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News for 'FMCC' - (*DJ Freddie Mac: Scheduled Dividend Obligation to Treasury in March Will Be $4.5 Billion >FMCC)
News for 'FMCC' - (*DJ Freddie Mac to Pay $4.5 Billion to Treasury for 4Q >FMCC) this is total BS
why earnings on a Monday never seen that be4
sounds sweet to me
new 8-k out
converting time I beleive
are they gonna cancel atls stock tia
it would be nice for a change
News for 'YRCW' - (DJ YRC Worldwide Initiated at Buy by Aegis Capital)
CNBC Now ?@CNBCnow · 9m9 minutes ago
BREAKING: JPMorgan Chase to settle some Lehman Brothers claims for $1.42B ; Lehman had sued $JPM for $8.6B after bankruptcy - DJ
News for 'YRCW' - (*DJ YRC Worldwide Raised to Buy From Hold by Stifel Nicolaus >YRCW)
News for 'MCP' - (DJ Molycorp Struggles to Survive Rare-Earths Bubble)
By John W. Miller
MOUNTAIN PASS, Calif.--In the dusty mountains of the California-Nevada border, 4,800 feet above sea level, the U.S.'s only miner and processor of rare-earths elements is struggling to squeeze a profit out of its small open-pit mine and plant.
On Monday, Molycorp Inc. is expected to announce it will skip a $32.5 million loan payment, triggering a 30-day grace period that could lead to a bankruptcy filing before the end of June, according to people familiar with the matter.
The company is trying to survive one of the biggest commodity bubbles in economic history. Five years ago, export restrictions by China, the world's dominant supplier, and a global political spat inflated the value of rare earths--15 elements used as niche ingredients in magnets, batteries, catalytic converters and other high-tech products--and propelled Molycorp's stock-market value to over $6 billion.
Since then, rare-earths prices have been on a long slide downward. Now with a market capitalization of around $150 million, Molycorp is indebted and unprofitable. Customers are putting in orders, but the company hasn't met production targets at Mountain Pass, and is in restructuring talks with firms representing its creditors.
The rise and fall of rare earths, and that of Molycorp, illustrate the fragility of betting on materials, which, unlike the core industrial materials--copper, iron ore and aluminum--are essential but required in minuscule quantities and can often be replaced. It also echoes risks for investors that have lurked beneath any buildup of artificial demand, from tulips in the 1630s to railways in the 1840s to Internet firms in the 1990s.
In 2010, shortly after Molycorp--formerly a unit of Chevron Corp. sold to private-equity firms in 2008 for $80 million--raised $394 million in a public offering. Around that time, China tightened existing quotas on rare-earths exports in a bid to rein in overproduction and keep more supply available for domestic manufacturers. An unrelated political spat with Japan, China's biggest rare-earths customer, and U.S. lawmakers casting rare-earths supply as a matter of national security poured more fuel on the fire.
Prices soared. "The Japanese were buying everything in sight," said Constantine Karayannopoulos, current chairman and former interim CEO. "It was a bubble." Investors piled into Molycorp, the only major rare-earths producer outside China.
Mark Smith, who was CEO at the time, was treated like a rock star at investor roadshows. "I was used to there being a dozen people at these events," he said in a recent interview. "And suddenly there were hundreds and hundreds." Mr. Smith said he knew it was a bubble at the time, but there was nothing he could do about it.
Molycorp rode the wave. It committed to an expansion at the mine in California, which cost $1.6 billion after overruns, and bought Neo Material Technologies Inc., a Toronto-based rare-earths processing firm, for $1.3 billion.
Then, in late 2011, the bubble popped, along with Molycorp's share price.
China relaxed restrictions on exports, oversupplying a market of only up to 140,000 tons a year. The iron-ore market, by comparison, is two billion tons a year. Molycorp says the problem has been exacerbated by illegal mining in China, which has further stoked production, artificially dropping prices. Chinese officials have made no secret of the fact that the industry has long been plagued by illegal production and trade.
Rare earths are used in tiny quantities. Molycorp's open pit in California is the mining equivalent of a kiddie pool. One-ton bags are stacked outside a warehouse near the mine. Each bag contains enough rare-earths elements to make over five million magnets.
