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Anyone concerned with Syncora's G&A outflow. Lawyer fees, rent, salaries, etc., over the last couple of years isn't insignificant. That could be a reason management content to stay on the pinks and under NYSID thumb. IMO.
So no one attended the annual shareholder meeting? Unfortunate, but can understand why. Basically, a waste of time and money. Just rubber stamping the status quo. IMO.
"The firm has cautioned", who spoke to whom at Syncora, the firm. Can we find that out. Implications, are that we are being left out of the loop, on some pertinent financial information. IMO.
Thanks DennyCrane for the old college try. Now we know both SYCRF management and the NYSID can sit on their thumbs idefinately. No skin off their backs. IMO.
Politically expedient to declare bankruptcy. Legal or not. Even if overturned or losses mitigated, lawyers getting rich. What a mess. Probably, good time to short financials and the market. Took a short position in a few etf's. IMO.
2900 shorted today. The banks and other entities are trying to get back at bond insurers. The rating agencies are trying to help them do just that. With the banks and many powerful people, entities trying to recoup losses the bond insurers have their work cut out for them. Someone know the latest short interest of the bond insurers? Wish we could prove a conspiracy of better yet RICO. IMO.
19800 shares shorted today. IMO.
22340 shorted today. Shareholder meeting waste of time. They rubber stamp their agenda and keep a steppin.
Susan and board of Syncora happy with status quo. They have little or no skin in game and collecting fat salaries. Very knowledgeable ihub board but Susan and board may have very different priorioties goals values and preoccupations pertaining to Syncora now and for the foreseeable future. Still a highly speculative play. Still potentially a vaule investment not a growth investment. IMO.
11000+ shorted yesterday, 18000+ shorted today, as per FINRA. IMO.
A ruling against bond insurers was a foregone conclusion when you look at the way Detroit's bankruptcy was put in motion and orchestrated by the shills, Synder, Orr, etc. The impact on insurers, will have a ripple effect. May be a good time to short insurers. IMO.
That 200,000 trade smells fishy. Market makers swapping spit? SEC should be notified, but most SEC lawyers are worthless, corrupt, government shills. Syncora's management have circled the wagons and hunkered down for the foreseeable future, unfortunately. I sold some last week. IMO.
Another possibility is that Susan and the Boards intention and plan for Syncora unfolded where the status quo is good and the Board has no imperative, incentive to enhance Syncora for who/whatever. No skin off their backs. IMO.
Lonestar, great post. I believe we are missing something's. Another unknown is no one knows if Susan and Board have any incentive, intention, or plan to write new business. Syncora could potentially be in a long drawn out runoff, that will take years. IMO.
Susan and board obviously believe they have no obligation or reason to keep investors informed. Their jobs are safe. Good gig. Why not keep the status quo? From their standpoint the MTA and going to the pink sheets worked out perfectly. Why would they care about common shareholders? Unfortunately, we potentially/likely will be having these same issues years from now. Doubt very much management will do/say anything to entice investors, they have little or no skin in the game. IMO.
Rock, Susan and board will not pass wind without permission from NYSID, and/or an army of lawyers. Getting old years after MTA. Also, what board members/employees were employed for Syncora when/before Security Capital Insurance hit the rocks? And who are still employed with Syncora? Continuity not a good decision. A change in leadership and new blood long overdue. IMO.
So I lied about selling all my shares. At least some of you stopped posting about the huge positions you supposedly hold. That was a bad idea in the first place. Retail investors disclosing that they have a boat load of shares is not a prudent decision. Unfortunately, the cat's out of the bag. IMO.
Lincoln, darn right I am frustrated. And I am prejudiced against lawyers. Can't trust them. The lawyers at the NYSID, especially. Would love to know the details of the agreement Syncora made with superintendent Dinallo, before he left. After the Great Recession the stock market has had an unbelievable rally. The real potential exist that when/if the Board/management of Syncora ever get their act together, this bull market will be ancient history, and by that time, even if they are again able to write new business, it won't matter. I have been tempted to sell some old shares of late, but decided to try and be patient and wait, until tax time at the end of year. IMO.
And I will continue to play the devils advocate. I recently bought to average down some more. Unfortunately, I bought shares of this company not long after the huge IPO. Still have all those shares. If you were to ask many of those who purchased shares at the IPO or soon after, opinions of management's job performance may differ. The Board of Syncora has a long way to go before they prove to me that common shareholder value is even on their radar. And I doubt their are legal ramifications if management was to disclose some goals, plans for Syncora going forward. And yes their are too many cheerleaders on this board. IMO.
Rock, respect, appreciate your analysis. But it's not so much what the report says, it what it doesn't say. Management has circled the wagons and hunkered down. They appear to be content with allowing the lawyers, NYSID run the show. Management's job should be enhancing shareholder value not covering their butts and keeping their jobs long term. They have not written any new business for a long time now. That is a huge red flag. Investors don't like potential problems and the uncertainty that surrounds Syncora. We could potentially be discussing the same issues years from now. IMO.
Let see how the street sees it. A problem I see is management's preoccupation with covering their collective arses. It appears they are sitting back and watching things happen. Until they do/say something concrete that adds value to commons, I question their agenda. GLTA, IMO.
