IMFnews...2/26/14

Heavily Censored IG Memo Cites 'Deficiencies' in FHFA GSE Pay Oversight

By Charles Wisniowski

cwisniowski@imfpubs.com

Despite gains in oversight and reform of the compensation packages for Fannie Mae's and Freddie Mac's top-level executives, the Federal Housing Finance Agency did not keep a close eye on the pay packages for scores of GSE vice presidents and directors, according to a new audit.

In a heavily redacted draft memo released to the public, the Inspector General of FHFA found that while the agency reviewed and examined the GSEs' executive compensation, it did not keep close tabs on "non-executive senior professional compensation practices."

The draft memo says the agency, at the IG's direction, conducted "targeted examinations" in 2013 of the GSEs' compliance with FHFA directives to freeze their employees' pay during 2011 and 2012.

"FHFA found deficiencies in the enterprise's compliance with the directive and with their controls over senior professional compensation," writes the IG. The draft memo follows up on a December 2012 evaluation of the GSEs' 2,100 highest paid staffers.

The IG said the Finance Agency identified a number of failures to fully comply with the FHFA-directed pay freeze during 2011 and 2012. All examples of those deficiencies are redacted from public view at the request of the FHFA, citing the bank examination privilege, which prohibits the disclosure of information compiled as part of examinations of the GSEs.

If they are using any DTAs for this filing, can't they get an extension and file later? Like FNMA did around the beginning of last year, if memory serves me...that is?

eship, thank you for the Fairholme heads up, also the Bruce Richards interview info. Good stuff!

I also believe it is the big boys. Look back to the last Oct-Nov. 4 week period when Ackman bought his 10% stake. It went from $1.50 to over $3. Then right after Berkowitz bought his 2.25% stake and it hit $3.50. Over the next few months it settled in around $3. I think we are seeing a repeat of that time frame. Just my guess though.

Obi, thanks for the articles. I had previously read one of the three and will read the other two tonight.

What are your thoughts on the volume increase this week. I know you don't like to speculate, but do you feel this is probably some of Ackman/Berkowitz's billionaire buddies taking notice of their extensive DD and following their lead/advice or do feel this could be a similar false run like May '13?

Also, would you care to give us your thoughts on how you think Ackman came up with a $30-$50 per share future valuation? Do you think he's betting the government won't exercise their warrants or do you feel he is considering them exercised in his valuation?

I feel like he's including the 79.9% dilution, but it's really just a gut feeling I have.

MB, you are on fire today. Great and timely comments today. You truly are a writer! I had the same thoughts as you today, but surely couldn't have express them as well as you have here.

MB, great job. 4Duxs, I noticed you mentioned the taxpayers have been fully repaid. Without being longwinded, you might want to add, to my understanding, the taxpayers have been fully repaid..."including a 10% annual return on their investment". Many people hear the numbers $188B going out of taxpayers pockets and 5 years later getting about $190B (or 100%) back. Then they can say, well, we didn't make any return on our money during those five years. That's the big problem. People need to be told that $188B borrowed INCLUDED A BUILT IN 10% ANNUAL ROI. That's much more than most investments paid during the same period.

I get so tired of the media making it sound like the "taxpayers" just hit breakeven. I'm sure most don't even realize that that "breakeven" includes an annual 10% RIO. Just my 2 cents.

Good luck and I look forward to hearing how it turns out for you.

Obi, I value your ability to express legalese in plain English to folks, like myself, who lack a legal background to sometimes clearly interpret it. As I've said many times before, your willingness to share your knowledge with the people on this board is very much appreciated.

I have read the 12/11/13 CAPITOL FORUM CONFERENCE CALL TRANSCIRPT with Richard Epstein on the Fairholme Funds website and found his comments to be very encouraging regarding the case up to that point. Soon, I hope to find additional comments that include some of the latest developments. I'm also currently researching any possible connections between Ackman/Berkowitz and any of the main players that could have a hand in shaping the future of FnF. I'll post anything I find.

Again, you are Obiteridctum "A.D." (Aaron Director) in my book!

Obi, have you by chance unpacked the DEFENDANT’S OPPOSITION TO PLAINTIFFS’ MOTION FOR DISCOVERY that was filed by the government on 2/12/14. If so, I would love to hear your thoughts/analysis.

TIA

Bill Maloni's latest GSE Blog

Good read...



