
Circumstances would have to change dramatically before buying. Way to much risk. IMO.
Woulda, coulda, shoulda got in March 2014. However, before year end will sell most of my shares for tax loss purposes. Will hold a few to annoy the board. Funny how I am the only negative, cautionary poster on Syncora's board. IMO.
Watch as the PPS goes lower over the next few days. I have owned this stock, since BEFORE security capital went to the pinks. I just can't stand pink sheet companies. Pink sheet stocks are too easy to swing both up and down by both market makers AND retail investors. IMO.
1.8 million and stuck at .71. BS.
Now Ameritrade says 542,000. That's BS. For a few minutes there was over 700,000. Crooks and the pink sheets. IMO.
Something definitely fishy. Over 700,000 shares traded and up 3 pennies. IMO.
Syncora's a pink sheet company/stock, for the foreseeable future. Over a half million shares traded and Syncora at 60 cent. Will start covering my ETF shorts soon, and wait and see if Syncora can execute, (they still need the NYID lawyers permission for just about anything pertinent) and get off the stinking pinks? Would prefer to buy Syncora at higher PPS, with confidence that Syncora a viable company once again. Those who bought today can sell for nice profit at say .90. IMO.
Brand, I hope I am wrong. However, IF Syncora has hidden value why hasn't anyone or entity stepped up to the plate and buy at these levels? So, as Legg and others dump we go lower. Maybe at 10 cent someone will risk buying all that Legg/others, have to dump. You have to wonder IF you could even sell once you buy. As for the preferred shares, many companies have a PPS disconnect between common and preferred. The risk far outweigh the potential reward for the foreseeable future with Syncora. IMO.
Also, since Syncora is a Bermuda domiciled company, Syncora's board and employee's are in the cat bird seat. They are protected from any potential litigation because they are based in Bermuda. Syncora's Board since the MTA (bet their was a lot wink, wink going on, at the time of the MTA) has been and is in a win/win scenario. Keep the company in runoff indefinitely, and for six years and counting continue collecting fat pay checks. And most likely a golden parachute when the lights go out. Nice gig if you can get it. IMO.
What's so disconcerting and I keep asking myself, is Syncora an elaborate sham and Syncora's board had/has no viable plan/intention for commons to be in the money. Didn't they even say in latest statements that common stock has been marked down to zero. That being said IF somewhere down the road some entity starts buying up shares, I hope I pull the trigger in time. Good time to be liquid, stay nimble. Markets need a healthy correction. IMO.
Like politicians, how do you know when Syncora's management is lying. When their lips are moving. 35 cent soon, unfortunately. IMO.
Lehman news, found this. Lehman Brothers Inc. Trustee Receives Court Approval for $1.9 Billion Distribution to Unsecured General Creditors
Third Interim Distribution Will Bring Total Unsecured General Creditor Payout to 35 Percent
New York, NY, August 4, 2015 – James W. Giddens, Trustee for the liquidation of Lehman Brothers Inc. (LBI) under the Securities Investor Protection Act and chair of the Hughes Hubbard and Reed Corporate Reorganization and Bankruptcy Group, today received Bankruptcy Court approval to initiate a third interim distribution of $1.89 billion to unsecured general creditors with allowed claims.
With this third interim distribution, the cumulative payout on allowed claims of unsecured general creditors will reach 35 percent and total approximately $7.8 billion. Total distributions to all creditors, which include unsecured general creditors and secured, priority, and administrative creditors, will come to more than $8 billion.
“This is another great stride in winding down the LBI estate,” Giddens said. “We have already paid far more on allowed unsecured general creditor claims than what was expected at the outset of the liquidation, and we remain focused on resolving outstanding issues so that all remaining available assets can be distributed.”
The potential for any additional distribution from the general estate is contingent on resolution of outstanding claims and the outcomes of various ongoing litigations.
In total, customers have received more than $106 billion, fully satisfying the 111,000 customer claims. Secured, priority, and administrative creditors have also received 100 percent distributions.
Including the third interim distribution, LBI customer and creditor distributions will reach $114 billion, which represent the largest distributions across the worldwide Lehman insolvency proceedings. These achievements would not have been possible without the assistance of the Securities Investor Protection Corporation and the Securities and Exchange Commission, and the oversight of United States Bankruptcy Court judges, the Honorable James M. Peck and the Honorable Shelley C. Chapman.
The Trustee is represented by Hughes Hubbard & Reed LLP.
Media Contact for the Trustee:
Jake Sargent
jsargent@apcoworldwide.com
202-569-5086
Lincoln, I am neither. Just can't understand pumpers of a pink sheet stock. What are all of you guys motives? That could lure newbies into a trap. And thus more new bagholders. Will try and refrain from posting until we reach 50ish. You guys can't see the forest for the trees. IMO.
Lone, "IF this fervor is ever ignited," is one huge if. Next year and potentially for many years, we could be hoping for the fervor to be ignited. I doubt that it will ever happen. There are many more months, years of selling, unfortunately. Even if more buyers materialized, the PPS will go lower, because they will continue to knock the bid and ask down. Syncora will be 40, 50 cent sooner or later. And after that Syncora will hover at whatever cent for a long while, until the next leg down. IMO.
Brand, that no one interested in buying at 70 cent speaks volumes. Hidden assets, NOL's, etc. mean a hill of beans if company cannot attract investors. The continued uncertainty with the liquidity mismatch and the whole municipal bond market and that no one has any idea if Syncora will ever not be rehabilitation, runoff. All that would give any type of investor pause. And yes a I believe in conspiricies. When you have banksters/lawyers calling the shots, anything's possible. IMO.
Brand, I don't believe it's only Legg Mason dumping. Could be a combination of institutions and individuals, that's why it could take years. And with so little interest in the company/stock the downward pressure on the PPS will continue, indefinitely. On and about facts, ironic that all the research and "facts" posted, and after that Syncora's conference call has had the effect it has had for going on two years. It's not just sentiment. IMO.