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Debtors in a Chapter 11 bankruptcy have a right known as "exclusivity". What that exclusive right means is the Debtor is the only entity involved in the case who can present a Plan of Reorganization (POR). A period of exclusivity last for 120 days beginning the day the company files bankruptcy.
The Debtor can ask the court for that period of exclusivity to be extended for another 120 days and they can keep asking for up to 18 months.
I have never seen a bankruptcy wherein the debtor didn't ask for an extension...SandRidge is no exception. Asking for an extension of exclusivity is common as mud. I wouldn't read too much into that request.
Management gave the reasons why they asked for the time extension in the court doc. It would be a good idea to reread that doc.
Keep in mind just because the Debtor asked for the extension of time doesn't mean they'll use it or need it. The court didn't require more time...nor was the Judge the one who said the case needed more time.
This case remains on the fast track regardless of exclusivity extensions or lawsuits filed.
Less than a "few weeks"...the POR is on track to be confirmed Sept. 6th.
Ihub isn't the center of the investing universe but yes that is absolutely what I'm saying.
The lack of objections to the POR alone should serve as proof.
Wouldn't be surprised to see a third BK dismissed. They'd be batting a 1000pct
BofI Holding, Inc. Continues Delivering: Is the Short Thesis About to Collapse?
BofI has continued to deliver strong earnings growth even as ongoing accusations and heavy short selling weigh on its stock price.
Aug 10, 2016 at 7:43PM
When internet bank BofI Holding, Inc. (NASDAQ:BOFI) reported its fourth quarter, investors were rewarded with more of the same steady, strong growth that its has delivered for years. Earnings were up 22%, EPS increased 18%, and the bank's portfolio of loans,leases, mortgages, and deposits all increased by double digits.
By most any measure, BofI delivered a wonderful quarter, and shareholders were rewarded with a nice 10% bump in the share price. Through Aug. 10, BofI's share price is up almost 13% since earnings were announced.
[To continue to read the article.. click the link]
http://www.fool.com/investing/2016/08/10/bofi-holding-inc-continues-delivering-is-short-the.aspx
*Stock is up over $4 @ share since this article was written 2 weeks ago. High likelihood of significant short covering to come.
Marker;
Bofi Holding, Inc. (BOFI)
$22.24 up 1.32 (6.31%)
Volume: 2,524,485
Good informational thoughts EI...difficult to swollow but reality seldom is.
Note to our mute disrespectful CEO - Bad news doesn't get better with time.
We're all big boys here. Shareholders need to know (and deserve to know) where they stand...especially on material issues of this magnitude.
Every company has several classes of securities...common equity is just one of those classes. His comments are completely within the boundaries and scope of the SDOCQ board.
Go to Investopedia and type in "Absolute Priority". It explains the hierarchy of securities that courts follow in a bankruptcy.
Common equity is on the bottom of the 'food chain'. To win at this you either go higher on that food chain or suffer complete loss. Think of like a tsunami - if you don't run to higher ground.. you drown. It's just that simple.
Spoke too soon. BDCO at one point today hit $1.50 today. Lowest low ever.
Still no mention of an annual shareholder meeting.
Very disappointing leadership.
Marker:
Blue Dolphin Energy (BDCO)
$2.65 down $1.05 (-28.38%)
Volume 7,424
Marker;
Bofi Holding Inc. (BOFI)
$20.57 up 0.82 (4.14%)
Volume: 324,789
I'm surprised too MH. If it wasn't for the low float this would be down more...alot more.
You can make excuses for him till the cows come home Enterprising Investor. The point is qtr after qtr year after year its always something with Carroll and never a peep from him to let anyone know there are significant material troubles with the operation.
Carroll whiffs yet again.
Hear Ye Hear Ye.... Carroll whiffs again losses mount!
Except there are no competing proposals. The soonest one could be presented now, if the judge grants this current request, is January of 2017...at which time another extension could be granted for another 120 days. The debtor could have exclusivity for as long as a year and a half from the date of the filing.
There are no guarantees each request for an extension would be granted but typically they are.
Requesting an 'exclusivity period' extension is SOP.
The debtor just told everyone when this will be over (Sept. 8th) ...plan accordingly.