It doesn't take much movement in supply or demand for prices to swing wildly. Since 2011, prices for the rare earths lanthanum and cerium, for example, have fallen to under $4 a kilo (2.2 pounds) from over $150 a kilo; and prices for neodymium have declined to under $60 a kilo from over $330 a kilo. Overall, the rare-earths market has shrunk to a billion-dollar market from one worth over $15 billion.
Even as scarcity fueled by Chinese quotas on rare-earths exports drove up Molycorp shares, engineers went to work finding substitute ingredients. "And the high prices back then encouraged more mining," says Dudley Kingsnorth, an Australian academic who has advised the U.S. Department of Defense on rare earths. "All together, it killed the market."
Ford Motor Corp., for example, cut use of Dysprosium, which as an alloy can increase the heat resistance of a magnet, by 50%. The new system, says a spokesman, "is also 50% lighter and 25% to 30% smaller than previous-generation hybrid batteries."
Even Pentagon officials say the panic was overblown. The U.S. Department of Defense only buys between 5% and 8% of all the rare earths consumed in the U.S. Many of the magnets it purchases contain rare-earths elements that may be mined and produced in China, according to a U.S. military official. It has stockpiles and contingency plans in case China cuts off exports, the official says.
In late 2012, Mr. Smith was dismissed without a statement from the company. The U.S. Securities and Exchange Commission investigated whether statements Mr. Smith and other executives had made during the boom were misleading or overly bullish. Angry shareholders have filed a cluster of lawsuits, which have been consolidated into four suits. Three have been dismissed.
Mr. Smith defends his record as CEO, arguing that he was focused on simply building a profitable mining company, and noting that the government's investigation indicated no wrongdoing. "The SEC looked at every internal email since 2008 and found nothing," says Mr. Smith. The SEC declined to comment.
Molycorp has suffered three straight years of quarterly losses. It has $1.7 billion in debt. It had aimed to produce 20,000 metric tons a year at Mountain Pass. Instead, it has been able to generate only slightly more than half that amount. The stock price has fallen to under a dollar per share. The company warned investors in April that if prices and profits don't improve, it will have to "cease operations as a going concern."
The popping of the rare-earths bubble has also harmed the fortunes of hundreds of small prospecting companies trying to exploit new deposits all over the world, and Australia's Lynas Corp., the other big rare-earths producer outside China, which has struggled to turn a profit.
Geoff Bedford, who took over as Molycorp's chief executive in 2013, insisted in a recent interview that the company's deposit was "very good" but said the company has had problems with processing.
On a recent tour of the company's processing plant, manager Rocky Smith showed off buildings packed with pipes and large tubs where the rare-earth ore is crushed, floated and leached. "You have to get the acidity and temperature right," he says. "It's a tricky, delicate balance."
The company's big sellers are neodymium and praseodymium, used to make magnets in cellphones, cars and computers, and lanthanum, used to refine petroleum.
Molycorp hopes new contracts can save it. In April, it announced a 10-year deal with Siemens AG. "We also buy from China, but for us it's important to diversity the sourcing of our magnet material," said Bernd Eilitz, a Siemens spokesman.
Wolfe Research 8th Annual Global Transportation Conference
May 19, 2015
11:15 AM ET
here it is
0580101158617720
shippers taken a beating this morning
earnings looks like Thursday-
Feb 12th BMO according to whisper so far
this is new
http://fb.me/7Yk1jC6Cv
OVERLAND PARK, Kan., Oct. 16, 2014 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (Nasdaq:YRCW) today announced that on Thursday, October 30, 2014, at 4:30 p.m. EDT, 3:30 p.m. CDT, company executives will host a conference call with the investment community to discuss third quarter financial results. Third quarter earnings will be released the same day, Thursday, October 30, 2014, following the close of the market.
The call will be webcast and can be accessed live or as a replay via the YRC Worldwide website yrcw.com.
