Working hard to give my family a better life than I was handed.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Yes, Obama MUST bailout or fund the auto industry as their unions bought him into office, and if he does not, there will be another Jimmie Hoffa episode for the 21st century occurring I fear..
Yes Japan and Europe even stated there needs to be bridge loans for US auto makers. These are loans with terms, NOT freebie handout welfare monies like the US banks received in over $350 Billion to date... Even after yesterday's historic interest rate cut to .25% banks still are NOT loaning new monies- they are only trying to refinance current loans on book of highest credit so this smoke & mirrors needs to be understood by people better...
When people realize the USA and world is run & controlled by the banking system(s) then they will see a far different picture. This was all created in 1933 (Fed Reserve instituted) after the last great depression to have a banking system that controlled everything and manipulated how business, industry and peoples' wealth would be dictated over time.
Anyway, yesterday in China, GM opened a new manufacturing plant to produce like 150,000 units per year from that location which is verty positive news. GM is doing fine around world basically and they do have funds, but it is the ongoing US operational costs killing them which sadly, the labor unions are at the heart of it plus fact the retirees now outnumber workers by 3 to 1..
But I know many who lost everything and have had to reduce their living standards, and though it is not nice nor fair many times, these high paid union workers are going to have to realize they too are not exempt to what is now going on in the USA, and are going to have to live on less materialistic items and reduced incomes and lower standards of living too...
But, all of this was warned would occur over 20 years ago when NAFTA first came about, but political events and lobbyists and other special interests pushed the US to be part of a new world order of global business one day and we are now deep within it; and yes, back then it was also foretold a great capital reallocation would occur so a few control most wealth in the USA, and the middle class will become nonexistent and people will be made to live life on a lower standard of living- This is where we are at today at this very point in time.
So, do we want this US employer to exist for sake of any type of job long term so families have some type of job and income to feed themselves, or do we want it to fail, to add to the unemployment rolls already hitting 7% in the USA!!??
Biggest problem like always, is the majority of people out there are self centered still and refuse to see or accept what reality is today and have no long term care and only think about the here & now.
Evidently they didn't move price low enough for my orders to get filled for more shares long term.
Yes all this talk of stimulus needed for the economy, the feds could have given every working family $1million, and still there would not have been the amount of outlay we have already seen ($Trillions added to national debt)- and consumers would spend, invest, use that money in every imaginable way and it would have positive effect on small businesses across this nation too..
But the feds are smarter than me or else I guess I would be in their position.
The article is true and the last sentence is why it didn't pass last week- the labor unions plain & simple.
These old blue collar political terrorists need to wake up and realize they too have had it too good for too damn long and will have to give in and sacrifice like the rest of us around the country who no longer have all the nice fancies these unions try to hold onto, as they need to become competitive and stop whining for more, as the unions are busting the auto industry and everyone knows this... If none of them saved all those high wages they were paid for years and wasted it, that is too bad. That is how life is.
Come to my region where it used to be the furniture capital of the world and today see where over 50,000 locals lost jobs because 99% of those corps going overseas for cheaper costs to do business.... And December 1st my wife's income was hit when one of last furniture companies here told her they were taking 1 work day away from all hourly workers (32 hour week now)and that they should be glad they still had a job- This is the reality us and millions are living with daily today- not all this special treatment and perks these auto workers get who most have nowhere the education or even experience as many of us...
I agree GM will survive, but what will be insame is if Feds drop rates 100 basis points today to 0 %; talk about a Christmas rally..
This is already being talekd about at top circles in investment industry as .50% is expected without doubt but more talk of total 1% THIS AFTERNOON..
I agree to, but to make all this simple, when you look at the recent election and who backed Obama, one way or the other there definitely will be help or aid or loan package from the US government for the auto makers- because in simple terms, if there is not, you won't have to worry about all the jokes still going on today regarding "Jimmie Hoffa". Obama is now forced to suck off the teet of the last major bastion of union force in this nation and those guys do not play fair; never did as I grew up around them in the rust belt and I have witnessed many wrongdoings the labor unions have done to others who go against them or do not go along with them...