Monday, February 24, 2014

"Money, that’s what I want...whole lotta money"

Franklin D Is Spinning in His Grave!

As a “Big Foot” believer (guess I should fess up about UFO’s and Nessie, too), I don’t dismiss eerie stories, easily.

So, it was with an open mind that I listened Friday night to an account about a lost trekker.

As this story goes, it was a dark and stormy frigid night, lightning, thunder, rain, even the threat of snow. The traveler--lost in the dark and foul weather--stumbles by President’s Franklin Roosevelt’s grave in Hyde Park, New York, and notices press releases and copies of media reports of Fannie Mae’s 2013 earnings strewn everywhere.

It was then, the frightened wanderer reported sounds of crystal goblets clanking and raspy voices singing, “Happy Days are Here, Again.”

The hapless visitor swore he heard tributes being exchanged between voices which sounded like Roosevelt’s and ghostly visitors Harry Hopkins, and Harold Ickes (the original), three men who had their hands all over the New Deal elements which, among other things, created the original Fannie Mae in 1938.

(Billions in financial success can produce that jocularity in humans and the dead or their spirits.)

The storyteller also claimed at least two of the eerie voices laughingly and in unison sang out, “Bleep you, Corker-Warner!” (Apparently, even historical cemeteries have rules of decorum, as well as access to the latest mortgage finance news.)

This hellish take sounds real to me and if it isn’t true, I want it to be.

Fannie 2013 Earnings, Huge

Yes, Fannie Mae announced final 2013 earnings of $84 Billion (What do you think of those apples, Mike Stegman?) and now will pay an additional $7.2 Billion to the Treasury in fourth quarter 2013 revenue.

Freddie will post its 2013 numbers any day now and will shuttle more GSE cash to Uncle Sam, putting the two entities firmly and forever on the plus side of repaying the taxpayers more than the $187 Billion invested in the two in 2008.

The many times excellent WSJ reporter, Nick Timiraos, delivers again, with the story, below, detailing Fannie's financial achievements.

http://online.wsj.com/news/article_email/SB10001424052702303636404579396700697415902-lMyQjAxMTA0MDIwMzEyNDMyWj

Not bad F&F work, taking only three years to pay back what most people thought was lost forever to the taxpayers. (Yes, the first two years involved borrowing $40 Billion to pay back Treasury which had first borrowed the $40 Billion and.....oh, more on that farce in a future blog.)

Yes, I know the principal technically can never be repaid—until some Secretary of Treasury explores his authority and changes that circumstance—but most Americans looking at the facts only will understand that F&F received $187.5 Billion and will have paid back over $200 Billion and rising.

Fannie’s execs suggest 2014 earnings will not be as robust because of market reasons, but what also is likely is Fannie (and Freddie) will continue to produce positive numbers into the near future.

What’s It Really Mean?

More noise causing congressional doubt, more attention to the “how did we get here,” with an eye toward all of those who want to launch dramatic and untested solutions to what may be a much smaller problem than most think.

It won’t end the GSE controversy and the misstatements. But it could cause some greater number to suggest, “Maybe, we should just fix them up, not blow them up.”

But, not enough will feel that way, in the near term, to make a difference.

This is a positive story for the Obama Administration, which loves the F&F revenue but apparently little else about them.

The earnings will permit the White House to ride both sides of the tracks, i.e. talk of mortgage reform and getting rid of F&F but raking in billions from the two golden geese it doesn’t want sacrificed any time soon.

Fannie’s and Freddie’s success also allows Mel Watt, their safety and soundness boss, to ease into his new responsibilities and have the luxury of exploring ways in which he—utilizing F&F--can soften some of the tougher new borrower credit challenges and even explore ways to help underwater mortgagors. Neither of which—in the new Obama spirit du jour—requires congressional blessing.

Confusion in the Senate?

As Sen. Bob Corker (R-Tenn.) was busy threatening his Tennessee constituents against voting for union representation at the Chattanooga Volkswagen plant, his Corker-Warner (D-Va.) legislative proposal abolishing Fannie and Freddie hit some Senate bumps in the road.

Banking Committee Chairman Tim Johnson (D-SD.) may have encountered problems trying to produce a bipartisan package which can satisfy his ranking senior GOP colleague Mike Crapo (R-Idaho).

A promised Johnson-Crapo legislation unveiling, supposedly relying on parts of Corker-Warner, now may emerge only as common principles, and not detailed statutory proposals.

