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Yep...a buck forty.
Details of the Transaction
Under the terms of the agreement, Nationstar shareholders may elect to receive $18.00 in cash or 12.7793 shares of WMIH common stock for each share of Nationstar common stock they own, subject to an overall proration to ensure that 32% of the total outstanding Nationstar shares are exchanged for the stock consideration. Upon completion of the transaction, Nationstar shareholders will own approximately 36% of the combined company and WMIH shareholders will own approximately 64%.
The aggregate consideration payable to Nationstar shareholders will consist of $1.2 billion in cash and WMIH shares currently anticipated to be valued at approximately $702 million1. In addition, approximately $1.9 billion of Nationstar’s existing senior unsecured notes will be refinanced at closing. WMIH has secured $2.75 billion of financing commitments in connection with the transaction.
Upon closing the Transaction, all outstanding WMIH Series B Preferred Stock and all outstanding warrants to purchase shares of WMIH common stock will be converted into common stock of WMIH. The shares issued pursuant to these conversions are included in the pro forma ownership percentages referenced above. Holders of WMIH’s Series B 5% Convertible Preferred Stock (the “Series B Stock”) will receive approximately 444 million shares of common stock following the mandatory conversion of the Series B Stock at a fixed conversion price of $1.35 per share. Between signing and closing of the transaction, we expect that holders of the Series B Stock will receive approximately 21 million shares of common stock in accordance with the terms of the Series B Stock. Finally, upon closing of the transaction, holders of the Series B Stock also will receive a special distribution of approximately 11 million shares of common stock. As a result, upon consummating the transaction, and on a pro forma basis, holders of the Series B Stock will be expected to own approximately 477 million shares of common stock or approximately 43% of the combined company.
Source:
https://www.businesswire.com/news/home/20180213005465/en/WMIH-Corp.-Merge-Nationstar-Mortgage-Leading-Servicer
Marker:
Wmih Corp. (WMIH)
$1.25 up 0.454 (57.04%)
Volume: 8,855,311
No.. the point is. You have a company with a $12 million dollar market cap and a $31.3 million dollar judgement against it. See a problem? Where I come from that spells bankruptcy.
BDCO hasn't come to settlement terms with GEL yet. This judgement you think is no big deal is final, non-appealable and binding. The good news its a miracle this hasnt gone into bk...it could very easily. But there are no guarantees at this point that it won't. This ceo you're in love with after only one week of even knowing his name isn't driving the bus...the awarded party (GEL) is calling 100% of the shots. They say jump and Carroll asks how high. They hold BDCO's future in their hands. Period.
You can put all the happy spin you want on this but for anyone else reading this board they need sober intel before investing on exactly where things stand.
Marker:
Blue Dolphin Energy (BDCO)
1.22 0.02 (1.67%)
Volume: 1,253
Exxon Mobil will triple production in the Permian basin, the hottest US shale oil field, by 2025
· Exxon Mobil aims to triple its production of oil and chemical feedstocks in the Permian Basin to 600,000 barrels of oil equivalent by 2025.
· The Permian has been the epicenter of the rebound in U.S. drilling in recent years following a protracted price slump.
· Exxon will also build out infrastructure to bring its crude oil and products to market.
Exxon Mobil on Tuesday said it will triple its production of oil and chemical feedstocks in one of the most productive shale basins in the United States and expand infrastructure to bring those products to market by 2025.
The announcement came one day after the world's largest publicly listed oil company said it would ratchet up its U.S. investments to $50 billion over the next five years, in part due to the benefit of recent U.S. tax cuts.
[....]
Source:
https://www.cnbc.com/amp/2018/01/30/exxon-mobil-will-triple-production-in-the-permian-basin-by-2025.html
Marker:
Texas Pacific Land T (TPL)
$520.17 down -8.95 (-1.69%)
Volume: 12,846
Current Report Filing (8-k)
Date : 02/01/2018 @ 4:49PM
Source : Edgar (US Regulatory)
Stock : Blue Dolphin Energy Co. (QX) (BDCO)
Quote : $1.13 0.08 (7.62%) @ 4:30PM
Entry into a Material Definitive Agreement.