LUMCQ active still and I guess anything is possible today especially after the Bernie Madoff incident just came out- so even what was deemed the best and most secured on Wall Street proved to be a fraud, so why not can't LUM begin to shine again?
You never know.
e in the 18-20 cent range many times, but technically it needs to retest lows near 6ccents or so, and wiht this and what research I see, it still may fall to near thsoe lows one more time before any new growth occurs on the stock.
I owned them in the past year or so but not today, yet I like what I see in their operations and so forth... Like everything else globally, do not expect substantial anything until the world markets are back in order and reality again returns to investing, as this report friday of Mr. Madoff on Wall Street shows how much corruption & greed still exists destroying many people/investors' trust so it could take years before anything really "takes off" again....
Yes I agree but commercial bankruptcy is NOT like personal bankruptcy and is not a bad thing always- it forces more changes & accountability as every major airline has filed bankruptcy even at one time, and K-Mart twice to my knowledge where K-Mart owns Sears today- so go figure..
Problem is personal bankruptcy follows and haunts a consumer 10 years minimum now regardless of C7 or C13 and this is used against consumers to force higher interest rates on any borrowing needs- yet any corp can file C11 bankruptcy and still go on and nothing happens to them and people seem to forget they filed C11 and still buy their products; whereas a person having to file bankrupcty for any reason seems to be sued to discredit that person for years as if they are lesser of an American citizen...
$10.00 GM stock price is what I see as a major technical level to regain back to and trade at for some time....
I do wish Bloomberg & CNBC and others STOP saying daily 24/7 "bailout" as this is not accurate terminology! A bailout is not a loan but welfare.... This is a loan with very tight restraints at best and funny how you hardly hear of the "bailout" which indeed the banks received in the amount of more than 20 times what the major auto mfgrs were even speaking of requiring.. Major Banks got a "bailout"- FREE monies wiht no oversight or conditions to date nor disclosure, yet the auto mfgrs only wanted a loan which is coming with extremely harsh terms; so who really is more deserving of help when you compare the two scenarios??
They will survive long term and will be forced to make changes especially the hard core union structure which is what has been eating away at all car mfgrs for decades to meet and in this new world, the unions are going to become a thing of the past like everything else that once was "Made in USA"...
Since the auto mfgrs were an icon for decades as was the majority of US citizens middle class, there no longer is a majority middle class in the USA as there always used to, so major adjustments will come about regardless what emotions or feelings people may have, as we have changed this nation at its fundamental roots so people need to stop looking back and comparing it to what it was or used ot be as the New World Order of global business we are in has taken away the individual identity of the USA as She always had previously.
??? I too figured enough time has elapsed in a year with their talking of becoming listed on Nasdaq; and with mainstream media overbeating everything for months on end as if we do not know what is going on in the nation, I figured reality would be restored somewhat and people come to their senses and turn off TV's and invest in solid companies with solid products long term like this corp has..
LOL The way I see it, if WaMu and all the press it received after the fraud and scheme structure was revealed by its management and its bad practices took it to nothing and dead (hurting many sharegholders in process), then all of a sudden resurrected like Christ and back to TV ads again, anything is possible longer term for even LUM stock...
I believe GM will be fine too but laugh how the unions who backed Obama will have to eat crow as they are going to have to live in reality and make changes to cut costs for once in their greedy lives if GM or any other is to stay competitive and survive long term. After all, this is the New Global World environment as they say and the unions can't have their liberal Democrat cake and eat it too any longer....
As for bailout, that is bad phrase to use with GM or others in auto industry, as a lower interest loan is NOT welfare or free handout, and the principal and interest will have to be repaid much like Chrysler did back in 80's.
A bailout is the pure grant-like scenario of free handout monies which the big banks received with no oversight or disclosure which is pure criminal in my mind; as it was the banks to begin with who created all of this mess from the top on down... At least we can use cars, but can do without greedy backstabbing bankers...
Idea for GM, why don't US govt put in order to resupply all their vehicle pools??? Then no need for loan or bailout or such...
This will certainly take care of sitting stock..
Told you weird things going on with LUM stock...
Today 2.13M volume!!?? Price moving up now!!??
