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Filing says Common Stock shareholders who own stock at the close of business on April 1, 2009 will be eligible to vote.
http://www.pinksheetstock.com/edgar/GetFilingHtml?FilingID=6508091
Yes I did read the filing, but was in a hurry when posting and quickly checked the ibox for the O/S. Should know better than to trust ibox to be updated.
My point is that if only 83 million shares are owned by "beneficial owners" and as you say there are over 1 billion shares outstanding (1,014,141,242) who do the directors think is going to vote for this r/s?
If you were a shareholder would you vote for it? I have not seen much good come from any r/s in the short term.
I did not find where it states how many votes are needed to pass or not pass, so I am skepital on that part.
From the SEC filing:
Q. What vote is required to approve each item?
The affirmative vote of a majority of our outstanding shares of our Common Stock is required to authorize our Board of Directors, in its discretion, to effect a reverse stock split of our outstanding Common Stock at any exchange ratio up to 1-for-100. Brokers may vote on this proposal; however, abstentions and broker non-votes will have the effect of a vote "against" this proposal, even if they do not receive instructions from the beneficial owner.
According to the ibox above there are 946 million shares outstanding. The lates SEC filing has 83 million on the list of beneficial owners. That is less than ten percent. They are going to need a whole lot more votes than that to get this approved. Or am I missing something?
The SEC filing says that they are mailing proxy with annual report. There should be something in the mailing telling us why they want us to vote for it. (Or maybe on the website after the April 1 record date.)
The filing also says a "non-vote" will be counted as a no vote. Does anyone know if this is how a non vote is usually handled in this matter because I thought non votes usually just didn't count at all.
This one has been trying so hard to get past that $3.04
Seems like it will just explode if it gets free. Maybe tomorrow.
This has been a great one to flip. Almost always dips between 10:30 and 11:30 then pops in the afternoon. Can make a hundred or two each day on just a thousand shares.
Today was great. In at $2.50 out at $3.00, just a thousand shares.
$500. profit and I'll look for another dip.
Been flipping this one almost daily. Just like taking money from an atm. I did hold 1000 shares overnight last night. Great gap up this morning.
Didn't make it to 1.48 close of yesterday. Only made it to 1.32 today. Even after the run up to 1.89, still think it may have been mostly profit takers.
That was great while it lasted. Too many sellers today taking profits took it down. Think we can still close above yesterdays close.
Glad I sold yesterday. Did catch a flip this morning for 180. Down all day. Looking for another buy opportunity.
Up in pre-market. Might jump in here again. Will wait for open to see if it pulls back. Grabbed DRYS this morning. Good news there.
Sold out this afternoon. $900. profit, a sure thing. Just not willing to take a chance on the conference call tomorrow morning. If it runs in the morning I'll catch a dip to buy some back.
GLTA
Yo mike,
What a shake this morning. Down to 1.21, nearly scared me into selling. Turned around though, back to 1.50 now. We get through 1.50, next step might be around 1.70
trader
After hours trade of 633,100 shares for $1.53 @ 16:03:22
High of day was only $1.47
Does somebody know something about the conference call on Thursday? Will it be good news? All just speculation on my part.
Today looks much better. I was looking for $1.20 today. At $1.27 now, where'e the pullback?
Good start this morning. Broke $1. If we can get past the 1.05-1.07 range will see 1.20 easy.
Last time it went below a buck bounced back in a couple days. We can only hope for the same.
That would be nice, but I got in a little higher. (.016)
Hoping to see it again real soon.
I hope they are in good shape. This is regular flip for me and good for a couple hundred bucks each time.
Should get a pop on the news. They must have some cash if they are able to pay a dividend.
News this morning.
Press Release Source: iStar Financial Inc.
iStar Financial Declares Preferred Stock Dividends
Thursday February 19, 7:00 am ET
NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI - News), a leading publicly traded finance company focused on the commercial real estate industry, announced today that the Company's Board of Directors has declared dividends on the Company's Series D, Series E, Series F, Series G, and Series I Preferred Stock. For all five series of Preferred Stock, dividends are payable on March 16, 2009 to holders of record on March 2, 2009.
A dividend of $0.50 per share will be paid on the 8.00% Series D Preferred Stock; a dividend of $0.492188 per share will be paid on the 7.875% Series E Preferred Stock; a dividend of $0.4875 per share will be paid on the 7.80% Series F Preferred Stock; a dividend of $0.478125 per share will be paid on the 7.65% Series G Preferred Stock; and a dividend of $0.46875 per share will be paid on the 7.50% Series I Preferred Stock.
* * *
iStar Financial Inc. is a leading publicly traded finance company focused on the commercial real estate industry. The Company primarily provides custom-tailored investment capital to high-end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, as well as corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust ("REIT"), seeks to deliver strong dividends and superior risk-adjusted returns on equity to shareholders by providing innovative and value added financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at www.istarfinancial.com.
http://biz.yahoo.com/prnews/090219/ny72788.html?.v=1
Wow, this one fell apart yesterday. Below a dollar, all the way to .86
I'm in at 1.06 thought it would bounce at .95 - 1.00 range.