That’s not good and doesn’t make me happy; it reflects the problems that any person or group faces in trying to satisfy so many conflicting housing and mortgage finance interests.

As I’ve blogged before, I’d hope the Senate committee leadership comes up with something and puts it out there for debate and amendments, forcing Senators and their industry supporters to vote up or down a package.

(Wouldn’t it be something if Corker’s anti-union antics caught the attention of the Senate’s D leadership, which decided it wasn’t going to help Corker do anything? I am not chortling, really, I am not!)

Beware…..Imposter

To anyone using a “Yahoo Fannie Mae” message boards, someone has been masquerading as Tim Howard and offering advice and commentary, pretending to be the former Fannie CFO.

It’s not “our Tim,” but a poser. Anyone encountering the fraud using that ID don’t follow his/her investment advice.

Speaking of Tim Howard, this past week, the Fed made pubic reams of its meeting records from the 2008 financial meltdown and now everyone is using their 20-20 hindsight to suggest which sitting Fed Governor was a seer, a mensch, a dummy, etc. etc. (See Morgenson at the blog's end.)

I won’t go there, but I will reveal something about the US Treasury which astounded Tim Howard and many Fannie Mae folks, several years ago when they carried out a Frank Raines strategic request in 2000.

Raines decided that Fannie needed to do a much better job of explaining to Administration regulatory officials exactly how we conducted our business, since so many casual encounters with US regulatory officials proved them pretty uninformed, if not shallow, in what the company did and how it did it. (Keep thinking of the Fed 2008 minutes.)

So, a squad of Fannie’s top people conducted “Fannie Mae 101” for the senior folks at the Treasury, but came back stunned at the combination of inaccuracies and plain “dumb heads” they encountered in policy power positions at both locations.

Many of those traits still were on display in the 2008 Fed minutes and the confusion, hearsay, and plain inaccuracies that those solons threw back and forth at one another.

A Maloni Video From the Past,

(Thanks to Tim Sokol for unearthing this 2010 bit of history.)

IMFnews....2/24/14

Short Takes: All Eyes are on Ocwen / Fannie and Freddie Cutting REO Deals / Will Higher G-Fees Really Hurt the Market? / The GSEs’ Comeback: The Unthinkable is Now Thinkable / Auction.com Selling Woolworth Building in LA

By Charles Wisniowski, Paul Muolo

cwisniowski@imfpubs.com, pmuolo@imfpubs.com

It’s safe to say that all eyes will be on Ocwen Financial when it reports fourth-quarter earnings Thursday morning. But it won’t be profits that analysts and investors will be paying close attention to. Both will want to know what’s going on with the Wells Fargo MSR deal and why Ocwen's recent “Oasis” bond deal came up short at $123.5 million versus the initial target of $136 million. However, three different private equity managers told IMFnews recently that they believe Ocwen’s share price has fallen so much of late that the stock is attractive at these levels. Stay tuned…

Fannie Mae and Freddie Mac recently rolled out limited-time offer incentive programs for real estate agents and homebuyers in a bid to move some of the GSEs’ real estate-owned properties. Freddie announced it will pay a $1,000 inducement to selling agents and a separate $500 bonus to listing agents when they sell a home through the company’s HomeSteps program. The HomeSteps’ promotion is targeting homes in 23 states with offers made between Feb. 18 and April 15 and transactions closing by May 31. Chris Boden, senior vice president of HomeSteps, said the promotion is “focused on firing up sales in ‘cold weather’ states” and condominium deals everywhere. The promotion does not apply to investor purchases, auction sales, sealed-bid sales and bulk sales but does offer homebuyer incentives, including funds to cover condominium association fees…

Increases to guaranty fees under consideration by the Federal Housing Finance Agency would directly reduce the dollar volume of new agency originations by less than 1.0 percent, according to new research published by the Federal Reserve. Of course, the proposed g-fee hikes, promulgated by former FHFA director Edward DeMarco, are now on hold…

Compass Point Research & Trading on Fannie Mae’s fourth-quarter results: “The U.S. taxpayer recovering its principal investment in the GSEs – an event that was once viewed as unthinkable – is now on the horizon. Given Treasury’s expected recovery of principal, we believe the conversation in D.C. will start shifting towards a more serious discussion aimed at determining the appropriate return on the GSE investment for the American taxpayer”…

Why I said "Maybe" is because this article is from October 17, 2013 6:38 pm. My hope is things have changed for her 4 months later.