About as weird at Wamu supposedly gone from sight forever broken & battered and out of money, then suddenly reappearing today on TV, with Wamu adds running again saying they are part of Chase Bank!!??
Yes, there is trading volume and has been for this stock.
Bankruptcy is not an end but a reorganization of business operations. However with this corp and its management, they are the problem, and should something take a new turn of events, this stock could actually get more recognition again and perform on the market at a higher price.
It has not gone, and it still is being traded daily.. I have been watching this for a long time and still a shareholder too. Just "weird" things have been going on and I'd like to know what the Board is or has been doing like many others...??
I am a believer in RBRM long term and own its stock and products.
Thing is, with the mainstream media causing hysteria 24/7 overbeating everything in the markets, until this cloud lifts from the US consumers' psychi, EVERYTHING will be dragged or held down until these news pundits STOP all the rehashing & debating & negative over-analyzing of news and stories killing EVERYONE'S ambitions globally to invest in any compnay regardless hwo solid or strong they may be like RBRM; who has great "MOAT" and a product and service highly needed on an increasing basis forever..
Maybe if we all turn off th TV sets and the media gets the point, they will get back to reality and truthful reporting and STOP all this negativity they are keeping alive globally..
I am a GM owner and have been for years. I have owned 27 vehicles in my life from personal to business and always came back to GM/GMC/Buick/ Caddy over other manufacturers as it is an American thing and I always ilked at how many Americans for years said foreign vehicles were better and truth was they were not really. Their repair costs were higher for one thing, and as a previous poster stated, several states in USA lured foreign makers with tax free benefits which are set to expire now, and perhaps one reason Toyota is falling and not going to build that megga plant in Alabama??
And this tax free status and using non union workers is the ONLY reason the foreign makers were able to take over the US markets (lower overal operating costs) as they seemed to for a time, but nothing lasts forever as I see it...
I believe GM will be fine long term, but they are going to have to do something to ADAPT TO CURRENT TIMES and those spoiled over-paid union members are going to have to realize they too are going to have to make adjustments (not have things so easy) like the rest of us if this corp and this nation is going to survive long term, and STOP thinking only about their own wealth.
I also worked union for a while and got away, as I believe in free thinking & individual freedoms which you do not have as part of a union. I grew up on the Great Lakes region too and know unions well. I have otherwised worked non-union or as in my current status, self employed entrepreneur doing what our great Constitution allows us to do as a free nation, and do not want anyone to call my movements or make my decisions for me as a union does brainwashing its members.. THAT is like welfare in another word.
One thing for certain, the mainstream media is not helping anything out there as they are so gloom & doom and adding to the problems with hysteria. Also the liberal Obama was bought by the unions and they and he will see he is no Messiah and cannot do all he promised so many blinded followers who voted for him as President.
As far as those who are young and say "go green" or "build more alt energy vehicles, etc" this statement like others of past are another example of stupid people with ignorance to the world and our resources. We HAVE ample resources and we do NOT exploit them and we will NOT run out of oil if we do drill in our own backyard for them!
Alt energy was dealt with back in 70's and there are limitations to them and the press and others who are ignorant need to STOP saying alt energy vehicles is what GM or others should build. They are only good enough in localized regions for commuter usage at best and CANNOT compete with an internal combustion engine's power or torque which is NEEDED for everything from shipping & trucking & delivery & many construction and service type usage vehicles that can ONLY operate as they do with oil/gas fuel base, as no alt energy vehicle out there could EVER be put into such usage or service.
SO I for one and tired hearing 24/7 people whining about ONLY alt energy as it is limited and will NOT be the answer to our problems. Solar, electric, hydrogen fuel cell and all these whacky ventures cannot be utilized for mainstream everyday societal purposes. Look at the ethanol scam which I called over a year ago and see what it has done to our markets alone! And even with nuclear, it takes many years before even one plant can be commissioned and brought on line to even see the result of its energy production, so all this mass media hysteria whining daily as if there is an instant alt energy pill is beyond ridiculous to anyone who deals in such markets.
