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As I stated before, at some point, all these Government handouts will have to end... article doesn't even mention that... ridiculous.
+ lots of hurricane/flooding insurance.
1/25 Termination of Receivership... but...
I got a little excited this morning when I saw the 1/25 Termination of Receivership notice.... but it's a different bank.
Maybe soon
ND9
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Notice to All Interested Parties of Intent To Terminate Receivership
A Notice by the Federal Deposit Insurance Corporation on 01/25/2021
DOCUMENT DETAILS
Printed version:
PDF
Publication Date:
01/25/2021
Agency:
Federal Deposit Insurance Corporation
Document Type:
Notice
Document Citation:
86 FR 6879
Page:
6879-6880 (2 pages)
Document Number:
2021-01543
DOCUMENT DETAILS
DOCUMENT STATISTICS
Page views:
0
as of 01/25/2021 at 8:15 am EST
DOCUMENT STATISTICS
PUBLISHED DOCUMENT
Notice is hereby given that the Federal Deposit Insurance Corporation (FDIC or Receiver) as Receiver for the institution listed below intends to terminate its receivership for said institution.
Expand Table
Notice of Intent To Terminate Receivership
Fund Receivership name City State Date of appointment of receiver
10148 Century Bank, FSB Sarasota FL 11/13/2009
The liquidation of the assets for the receivership has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors.
Based upon the foregoing, the Receiver has determined that the continued existence of the receivership will serve no useful purpose. Consequently, notice is given that the receivership shall be terminated, to be effective no sooner than thirty days after the date of this notice. If any person wishes to comment concerning the termination of the receivership, such comment must be made in writing, identify the receivership to which the comment pertains, and sent within thirty days of the date of this notice to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Department 34.6, 1601 Bryan Street, Dallas, TX 75201.
No comments concerning the termination of this receivership will be considered which are not sent within this time frame.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Start Printed Page 6880
Dated at Washington, DC, on January 19, 2021.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2021-01543 Filed 1-22-21; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2021/01/25/2021-01543/notice-to-all-interested-parties-of-intent-to-terminate-receivership
Large Green, today is 24th. Did you mean Friday Jan 29th?
Nd9
Royal Dude, Total Assets in ABS by Originator $61,528,965,560
thanks,
ND9
AZCowboy, you lost me when you said, "In my Opinion, a "P" has probably already diminished to these levels or has dissipated all together due to these delays' and the time expended' .."
Are you saying that you don't think we'll get paid face value ($1000) for each P we owned? That would be hard to believe that David Tepper and other high rollers would allow that... Could you elaborate, again, for me, please?
thanks,
ND9
Yeah, that is called FRAUD.... and if you think about the big boys almost getting caught for insider trading by Nate-the-Great/Walrath, and then after waiting 12 years, the big boys are going to now take the chance of committing FRAUD and facing numerous escrpw/shareholder lawsuits, and possibly getting caught (again), you are mistaken.. They are already rich... So letting us peasants, make a little money, is no big deal.. maybe 12 years ago, but not now...
JMHO
ND9
Company is really pumping stock with all these articles, over and over again..... I wonder why they are doing that.... and I wonder if those articles are actually scaring folks off...
Azcowboy, do you have any thoughts on value vs share price? So coop share price right now is about $30. When additional shares are issues, coop is diluted, but will the additional assets coming back to coop offset the dilution? Will price remain around $30 after dilution or go down? Or maybe assets are so great coop price goes up?
As always, any thoughts you have are appreciated.
Thanks,
ND9
The word "Interim," used in this case, would mean the time between today's application for compensation (6th) and the last application for compensation (5th).
45 days for 1rst well + time to tear down site #1 + time to move rig to 2nd well + time to build up 2nd site + 45 days to drill 2nd well + tear down site #2 + time to move rig to 3rd site + time to build up 3rd site + 45 days to drill = ?
Total time (days) = 45 + 7 + 7 + 45 + 7 + 7 + 45 = 163 drilling (minimum) + days to assess 3rd well = ?
I just estimated 7 days tear down, move, and 7 days build up, each time rig moves... not sure if that is correct but there needs to be some time allocated for that..
