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.
I feel like we're all employees working for the "Sherlock Holmes" company. Irish, I really value your input because you seem to look at things from different angles. I know you believe but also don't - hopefully this week comes through with something that will cement the belief side for you and everyone else. Thanks though for the various point of feedback.
Exactly, as Billiam has mentioned previously about using the BHC to aquire other companies. I don't believe Tricadia wants to start from scratch with a new company, why not revitalize Cors, eliminate the debt, use the NOL's, and based on what we don't know in "hidden assets" and counting in tax refunds, maybe equity already exists at this point...and they're off and running.
"Tricadia is very smart money and presumable has plans for the company that could involve growing the asset base through acquisitions."
http://seekingalpha.com/article/264637-care-investment-real-estatetrust-a-classic-small-cap-value-investment
HHHHmmmmm?
Mikie, just to be sure. "Looking for some very positive info to come out this week. From what I might understand, Next week will be Very nice."
These are 2 different items correct? First one we know the tax refunds (I just want to be sure you weren't talking about the same thing), thanks again.
The funny thing is when Mikie makes a call on something it happens. Those who've been here long enough know exactly what I mean.
He's made a call for something big this week and we have till Friday to see......
Erret "mikie--100% with ya--too much circumstantial evidence here."
Agree, to come this far and back out now.....NO WAY!!! All our DD and conclusions & faith.....Mikie, looking forward to the weeks ahead.
Completely agree, the precendent cases will be used to keep the tax refunds.
The money from Adrid Mint Loan keeps getting bigger each month. I think because of Earnest Young resignation as auditors, we don't fully know what "hidden assets" are out there due to preliminary statements. Must be more than we assume.
For some ideas on the refunds and maybe someone sees something new: http://www.sec.gov/Archives/edgar/data/51939/000095012310025225/c97936e8vk.htm
100% confidence in you Mikie, next week will be good.
Anyone from our team in court today?
Based on some previous cases, we will win control of the tax refunds per below:
'But attorneys for Lisowski argued tax refunds based on earnings or losses prior to the filing of the bankruptcy petition are part of the bankruptcy estate and “the agency relationship that the FDIC argues is determinative of the ownership of the 2007 tax refund simply does not exist.”
“The filing of a tax return on behalf of a consolidated group does not create any manifest intention to create a trust or any other type of relationship. FDIC offers no facts by which to evidence a manifest intent on behalf of either the debtor (Silver State Bancorp) or bank to create a trust with the refunds, which are property of the debtor’s estate,” said a filing by Lisowski’s attorneys with the Las Vegas law firm Anthony A. Zmaila Ltd. PLLC.
http://www.lasvegassun.com/news/2010/dec/24/fdic-seeking-failed-banks-8-million-tax-refund/
Looks like they are actually meeting tomorrow. Docket 418. Looks like approval for various legal fees. But hoping Mikie knows something else also to surface. Mikie, thoughts?
http://docs.bmcgroup.com/corus/docs/ilnb_1-10-bk-26881_418.pdf
Nice feedback, we must have some of the best lawyers working on our project, along with Kirklands team.
Agreed, it's been stated one wont be able to buy back in when the news comes out. I literally feel it will jump into dollars, simply because we're only talking about 53 million shares in total. People will want to buy, shorts have to cover, MR Big wont sell and we may sell some but will hold most for even more $
I'm sure you can't share who you were fishing with, but I don't think I've ever heard you state a fixed date "this week and next" so I believe something great is about to happen.........I was thinking rather than the island, maybe we all meet up in San Diego in matching cars? We may be able to surpass China when we all buy:
http://www.bloomberg.com/news/2011-04-19/lamborghini-s-china-sales-may-surpass-u-s-on-364-000-aventador.html
Court must be in session?
http://www.bizjournals.com/southflorida/stories/2009/09/28/daily48.html?ana=yfcpc
So we are assuming the cash related to the sales are actually within our Corus and not disclosed due to "unaudited/preliminary" financials?
Docket 412 - hopefully a game changer tomorrow:
http://docs.bmcgroup.com/corus/docs/ilnb_1-10-bk-26881_412.pdf
Do we know what the 3 properties are?
So in theory 250k/month times 12 = 3 million divided by 5%(estimate) = $60 million in hidden assets. Are we also assuming they may have other loans secured by buildings in Florida that are not generating income but are secured by the property themselves?
So it's possible there's more than what these last set of financials for Corus entail. Note the words unaudited and preliminary. I don't think we've seen anything since:
http://www.sec.gov/Archives/edgar/data/51939/000095012310022065/c97490exv99.htm
I guess it's possible Corus Bankshares may have other subsiduaries other than Corus Bank and maybe that's why the FDIC wasn't able to touch those assets? And why they are still receiving monthly income from it?
Sorry no, but great efforts on your part. Let's keep digging.
More info on Corus Construction. Point # 8:
http://www.fdic.gov/buying/historical/structured/documents.html
Billiam or Erret, possibly a quick summary of our top 3 scenerios for possible outcomes?
At least we know from below article Corus can win against the FDIC on prior period tax losses. Not sure about the glitz and glamour of Vegas banks, but Chicago's banking has got to be the glitziest?
Do we know what amount Tricaida paid for the 109 million trust preferreds? If POL was to offer 5% and Tricadia offered 10%, maybe Bank of America just said give it to us and we're out. And if they buy out even more trusts & we win against FDIC, all of sudden with NOL's, and liabilities reduced substantially, we're way ahead.
http://www.lasvegassun.com/news/2010/dec/24/fdic-seeking-failed-banks-8-million-tax-refund/
It seems like moments like this when suddenly it explodes and people kick themselves for not buying at .041
Mikie, Mikie, Mikie - you've got everyone on the edge here.... First you can't say and now Mr. Big does exist. Anyways, keeps it entertaining.
I agree with Mikie, sooner than we think. Careful flipping, you wont be able to buy back in when the news comes.
CONFESSION TIME : FAITH VERSUS FACTS
The posters Sparks11111 & lmatt are actually one and the same person. (Sparks is shared with a co-worker but I’ve been posting 90%)
The story I shared about being in Cors @ $0.26 watching it go to $0.65 with the trigger at $.60 and holding because of God’s voice is a fact and absolutely true.
The board here has been amazing, great DD, research, feedback, comedy and at times it even got personal. Billiam shared about his first wife passing from cancer. Errett shared his dad’s war time stories, another sharing about wanting to help his grandpa in jail. Not the type of things people share with strangers but rather with friends. And I was never into Cors b/c I thought it was logical, rational or b/c of the debt/equity swap idea, I am here simply because of faith. I only knew I hub existed in Sept 2010………..
Congrats Errett & Irish & Billiam for holding the team together.
We must be so close to the final curtain call.
Yes possibly Tricadia bought their trust does anyone interpret it differently?
Possibly, but they may be falling apart?
Docket 385 B of A stepping down???????
Nice find Irish, good finish to the weekend.
Probably why Cors never qualified for TARP money. Like others have mentioned, planned all along.
"argues that Glickman's gamble may one day pay off" - they probably never knew it would pay off for us 3 years later:
http://www.businessweek.com/bwdaily/dnflash/content/feb2008/db20080211_624542.htm
LOL
Something we already know but posted in Wall Street Journal yesterday:
http://blogs.wsj.com/bankruptcy/2011/03/24/the-daily-docket-lehman-gets-ok-to-buy-notes/?mod=google_news_blog
Fun - hopefully a few more big buys and MM's done. I love how we are manipulating them.
Sorry SQUEEZE them HARDER!!!