We need to get back to integrity in how ALL busienss is operated from the top execs to the worker, STOP top CEO & execs from pilfering all the liquid capital from the very corps they are entrusted to oversee & run (sending it to hidden overseas accounts), restore manufacturing & solid jobs from within instead of outsourcing, get rid of a majority of lobbyists and their paybacks from politicians (including Obama), streamline the US government so the people are greater than the minority of high paid puppets that runs it today as we were instructed through our Constitution, and tap into our own resources to get the USA off the tit of the Saudi world and then in time, you will see a balance again restored and the economy turn around and become solid again. But as with all change, the unions and their structure in the USA have added to a lot of this wasted $$$ demise for corps too and they are going to have to change with the times to survive, as the unions are breaking what corps are left as millions of the rest of us out there are not tied to unions nor make the incomes or benefits unions and lobbyists have kept holding onto from a past USA that no longer exists...
DO NOT listen to CNBC or others like them as they are crap agencies that breed fear for their owners financial benefit..
Do your homework & research and turn off the damn TV set for such programs...
DO NOT listen to any analyst as recent events should show you rating groups like Moodys and S&P and other analysts were scamming the public and being paid off and federal investigations are arresting many found to have perpetuated a lot of this crap going on.
Fundamentals are good long term, GM vehicles have been decent and we own them and will continue to do so, so I do see something coming to keep them alive..
Yes and US corp execs have found a way to drain more monies from said corps (and their employees) than they deserve in assanine pay & benefit packages instead of learning to live on a realistic salary and leave the greater portion of that generated cashflow in said corps so that they may well survive and an event like we have unfolding before us today.... Time will tell.
Historical low price that my open orders got filled should this stock ever re-test its historic lows which it did late yesterday.
This corp is the largest US auto maker, and though I do not like the Feds bailing out major corps, in light of this new liberal Socialist President Obama (who was bought into office by the unions and other far left groups), GM I believe amongst other major corps will get help and will survive and go forward from here.
One of the major problems in last 20 years is the labor unions and their ongoing costs are breaking this nation and I cannot see GM failing regardless of what I believe governments role should be related to private business.. I do own GM vehicles and like them. I use them in my business too.
Unless the unions are busted so that the auto makers too learn to deal with less like other US corps and the average US citizen, and the auto makers operate without the strong union lobbyist groups, they can survive and have plenty of cash in a non-union environment in this new global control world we live in; as the days of the unions are far gone, yet some still will not see or believe this and are in denial and that is a trait of a liberal and why with them in office, will NOT make the economy better, only get far worse..
GM long term I think will be fine as synergies will demand and force certain things to come to play regardless of feelings and reality will have to come about and time will tell..
Oct 28th 8K SEC release just out. LUM not found at fault in recent post petition loan
Item 8.01 Other Events.
On September 5, 2008, we, together with certain of our subsidiaries, filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Maryland (Case No. 08-21389).
The Bankruptcy Court approved our use of a Post Petition Loan and Security Agreement with Arco Capital Corporation, Ltd. and we borrowed $200,000 under the Agreement on September 29, 2008. On October 6, 2008, the lender asserted that an event of default had occurred on the Agreement and as a result, the lender purported to accelerate our obligations under the Agreement, declared the Agreement to be terminated and reduced its commitment to lend under the agreement to zero. We contested that an event of default occurred by the filing of Emergency Motion Papers with the Bankruptcy Court. On October 9, 2008, the Bankruptcy Court issued a Temporary Restraining Order prohibiting us from transferring or otherwise disposing of any or all of the funds borrowed under the Agreement until the earlier of ten days from the date of the Order or the conclusion of a hearing on our emergency papers. After a hearing, the Bankruptcy Court, on October 16, 2008, found that the event of default alleged by the lender had not occurred and that we were not in default under the terms of the Agreement.