BB&T Capital Upgrades YRC Worldwide $YRCW to Buy EOM
LINK inside new
http://wmiholdingscorp.com/
WEBSITE UP EOM
News for 'FREE' - (*DJ FreeSeas Inc. Files Mixed Securities Shelf for Up to $50 Million)
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)
April 09, 2014 16:51 ET (20:51 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.- - 04 51 PM EDT 04-09-14
SHAKE,SHAKE,SHAKE eom
News for 'WMIH' - (WMI Holdings Corp. Announces Commitment by KKR for Strategic Investment Parties Enter into Conditional Commitment Letter for KKR to Acquire Subordinated Debt, Convertible Preferred Stock and Warrants)
SEATTLE, Dec. 9, 2013 /PRNewswire via COMTEX/ -- WMI Holdings Corp. (OTC: WMIH)
("WMI" or the "Company") today announced that KKR & Co. L.P. has entered into a
conditional commitment letter to make a strategic investment in the Company (the
"Commitment Letter"), dated December 8, 2013.
Subject to the completion of definitive documentation, due diligence and the
terms and conditions of the Commitment Letter, KKR has agreed (i) to purchase
approximately $10.55 million face amount of convertible preferred stock of the
Company at a price per share of $1.10 convertible on a one-for-one basis into
shares of common stock of the Company (the "Convertible Preferred Stock"), and
(ii) commit to purchase up to $150 million aggregate principal amount of
subordinated 7.5% PIK notes, which may be issued in one or more tranches over a
three year period, each with a seven year term from the date of initial issuance
(the "Subordinated Notes"), subject to certain terms and conditions.
Substantially all of the proceeds from the Subordinated Notes, if and when
issued, would be used by the Company to fund future acquisitions. Upon
consummation of the transactions contemplated by the Commitment Letter, KKR
would receive five-year warrants to purchase approximately 61.4 million shares
of the Company's common stock, 30.7 million of which would have an exercise
price of $1.32 per share and 30.7 million of which would have an exercise price
of $1.43 per share. KKR would also have the right for three years to participate
up to 50% in equity offerings up to an aggregate of $1 Billion by the Company
subject to certain limitations, including a cap in ownership by KKR (and its
affiliates) of 42.5% of the Company's common equity. The Convertible Preferred
Stock, if and when issued, will include the right for KKR to appoint one of
seven members to the board of directors of the Company. The Commitment Letter
terminates on January 31, 2014 in the event that the parties do not enter into
definitive documentation on or before such date. The Company has agreed to
reimburse KKR for certain expenses incurred by it in connection with the
Commitment Letter and has also agreed in certain circumstances to pay KKR a
termination fee equal to $2 million.
Michael Willingham, Chairman of the Company said, "We believe this investment
from KKR will provide WMI Holdings with a compelling opportunity to create
meaningful shareholder value. KKR has a global network of relationships, deep
expertise in transaction execution, portfolio management, capital-raising, and
operational improvement, and we believe a partner with these capabilities will
augment our ability to execute on our stated acquisition strategy."
Tagar Olson, Member and Head of KKR's Financial Services team stated, "As a firm
that invests across a wide range of asset classes, we think KKR is
well-positioned to serve as a long-term aligned capital partner to the Company.
We are looking forward to being a strategic investor in WMI as the Company grows
and diversifies its platform in the coming years. We believe there is a
compelling opportunity to help build shareholder value as a significant investor
alongside WMI's existing shareholders."
Blackstone Advisory Partners L.P. is acting as financial advisor to the Company
in connection with the transactions contemplated by the Commitment Letter. Akin
Gump Strauss Hauer & Feld LLP and Lane Powell PC are counsel to the Company.
Simpson Thacher & Bartlett LLP is counsel to KKR.
About WMI Holdings
WMI Holdings Corp., formerly Washington Mutual, Inc., consists primarily of WM
Mortgage Reinsurance Company, Inc. ("WMMRC"), a wholly owned subsidiary of the
Company that is domiciled in Hawaii. The Company's primary business is a legacy
reinsurance business that is currently operated in runoff mode by WMMRC.
About KKR
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading
global investment firm with $90.2 billion in assets under management as of
September 30, 2013. With offices around the world, KKR manages assets through a
variety of investment funds and accounts covering multiple asset classes. KKR
seeks to create value by bringing operational expertise to its portfolio
companies and through active oversight and monitoring of its investments. KKR
complements its investment expertise and strengthens interactions with fund
investors through its client relationships and capital markets platform. KKR &
Co. L.P. is publicly traded on the New York Stock Exchange (NYSE: KKR) and
"KKR", as used in this release, includes its subsidiaries, their managed
investment funds and accounts, and/or their affiliated investment vehicles, as
appropriate.