That hit to policy holder surplus will have us drift lower. Also, management still appears in survival mode. You would think they are in runoff. As usual a lot of rehashed information, too much cut and paste, that looks unprofessional. Management gives no clue, or doesn't have a clue of their plans, goals, intentions for Syncora. I think their priorities are pretty clear, which is to hold on to their jobs and stay afloat. Overall, a very disappointing release, and I would guess a 30 percent drop in PPS. GLTA, IMO.
Detroit is a debacle. An example of bad republican politics. If Syncora loses, ramifications will be felt for years. Will Synder, Orr, and Rhodes get away with what essentially is insurance fraud? Synder and company want to cram this down and get it over with ASAP, because of their own agenda, and that Syncora and other creditors, would win on appeals. Detriot should have never been allowed to file bankruptcy in the first place. Syncora fighting for what is right and legal, not just the money. And all of Detroit art should be sold, period. And other Michigan counties cannot divorce themselves from Detroit's fiscal problems. Either come up with lots of money or this will drag on for years. Syncora should appeal any adverse ruling, hope Syncora doesn't cave. GLTA, IMO.
Transferred funds. Bought today and will continue buying on weakness. I am gambling that when news is released that news will be positive. However, not expecting any big news anytime soon. We will probably have to wait until the Detroit fiasco and other litigation is behind us. GLTA, IMO.
Syncora will back off now, I bought the majority of shares traded today. IMO.
I changed my buy to ask at to 2.23, still has not filled, will not chase it further. IMO.
Placed a buy order for this morning at the ask of 2.16. None went off in the two hours markets was open, changed it to 2.17 and only 300 shares go off. Now the up the ask to 2.23, what gives? IMO .
Hi everyone, Don't trust management, however the risk at this level appears minimal. I just bought 300 more shares. Keep up the good work and have a great weekend. IMO.
With the board of too many "public companies" having a me first mentality, it's no wonder lawsuits for breach of fiduciary responsibility are becoming more common. Waste of time usually. You buy knowing the risks. And shareholders voting the Board out, is very difficult for numerous reasons. I would like to know everything in that MTA. Always liked this quote by Dr. King. That "the arc of the moral universe is long, but it bends towards justice." GLTA, IMO.
Denny, your DD is appreciated. On the subject Susan and the board. No one that works for this company since the MTA can justify their jobs and salary. They gave Corobally a new title a while back, and what the heck does he do. Susan and board are loyal to their own, as for shareholders, who knows. Perplexing. They do have expensive taste, Syncora's office in New York prime real estate. GLTA, IMO.
4350 shorted today. Taplely's Radian's article humorous. Like the part where he says management may diversify so that they have a more steady job. Hope some good news forthcoming from Syncora management. MM's playing games with shares, can do it, because of illiquidity. GLTA, IMO.
Good analysis guys. Seems like a wall at the ask at 2.20 by MM's, block of 10,000 and multiple blocks of 5000 at $2.20. On the bid side 100 share blocks, mostly. Yesterday only 100 shares shorted. Expecting good news soon. GLTA, IMO.
Time for management, Susan and the board to assert themselves. Lawyers have had their day. Hope we don't have to wait years, to find out what their plans/intentions are. IMO.
8720 shorted yesterday, 2300 today, as per FINRA.
IF Syncora ends up paying 170 million or so, a big issue/question for me is are bond issuers and insurance a safe investment any longer? I am surprised AGO and others aren't joining the fight. If Rhodes, Orr and Synder get away with orchestrated insurance fraud, it doesn't bode we'll for the future of the business. This mess is much bigger than Syncora. GLTA, IMO.
Lonestar, hope you are correct on your opinion of management. I still believe the jury is still out on the board and management of Syncora
Also, since the MTA, the lawyers have a lot of influence over day to day business. Management has not shown their hand, and what their plans are for Syncora. That's a reason, and that we are an illiquid pinky is why the PPS is suppressed. Their is/has been excellent DD, but at the end of the day, still a lot of speculation with Syncora. Let's hope we don't have to wait years before management makes their intentions/plans known. As per short squeeze.com their are 909000 shares short as of this month. GLTA, IMO.
Only 5967 shares shorted today. I wonder if shorts have been covering of late? If shorts wait too long, they could get burned. GLTA longs, IMO.
Ratings agencies corrupted by money. Nice surge in volume today. Soon no more cheap shares. IMO.
52500 shares shorted today. First day in awhile that a lot of shares shorted. My guess is that the supplement will be released after the bell Friday. GLTA, IMO.
Bloomberg article about FGIC settlement with Bank of America mentions that units of AMBAC and Syncora were seized by regulators. Didn't Syncora avoid being seized. Would love to read the details of the confidential MTA. Will the MTA ever become public? IMO.
Thank you DennyCrane. 11500 shorted today. 909000 total shares short, up from 879000, prior. Hope they get burned. My wife wants me to stop looking at our portfolio, she wants to hold onto Syncora for years. If it wasn't for her buy and hold advice, I would of sold some companies cheap at least a half dozen times. One that comes to mind is KFN, bought at $2.00. IMO.