Marker:
Bofi Holding, Inc. (BOFI)
$17.94 up 0.44 (2.51%)
Volume: 1,639,946
The school district, nor the local gov't, own any shares...so they weren't "screwed" out of anything. Once SD emerges from BK they will resume paying all taxes & royalties. In fact reorganizing makes the companys' ability to pay its civil, creditor and contractual obligations all the more.
Look JNelson467 I would encourage you to expand your view beyond the debatable woes of domestic oil companies like SD if you really want to understand whats happening in the world of oil ..and how it relates to the terrorism we're seeing worldwide.
There is a link between the two.
As we all know America and the world is under not only physically violent terrorist attacks but we're under financial attacks as well. This price war on oil is not simply a story of supply / demand...it goes much deeper than that.
The war on oil is another version of 9/11. Its aimed to hurt us financially...and its no coincidence it involves the same gulf state Islamic players. This price war all started when Saudi Arabia decided to take down the price of crude and in the process bankrupt American O & G.
Instead of a jet aimed at the world trade towers the jet this time is aimed at our energy industry ..which is arguably our richest industry.
Once again they succeeded.
I for one want energy independence asap. I do not want to import another drop of Saudi or any Gulf state oil. And if that means I pay more for fuel at the pump because our domestic oil reserves costs more to produce then so be it.
Am I saying companies like SD and a few knuckleheads running the show aren't above a little funny business? No. I'm saying its well past time to wake up and realize we're at war.
The real enemy is overseas...and coming to a US city near you soon!
Ya lets ask a school district with a 50% failure rate of their students knowing how to read their diploma what the best way to value an O & G company is.
How could they possibly be mistaken.. «eyes rolling»
Bofi meets 4Q profit forecasts
SAN DIEGO (AP) _ BofI Holding Inc. (BOFI) on Tuesday reported fiscal fourth-quarter net income of $29.7 million.
The bank, based in San Diego, said it had earnings of 46 cents per share.
The results matched Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 46 cents per share.
The bank holding company posted revenue of $86.2 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $79.8 million.
For the year, the company reported profit of $119 million, or $1.85 per share. Revenue was reported as $327.4 million.
Bofi shares have dropped 27 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $15.34, a decline of 51 percent in the last 12 months.
Source: CNBC
http://www.cnbc.com/2016/08/02/the-associated-press-bofi-meets-4q-profit-forecasts.html
BofI Holding, Inc. Announces Fourth Quarter Net Income of $29.7 million, Up 21.9%
Date : 08/02/2016 @ 4:00PM
Source: Business Wire
Stock : Bofi Holding, Inc. (MM) (BOFI)
Quote : $15.34 -0.75 (-4.66%) @ 5:12PM
FY 2016 Net Income Increases 44.3% to $119.3 million
BofI Holding, Inc. (NASDAQ: BOFI) (“BofI”), parent company of BofI Federal Bank (the “Bank”), today announced financial results for the fourth fiscal quarter ended June 30, 2016. Net income was $29.7 million, an increase of 21.9% over net income of $24.4 million for the quarter ended June 30, 2015. Earnings attributable to BofI’s common stockholders were $29.7 million or $0.46 per diluted share for the fourth quarter of fiscal 2016, an increase of 21.9% from $24.3 million or $0.39 per diluted share for the fourth quarter ended June 30, 2015.
[....]
Other Highlights:
- Total assets reached $7,601.4 million, up $1,777.6 million or 30.5% compared to June 30, 2015
- Loan and lease portfolio grew by $1,426.1 million or 28.9% compared to June 30, 2015
- Loan and lease originations for investment for the three months ended June 30, 2016 were $960.3 million, up 12.0%, or 48.0% annualized, compared to the quarter ended March 31, 2016
- Deposits grew by $1,592.1 million or 35.8% compared to June 30, 2015
- Asset quality remains strong with total non-performing assets of 0.42% of total assets and non-performing loans and leases equal to 0.50% of total loans at June 30, 2016
- Net interest margin was 3.72%; excluding average balances associated with short-term H&R Block products the net interest margin was 3.87%
- Tangible book value increased to $10.67 per share, up $2.19 per share compared to June 30, 2015
[....]