We and our subsidiaries are required to file Monthly Operating Reports with the Bankruptcy Court. A copy of the September 2008 Monthly Operating Report is filed as Exhibit 99.1 to this Current Report on Form 8-K. Our last publicly available financial statement was included in our March 31, 2008 Form 10-Q that was filed with the Securities and Exchange Commission on May 19, 2008. Since that report we sold securities and transferred securities to repurchase agreement lenders to repay short-term debt and we entered into several term-note agreements for balances due on repurchase agreement debt. Subsequent to entering into those term-note agreements, as previously announced, on July 11, 2008, our remaining repurchase agreement lender declared an event of default to have occurred on our repurchase agreements with them due to our inability to deliver additional securities or cash necessary to fulfill our obligations under the terms of the agreement. As a result of the event of default, the repurchase agreement lender took possession of all remaining mortgage-backed securities of value, including securities that were retained from our whole loan securitizations. These transfers of securities resulted in the derecognition of all of our remaining mortgage-backed securities from our balance sheet and the deconsolidation of all of our securitization trusts because we no longer have the rights to receive principal and interest cash payments from these securities.
Cautionary Statement Regarding Financial and Operation Data
The Balance Sheets and Income Statements included in this Monthly Operating Report are prepared on a stand alone basis for each subsidiary that has filed for relief under Chapter 11 of the U.S. Bankruptcy Code and include certain items such as liability amounts for the guarantees of the debt of other subsidiaries. In addition, this Monthly Operating Report does not include the balances of certain subsidiaries that have not filed for relief under the U.S. Bankruptcy Code. Therefore, the sum of these entities are not representative of the consolidated financial statements of Luminent Mortgage Capital, Inc. in accordance with generally accepted accounting principles.
We caution investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of our securities. The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, has not been presented in accordance with generally accepted accounting principles, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that the Monthly Operating Report is complete. The Monthly Operating Report also contains information for periods which may be shorter or otherwise different from those contained in reports required pursuant to the Securities Exchange Act of 1934, as amended. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
99.1 Monthly Operating Report for the Period Ended
September 30, 2008.
Top of the Form
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Luminent Mortgage Capital, Inc.
October 28, 2008 By: Karen Chang
Name: Karen Chang
Title: SVP, Chief Financial Officer
YES, this is all too weird and this last 8K I was sent one evening after its late release through me for a loop and still has me scratching my head???
WTF is really going on now I have to wonder???
Over 1 1/2 years watching & analyzing this (owning it once too) and I have to say they are pump & dump as the last R/S proved to be a scam to anyone who invested into them..
In the new paradigm forming now and economic situations, they are going to disappear...
Exactly, and in a negative atmosphere as we are entering, it has been proven medically stress can make people sick and depress them and affect them negatively to where everything around them goes bad in the process- why RBRM is one of the few true & proven small caps out there (with products of actual needed value) that is not using this economy and climate to benefit itself to its full potential, and is ghost-like to the greater markets and world because of their quiet stance, but as things get worse and we go through a tough period the strong will come through well as soon as the bad eggs are washed out completely... A new paradigm again and rebuilding will take place as will reallocation of assets and new corps replace old bad corps in the public eye.
This has been seen before historically even after The Great Depression, where former major corps failed where no name firms that were operating well through those tough times, came out to be the next big cap in time.... Same could very well happen to RBRM "if" they do the right things and turn a negative economy and scenario into a positive for their operations as people by now, I feel, are seeing just what lies and corruption the banking & real estate communities were hyping for years and are starting to come to realization as to what "long term value" is again in a business verses what the media hype or analyst hyped former large caps were doing after the late 90's internet, dot.com stock manipulation revealed itself to be a con game then; and "they" were looking for another way to recap those losses and used fixed residential real estate in a speculative way from marketing to paying off rating agencies, etc on down to pull in the last of the first wave baby boomers' incomes & assets and now today we see that truth and unraveling and it never should have happened.. SO yes, RBRM and what they invent is needed more today than ever and will only gain in demand as times goes forward as I see it long term....
I do agree with Riley here as at this point in time, as I wrote about going back several years ago too, is what we are seeing is historical and in essence in time will force that which was evil and corrupt and greed driven out of business, to where common sense and real facts and fundamentals return once again to evaluate a gauge a business to be inevsted in, and RBRM has all the positive points to this and right now would be a great time to stand out amidst all the negative mess out there and say "here we are and look what we are about", as people will or are going to start going back to investing in tangible products and solid business operations (like we used to do) which RBRM fits that mold, and if it were me, I'd surely get my corp out there so people see this great small cap venture expanding and growing regardless of the banking & credit mess in the markets to add support to ownership of said corp. and how "we" are able to conduct ongoing growing business regardless of what the markets are doing...