Thanks Soldier,
I'm not in this one, but have been watching.
Trader
Hey Pizza,
Sushi is raw fish? They run? I'll take a look at those two, but not sure how sushi is gonna run.
Trader
Walter,
I don't know about "thousands", but yes we lurkers are here. Waiting.
Trader
Looks like wednesday evening. It is posted on Google finance under HBAN's quote.
http://www.google.com/finance?q=NASDAQ%3AHBAN
Court Says Credit Crisis No Reason to Investigate Company Stock Offering
Rebecca Moore – 02/11/2009
A court said Huntington Bancshares Inc. did not violate the Employee Retirement Income Security Act (ERISA) by continuing to offer company stock while suffering because of the subprime mortgage crisis.
The U.S. District Court for the Southern District of Ohio has determined that Huntington Bancshares did not breach its fiduciary duties under ERISA offering company stock as a retirement plan investment during a period when the company was experiencing a financial downturn due to the credit crisis.
In dismissing participants' claims, the court agreed with Huntington that it was simply part of "the unprecedented, ongoing credit crisis that has negatively impacted the stock price of banks and other corporations across the country whether these businesses were ERISA employers or not." The opinion said ERISA imposes no duty on plan fiduciaries to continuously audit operational affairs, but that a duty to investigate only arises when there is some reason to suspect that investing in company stock may be imprudent. “This type of general news information is not the type courts have found to be sufficient to trigger the duty to investigate,” the court said.
“t is clear that the federal courts are currently experiencing a significant rise in ‘stock drop cases’ due to the current status of the stock market and the economic climate in general, which of course includes the subprime lending crisis. However, ERISA was simply not intended to be a shield from the sometimes volatile financial markets,” the court concluded.
Huntington noted that its stock is owned by several large, public pension funds, which collectively have increased their Huntington holdings by over 137% over the class period, and the court agreed that this fact prevents a finding of imprudence in continuing to offer Huntington stock and/or not liquidating the plan’s holdings of Huntington stock during the class period.
The court also disagreed that Huntington violated Sections 404 and 405 of ERISA, 29 U.S.C. §§ 1104, 1105, by failing to provide complete and accurate information to the participants in the plans. The opinion pointed to numerous specific public disclosures that Huntington made regarding its potential exposure to credit and market risk both before and throughout the class period, and the court noted that Huntington also unequivocally disclosed its relationship with Franklin Credit, which participants said caused the stock to become an imprudent investment, in a publicly filed “Third Quarter Analyst Handout” that specifically discussed Huntington’s exposure to Franklin Credit and the subprime loan market.
The participants claimed that Huntington breached its fiduciary duties to them when it merged with Sky Financial Group, Inc., increasing its risk of loss greatly by subjecting itself to $1.5 billion of subprime exposure through Sky Financial’s relationship with Franklin Credit. They alleged that Huntington stock became too risky to be considered a prudent investment and that Huntington failed to take any action to protect the assets of the plan from an “enormous, and entirely foreseeable,” risk. Participants claimed Huntington’s actions caused over $100 million in losses to the plan.
The court disagreed, saying Huntington’s decision to merge was a business decision and is not conduct governed by ERISA. It also contended the merger did not constitute taking on massive subprime exposure. The opinion said the loans constituted just 3.9% of Huntington’ s total loans and leases and just 2.8% of Huntington’ s total assets.
The stock fund was one of up to 20 different investment choices offered by the plan, and the plan mandated that Huntington stock be offered to participants as an investment choice.
http://www.planadviser.com/compliance/article.php/3691
Wow just happened to be looking at this one when it slid.
Grabbed some at .0135
Looking great already.
In this one(bbda) at .0016
eeso at .0135
They are related right?
Satyam down more than four percent on India's exchange today.
http://www.moneycontrol.com/india/stockpricequote/computerssoftware/satyamcomputerservices/SCS
Volume is down.
Need more volume and volatility to get a couple flips in each day. This one is only good for flip once a day and sometimes have to hold it a couple days.
Really thought it would be doing better with the new president getting into office.
Thanks learner, wish someone had told me that a year ago!
Wow, in at .014
Sure is moving up quick now.
I don't know much about this company, but great for some flips. Did a couple myself and holding a few shares over the weekend. That may be a mistake, but not expecting news.
Wow running for two days and nobody here?
Watch this one! Tends to move quick when it moves.
Ninety bucks, after commissions, on a quick flip of a thousand shares today. Only held it about an hour. Should have bought more. Maybe next week. Playing HBAN too.
Nice run from 1:00 into the close.
Several resistance levels to break. I'll be happy with a slow and steady increase. Was $3.50 in December looks good from here!
I am just guessing, but if sellers offer at .0033 that is where it will stay until they move their sell order price up.