JMHO
ND9
For the last several months and because of COVID-19, many Americans are hurting... if you were controlling the old wamu assets, worth billions, do you think it really wise to come out and talk about money coming back to hedge funds, institutions, escrow holders, etc? I don’t think so...
It is just like today’s mega millions... you want everybody to know you won’t $600m? Not if you are smart..
Jmho
Nd9
The Serious Disconnect Between A Hot Residential Real Estate Market And The Coming Tsunami Of Foreclosures
Oct 29, 2020,04:38pm EDT
Jay Adkisson
Contributor
Personal Finance
I cover Wealth Preservation in its legal permutation
https://www.forbes.com/sites/jayadkisson/2020/10/29/the-serious-disconnect-between-a-hot-residential-real-estate-market-and-the-coming-tsunami-of-foreclosures/?sh=6757a9aa67eb
Wave of Foreclosures May Follow Housing Market Boom
Conditions look rosy now, but what happens when mortgage forbearance plans expire in spring 2021?
By Michael R. Strain
October 30, 2020, 5:00 AM CDT
https://www.bloomberg.com/opinion/articles/2020-10-30/housing-boom-may-lead-to-wave-of-foreclosures
Royal Dude, did you mean to say they will come back on line Jan 11 (i.e., not dec 11)?
Nd9
It is not just erhc. Look at Exxon.. Over the last couple of years, they discovered 8-9 billion barrels of oil offshore Guyana.. yet their share price has been cut in half.. so share price is not just about having blocks of offshore real estate that contain oil (either proven or probable). There are other factors that need to be considered, such as current and future price of oil, time to get oil produced, cost of infrastructure, difficulty in commercializing find, risks, country stability, etc, etc..
lodas, you're rewriting history... the 2008 foreclosures drove everything down, the stocks and economy... it's easy to look back now and say, oh, the banks and mortgage companies did well... but not in 2008 and 2009...
On the one hand, you believe all the shorts are sooooo smart, they all have insider trading knowledge, which is illegal, and they would all be criminals, and that is a stretch.. In fact, just yesterday, there was an article on how the shorts got killed and lost billions of dollars in 2020 betting against Tesla, Apple, etc.. Yet on the other hand, you don't believe shorts are smart enough to look ahead at 2021, and all the COVID-19 Fed Govt handouts possibly stopping?
The shorts can't all be criminals, and all be so smart, that they all have insider knowledge, but then be so dumb, that they aren't looking ahead to 2021 possibilities..
You line of reasoning has no merit. You just believe certain things to support your theory and or agenda.
ND9
Spurious? Seriously, banks are giving relief to people who can’t pay their mortgages, the Fed govt has said not to evict people, and have been giving away money, and at some point, when all that help stops, the foreclosures are going to rise.. there is nothing spurious about that... just good common sense...
lodas, so then you are assuming the short-sellers have inside information.. How do you know that? maybe after 12 years they don't believe money is coming back to escrow holders and they are just shorting.... or maybe, they are shorting because they know that if the Fed Govt stops giving out COVID-19 money, lots of foreclosures will occur and mortgage servicers like COOP are going to take a dive next year...
Have you ever thought about that?
ND9
BBANBOB, thanks for letting us know. ND9
BBANBOB, yes, the big boys got more shares, but when escrow owners are issued shares, the number of shareholders, including non bib boys will go up.. so number of shareholders increases and percentage of shares, owned by non big boy holders increases also.. that was my point..
Thanks
Nd9
Azcowboy, so the big boys acquired lots of shares and reduced the number of shareholders. However, when we get escrow shares, the number of shareholders should increase dramatically... correct?
Thanks
ND9
I always wondered this phrase meant:
"....when called upon to exercise the option by the Government of STP.."
COVID-19 Federal Relief mortgage programs have been extended to end of Feb 2021... we'll see what happens after that..
In 2021, Fed Govt support for delinquent mortgages will end... Millions of Americans are currently getting help which is great.. but at some point, when it ends in 2021, there has to be a wave of mortgage foreclosures coming.... What does that mean to the mortgage servicing companies like COOP?
I am long on COOP, have been with WAMU for 12+ years, have escrows, but I won't pump COOP knowing what could, repeat could, be coming... I don't want people with little money, buying COOP at $30, thinking it will go to $50-$100, then a wave of foreclosures comes, COOP goes down to $15, and new investors get hurt..
