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Looks like I missed this one again.
Be good price if we could get a bounce in this market. Not just for this stock, but market in general.
I am working full time again so not trading much. Little flips on SFI and been watching NPBC a local bank. Should have grabbed the bank a week or two ago. Hindsight always better. LOL.
SPTN doing well since your mention here. Good job.
I see PACR and EGLE both caught bounce. Hope you were in.
Hey, wondered where you were too. I'm only holding some SFI right now at a little profit. Looking for an out. Gonna try a couple flips on it. I had retired two years ago and just could not sit home any longer. Took a job just to get out the house and away from the computer. So now I'm just a part time trader.
Have a great Memorial day.
I still keep EGLE on my watch list, but haven't tried to flip it. Will take a look at SPTN.
Looks like the shorts finally giving up.
I'm still on SFI. Holding tight to my $8.07 shares. Almost sold a couple times, but willing to wait for now. Looking for good news on the debt refi. Shorts finally giving up.
Hi,
You know my favorite flip, SFI.
I actually got back in around $8 a couple weeks ago and am currently up. Looking for the sell signal. Though it could really take off if the earnings report is good, still looking for them to move the debt maturities into the future. Get that done and lookout. They have not given a date yet for report or conference call.
Thanks, I'll look them over. Been doing some quick scalps in the morning on X, RINO, REE, and a couple others. Sometimes long, sometimes short, depends on the market and how the chart looks.
You seen my old favorite SFI lately? Burning up some shorts. They are trying very hard to keep it down, but losing the battle. Keep getting good news, looks like the bankruptcy was just a threat to scare some creditors into giving them a better deal on interest rates. LOL
Have a great day,
trade
Haven't traded much myself. Flipped a little REE today for profit. Mostly watching and studying charts. Trying to change my strategy to strict daytrading.
Have a great time at Disney.
trade
I would be scalping SFI if the range were just a couple more pennies. Let's see what next week brings.
SFI might use bk or might not. It will not be necessary until June 2011. Plenty of cash to pay bills until then. Alot can change in eight months.
Quarterly earnings report and conference call should be very interesting.
SFI. Sure not acting like stock of a bankrupt company. Moving back up today.
Pre-packaged Chapter 11. The company will continue stronger. The shareholders may be toast.
Yikes, SFI took a dive today. Talk of chapter 11 bankruptcy.
Hey haven't seen you around much. Hope all is well.
Did you see SFI today, my old favorite? Talk of bankruptcy, luckily I only had 1000 shares and got out quick on the news.
Have a great night,
trade
SFI @ 3.73 Nice pop off the low this morning of $3.45
Not so sure it is "too much" loan to restructure. There are enough assets to secure the debt and the banks hardly want any more real estate on their books so doubt they want iStar to fail. They can't foreclose as iStar has yet to miss any payments. Kick the maturities farther down the lane and they collect more interest. If it fails in the end banks still get the security. No worse condition than where they are now.
This is why iStar hired Lazard last quarter. Lazard has the connections to get this deal done.
SFI surely beat down here, but hope is on the horizon. Refinance in the works?
By Jacqueline Poh
NEW YORK, Aug 23 (RLPC) - Commercial real estate lender iStar Financial is asking to extend its second lien term loans due 2011 and 2012 and is offering higher spreads on the extended loans, sources told Thomson Reuters LPC.
The company is amending its first and second lien loans under a restructuring proposal that is advised by Lazard.
In a presentation to lenders, the company said it is "facing significant debt maturities," and wants to work with them to extend $2.6 billion of second priority loans, which would consist of a $1.7 billion second priority loan due June 2011 and a $0.9 billion second priority loan due 2012.
The 2011 loan is proposed to be extended to June 2014 with a spread of 300 basis points (bps) over LIBOR, increased from the existing 150 bps over LIBOR. The 2012 loan is being extended to June 2015 with a spread of 350 bps over LIBOR, increased from the existing 200 bps over LIBOR.
iStar is also asking to repurchase its second lien loans at a discount of not less than 10 percent of the aggregate principal amount repurchased.
Meanwhile, the company is planning to make a $500 million paydown on its first lien loan due June 2012. The remaining $500 million first lien loan will maintain the same maturity and pricing of 250 bps over LIBOR.
No amendment fee is offered. The company's unsecured lenders are not notified of the amendment; only the first and second lien lenders are involved.
Last month, the company was reported to be mulling a restructuring or refinancing of its roughly $3 billion of debt due next year. A source familiar with the matter said, "The company will need 100 percent consent from existing lenders to make any changes to existing credit agreement to accommodate the debt restructuring or refinancing."
According to LPC data, iStar amended its credit facility in March 2009 to extend $1.695 billion of syndicated loans to June 2011 and add a new $1 billion term loan due June 2012. JP Morgan, Bank of America Merrill Lynch and Citi are leads on the deal.
