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Post 789420 has been added as sticky
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174083626
Fmcc closed up 20 cents
Sadly, we did not
f6.7. Effect of Order; Injunction; Decree. If any order, injunction or decree is issued by any
court of competent jurisdiction that vacates, modifies, amends, conditions, enjoins, stays or otherwise affects the appointment of Conservator as conservator of Seller or otherwise curtails Conservator’s powers as such conservator (except in each case any order converting the conservatorship to a receivership under Section 1367(a) of the FHE Act), Purchaser may by written notice to
Conservator and Seller declare this Agreement null and void, whereupon all transfers hereunder
(including the issuance of the Senior Preferred Stock and the Warrant and any funding of the
Commitment) shall be rescinded and unwound and all obligations of the parties (other than to
effectuate such rescission and unwind) shall immediately and automatically terminate.
6.12. Non-Severability. Each of the provisions of this Agreement is integrated with and integral to the whole and shall not be severable from the remainder of the Agreement. In the event
that any provision of this Agreement, the Senior Preferred Stock or the Warrant is determined to
be illegal or unenforceable, then Purchaser may, in its sole discretion, by written notice to Conservator and Seller, declare this Agreement null and void, whereupon all transfers hereunder (including the issuance of the Senior Preferred Stock and the Warrant and any funding of the Commitment) shall be rescinded and unwound and all obligations of the parties (other than to effectuate such rescission and unwind) shall immediately and automatically terminate.
https://www.fhfa.gov/Conservatorship/Documents/Senior-Preferred-Stock-Agree/2008-9-26_SPSPA_FannieMae_RestatedAgreement_N508.pdf
Kind of weak imho given recent developments
6.7. Effect of Order; Injunction; Decree. If any order, injunction or decree is issued by any
court of competent jurisdiction that vacates, modifies, amends, conditions, enjoins, stays or otherwise affects the appointment of Conservator as conservator of Seller or otherwise curtails Conservator’s powers as such conservator (except in each case any order converting the conservatorship to a receivership under Section 1367(a) of the FHE Act), Purchaser may by written notice to
Conservator and Seller declare this Agreement null and void, whereupon all transfers hereunder
(including the issuance of the Senior Preferred Stock and the Warrant and any funding of the
Commitment) shall be rescinded and unwound and all obligations of the parties (other than to
effectuate such rescission and unwind) shall immediately and automatically terminate.
6.12. Non-Severability. Each of the provisions of this Agreement is integrated with and integral to the whole and shall not be severable from the remainder of the Agreement. In the event
that any provision of this Agreement, the Senior Preferred Stock or the Warrant is determined to
be illegal or unenforceable, then Purchaser may, in its sole discretion, by written notice to Conservator and Seller, declare this Agreement null and void, whereupon all transfers hereunder (including the issuance of the Senior Preferred Stock and the Warrant and any funding of the Commitment) shall be rescinded and unwound and all obligations of the parties (other than to effectuate such rescission and unwind) shall immediately and automatically terminate.
https://www.fhfa.gov/Conservatorship/Documents/Senior-Preferred-Stock-Agree/2008-9-26_SPSPA_FannieMae_RestatedAgreement_N508.pdf
Now that Lamberth has signed, 6.7 and 6.12 of the SPSPA are now activated….
The Conservatorship Is NULL And VOID !
All Monies Must Be Immediately Returned To The Companies!
EOM CatBirdSeat
Wednesday, March 20, 2024 2:59:02 PM
Post#
789227
of 789286 Wednesday, March 20, 2024 2:59:02 PM
Post#
789227
of 789286
Lamberth-aka Lamebreath signature
https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fecf.dcd.uscourts.gov%2Fcgi-bin%2Fshow_public_doc%3F2013mc1288-420&data=05%7C02%7C%7C4f4a5d9321834ecfe24f08dc490538d5%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C638465533991724125%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=4FSoP3BI21UX%2BNVaZcn4iwSC6pz2hhO%2FMW4OLIZ%2BywQ%3D&reserved=0
Annual income
As far as I can tell, yes, it does
I want to share exuberant elation
He’s been a cohort for many years
Yeah Man--where's Navy?
The big uptick began yesterday around 11:30
Anybody heard from LameBreath recently?
NO don't jynx it
Looks like a form T trade, although it's got an "avg" symbol next to it--LINK
https://ih.advfn.com/stock-market/USOTC/fannie-mae-qb-FNMA/trades
What is the minimum share price for Nasdaq?