JMHO
ND9
Krombacher, with the "Caveat Emptor" designation on ERHE (for some brokerages), it's going to be harder to cover their shorts... However, what about the rest of us "longs?" Do you think if the ERHE price goes up, we'll be able to sell some of our stock? Or will it also be difficult for us? I was just wondering.... or maybe when ERHE stock goes up, the "Caveat Emptor" designation goes away?
Any thoughts on that?
thanks,
ND9
From Ameritrade: "On January 31, 2021 TD Ameritrade will restrict orders in Caveat Emptor designated OTC securities to liquidating trades only. Closing trades will continue to be allowed after this time."
BBANBOB, if that was the case, then I think they would have just distributed the money now or previously, and then Alice's appeal is mute...
JMHO
ND9
Bummer, just got my Caveat Emptor notification about ERHC Energy today.
***********************************
On January 31, 2021 TD Ameritrade will restrict orders in Caveat Emptor designated OTC securities to liquidating trades only. Closing trades will continue to be allowed after this time
Yes, bullish for now because the Federal Govt is preventing foreclosures..
FHA Again Extends Moratorium on Evictions, Foreclosures. Here's What Investors Should Know
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At some point, all of this government help will have to stop and then the mortgage foreclosures will begin.
ND9
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FHA Again Extends Moratorium on Evictions, Foreclosures. Here's What Investors Should Know
Dec 21, 2020 by Marc Rapport
The Federal Housing Administration (FHA) said today (Dec. 21) that it has extended through Feb. 28 its moratorium on evictions and foreclosures for holders of single-family mortgages insured by the division of the U.S. Department of Housing and Urban Development (HUD). The moratoriums had been set to expire on Dec. 31. The FHA's move joins similar extensions put in place by the government-sponsored enterprises Fannie Mae and Freddie Mac, which are part of the independent Federal Housing Finance Agency (FHFA).
Together, those entities guarantee millions of mortgages worth trillions of dollars across the country, and the moratoriums are just the latest in a series of such moves (the fourth by the FHA alone) that began not long after COVID-19 shut down much of the U.S. economy, throwing tens of millions of Americans out of work.
The FHA move also includes extending through Feb. 28 its deadline for borrowers to request an initial forbearance of up to six months on their FHA-insured mortgages and allows an additional forbearance of up to six months after that.
The agency specifies that its moratorium "prohibits servicers from initiating or proceeding with foreclosure and foreclosure-related eviction actions for FHA-insured single-family forward and reverse mortgages, except for those secured by legally vacant and abandoned properties."
And something for lenders, servicers, and new buyers
The agency also extended "multiple temporary provisions for lenders and servicers to allow them to continue doing FHA business despite social distancing considerations."
Those include extending the time frame through Feb. 28 for temporary re-verification of employment guidance and the exterior-only appraisal inspection option, along with the temporary provisions for verification of self-employment, rental income, and 203(k) Rehabilitation Mortgage escrow accounts. Also extended, in this case through March 31, is the deadline for providing an insurance endorsement on single-family mortgages in forbearance.
A recognition that the pandemic's effects are not vanishing
Altogether, these moves indicate a recognition from the agencies that guarantee a huge portion of the U.S. housing market that the pandemic, and its effect on the ability for millions of Americans to pay their mortgage and rent, is not going away anytime soon.
"Extensions ensure borrowers can continue to seek assistance and avoid eviction and foreclosure while maintaining temporary policy flexibilities for lenders and servicers," the FHA said in its announcement today. Here is the letter that's being sent to mortgagees.
"COVID-19 has created hardships for millions of Americans. FHA will continue to assist borrowers who are struggling to regain their financial footing as a result of this pandemic. American homeowners should not be forced from their homes while they are seeking help," Federal Housing Commissioner Dana Wade said in the agency's statement.
The Millionacres bottom line
The FHA, just as Fannie Mae and Freddie Mac are doing, is encouraging borrowers -- both homeowners and landlords -- who can make their mortgage payments to keep doing so, and if you're struggling, to go to your servicer to initiate or continue any forbearance arrangements.