As previously disclosed, on September 26, 2017, Blue Dolphin Energy Company (“Blue Dolphin”), its wholly owned subsidiary Lazarus Energy, LLC (“LE”) and their affiliates Lazarus Energy Holdings, LLC and Jonathan Carroll (collectively, the “Lazarus Parties”) entered into a Letter Agreement with GEL Tex Marketing, LLC (“GEL”), effective September 18, 2017 (the “Letter Agreement”). Among other matters, the Letter Agreement confirmed the parties’ agreement to the continuation of the hearing on confirmation of the final award (the “Final Award”) in the arbitration proceedings between LE and GEL for a period of time (the “Continuance Period”), subject to the terms of the Letter Agreement, in order to facilitate settlement discussions between the parties.
On February 1, 2018, the Lazarus Parties and GEL entered into a fourth amendment to the Letter Agreement (the “Fourth Amendment”), which extended the Continuance Period through February 28, 2018, in order to facilitate ongoing discussions. Prior to February 1, 2018, in consideration of the extension to February 28, 2018, the Lazarus Parties shall pay $500,000.00 to GEL, which will be applied to reduce the balance of the Final Award.
Under the Fourth Amendment, the Lazarus Parties, including Blue Dolphin, remain prohibited from making any pre-payments on indebtedness through the end of the extended Continuance Period other than in the ordinary course of business as described in the Letter Agreement. Additionally, the Lazarus Parties will continue to suspend, during the Continuance Period, payments to Jonathan Carroll pursuant to certain previously disclosed guaranty fee agreements between Mr. Carroll and certain subsidiaries of Blue Dolphin. As previously disclosed, the terms of the guaranty fee agreements were amended in April 2017 to reflect payments 50% in cash and 50% in Blue Dolphin common stock, and subsequently, Mr. Carroll agreed to accept the initial payment under the amended and restated guaranty fee agreements, which occurred in May 2017, 100% in Blue Dolphin common stock. Jonathan Carroll has received no cash payments since August 2016 and no common stock payments since May 2017 under the amended and restated guaranty fee agreements.
Blue Dolphin continues to be unable to provide any assurance as to whether negotiations with GEL will result in a settlement or as to the potential terms of any such settlement.
Source:
https://ih.advfn.com/p.php?pid=nmona&article=76615320
Wow...up 12% in early trading is quite a move in one day especially for a bank! Zooming past 5 year high.
Bofi Holding, Inc. (BOFI)
$37.49 up 4.13 (12.38%)
Volume: 847,774
The Blue Dolphin refinery in Nixon, TX is what is known in the industry as a "teapot" refinery. In the world of refineries its a baby. Its very small (15,000 bbls @ day capacity) and is only technically capable of refining the most basic products such jet fuel and naptha.
Refineries operate on thin margins but for teapot refineries who are incapable of producing the more sophisticated high demand and profitable products the margins are ultra-thin.
BDCO's contract with GEL (previous exclusive crude supplier) was a disaster.
As I said they now have a contract with a new supplier and from all indications it's working well for both parties.
Regardless of this bull market the old contract had a chokehold on BDCOs' bottom line.
Yes.. but there are caveats that need to be considered.
I'm not going to try and tell the BDCO story here in a paragraph.. there are some excellent past postings you could go back and visit to get the quickest and best overall view (the good and the bad) of the company. History matters in the BDCO story so I think you would find it time well spent.
Here is the short answer but by no means the only part of the answer- Blue Dolphin saw an improvement in net income for the three months ended September 30, 2017, reporting net income of $3,945,519, or income of $0.36 per share. Comparatively, Blue Dolphin reported a net loss of $1,938,551, or a loss of -$0.19 per share, for the three months ended September 30, 2016. When I posted this info just before last Thanksgiving the stock was .10 @ share.
The biggest caveat would be a recent lawsuit BDCO was on the losing end of which is the bad news... but the good news is they're in settlement discussions with the awarded party and this didnt end in bankruptcy.
The refinery has proven under a much more favorable contract with a new supplier they can be profitable. If they can consistantly repeat those kind of results qtr over qtr that would put their yearly earnings in the $1.44 ballpark. At todays pps that puts them at a P/E of 1. Needless to say that is quite conservative.
It is unknown how the lawsuit settlement will be handled and it will effect the balance sheet going forward no question but there is no doubt the new contractual terms show a promising way out and a promising way forward.
I have gone on record that Im not a big fan of the CEO...but he owns 81% of the company stock and isnt going away anytime soon...so it is what it is.
Good luck,
Chevy
Can you confirm the share structure?
I was using 29.8M as the current number of shares outstanding.
Thanx,
Chevy
MM's making some erratic moves on this and have been for a month. For example L2 reveals several series of 100 share transactions inter-mixed with a sell of 1 share...or sometimes 5 shares. The transactions don't make sense if it was "normal" type buying and selling from actual traders/investors.