Full Year Fiscal 2016 Highlights
- Net income reached a record $119.3 million, an increase of 44.3% compared to the fiscal year ended June 30, 2015
- Loan and lease originations and purchases for the fiscal year ended June 30, 2016 were $5,137.4 million up $814.1 million or 18.8% compared to the year ended June 30, 2015
- Return on average common stockholders’ equity was 19.43%, up from 18.34% for fiscal year 2015
- Net annualized charge-offs to average loans was a recovery of 1 basis point compared to 3 basis points of net charge-offs for fiscal year 2015
- Completed a $51 million public offering of 6.25% Subordinated Notes on March 24, 2016
- BofI was named the top performing large thrift in the U.S. for a fourth consecutive year by SNL Financial/S&P Global Market Intelligence
Source:
http://ih.advfn.com/p.php?pid=nmona&article=72118012
*Another stupendous performance report.
**After hours trading so far reflects well on this report.
I'm anything but happy kingman when an O&G company files bankruptcy.
There have been approx 65 bankruptcies in this industry just in the past 2 years alone. Hundreds of Billions of dollars in wealth has vanished in thin air. But the real trajedy is thousands and thousands of high paying American oil patch jobs have been lost....possibly forever. Not to mention the ripple effect it had on thousands of other jobs in and around the communities of the oil patch.. teachers, mechanics, grocery stores, banks, restaurants, carpenters, hotels, plumbers, car/truck sales, homes, lost tax revenue....etc etc etc.
It is astounding how far reaching this war on oil goes.
I try to bring balance to the discussion from an investors point of view. I have nothing to say to the daytraders here. They're here to fleece the ignorant..the gamblers...and the naive. It's legal.
You may not like what I have to say but the reality is half-truths..myths..and the lack of cold hard facts is the quickest way to lose on Wall St there is.
These situations are learning opportunities. Is it possible I'm wrong and this case takes a turn to another direction? Of course. Will it? Very very doubtful.
The attempt to form an Official Equity Committee was admirable. A tip of the hat to its leader. But it is flawed. Its the right response to the wrong bankruptcy imo. Plus I don't see any heavy hitters in the mix. If equity had a chance you would see (and hear) hedge funds joining the frackus. That isn't happening...and with good reason..it's never good to stand in front of a moving train and they know it.
I think this will be over very soon. The price of WTI was $49 @ bbl when SDOC filed bk in May..it is now in the neighborhood of $45. SDOC'S situation has gotten worse not better. The judge knows how volitile the price of oil is. It's a moving target. There isn't a soul on the planet who can accurately put a value on the assets. The only real choice an O&G company in this predicament has is to restructure the debt and live to fight another day. Lifes' tough...
It comes with no guarantees.
You do what you think you should. I want you to win. I want all of the shareholders to win.
Best of luck ;)
Chevy
Read my lips - I .. d o n 't .. c a r e.
To be clear...the goals, objectives and strategies of day trading SDOCQ are 180 degrees away from the goals, objectives and strategies of investing in SDOC.
Day trading SDOCQ, at this stage in the bankruptcy process, comes with considerably more risks.
You're confused on all points..but good luck.
Did he even read what we filed...
debt kills.
Any price under $65 is too little too late.
...as I write.
BofI Holding, Inc. to Announce Fourth Quarter 2016 Results on August 2, 2016
Date : 07/07/2016 @ 4:05PM
Source : Business Wire
Stock : Bofi Holding, Inc. (MM) (BOFI)
Quote : $18.5199 0.2999 (1.65%) @ 1:28PM
BofI Holding, Inc. (NASDAQ: BOFI) (the “Company”), parent of BofI Federal Bank, announced today that it will host a conference call on Tuesday, August 2, 2016 at 1:30 PM PT (4:30 PM ET) to discuss financial results for the fiscal fourth quarter 2016 ended June 30, 2016.
Joining Gregory Garrabrants, President and Chief Executive Officer of the Company, will be Andrew J. Micheletti, Executive Vice President and Chief Financial Officer. The Company plans to distribute its earnings results prior to the conference call.
Interested parties may access the live conference call by visiting BOFI’s website at bofiholding.com and clicking on the webcast link or by dialing toll-free number 877-407-8293. For those interested parties who may be unavailable to listen to the live broadcast, a replay will be available until Thursday, September 1, 2016, at BOFI's website and telephonically by dialing toll-free number 877-660-6853, passcode 13640821.
http://ih.advfn.com/p.php?pid=nmona&article=71919161
The $7.1B book value of the assets (or the stated assets) and the market value of the assets are two totally different things.