Maybe this is our answer...

New effort to reform US mortgage banks
By Gina Chon in Washington

A third bill will be introduced to the US Congress to tackle the last major remnant of the financial crisis: reform of the mortgage giants Fannie Mae and Freddie Mac.

Maxine Waters, the top Democrat on the House Financial Services Committee, is the latest lawmaker to put forward a plan to overhaul Fannie and Freddie. The final version will probably reflect a combination of at least two of the proposals.

Dealing with Fannie and Freddie is a priority since their continuing existence five years after the financial crisis in 2008, when they needed a $188bn bailout, is seen as unfinished business for policymakers.

But a lot more work needs to be done to get to an acceptable bill, meaning housing finance reform could be delayed until next year. Also, private capital has not returned to the housing market in a significant way, making Fannie and Freddie an important engine in mortgage financing. Last year, Fannie and Freddie provided support for about $1.3tn of the approximately $1.9tn in single-family home mortgages originated in the US.

The involvement of Fannie and Freddie, and the government guarantee that goes with them, has helped maintain the availability of a mainstay of American home buying: the 30-year fixed-rate mortgage. Fannie and Freddie buy mortgage loans and package them into bonds.

That is why, although it would close down the mortgage companies, the plan from Ms Waters would maintain government involvement through a guarantee, paid for by the mortgage industry, to capitalise an insurance fund. In place of Fannie and Freddie, it creates a new co-operative-owned mortgage securities issuer, according to her aides. The bill is still in draft stages.

The plan has some similarities to a bipartisan proposal from Republican Senator Bob Corker and Democratic Senator Mark Warner. That legislation sees Fannie and Freddie winding down within five years and establishes a government-managed insurance fund, similar to the role that the Federal Deposit Insurance Corporation plays in insuring bank deposits.

One of the criticisms of the Corker-Warner bill is that it requires private investors to take the first 10 per cent loss of the credit risk on mortgage securities, which some say is too rigid. The Waters bill would share the credit risk in a more flexible way.

The other plan comes from Financial Services Committee Chairman Jeb Hensarling, a Republican who envisages an essentially privatised housing finance system. But that plan jeopardises the 30-year mortgage, which makes it difficult for some politicians to support.

All of the proposals face the question of whether enough private capital is available to fill the gap if Fannie and Freddie are closed, given that banks have greatly reduced their exposure to mortgages. Capital from private mortgage insurers and private label securities is also not enough to support the $4.5tn in mortgage-backed securities guarantees from Fannie and Freddie.

That is why hedge funds and other private investors have pushed to keep Fannie and Freddie, but reform them. However, the two mortgage firms are seen as political hot potatoes, according to aides in Congress. Shutting down two symbols of the financial crisis is seen as a win that Congress needs, especially after the public opinion beating it took from the government shutdown stand-off.

There is little question in my mind as to the timing of her comments. She obviously made them today due to Fannie reporting.

The question I have is which side of the fence she will come down on? Has she waited until FnF are in the black with taxpayers to say she believes in the survival of the GSEs and they should exist, but with the proper reform?

OR

Has she waited until FnF are in the black with taxpayers and gaining to much positive momentum to take them down a notch and say they should be completely wound down with major reform?

I'm leaning towards the first scenario, but who knows with politicians.

That's the $192.5B question. We should know soon enough, I guess.

bmp152, what's your take on this. Just a small reform to FnF and they move forward or something much bigger?

More IMFnews....

Come March Fannie Will Have ‘Repaid’ Treasury and Then Some

By Paul Muolo

pmuolo@imfpubs.com

Fannie Mae posted net earnings of $6.5 billion for the fourth quarter and revealed that come next month its cumulative dividend payments to the U.S. Treasury will exceed the $116.1 billion in assistance it received – plus an additional $5 billion. Most of that money will go into the coffers of Uncle Sam except for a small net worth cushion.

“I’m very happy for the taxpayer,” Fannie Mae CEO Timothy Mayopoulos said during a press call Friday morning with reporters. (The Treasury draw requests exclude $1 billion in senior preferred issued to Treasury of which Fannie did not receive any cash proceeds.)

The GSE chief credited Fannie’s strong performance to a wide array of factors, including improving home prices and lower delinquencies, but also tighter underwriting standards which have created a pristine book of business for the company.

