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What's with this 3 cents spread b/t bid and ask? That's like more than 15% difference in bid/ask. Totally unreal!
that would be nice!!!
looks like your 20 cents gap was closed right before the close today at 22 cents. We'll revisit 28 cents tomorrow and possibly 35 cents tomorrow as well. JMO
Subprime Rate Five-Year Fix Agreed by U.S. Regulators (Update7)
http://www.bloomberg.com/apps/news?pid=20601087&sid=asetzdsdmBUE&refer=home
This definitely going to help Florida housing market, where TOUSA will benefit a lot!
also from MSN Money
http://articles.moneycentral.msn.com/Investing/Dispatch/071205markets.aspx
Mortgage applications jump
The number of mortgage applications rose last week by 22.5%, according to the Mortgage Bankers Association.
The association's index showed a level of 791.8, the highest level since July 2005. The Refinancing Index rose 31.9%, and the group's seasonally adjusted Purchase Index rose 15.2%.
The average interest rate on a 30-year fixed-rate mortgage fell to 5.82% -- the lowest rate in two years and the biggest weekly drop since 2003 -- from 6.09% the week before. The average interest rate on one-year adjustable-rate mortgages rose to 6.28% from 6.24%.
Housing bottom soon? imo
close up 10% at 22 cents. Not bad and I think it'll go up tomorrow and Friday. We had a nice profit-taking and the pps held above 20 cents most of the time. JMO
There was a hugh short setting at 25 ents. I remembered there was a big cap at 25 cents, then at 14 cents before NYSE delistment. Those shorts at 25 cents need to protect their short position. However, when and if they start to cover, man, you are going to see a hugh spike and we'll be back to 60-70 cents in a flash!
I hope TOUSA can dodge the BK bullet. The longer we wait, the better chance it will, right?
Nice to know that Newmark homes is making RECORD PROFITs this year! Record PROFITs! Hope that will provide the positive cash flow for TOUSA in Q4 and give bondholders the reason to convert debt for equity WITHOUT going thru Ch. 11 protection!
At 81 cent book value as of Sept 30, TOUSA should be valued at 32 cents, that's 40% of its bookvalue!
It would be extremely nice to see TOUS run to $20 when no BK news come out and a hugh short squeeze. This will become the tale of the century! from 7 cents to $20! GO TOUSA!
of course, anybody, including me, can dream, right?
Now Goerge is calling 12 cents and Duffau is calling 14 cents
let's see who'll be right!
Duffau sold. now he wants teens to get back in. Folks, let's help Duffau to get back in at $0.14, should we?
Sold today at 19 cents. But the chart still looks strong. We might see a quarter tomorrow.
JMO
George,
1. Deutsche Bank owned 39.5 millions shares because they bought the preferred stocks, which will be converted into commons at $1.61 per share
2 & 3. Institutions and funds have to sell because the pps is below $1 and delisted from NYSE. That's why TOUS was oversold down to 7 cents WITHOUT any rebound!
4. If the deadcat bounce is 40%, than the drop from 70 cents to 7 cents in last 2 weeks will get a bounce to 32 cents
5. You could sell 100K at 19 cents in late afternoon today easily.
6. Somewhat agree. It'll depend on the NEWS! The pps will either freefall to pennies or jump to dollars when the news is arrived! It's nothing but gamble!
JMO
TOUS closed at 20 cents today, although it's kind of weak buy toward close at 20 cents. Now, George, are you ready to talk about why you thought it might close under 17 cents today?
thanks
21 cents!!! damn! why did I sell at 19 cents!!!
volumn picks up and nice buys! could close at 25 cents today!
damn! I sold at 19 cents! no wonder I felt regretted as soon as my shares were sold! oh well, still holding some for the NEWS!
20 cents!!!!!!!!
next stop to 25 cents!!!!!!
close at HOD thrid times will be the charm!
ready for EOD pops to 25 cents! We might get some good news later this weeks. Either someones are accumulating or shorts are covering! Nice rebound from 7+ cents to 19 cents in 3 days!
George, don't forget TOUS dropped 90% (70 cents to 7 cents) in 2 weeks without and rebound until this week! TOUS dropped more than 99% ($10+ to 7 cents) this year without any correction until this week! So, what do you make of that?
nice buy at 19 cents today.. we could see 25 cents by the end of week even without the news on technical bounce!
anyone heard anything from TOUS?
thanks
I don't get it. Why would Citi want to borrow shares?
anyway, looks like we might see TOUS breaks and closes above 19 cents today!
how many shares they want to borrow?