They don't have $7.1B in assets.
For example the market value of crude oil isn't worth $100 @ barrel anymore it's only worth $44 which means their ACTUAL asset value went down 56% so in reality their assets in liquidation are only worth closer to $3.55 billion dollars.
$3.55 billion in actual assets doesn't stack up so well against $4 billion in liabilities. It's a sizable shortfall.
See the problem?
Crude Falls on Oversupply Concerns
July 11, 2016, 03:33:00 PM EDT By Dow Jones Business News
Oil prices retreated to a fresh two-month low Monday on reignited concerns about oversupply.
U.S. crude for August delivery settled down 65 cents, or 1.4%, at $44.76 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, lost 51 cents, or 1.1%, to $46.25 a barrel on ICE Futures Europe. Both settlements are the lowest since May 10.
[....]
http://www.nasdaq.com/article/crude-falls-on-oversupply-concerns-20160711-00802
Marker:
Triangle Petroleum C (TPLM)
$0.2302 up 0.009 (4.07%)
Volume: 3,726,560
California Republic Bank Acquired
Friday, April 29, 2016
Irvine-based California Republic Bancorp has been sold to Mechanics Bank in Walnut Creek in a deal worth an estimated $330 million in cash.
Boards of both banks have approved the deal that pays California Republic shareholders $37.19 a share, a 50% premium over yesterday’s closing price of $24.77. The deal is expected to close by year-end.
“There’s very little overlap between the two institutions and many synergies,” said California Republic President John DeCero, in a news release.
The Business Journal in November ranked California Republic the fifth-largest OC-based commercial bank with $1.5 billion in assets as of June 30, 2015, up 56%. It’s assets as of March 31 were $1.8 billion.
California Republic employed 233 locally and 500 total across five Southern California locations. It also runs CRB Auto, which buys car loans from dealerships in 14 states and has some $3.6 billion in assets.
Mechanics Bank has $3.6 billion in assets and 30 branches in Northern California.
Shares prices of California Republic Bancorp soared 45% to $36 and a market cap of $281 million in morning trading.
http://www.ocbj.com/news/2016/apr/29/california-republic-bank-acquired/
Marker:
California Republic (CRPB)
$36.30 0.0 (0.00%)
Volume: 1,631
I hear you but there are no guarantees we've seen the last of $3X oil. If $4X is the best price in high demand (summer) what could the price decay to in the low demand days of fall/winter??
Caution is not without merit.
Marker:
Triangle Petroleum C (TPLM)
$0.2212 down -0.0208 (-8.60%)
Volume: 3,352,814
Wondering if gas price or oil price is more important to this company.
A 10 year chart shows the history of Nat Gas prices since SandRidge became a company in 2006.
http://www.nasdaq.com/markets/natural-gas.aspx?timeframe=10y
In 2006 Nat Gas was approx. $8....peaking to $13 in 2009.
Today Nat Gas sells for a small fraction of that @ $2.81
See a problem?
Oil and gas driller SandRidge Energy Inc. (SDOCQ) could get clearance next Friday to send their reorganization plan to the Oklahoma City company's creditors for a vote.
SandRidge officials have asked U.S. Bankruptcy Court Judge David R. Jones to look over the company's explanation of how lenders who are owed part of $3.7 billion would trade that debt for a majority ownership stake in the company, which drills for oil and gas in Oklahoma, Kansas and Texas.
The 657-worker company, which has struggled to profit after natural-gas prices crashed, has 4,411 gross producing wells and more than two million gross acres under lease, according to documents filed in U.S. Bankruptcy Court in Houston. As of Dec. 31, SandRidge Energy had four rigs in operation.
SandRidge was founded in 2006 by Tom Ward, who had previously co-founded Chesapeake Energy Corp. (CHK) with Aubrey McClendon, who died in March.
After leaving Chesapeake, Mr. Ward paid $500 million to take control of a natural-gas producer, which he renamed SandRidge and built into a leading shale producer with a market capitalization of more than $11 billion. Activist investors replaced Mr. Ward a few years ago, after it stumbled during the financial crisis and struggled to recover.