Whatever!
Marker:
Blue Dolphin Energy (BDCO)
$1.40 down -0.09 (-6.04%)
Volume: 7,374
Marker:
BOFI Holding, Inc. (BOFI)
$33.30 up 0.73 (2.24%)
Volume: 762,885
Its hard to resist predicting what the pps should, or could, be in light of the outcome on this recent class action lawsuit (cal).
The real win here is what the cal didn't reveal...that being anything close to resembling a "smoking gun" of wrong-doing or criminal intent to defaud as Bass & Co told the world was going on.
When you throw around words with accusations of UDF being a billion dollar "ponzi scheme" it naturally scared the crap out of the investors and the bankers alike. You leave and ask questions later because it immediately conjers up a long list of infamous dealings by the likes of a Tom Petters or Bernie Madoff or Allen Stafford...just to name a few.
Does UDF merit being counted among their ranks?? According to Bass & Co the answer is apparently yes. But if this cal [outcome] is any indication the answer is apparently not. Was there damning evidence the cal lawyers werent aware of only Hayman Capital is privy to? I guess we'll find out.
The thing is the SEC and FBI has had over 2 years to perform a prostrate exam on UDF..think about that for a minute and imagine the hardship that had to be to do business for the next few YEARS with your computers and files all seized..r u kidding me! Your clients, shareholders and business associates assuming the worst with most of them abandoning the ship. Was UDF sloppy or negligent...yes, no question...and adjustments will be made. They have got to do better. But the main thing is nothing close to criminal To date that I'm aware of has been found or hinted at after all this time. If someone has news to the contrary please share.
But what I want to know is would Hayman Capital survive the same 2 year federal prostrate exam UDF had to endure??..complete with a very public and splashy FBI raid of the Hayman offices ...spread all over the Dallas area tv breaking 5 o'clock news?? Could Hayman endure all that and not suffer a mass exodus of clients and business associates... and 24 months later walk away with nothing more than what amounts to some minor speeding and jay walking violations?? I wonder. Im not sure any business or individual could come away perfectly "clean". After all if you're the FBI and you go in with the proverbial guns blazing and you do a raid you better find something!! ..or look damn foolish in the process. If they go in like that youre gonna be found " guilty" of something ..no matter what! Just sayin'
The real damage here was the inuendo of wrong-doing. It worked to perfection! Sixty million dollars worth of perfection! Shorts and longs have a right to their thoughts on a company ...there isnt anybody on Wall St who doesnt formulate opinions (good or bad) about a company and its management. I do.. we all do.
The question is what constitutes a punch well below the belt??
Now what the court has to decide is - was that punch planned, choreographed and knowingly intentional?
I'll accept what the court reveals and decides. I personally hate this kind of stuff. I like fights to be fair...and maybe it was...we'll see.
Marker:
United Development F (UDFI)
$3.32 up 0.32 (10.67%)
Volume: 16,723
Marker:
Hi-Crush Partners LP (HCLP)
$13.281 up 0.931 (7.54%)
Volume: 3,683,551
Filing Type 8-K
Company United Development Funding IV (Grapevine, TX)
Event Date 1/13/2018
Filing Date 1/22/2018
Abstract: Registrant reported that on Jan. 13, the United States District Court for the Northern District of Texas entered an order. The stipulation of settlement, and the stipulation and notice of pendency and proposed settlement of derivative litigation and hearing were included by exhibit.
Marker:
United Development F (UDFI)
$3.15 up 0.15 (5.00%)
Volume: 1,049
Marker:
SVB Financial Grp. (SIVB)
$256.32 up 2.33 (0.92%)
Volume: 379,867
Marker:
Blue Dolphin Energy (BDCO)
$1.55 up 0.1 (6.90%)
Volume: 6,933
*Seeing daylight on this for first time in years...thank you Lord.
Marker:
Blue Dolphin Energy (BDCO)
$1.30 up 0.1 (8.33%)
Volume: 16,357
Correction with an apology Jh5142:
Not sure if anyone else following the docs in this case had the same experience but the docs for UDF v Bass were mistakenly intermixed with another unrelated case and the last doc re: UDF v Bass when I last checked was the General Denial and request for Disclosure. Following that was a series of docs completely unrelated to our case. I have no idea what happened but it has since been corrected and the record now shows considerable activity since that general denial on Dec. 22..that being various subpoena(s) and requests for deposition(s), etc. from both parties.
This is just the start of the discovery phase. Delays and long gaps of time between filings, hearings and rulings are to be expected.