Weird is right regarding LUM... New 8K today filed with SEC
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 6, 2008
Luminent Mortgage Capital, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Maryland 001-31828 06-1694835
_____________________ _____________ ______________
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1515 Market Street, Suite 2000, Philadelphia, 19102
Pennsylvania
_________________________________ ___________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 215-564-5900
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
{ } Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
{ } Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
{ } Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
{ } Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
Top of the Form
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial
Obligation or an Obligation Under an Off-Balance Sheet Arrangement.
On September 5, 2008, we, together with certain of our subsidiaries, filed a
voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in
the U.S. Bankruptcy Court for the District of Maryland (Case No. 08-21389). In
addition, on September 5, 2008, we entered into a Post-Petition Loan and
Security Agreement, or the Agreement, with Arco Capital Corporation, Ltd. On
September 15, 2008 the Court issued an Interim Order authorizing us to borrow
up to $400,000 under the Agreement. On October 6, 2008, the Court issued a
Final Order authorizing us to borrow under the Agreement.
On September 29, 2008, we borrowed $200,000 under this Agreement in accordance
with its terms. On October 6, 2008, the lender asserted that an event of
default had occurred under the Agreement because we alledgedly requested and
obtained a funds transfer in violation of the Agreement. As a result, the
lender purported to accelerate our obligations under the Agreement, declared
the Agreement to be terminated and reduced its commitment to lend under the
Agreement to zero. We do not agree that an event of default has occurred and
have contested that an event of default occurred by the filing of emergency
motion papers with the Bankruptcy Court. On October 9, 2008, the Bankruptcy
Court issued a Temporary Restraining Order prohibiting us from transferring or
otherwise disposing of any or all of the funds until the earlier of ten days
from the date of the Order or the conclusion of a hearing on the
company’s emergency papers, which now is scheduled for October 16, 2008.
--------------------------------------------------------------------------------
Top of the Form
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Luminent Mortgage Capital, Inc.
October 10, 2008 By: /s/ KAREN CHANG
------------------------------
Name: KAREN CHANG
Title: Chief Financial Officer
Weird... volume still present on LUM stock and it closed today at its high for the day with about 400,000 volume...?? 1 1/2 cents !!!
Yes RBRM needs to get better exposure for sure, and I have several hundred thousand shares for the long haul here and believe in this corp and have referred several people to using their products all with happy results.
Pam,
I e-mailed you my info & data.
Also I mailed you a series of posts found by "Karen Chang" and hope you received it and am waiting to see if there are any additional I can find out there still on any other financial/investment threads where she was :supportive" and caring to shareholders posting discussion topics to us all who bought their shares.
Steve
SEC "finally" taking action against NAKED short sellers affecting many public stocks!!!
>>>>
SEC puts 'naked' short sellers on notice
Regulator enacts new ruling banning 'naked' short selling on all public companies.
By David Ellis, CNNMoney.com staff writer
September 17, 2008: 11:08 AM EDT
NEW YORK (CNNMoney.com) -- The Securities and Exchange Commission adopted a set of new rules Wednesday which would ultimately ban the practice of so-called "naked" short selling, possibly providing some much-needed comfort for financial markets.
But instead of just shielding the embattled financial services industry this time around, the nation's securities regulator said the prohibition would cover all publicly traded companies.
"These several actions today make it crystal clear that the SEC has zero tolerance for abusive naked short selling," SEC Chairman Christopher Cox said in a statement.
Traditional short sellers borrow stock with the aim of selling it, then buying it back at a lower price, hoping to pocket the difference. In a "naked" short sale, however, investors short the stock without actually borrowing it, making it much easier to drive down the share price of a company.
