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From the L2 i looked at this morning if it breaks .014 not much holding it back from .05 , Anything change in the L2 ?
No sign of filing BK yet. Could be a good sign of more than a dead cat bounce ?
Is the Federol Trust deal still going through- havnt heard if HIG got accepted for tarp or not .
It was delisted from the NYSE on july 28th. It hasn't been BB too long.
Nov 24 (Reuters) - Downey Financial Corp (DSL.N: Quote, Profile, Research, Stock Buzz), the California lender crippled by mortgage losses, said it will file for bankruptcy protection, seeking liquidation, two days after its savings and loan subsidiary was seized by Federal authorities.
In a regulatory filing, Downey Financial said it plans to file for Chapter 7 bankruptcy protection with the Delaware District Court by no later than Nov. 26. The company expects the court to appoint a bankruptcy trustee, it said in the filing.
The company also said the New York Stock Exchange had stopped public trading of the company's stock following the recent developments.
Downey got into trouble by lending "option" adjustable-rate mortgages, which let borrowers pay less than the interest and principal due each month. Defaults on these loans soared amid the slump in housing markets.
Washington Mutual Inc (WAMUQ.PK: Quote, Profile, Research, Stock Buzz) and IndyMac Bancorp Inc (IDMCQ.PK: Quote, Profile, Research, Stock Buzz), the other big banks to fail this year, also had large option ARM operations.
Late Friday, U.S. banking regulators seized California banks Downey Savings and Loan and PFF Bank & Trust as the housing crisis claimed two more victims from the financial crisis.
U.S. Bancorp (USB.N: Quote, Profile, Research, Stock Buzz) took over the two banks' branches, deposits, and most of their assets, the Federal Deposit Insurance Corp said.
Newport Beach, California-based Downey is the third largest bank to fail this year as plummeting housing prices and the slowing economy have triggered massive mortgage defaults.
Earlier this month, Downey had said its survival was in doubt because it may fail to raise enough capital to satisfy its regulators.
So far this year, 22 banks have failed. That already represents the most bank failures in the U.S. since 1993, when 50 banks failed.
In Chapter 7 bankruptcy, a company liquidates its assets to pay up its debt. The fund from the sold assets is distributed to the creditors to make the company free from any liability. (Reporting by Anurag Kotoky in Bangalore, Editing by Dinesh Nair) ((anurag.kotoky@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: anurag.kotoky.thomsonreuters.com@reuters.net))
© Thomson Reuters 2008 All rights reserved
I only bought in for the dead cat bounce , could be more to it.
So its more than just a shell remaining ? Wonder if a chpt11 is coming ?
PFFB traded all day because it was otcbb to begin with.
2 fresh seizures DSL and PFFB
2 fresh seizures. DSL & PFFB
Maybe just a shell - but these seizures have had nice bounces after hitting .01 IMO
Wonder when DSL will trade again ? I see the ask jumps from .015 to .05 on this.
No word of a BK filing yet anyway.
wonder when trading will resume ?
merger terminated
Taking the dive in pretrading. I expect at 9:30 it's halted and delisted. IMO
Dont forget PFFB.
ittl be a bouncer play either way - then hold some freebies.
I think all the goodies are gone though. Sure would be something.
There was a merger set up for this quarter too !! Glad it went friday I was gonna buy this week !
citi is so big ?? Lehmans was big!! Wamu was big !!! A bank don't have to fail to be seized by the fdic , weve seen that. I wanna buy in to citi but I dont trust the fdic so I won't right now. IMO
If not monday itll trade tuesday .
Probbly get seized before delisted !
Posting old financials on yahoo. What a joke.
I'm not recomending QMLM at all. It sux like HTOGe
They didnt even bother with a NT-10Q this time. Thats makes a statement in itself. Not a good 1 either.
I thought the moon was made of cheese ?
They could be worth $0 or they could be worth $172000 someday. Anyone who tells you they will definatly be worth lotts of money someday is on the moon.
Guess what . The E will come off like it did updve. When it went to pinks it came off. See how much you love this crap then !! You have an .008 average and you love the stock ? You should swing over and buy some QMLM too.
Theres a veryyy big difference your missing. Last time they at least filed a NT-10Q on time. They didnt even bother filing that this time. That should tell you there won't be a 10-Q for awhile , if at all. Kamal likes the pinks , thats why he put updv there. IMO
HTOGE shows on etrade today ! Just great
It fell below its support of .07 which was a bummer. It's probbably going to float in the .06's for awhile now. Most energy is down latley regardless.
This most likely has to be settled before a BK can be approved ?
whats your take on that "wells notice" ?
copied & pasted it from etrade . no link
Quest Minerals & Mining Corp. (QMLM) said Wednesday that it has received a Wells Notice from the Securities and Exchange Commission alleging that the company violated some sections of the Securities Exchange Act of 1934, according to its quarterly report.
The Paterson, N.J., company said the SEC's regional office in Salt Lake City has recommended an enforcement action to be filed against Quest Minerals & Mining based on its financial statements and other information contained in reports filed with the SEC from 2004 and afterward.
A Wells Notice is the SEC's process by which it notifies companies of potential charges, giving them the opportunity to respond.
Quest Minerals said it believes it hasn't committed any wrongdoing or the violations alleged in the Wells Notice.
The company said it can't predict whether the SEC will follow the agency's regional office recommendations and sue Quest Minerals.
Quest Minerals said if any enforcement proceeding is instituted by the SEC, the company will defend against the action.
Also, the company said it can't predict the outcome or timing of this matter.
Quest Minerals is engaged in the acquisition and operation of energy- and mineral-related properties in the Southeastern part of the U.S.
-By Gee L. Lee, Dow Jones Newswires; 202-862-1346
Wow no ones commenting on the "wells notice" from the SEC.
Them are the last bids and asks when we was HTOGE 3 months ago.
A "wells notice" veryyy interesting.