SandRidge Energy officials laid off hundreds of workers prior to putting the company into chapter 11 protection on May 16. It listed assets of $7 billion and debts of about $4 billion in its chapter 11 petition filed with the bankruptcy court.
http://ih.advfn.com/p.php?pid=nmona&article=71928348
Marker;
Light Sweet Crude Oil Futures (CL\Q16)
$45.19 down -2.70 (-5.64%)
Volume: 660,521
No one is saying that when a subsidiary files BK that it doesn't negatively effect the parent. I assure you it does. Big time. But it is important to keep the facts straight... and as of 7/3/2016 TPLM is not under bankruptcy protection. TUSA is.
Could the TUSA situation drag TPLM into bankruptcy? Well of course it could. We don't need captain obvious to tell us volatility in the price of crude can't claim more victims. I think we all understand this is a slippery slope TPLM is on.
Unpaid creditors of the subsidiary instinctively may look to the parent as a target to recover on their claims under any number of State & Federal legal theories, including piercing the corporate veil, breach of fiduciary duty, and deepening insolvency.
There have been over 50 O&G companies that have filed bankruptcy in the last year. This one is more complex in that it was not the parent co that filed.
Details matter.
I personally take it as a positive sign the parent didn't file. That decision was not without considerable discussion(s) with ALL parties [Financial and Legal] prior to filing.
...perhaps.
The fact is TPLM did not file. Only their subsidiary (TUSA) and its affiliates filed.
Distinctions are important.
Could the parent at some point file BK? Well of course. Any company on Wall St could if it becomes insolvent...no mystery there.
So why didn't the parent file? This would have been the perfect time and place to do it and they didn't.
Why do you suppose they didn't?
Technically speaking TPLM is not restructuring via CH 11...however TUSA and other subsidiaries of TPLM are.
TUSA is a wholly-owned subsidiary of Triangle Petroleum Corporation (NYSE MKT: TPLM, or "TPC"). Neither TPLM nor its affiliated company, RockPile Energy Services, LLC, is included in TUSA's Chapter 11 filing.
Source;
http://ih.advfn.com/p.php?pid=nmona&article=71854875
Marker:
Triangle Petroleum C (TPLM)
$0.251 down -0.0361 (-12.57%)
Volume: 5,452,054
hmmm....so says the short seller with an apparent axe to grind. The jury is still out on the BOFI story.
In other "Fintech" news;
Why JPMorgan Chase And On Deck Capital Are Teaming Up To Offer Small Business Loans
http://www.forbes.com/sites/amyfeldman/2015/12/01/why-jpmorgan-chase-and-on-deck-capital-are-teaming-up-to-offer-small-business-loans/#45f18aa2206d
The Startups Hiding in UBS, Citigroup and Barclays
http://www.bloomberg.com/news/articles/2016-01-27/man-in-pinstripe-suit-has-13-weeks-to-get-tech-magic-to-barclays
Marker:
Bofi Holding, Inc. (BOFI)
$17.58 up 0.23 (1.33%)
Volume: 557,525
Profit Margin, ROA and ROE Comparisons with larger banks
*comparisons are with the top 6 banks, TTM and in no particular order of size or outcome.
BOFI
Profit Margin (ttm): 38.49%
Return on Assets (ttm): 1.72%
Return on Equity (ttm): 19.83%
vs Bank of America PM; 19.91%
vs Bank of America ROA; 0.72%
vs Bank of America ROE; 6.03%
vs JPMorgan Chase & Co PM; 27.32%
vs JPMorgan Chase & Co ROA; 0.96%
vs JPMorgan Chase & Co ROE; 9.90%
vs Citibank PM; 23.86%
vs Citibank ROA; 0.89%
vs Citibank ROE 7.23%
vs Wells Fargo & Company PM; 26.81%
vs Wells Fargo & Company ROA; 1.28%
vs Wells Fargo & Company ROE; 11.79%
vs Goldman Sachs Group PM; 14.81%
vs Goldman Sachs Group ROA; 0.50%
vs Goldman Sachs Group ROE; 5.06%
vs Morgan Stanley PM; 14.66%
vs Morgan Stanley ROA; 0.61%
vs Morgan Stanley ROE; 6.53%
Source:
http://finance.yahoo.com/q/ks?s=BOFI+Key+Statistics
Marker;
Bofi Holding, Inc. (BOFI)
$16.34 up 0.62 (3.94%)
Volume: 1,199,961