Dramatic swings
Some market observers have blamed the recent wild swings in financial markets and steep decline in financial stocks on the practice of "naked" short selling. Hoping to stem the sharp selloff that the industry endured back in early July, the SEC enacted a temporary ban on the practice for 17 domestic and international securities firms, along with the twin mortgage giants Freddie Mac (FRE, Fortune 500) and Fannie Mae (FNM, Fortune 500).
The move helped, but financial stocks have come under pressure once again following the dramatic events over the last three days, including the collapse of Lehman Brothers (LEH, Fortune 500), the purchase of Merrill Lynch (MER, Fortune 500) by Bank of America (BAC, Fortune 500) and a government rescue of insurer AIG (AIG, Fortune 500).
Prior to Wednesday's announcement, industry groups like the American Bankers Association feared that the yet-to-be-announced rules may not go far enough to protect the stock price of banks.
Other groups, like the Managed Funds Association and the Coalition of Private Investment Companies, which represent hedge funds and other asset managers, have opposed any permanent changes, fearing that a rule would not only limit legitimate short selling but also give an inaccurate representation of the real price of a stock.
SEC "finally" taking action against NAKED short sellers affecting many public stocks!!!
>>>>
SEC puts 'naked' short sellers on notice
Regulator enacts new ruling banning 'naked' short selling on all public companies.
By David Ellis, CNNMoney.com staff writer
September 17, 2008: 11:08 AM EDT
NEW YORK (CNNMoney.com) -- The Securities and Exchange Commission adopted a set of new rules Wednesday which would ultimately ban the practice of so-called "naked" short selling, possibly providing some much-needed comfort for financial markets.
But instead of just shielding the embattled financial services industry this time around, the nation's securities regulator said the prohibition would cover all publicly traded companies.
"These several actions today make it crystal clear that the SEC has zero tolerance for abusive naked short selling," SEC Chairman Christopher Cox said in a statement.
Traditional short sellers borrow stock with the aim of selling it, then buying it back at a lower price, hoping to pocket the difference. In a "naked" short sale, however, investors short the stock without actually borrowing it, making it much easier to drive down the share price of a company.
Dramatic swings
Some market observers have blamed the recent wild swings in financial markets and steep decline in financial stocks on the practice of "naked" short selling. Hoping to stem the sharp selloff that the industry endured back in early July, the SEC enacted a temporary ban on the practice for 17 domestic and international securities firms, along with the twin mortgage giants Freddie Mac (FRE, Fortune 500) and Fannie Mae (FNM, Fortune 500).
The move helped, but financial stocks have come under pressure once again following the dramatic events over the last three days, including the collapse of Lehman Brothers (LEH, Fortune 500), the purchase of Merrill Lynch (MER, Fortune 500) by Bank of America (BAC, Fortune 500) and a government rescue of insurer AIG (AIG, Fortune 500).
Prior to Wednesday's announcement, industry groups like the American Bankers Association feared that the yet-to-be-announced rules may not go far enough to protect the stock price of banks.
Other groups, like the Managed Funds Association and the Coalition of Private Investment Companies, which represent hedge funds and other asset managers, have opposed any permanent changes, fearing that a rule would not only limit legitimate short selling but also give an inaccurate representation of the real price of a stock.
Count me in too of course as this is very wrong what LUM Board is and has done to many of us who trusted information that surely seems fraudulent no matter how you slice it...
Last night on Larry King Live, Ben Stein (even Donald Trump & Robert Reich) said it the best and what I had said for a few years, is there is enough regulation and laws (don't need more regulations) but they (laws & regulations) have not been enforced properly for the protection of the average investor and GREED has taken over Wall Street and fraud had been allowed to run rampant to hurt many investors from housing to the stock market and the overseeres and regulators turned a blind eye.