30.19
BTFD
Shake Shake Shake
crazy aint it
35.92
33.72
YRCW UPGRADED BY BB&T
News for 'YRCW' - (CSIQ, IRBT, RKUS, YRCW)
Jun 27, 2013 (AdviceTrade via COMTEX) -- by Harry Boxer, www.TheTechTrader an
AdviceTrade.com publication
It was another solid day on Wall Street with good technicals on Thursday. The
volume wasn’t great, but it is summer. A lot of stocks are moving, so
let’s take a look at some of them.
Canadian Solar Inc. (CSIQ) had a nice follow-through day on Thursday, popping
across key resistance, up 96 cents, or 9.5%, on 8.3 million shares. That’s
the biggest volume in almost a month. With the breakout above resistance, look
for a move up towards 13 short-term. If it accelerates in the new-channel angle,
this stock could get up to 15-16 potentially.
iRobot Corporation (IRBT) had a good day on Thursday, and we had a good day with
it since the swing trade came to fruition. After it consolidated for a week, it
popped 1.97, or 5.28%, on nearly a million shares. On a breakout day we want to
see the volume pick up like it did. Top of the channel now calls for a move up
toward 43-44, which is the swing-trade target.
Ruckus Wireless, Inc. (RKUS) had great action on Thursday, going from 11.81 to
13.35 and pulling back to 13.04, up 1.30, or 11%, on 3.7 million shares.
That’s the biggest volume on an up-day going back more than a year when
the IPO took place. This stock has gone from 26 all the way down to near 10 1/4,
consolidated for a week, and on Thursday broke through the 10- and 21-day moving
averages, and the 50-day at about 13.85, and then the lateral-price resistance
at 14.10 to deal with on Friday. Let’s see if it can get up to that zone,
and take out the declining topsline at 16 1/2.
YRC Worldwide Inc. (YRCW) is on a hell of a run, having popped out of the 6-7
zone, had an explosive breakaway gap in May, paused in a little pennant, then a
bigger wedge with a rising topsline, and in the overall channel, it looks like
it may continue somewhere in the mid to high 30’s. It has strong momentum,
so be watching, particularly if it gets over 29.65, it could fly into the low
30’s.
Other stocks on Harry’s Charts of the Day are Albany Molecular Research
Inc. (AMRI), CA Technologies (CA), CalAmp Corp. (CAMP), Entravision
Communications Corporation (EVC), Neonode, Inc. (NEON), Renewable Energy Group,
Inc. (REGI), Revolution Lighting Technologies, Inc. (RVLT), Tesla Motors, Inc.
(TSLA), Westport Innovations Inc. (WPRT), and The ExOne Company (XONE).
By Harry Boxer (www.TheTechTrader)
URL: thetechtrader.com
(C) 2013 AdviceTrade, Inc. All rights reserved.
SEEKING ALPHA BASHING HARD
THEY MUST OF MISSED THE BUS (LOSERS)
Scottrade sent it emo
THE BANK OF NEW YORK MELLON
Default Administration Group
101 Barclay Street- 8W
New York, NY 10286
July 25, 2011
NOTICE
TO
HOLDERS
OF
Preferred Securities
Lehman Brothers Holdings Capital Trust V
6.00% Preferred Securities, Series M
(CUSIP No. I: 52520E200)
Guaranteed by Lehman Brothers Holdings Inc.
Each Holder ofthe above-referenced securities (the "Securities") should forward a copy of this
Notice immediately to any beneficial owner(s) of the Securities for whom the Holder acts as
nominee or in any other capacity.