It's also important to keep in mind that forbearance is not the same as forgiveness. The loans will need to become current once the forbearance is over, although the FHA stresses that it doesn't require that be done with a lump-sum payment.
The rules can be complex. For more information, here are the FHA's COVID-19 Resources for Homeowners web page as well as the Coronavirus Mortgage and Housing Assistance web pages maintained by the Consumer Financial Protection Bureau.
https://www.fool.com/millionacres/real-estate-market/articles/fha-again-extends-moratorium-on-evictions-foreclosures-heres-what-investors-should-know/
Trident Energy Books Vantage Jack-Up for E. Guinea Drilling (2nd Qtr 2021)
********************************
Kosmos Energy owns 40% of Ceiba and Okume... So the more success Trident and Kosmos have in that area, the better chance Kosmos will want to move out West to STP EEZ Block 5.
JMHO
ND9
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Trident Energy Books Vantage Jack-Up for E. Guinea Drilling
OE Staff
December 21, 2020
Offshore drilling contractor Vantage Drilling has won a two-well contract for its Sapphire Driller jack-up rig.
The rig will drill for Trident Energy in Equatorial Guinea, starting in the second quarter of 2021.
While Vantage Drilling did not share the financial details of the deal, Norway's Bassoe Offshore has estimated the day rate to be around $75,000, with the contract expected to begin in April. Trident Energy will have options to extend the contract for five more wells.
Trident got hold of its E. Guinea acreage in 2017 when Hess agreed to sell its share in the Ceiba field and Okume complex to Kosmos and Trident. The Ceiba field and Okume complex are located in water depths ranging from 50 meters to 800 meters.
Trident is the operator of the G Block producing-fields, while Kosmos operates the surrounding exploration acreage: Block S, Block W and Block EG-21. Trident describes itself as a company formed with the goal to unlock the value of mid-life oil & gas assets that are no longer central to their owners’ strategic goals.
Worth noting, prior to embarking upon the drilling contract with Trident in E. Guinea, Vantage Drilling's 2009-built Baker Marine Pacific Class 375 jack-up unit will drill in Congo in 1Q 2020, for New Age.
https://www.oedigital.com/news/484066-trident-energy-books-vantage-jack-up-for-e-guinea-drilling
Starcrest Nigeria and ERHC Energy both now have relationships with Shell.. Who is to say The Chrome Group's subsidary Starcrest Nigeria and ERHC aren't now discussing Block #4 with Shell?
ND9
To understand Kosmos and STP EEZ block #4, you have to go back a few years.. You can't look at it from today's perspective... Everything has changed..
Go back a few years ago and Kosmos Energy was acquiring STP EEZ blocks and they wanted to drill in all these STP EEZ blocks and find oil/gas... That has been their Company philosophy for a long, long time.. That is what they do.... But extracting a huge find costs billions and billions of dollars....
Kosmos found this out in Senegal/Mauritania.. After drilling and finding 100 TRILLION cubic feet of natural gas (4th largest find in world history), Kosmos understands that they know how to find oil and gas... but you need a super major partner with billions of dollars to develop world class fields that will produce for 30+ years... That is why in the STP EEZ, they had BP as a partner, then also Shell (for awhile)...
So Kosmos wanted to drill in STP EEZ and then share the production/operations costs with super-majors.. That was their STP EEZ philosophy..... That is why they have partners like BP, Shell, Chevron... That is why Kosmos was leading the STP EEZ Block #6 drilling... GALP doesn't know anything about drilling in this type of deep water.. they needed Kosmos, now Shell to help lead that drilling...
However, the huge oil price decline and the COVID19 pandemic made Kosmos changed their philosophy... They didn't have enough cash to continue to explore new Frontiers... They are now focused on operating and producing from existing fields (Ghana, Equatorial Guinea, GOM), or new drilling where they can easily tie into existing production facilities.... So at this moment, they have cut way back on exploration into the new frontiers like Nambia, STP, South Africa, Congo, etc..
Once the Kosmos Senegal/Mauritania fields come on line in a couple of years, things could change and Kosmos might be back, exploring the frontiers again...
ND9
Yeah, I guess 15 years ago, erhc won the rights to JDZ and eez based on their merits and all their drilling experience, lol.. I guess they didn’t bribe anybody, lol..