Meanwhile, sources pointed out that the company has an additional $2 billion of debt due 2012 in addition to a $500 million paydown needed this September, and some sizable bond maturities over the next two years.
(Reporting by Jacqueline Poh) Keywords: ISTAR/LOAN
http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10622305
So are we gonna finally start another uptrend?
Riding pretty tight on that trendline today. What you think?
trade
SFI did poorly. I held thru earnings. Yikes!
Still at a profit, but would have been so much more. Expecting it to come back, but not so sure. Watching for it to consolidate.
trade
XOMA is it a buy for gap in morning or you think it's done?
Aug 3 (Reuters) - iStar Financial Inc <SFI.N>: * Says acquired an approximate 24 pct ownership interest in Lnr Property
Corp - SEC filing * Its share of consideration paid was $100 million in cash and $100 million
aggregate principal amount of Holdco notes * Says its loan was paid down from an original principal balance of $102.0
million to $50.8 million
Closed yesterday at $4.45
Filed SEC report about LNR Property.
http://yahoo.brand.edgar-online.com/DisplayFiling.aspx?dcn=0001104659-10-041505
trade
SFI - Earnings call transcript.
http://seekingalpha.com/article/218278-istar-financial-inc-q2-2010-earnings-call-transcript?source=yahoo
trade
SFI $4.49 -0.73 eom
Looks to have settled in the $4.75 area since conference call.
-0.46 from yesterday close.
What will afternoon bring?
GLTY,
trade
UPDATE 2-iStar posts wider-than-expected Q2 loss; shares fall
Digg This Tweet ThisShare on LinkedIn Share on FacebookStocks
iStar Financial Inc.
SFI.N
$4.72
-0.50-9.58%9:09am EDT
Tue Aug 3, 2010 10:47am EDT
* Q2 adj loss/shr $0.89 vs loss/shr $0.30
* Gain from sale of CTL portfolio $250.3 mln
* Net investment income down 53 pct
* Loan-loss provision $109.4 mln vs $435 mln
* Shares down 16 pct (Recasts; adds details, share movement)
Aug 3 (Reuters) - U.S. commercial real estate lender iStar Financial Inc (SFI.N) posted a wider-than-expected adjusted second-quarter loss, hurt by a drop in interest income, sending its shares down 16 percent. For the second quarter, net income allocable to common shareholders was $212.3 million, or $2.27 a share, compared with a year-ago loss of $284.2 million, or $2.85 a share.
Excluding the $250.3 million gain on the sale of a corporate tenant lease (CTL) portfolio sale, the company posted a loss of 89 cents a share.
Analysts on average were expecting iStar to post a loss of 30 cents a share, excluding items, according to Thomson Reuters I/B/E/S.
Quarterly revenue fell more than 29 percent to $136.8 million, hurt mainly by a drop in interest income as performing loans moved to non-performing status.
Interest income fell 39 percent to $86.5 million.
Net investment income more than halved to $129.8 million.
Provision for loan losses fell to $109.4 million from $435 million.
As of June 30, the company had $531.5 million of cash, compared with $640.9 million in the first quarter.
The company completed the sale of a portfolio of 32 CTL properties for $1.33 billion, it said.
Shares of the company were down 13 percent at $4.54 in morning trade Tuesday on the New York Stock Exchange. They touched a low of $4.41 in early trade. (Reporting by Archana Shankar in Bangalore; Editing by Don Sebastian, Unnikrishnan Nair)
http://www.reuters.com/article/idCNSGE6720IJ20100803?rpc=44
GLTY,
trade
I listened to conference call. Not as bad as shorts would have us believe. Management is working very hard to get through this difficult time. No defaults on SFI's part and it looks better each quarter.
Today's low was $4.41 during the conference call. Bounced back some since then. Expect more recovery once investors take a deeper lookin into the financials.
GLTY,
trade
SFI - Yikes, mr market did not like earnings report news. $4.41 lod was middle of conference call. Moving back up now. Call was good. Things not as bad as bears would have us believe. pps will likely move up from here.
GLTY,
trade
disclosure: still holding all my shares.
SFI - Held them all! Expecting good news in the am. Looks like it got to $5.35 after hours, but only a couple thousand shares.
trade
Oh, and I will be listening in on the conference call. Good or bad.
CIGX coming down to the low of day. Been getting some pops in the am. Building a base for next move up.
trade
Dow 11,200 sounds great, but expecting lots of volatiliy. Nice for swings.
trade
BEE might be good for a flip tomorrow. Has earnings on Wednesday.
FBP held up better than I expected today.
trade
Dow and S&P amazing today!
trade
So far! Was going to sell half, but still have em all at this minute.
trade
SFI hod 5.23
Earnings report first thing tomorrow morning.
GLTY,
trade
SFI, thanks for your input augusta.
Earnings tomorrow morning before bell so expect the bulls and bears to really battle it out today. Volume 400,00 shares in first half hour this morning. Last week one day that is all it did in the whole day. LOL
Have a great week,
trade