He also credited, in part, cash flowing back to Fannie from representation and warranty claims and huge legal settlements between Fannie’s regulator and firms that sold faulty non-prime MBS to the GSE in the years leading up to the housing crisis.

But make no mistake about it: Fannie Mae is cleaning up on guaranty fee income. In the fourth quarter, the GSE posted g-fee income of $2.830 billion compared to $2.719 billion in 3Q. For more on the story, see the new edition of Inside The GSEs, available online Friday afternoon.


I knew the g-fees were a large part of earnings, but this is the first time I remember seeing a number attached to them. Helps you but into perspective who's really paying back the taxpayer (read Treasury), it's the people buying/selling homes as the fee gets passed on to them. What a racket.

Mike, that $84 would be EPS (earnings per share). Actually it's more like $72.53. that formula is net income / shares outstanding or in this case $84,000,000,000 / 1,158,080,657 = $72.53 as of 12/31/2013.

To find the P/E ratio (Price to Earnings ratio) the formula is stock price per share / EPS or $3.01(as of closing on 12/31/2013) / $72.53 = .04149. That's about as low as you can get. lol

Some additional notes...

Historically, the average P/E ratio for the broad market has been around 15, although it can fluctuate significantly depending on economic and market conditions. The ratio will also vary widely among different companies and industries (I believe FnF's industry average is maybe around 11).

A stock with a high P/E ratio suggests that investors are expecting higher earnings growth in the future compared to the overall market, as investors are paying more for today's earnings in anticipation of future earnings growth. Hence, as a generalization, stocks with this characteristic are considered to be growth stocks. Conversely, a stock with a low P/E ratio suggests that investors have more modest expectations for its future growth compared to the market as a whole.

The growth investor views high P/E ratio stocks as attractive buys and low P/E stocks as flawed, unattractive prospects. Value investors (this is where Ackman & Berkowitz come in, as they are very much Value investors) are not inclined to buy growth stocks at what they consider to be overpriced values, preferring instead to buy what they see as underappreciated and undervalued stocks, at a bargain price, which, over time, will hopefully perform well.

Hope this helps.

Bmp152, this is exactly part of what Richard Epstein has been preaching over and over for almost a year. I'm sure you've heard him speak, if not, you should look him up.

I've been researching the just released FOMC transcripts today, albeit they've conveniently omitted the most important meetings regarding FnF, AIG and Lehman, to see if I can find anything of importance.

Loving all of the positive press we are seeing. Don't think for a minute that Ackman, Berk. and Nader haven't been working the phones, so to speak.

Rocco2, you are not doubt right. This is nothing more than the Govs attempt to spoil FNMA RE today. They are saying look, we are willing to be up front and show everyone what we did was the right thing back in 2008 and under very difficult times. It's a weak attempt at best. It's just like the Gov. to "release" 100's of pages of documents in the hopes that citizens won't notice they left out the most important stuff.

MB, beat me too it. I was just about to post the same. That's what the court cases hinge on! Those "self-dealing" meetings!

From today's FNMA 10-k...(page 61)...

Holders

As of January 31, 2014, we had approximately 14,000 registered holders of record of our common stock, including holders of our restricted stock. In addition, as of January 31, 2014, Treasury held a warrant giving it the right to purchase shares of our common stock equal to 79.9% of the total number of shares of our common stock outstanding on a fully diluted basis on the date of exercise.

Thought some would find this fact interesting. I believe it was stated that there were around 18,000 holders back around 2008.

Better hurry. I heard he was working on an amendment to your agreement where all of the interest becomes a dividend and you can never actually pay back the debt. What a minute, that sounds familiar....

Charlie, officially, on or before March 3. My best guess is between Feb. 26-28.

anybody see the 600k @ 3.26 just now?

another 1M at 3.35

1,000,000 shares right there.

Thanks Obi. I recently watched this video of Bill Ackman speaking at the Saïd Business School, University of Oxford. I believe it took place during the 3-4 week period he was etablishing his position in FnF. Very insightful imo.

Distinguished Speaker Series: Bill Ackman

So that's about 12.5% of FnF commons purchased in Q4, that we know of.

Ackman = 10%
Berkowitz = 2.5% (didn't he also own some before Q4?)