Bill48, what did you see?
thanks,
ND9
AZCowboy, with all the corruption, politics, and personal agendas, these days, that is all you can do.. just do your best.
Thanks for all you and others on this Board do...
ND9
kingpin, page 326/419 is interesting. So let's just say after the Houston District Court and International Arbitration, Kosmos had the rights to STP EEZ Block #4.... The two Paragraph's below, 1a and 1b, basically say if Kosmos wants to relinquish the block, ERHC Energy has the right to re-acquire the block.. Interesting...
ND9
****************************
NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:
l. Subject to Kosmos' right to freely assign or transfer all or a part of its interest as Contractor under the PSC pursuant to Article 19 of the PSC, in the event all of the Contractors under the PSC elect to voluntarily relinquish all, but not part only, of the PSC pursuant to Article 6.4 of the PSC during the Exploration
Period, Kosmos agrees:
(a) to provide written notice to ERHC of such intended voluntary
relinquishment not less than forty-five ( 45) days prior to date for
providing notice of relinquishment under the PSC;
(b) allow ERHC the option, for a period of five (5) days following receipt of the notice in (a) above, to notify Kosmos in writing that ERHC elects to acquire the PSC, subject to the terms of the PSC, in lieu of the PSC being voluntarily relinquished for the sum of U.S.$ 1.00;
(c) in the event that ERHC fails to notify Kosmos within the period provided in (b) above, or ERHC elects not to acquire the PSC, then the option provided in (b) above shall terminate, this Undertaking shall terminate and the PSC may be voluntarily relinquished;
(d) in the event that ERHC timely elects to acquire the PSC, Kosmos will
assign all of its interest in the PSC to ERHC subject to the terms of the
PSC and subject to (e) below. ERHC shall be responsible for all costs
associated with the PSC effective as of the date of ERHC's notice under
(b) above; and
(e) in the event that the assignment to ERHC is not approved under the PSC at least two (2) days before the last date for the Contractor to voluntarily relinquish the PSC without incurring additional obligations for the next Phase of the Exploration Period, then Contractor shall notify the ANPSTP in writing that it voluntarily relinquishes its rights in the PSC, as provided under the PSC, without prejudice to ANP -STP subsequently granting assignment of the PSC to ERHC.
Large Green, thanks for the article. I am praying you and article are correct. We just have too much corruption in this country.. it’s everywhere...
Thanks
Alan
Also, don't forget, the ERHC/Kosmos agreement on STP EEZ Block 11 now has been transferred to Shell... So Shell is in Blocks 6, 10, 11, 12, 13 (via Kosmos)......... maybe Shell now wants Block #4... how do we know they haven't assumed Kosmos claim to Block #4?
ND9
badog, that is actually a real good question...
I know Kosmos Energy is producing 11,000 Barrel per Day in Equatorial Guinea. I know they also believe the oil "channel" flows west, continuing from Equatorial Guinea to STP EEZ Block 5, and onto STP EEZ Block 4.. That is one of the reasons they kept STP EEZ Block 5, and filed litigation for STP EEZ Block 4.... So from Kosmos perspective, makes good sense..
But again, your question is a good one.. Why would ERHC Energy sell Block #4 for so little, when they knew that GALP (really Kosmos) was finally going to drill STP EEZ Block #6, in 2020? Once oil was found in any of the blocks, then block #4 would be worth more... Could there have been something in the ERHC Block 4 agreements with Kosmos, that would provide ERHC with future considerations, similar to the STP EEZ Block 11 ERHC/Kosmos agreement? From the ERHC Website, regarding STP EEZ Block 11 agreement with Kosmos, "The agreement enables us to immediately monetize one of our offshore holdings while preserving a financial upside in the event that exploration in Block 11 is successful." Why would ERHC not include the same clause in the Block #4 Kosmos agreement? If Kosmos agreed to this clause in Block #11 agreement with ERHC, maybe the same clause was in Block #4 agreement. How do we know it wasn't in agreement? Maybe it was..... Then Total came along with a better offer.... So we may never know..
Finally, I still wonder how ERHC's rights to two 15% blocks works,,, that is, which blocks can they acquire, and when can they claim those?
Just thinking out loud,
ND9