The Bank of New York Mellon (as successor to the initial Property Trustee, JPMorgan
Chase Bank, N.A.) is the Property Trustee (the "Trustee") under the Amended and Restated Declaration
of Trust of Lehman Brothers Holdings Capital Trust IV, dated as of October 31, 2003 (the "Indenture"),
which governs the Securities. Lehman Brothers Holdings Inc. ("LBHI") guaranteed payment under the
Securities on the terms and conditions provided in the Guarantee Agreement, dated as of October 3 1,
2003 (the "Guarantee"). Under the Indenture, the Trustee holds $300,000,000 6.375% Subordinated
Deferrable Interest Debentures Due 2052 (the "Subordinated Debt Instruments") issued by LBHI under
that certain Indenture, dated as of February 1, 1996 (the "Subordinated Debt Indenture"). The Bank of
New York Mellon (as successor to the original trustee, Chemical Bank) is the trustee (the "Subordinated
Debt Trustee") under the Subordinated Debt Indenture. Capitalized terms used herein that are not
_______ .otherwise specifically defined.shall have the meanings for such terms.setforth.in.the.Indenmre.L. _
This notice is provided by the Trustee for informational purposes only. In giving this
notice, the Trustee makes no recommendations and gives no investment, business, legal or other advice as
to the matters set forth above. Holders should consult their own professional advisors regarding matters
related to the contents of this notice.
On September 21,2009, the Subordinated Debt Trustee filed claim number 22123 against
LBHI in its role as Subordinated Debt Trustee, on behalf of the trust, as a holder of the Subordinated Debt
1 CUSIP numbers are included solely for convenience. Trustee is not responsible for selection or use ofCUSIP numbers.
W02-EAST:Instruments (the "Trustee Claim"). The Securities represent ownership interests in such trust, which in
tum holds the Subordinated Debt Instruments.
On June 29, 2011, Lehman Brothers Holdings Inc., a Delaware corporation ("LBHI"), the
obligor under the Subordinated Debt Instruments, and its affiliated debtors (collectively, the "Debtors") in
the Chapter 11 proceedings (the "Bankruptcy Proceedings") being administered as case number 08-13555
in the United States Bankruptcy Court for the Southern District of New York (the "Court"), filed an
amended motion for approval of their proposed Disclosure Statement and procedures (the "Procedures
Motion") for confirmation of the Second Amended Joint Chapter 11 Plan that was filed by the Debtors
with the Court on June 30,2011 (the "Plan"). The hearing on the Debtors' proposed Disclosure Statement
is currently scheduled to be heard by the Court on August 30, 2011.
Under the Procedures Motion, the Debtors have proposed a timetable for confirmation of
the Plan which estimates that the deadline for objections and/or responses to the Plan will be due in
November of 20 11. The Debtors have proposed a treatment of the claims of the holders of the
Subordinated Debt Instruments that are held by the Trust, including the Trustee Claim, which are
classified under the Plan as members of LBI-ll Class 10B under the Plan. As proposed in the Plan, the
holders of the Subordinated Debt Instruments, as members of LBHl Class lOB, will not be entitled to
receive any distributions on account of their allowed claims unless and until the holders of senior
unsecured claims against LBHI (LBHI Class 3), senior affiliate claims against LBHI (LBHI Class 4A),
senior affiliate guarantee claims against LBHI (LBHl Class 4B), and senior third-party guarantee claims
against LBHI (Class 5) are satisfied in full. Assuming the Plan is confirmed as currently proposed, it is
not anticipated that the Debtors will have sufficient assets to satisfy in full the claims of those senior
classes, and as such, the Subordinated Debt Trustee, as holder of the Subordinated Debt Instruments, is
not expected to receive any distribution under the Plan on account of the Trustee Claim. In addition, the
Subordinated Debt Trustee, as a member ofLBHI Class lOB under the Plan is not entitled to vote to
accept or reject the Plan on behalf of the trust, and is treated by the Debtors as having conclusively
rejected the Plan.
Holders of the Securities with questions may contact the Trustee by email at
lehmaninquiries@bnymellon.com. Holders should not rely on the Trustee as their sole source of
information. Holders of Securities may access pleadings filed in the Bankruptcy Proceeding, including
the Plan and Disclosure Statement, at http://chapterIl.epiqsystems.com. Additional information is also
available on the website of the Official Committee of Unsecured Creditors (www.lehmancreditors.com).
Holders of Securities that would like to participate in the Bankruptcy Proceeding should consult with their
own legal advisors.
The Bank of New York Mellon
as Trustee
W02-EAST:
MY papers I got in the mail dated july 25 2011
also say bny for the trustee
heres their email add for any questions
lehmaninquiries@bnymellon.com