I also think it will easily rebound to at least 25 cents this week, but I still decided to sell almost half of the shares I bought at 8.5 cents to lock in some profits. Still holding some to wait for the news. Somehow I just don't think TOUSA will file for Ch. 11, otherwise, they have a perfect opportunity to do so back in late Oct when it's requested by its bondholders. JMO
sold some at 19 cents. why I am feeling a bit regretted?
Banks, U.S. near deal on subprime mortgages
http://www.msnbc.msn.com/id/22039594/
I think what will happen is that US gov't will step in to stop the housing slump. The presidential election is coming up and the last thing any political party wants to see is a major RECESSION right before the election!
* Fed is dropping interest rates FAST!
* US Gov't and Banks are finding ways to decrease the number of foreclosures next year, e.g., by freeze subprime rate
I don't think TOUSA can file for Ch. 11 protection while their asset is greater than their liability. At the end of Sept 30, TOUSA still showed $48 mil in stockholder equity and no defaults on loan, so it gives TOUSA no reason to file for Ch. 11. Their main problems are to modify their loan convenents for (1) extremely high leverage and (2) NYSE delistments. I believe TOUSA has enough cash to get them thru this perfect storm in today's housing market until 2009. Their loans are not due until 2010.
Anyway, TOUSA's pps is trading at BK level. A lot of shorts are betting their farms on TOUSA filing for CH.11 before year ends. I just hope that the management can find a way to restructure their capital structure without going thru Ch. 11 court!
Newmark Homes news today
At least it is nice to see one of TOUSA's 4 homes divisions are making money this today's housing market, despite the rumors of BK flying all around the market wires:
http://www.fortbendnow.com/business/3574/major-fort-bend-homebuilder-prepares-for-chapter-11-filing-by-parent
Ironically, Newmark Homes, one of four TOUSA homebuilding companies, is experiencing record profits this year, said Scott Lane, vice president of finance at Newmark’s Houston division. And, he added, if the worst happens and TOUSA does file for Chapter 11, he expects Newmark to continue to operate relatively unimpeded.
Leverage is extremely high for TOUSA, but I think TOUSA has enough cash to get through at least 2009, esp. with the $240 mil tax refund early next year. Its major loans are not due until 2010 and TOUSA is being current with the loan interests payment and no defaults as of Nov. 21 8-K. But, anything is possible and we do have 50/50 chance to see a Ch. 11 filing early next year. But, 8 cents per share? $4.8 mil market cap? Book values at 81 cents as of Sept. 30? Unless someone knows for sure that Ch. 11 will be file this week, we should definitely see some upward movement in the pps SOON, at least back to a quarter, not a dime! Good luck!
Thanks for the link:
Fraudulent Transfers - or transfers of money or property by the debtor within one year before the filing made with the intent to hinder, delay and defraud creditors, or for which the debtor did not receive fair value, made at a time when the debtor was insolvent (debts exceeded assets) or which resulted in the debtor becoming insolvent.
Now the question is, when TOUSA transferred $422 mil to Transeasten JV and its noteholders requested TOUSA to file Ch. 11 on or before Oct. 29 to get that $422 mil back, but TOUSA refused Ch. 11 filing. Would that act of TOUSA fit "Fraudulent Transfers" as described above? One reason for TOUSA to not file Ch. 11 anytime soon. right?
Thanks. Do you think TOUSA will lose its $240+ mil tax refund if they file for Ch. 11 before year ends? I bet its noteholders will hate to see TOUSA pisses that kind of money away!
What's the chance that TOUSA will NOT file for Ch. 11?
Cargo, there should be a blockout period for insiders to buy/sell before/after news, right? Do you know what the blockout period is? I heard that insiders cannot trade 24 hours AFTER news is released, but how long BEFORE news is released? Martha Steward went to jail because her friends told her to sell her stocks just a day before the bad news hit public!! Let's hope these insiders are not selling based on INSIDER INFO!
can insiders sell just days before major news releases? Says, if TOUSA files Ch. 11 tomorrow, can TOUSA insiders sell now?
Thanks
Maybe it's time for a deadcat bounce!
SEA,
I hope you are right on TOUSA restructuring out of Ch. 11 court! Let's see the gap of all gaps at warp speed!!!!
Am I too optimistic on TOUSA???
I am just wondering why TOUSA didn't file for Ch. 11 back in Oct 29 when it's requested by its notedholders. Why?