The wheels of justice grind very slowly. "
Marker:
United Development F (UDFI)
$3.05 down -0.19 (-5.86%)
Volume: 4,704
I'm not seeing time extension or case preparation type requests (or any other case related docs) as part of the latest court record.
The last recorded entry for case # CC-17-06253-B was the [Bass] General Denial and Request for Disclosure.
Source:
https://courtsportal.dallascounty.org/DALLASPROD
Marker:
United Development F (UDFI)
$3.15 down -0.1 (-3.08%)
Volume: 263
Marker:
Delta Air Lines, Inc (DAL)
$60.394 up 1.874 (3.20%)
Volume: 6,405,230
UDF has 9 days left to reply to Bass & Cos' REQUESTS FOR DISCLOSURE.
Perhaps the response will be the ever elusive financials themselves?? They really are the only response worth anything at this point. Time to put up.. or shut up UDF. ":~O
Marker:
United Development F (UDFI)
$3.15 down -0.1 (-3.08%)
Volume: 892
Marker:
Lendingtree, Inc. (TREE)
$362.30 down -0.35 (-0.10%)
Volume: 118,203
*remarkable run-up!
Marker:
Hanmi Financial Corp (HAFC)
$31.40 up 0.7 (2.28%)
Volume: 132,040
Marker:
Farmers & Merchants (FMCB)
$670.00 up 6.0 (0.90%)
Volume: 2
Marker:
Matador Resources Co (MTDR)
$32.73 up 0.9 (2.83%)
Volume: 1,606,407
Marker:
Western Alliance Ban (WAL)
$59.15 up 0.37 (0.63%)
Volume: 507,861
Marker:
Atlantic Coast Finan (ACFC)
$10.14 up 0.24 (2.42%)
Volume: 107,794
Marker:
Thor Industries, Inc (THO)
$156.75 up 4.31 (2.83%)
Volume: 446,691
Marker:
First Internet Banco (INBK)
$40.65 up 1.05 (2.65%)
Volume: 33,806
Marker:
Blue Dolphin Energy (BDCO)
$1.20 up 0.01 (0.84%)
Volume: 2,640
Marker:
SVB Financial Grp. (SIVB)
$243.85 up 3.91 (1.63%)
Volume: 104,147
Good job and thanx for the report. Will be anxious to hear what they say. We can put your findings up as a sticky note on the board.
No mention of an ex-date in the merger annoucement.
Technically speaking the .74 @ share offer isnt a "dividend"...it's a one time "cash payment" and therefore wouldn't come under rules / proceedures that govern dividend(s).
Try calling or emailing the IR Dept at Fairmount Santrol. Below is a link to their site. Let the board know what you find out. Your question is a good one!
Good luck,
Chevy
http://investors.fairmountsantrol.com/investor-relations/default.aspx
Marker:
Fairmount Santrol Ho (FMSA)
$5.625 up 0.245 (4.55%)
Volume: 2,708,119
Marker:
Hi-Crush Partners LP (HCLP)
$11.05 Up 0.35 (3.27%)
Volume: 1,144,765
Marker:
BOFI Holding, Inc. (BOFI)
$30.095 up 0.195 (0.65%)
Volume: 369,535
Banktracker:
https://banktracker.investigativereportingworkshop.org/banks/california/costa-mesa/commercial-bank-of-california/
Marker:
Ncal Bancorp (PC) (NCAL)
0.96 0.0 (0.00%)
Volume: 0
Marker:
Sierra Bancorp (BSRR)
$26.56 down -0.64 (-2.35%)
Volume: 28,734
Current Report Filing (8-k)
Date : 12/29/2017 @ 3:22PM
Source : Edgar (US Regulatory)
Stock : Blue Dolphin Energy Co. (QX) (BDCO)
Quote : $1.00 0.11 (12.36%) @ 2:01PM
[....]
On December 27, 2017, the Lazarus Parties and GEL entered into a third amendment to the Letter Agreement (the “Third Amendment”), which extended the Continuance Period through February 1, 2018, in order to facilitate ongoing discussions.
[....]
Source:
https://ih.advfn.com/p.php?pid=nmona&article=76382718
*the bad news is we don't have a settlement agreement yet...the good news is they're still talking. It would have been wrong on a ton of levels but this situation with GEL could have gone into a bankruptcy situation very easily. Im encouraged theyre still negotiating.
Marker:
Blue Dolphin Energy (BDCO)
$1.00 up 0.11 (12.36%)
Volume: 3,405