Remember this press release a few months ago? There are people from the Fremont Capital ordeal now getting investors of LUM stock through several financial websites & boards to form an equity group to petition federal judge to represnt them and go after LUM's corp board and assets to get justice as something is very wrong with PR releases, SEC filings and other info investors relied upon and were lead to believe "other things" and then we see last weeks' events from Ms. Chang & gang occur saying we stockholders are S.O.L...??>>
Luminent Mortgage Capital, Inc. Announces Proposed Restructuring and Files
2007 Form 10-K
PHILADELPHIA, March 31 /PRNewswire-FirstCall/ -- An affiliated company of
Luminent Mortgage Capital, Inc. (NYSE: LUM) filed a Form S-4 registration
statement with the Securities and Exchange Commission on Friday, March 28,
2008 with respect to the Company's proposed conversion to a publicly traded
partnership and other matters. In addition, the Company filed its Form 10-K
for the year ended December 31, 2007 on Friday, March 28, 2008.
The Company believes that maintaining its qualification as a real estate
investment trust, or REIT, is no longer beneficial to it or its stockholders.
Accordingly, the Company's board of directors has approved a restructuring
whereby the Company will convert from a Maryland corporation qualified as a
REIT to a Delaware limited liability company that would be considered a
publicly traded partnership taxable as a partnership, or PTP.
The Company believes that the restructuring is in the best interests of
its stockholders, and that since the PTP will not be required to comply with
the REIT income and asset tests and distribution requirements, it will
significantly enhance its flexibility for investment diversification and cash
management. In addition, following the restructuring, the PTP plans to
diversify and offer fee-based services, including credit risk management,
asset management advisory services and sub-manager services for investment
funds. These fee-based activities generally will be conducted through
corporate subsidiaries that would be subject to corporate income tax.
The restructuring is subject to stockholder approval and, if approved, it
is expected that the restructuring will be completed in the second quarter of
2008.
FYI Chapter 11 court docket interesting::
LUMINENT MORTGAGE CAPITAL, INC. filed for chapter 11 bankruptcy on September-05-2008 listing an estate with assets of $1,000,001-$100,000,000 and liabilities of $100,000,001+.
Here is a look at a few items in the docket:
Sep-05-2008, Motion to Extend Time (I) Granting an Extension of Time to File Schedules and Statements, (II) Waiving the Requirement to File a List of Equity Security Holders, and (III) Waiving the Requirement to Provide Notice of the Order for Relief to Equity Security Holders Filed by Luminent Mortgage Capital, Inc.. (Attachments: # 1 Proposed Order) (Sher, Joel) (Entered: 09/05/2008)
Sep-05-2008, Declaration re: of Zachary H. Pashel in Support of Chapter 11 Petitions and First Day Motions Filed by Joel I. Sher. (Attachments: # 1 Exhibit 1 - Part 1# 2 Exhibit 1 - Part 2# 3 Exhibit 1 - Part 3) (Sher, Joel) (Entered: 09/05/2008)
Sep-05-2008, Motion for Joint Administration Filed by Luminent Mortgage Capital, Inc.. (Attachments: # 1 Proposed Order) (Sher, Joel) (Entered: 09/05/2008)
Sep-05-2008, AMENDED Meeting of Creditors. 341(a) meeting to be held on 10/15/2008 at 10:00 AM at 341 meeting room #2650 at 101 W. Lombard St., Baltimore. Proofs of Claims due by 1/13/2009. (Adams, C) (Entered: 09/05/2008)
Sep-05-2008, Meeting of Creditors. 341(a) meeting to be held on 10/15/2008 at 10:00 AM at Courtroom 1-B, Baltimore - Judge Keir. Proofs of Claims due by 1/13/2009. (Adams, C) Modified on 9/5/2008 (Adams, C). CORRECTIVE ENTRY: INCORRECT MEETING LOCATION - BNC NOTICE TERMINATED. SEE AMENDED NOTICE AT P. 3. (Entered: 09/05/2008)
Sorry to hear and good luck with ehaling.
I can't help to wonder if the Board Moderator(s) can go back to the dates and times Ms. Karen Chang came in here posting all the positive spin for the future of LUM to us long term shareholders and the new corp changes they were going to do in 2008 to "enhance" our shares of ownership of their stock, etc etc once their new LLP cam to be...??
Did they or her forget about this?
PinkSheets report last night:
Anyone notice recent Pink Sheets reports under "short interest" shows that the change of "shorts" has fallen 100% !!! ..As of August 29th, 2008, it shows "0" short interest now of this stock from 3,970 on August 15th...