Initial Minimum Bid Price for Stock: The stock must have a minimum initial bid price of $5.00, and must later remain at or above $1.00. This requirement serves as a safeguard against certain market activities associated with low-priced securities, and protects the credibility of the NASDAQ market.
What are the three requirements for listing on the NYSE?
New York Stock Exchange Listing Requirements
Requirements Standard 1
# of Shares Publicly Held 1,100,000
# Public Board Lot Holders 400
Market Value of Publicly Held Securities $100,000,000 unless IPO, carve-out or spin-off $40,000,000
Trading Price of Listed Securities $4.00
$1.58–nice
Predictable
Decent volume
FNMA Has been trading over a dollar since January 16
IMHO we’re getting close to RRR
Totally messed up. Quotes on other stocks aren’t delayed at all
The minimum price for relisting on NASDAQ is $1.00
Getting close to RRR. HOD $1.54
Schwab shows $1.455 close
My ihub app on iPhone shows $1.46
Now we wait for News!
Volume people!!!!
I think Bloe Jiden will release
In fact I think he will fairly soon
Ahoy matees. We almost ready to rip
"In connection with the equity capital raise transaction, NYCB will sell and issue, in the aggregate, to the Investors shares of common stock of the Company at a price per share of $2.00 and a series of convertible preferred stock with a conversion price of $2.00, for an aggregate investment amount of $1.05 billion. In addition, investors will receive 60% warrant coverage to purchase non-voting, common-equivalent stock with an exercise price of $2.50 per share, a 25% premium to the price paid on common stock."
Without dealing with the (surely toxic) convertible preferred (1:1,000), 525 million shares of common stock will be issued in connection with the equity capital raise ($1.05B / $2 per share). Shares outstanding before today was 722M. Basically 1.25B shares soon to be outstanding. Mnuchin has about 42% here. Again, that's before dealing with the preferred and 60% warrant coverage, etc.
We can rest assured Mnuchin is going to make out like he did with Indy Mac back in the day. Current shareholders probably not so much."In connection with the equity capital raise transaction, NYCB will sell and issue, in the aggregate, to the Investors shares of common stock of the Company at a price per share of $2.00 and a series of convertible preferred stock with a conversion price of $2.00, for an aggregate investment amount of $1.05 billion. In addition, investors will receive 60% warrant coverage to purchase non-voting, common-equivalent stock with an exercise price of $2.50 per share, a 25% premium to the price paid on common stock."
Without dealing with the (surely toxic) convertible preferred (1:1,000), 525 million shares of common stock will be issued in connection with the equity capital raise ($1.05B / $2 per share). Shares outstanding before today was 722M. Basically 1.25B shares soon to be outstanding. Mnuchin has about 42% here. Again, that's before dealing with the preferred and 60% warrant coverage, etc.
We can rest assured Mnuchin is going to make out like he did with Indy Mac back in the day. Current shareholders probably not so much.
I recall somebody saying pfd’s and fmcc would move before FNMA
Sellers over buyers-like 500/80--wicked selling-link
https://ih.advfn.com/stock-market/USOTC/fannie-mae-qb-FNMA/trades
NYCB Says Loan Reserves Already Account for Material Weaknesses
https://finance.yahoo.com/news/nycb-says-loan-reserves-already-152322048.html
(Bloomberg) -- New York Community Bancorp said its disclosure of “material weaknesses” in how it tracks risks won’t require additional reserves for future loan losses.
“Our allowance for credit losses considered these weaknesses and is not expected to change,” Alessandro DiNello, who this week replaced Thomas Cangemi as chief executive officer, said in a statement Friday. “The company has strong liquidity and a solid deposit base, and I am confident we will execute on our turnaround plan to deliver increased shareholder value.”
Also on Friday, the bank named George F. Buchanan chief risk officer and Colleen McCullum chief audit executive. Those executives’ predecessors left their posts in the months before the bank slashed its dividend and stockpiled cash against future loan losses in late January, sparking a crisis that has sent its shares tumbling.
Read More: NYCB’s Talks With Watchdog Led to Moves That Rocked Market
Buchanan has more than 30 years of experience in risks related to financial services, having previous stints at First Union, AmSouth Bank and Regions Financial Corp. McCullum joins NYCB from United Community Bank, where she was chief audit executive. She previously spent three years at Capital One Financial Corp., most recently as a senior vice president and head of line-of-business audit.
“George and Colleen are proven leaders with large bank and public company expertise and successful track records of delivering operational excellence,” DiNello said in the statement.