Treasury Memo from J. Goldstein to T. Geithner

Treasury Memo...12/20/2010

I assume Jim Millstein is referring to the jr. pfd and common shareholders. We are considered third party because FnF are in conservatorship and we have no rights per say. Not sure it's the same as a third-rate politician as I put Corker and Warner in this category. It amazes me that they view FnF shareholders as vultures when I feel that term describes them to a T. I do like your way of thinking though.

I very much appreciate everyone's DD efforts in trying to place pieces of the FnF puzzle so everyone can have a clearer picture of where this investment may be going. While many have contributed far more than I, Obiteridctum, or as I have dubbed him, Obi A.D. (Aaron Director), continues to lead us (IMO) with his vast legal and economic knowledge and levelheadedness and I for one am very grateful he is taking this journey with us along with his willingness to share and educate! Many thanks again.

While there are many aspects of DD we have to consider, I've been focusing more of my energy on someone that is in this investment with us and has more skin in the game than anyone I know of. That someone is Bill Ackman. With his resources and connections probably being far greater than any of ours combined, I have chosen to try to understand him as much as I can. I firmly believe, because his goals seem to mirror many of ours here, albeit on a much larger scale, understanding him and his plan may hold the most benefit to putting the most pieces of this puzzle together. Here are just a few videos that help me understand who he is and how he may think and invest.

William Ackman: Everything You Need to Know About Finance...

William Ackman on Fannie Mae and Freddie Mac, July 2008

If anyone would care to follow this DD path and add to the discussion I'm all eyes/ears.

Thanks again for everyone here that has contributed to the cause.

Obi, nicely stated...

Wesdawg, I believe it has happened approx. 3.5% of the time (or 48 times...IIRC) going back to 2009, not"2012". I believe the last time it happened, other than this week, was in 2012. Just trying to keep the facts straight. No ill intentions. Thanks.

edit...thanks bmp152...you beat me to it. Man, I gotta stop multi-tasking. It's slowing me down. lol

I believe he is pointing out that the motion has been granted, but with "lol" he is pointing out the document has yet to be signed/dated by the judge? That's my take. Not a legal expert by any means.

I like this one...good news!

Political, legal hopes buoy Fannie, Freddie rally

eship may be referring to this. I have not had a chance to read it though.

filed 2/12/14

edit....nice job navycmdr, you beat me to it.

IMFnews...

Short Takes: GSE Reform Legislation: Living the Dream / Mel Watt, the Man Behind the Curtain / The OC Gets Pricey, Again / PHH Mortgage, A Buyer of MSRs? / Ugly Refi Numbers, Ugly

By Charles Wisniowski, Paul Muolo, John Bancroft

cwisniowski@imfpubs.com, pmuolo@imfpubs.com, jbancroft@imfpubs.com

Some trade group officials wish that financial service reporters would stop writing stories about progress being made in the Senate Banking Committee concerning a bi-partisan GSE bill. Yes, it’s true that committee chairman Tim Johnson, D-SD, and Sen. Mike Crapo, R-ID, the panel's ranking member, are once again working on a bill. The two could release an outline as soon as next week, but don’t bet on it. Even if a GSE (housing reform) measure gets through the Senate, it’s dead in the House. No one expects the “wild bunch” in that chamber to agree on anything. Next…

In case you haven’t noticed, since Mel Watt was sworn into a five-year term as Federal Housing Finance Agency director on January 6, the former North Carolina Congressman has made no public appearances or policy statements except for canned comments attributed to him in routine FHFA press releases…

Unfortunately, I think the ER, while being very good, will be dampened (on purpose) by the release of the Johnson-Crapo bill to reform FnF. IMO, they are waiting to release the bill to give them the added maximum effect in keeping the pps down. So, while we don't know the exact ER dates for FnF (on or before 3/3/14), I'm willing to bet congress and its PR department does.

Obi, as usual, you've done a masterful job of unpacking the documents legalese and explaining it in terms many can understand and relate to. You have reached Aaron Director Teaching Scholar status here on this board, at least in my book. Therefore, I would like to add an AD to your name. Obiteridctum AD, or Obi AD sounds about right to me. :)

Again, many thanks!

Beta, that's the impression I was under as well, but I recently read an article where the author stated they thought he only owned after the fact (a small amount) so he could he could be involved as an activist. Again, it appeared to be an assumption in the article (for spin), but I thought I would ask. Much thanks for your reply.