Maximus Decimus Meridius - leading the army of the north
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yea looks like shorts are covering just to shake the tree with the same shares that were once short. hence the volume spikes we have at-least 1 once a month. IMO
follow this link for the survey
http://investorshub.advfn.com/boards/board_surveymenu.asp?board_id=13049
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
Yes þ No o
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
this I'm assuming is the change in the amount of NOLs for the bank holding company related to NOLs incurred by the bank?
As described above, the results for the year ending December 31, 2009 will segregate Corus Bank as discontinued operations due to being placed into receivership and include their results only through September 11, 2009. The loss before income taxes for Corus Bank for the period ending September 11, 2009 will be approximately $817 million as compared to a $573 million loss for the period ending December 31, 2008. Additionally, during the fourth quarter of 2009, the Company recorded an expected income tax benefit of approximately $104.0 million relating to the carryback of net operating losses (“NOL’s”) to 2004 and 2005. NOL carryback legislation was approved in November 2009 allowing taxpayers to carry back losses for five years instead of two years
New filing
FORM 12b-25
NOTIFICATION OF LATE FILING
http://www.sec.gov/Archives/edgar/data/51939/000095012310031767/c98760nt10vk.htm
MM stating that the company won't be able to file the 10K within 15 days due to the bank being seized and the accountant resigning.. all that BS blah blah blah. but he does acknowledge the future losses and unexpected tax benefit from 04-05 nols.
when this is all said and done. TPG is going to own WAMU and JPIG. makes you wonder who really owns them? :)
the daily short report tells this story too. every time we have a day with buying the mms are short atleast 35% of the shares traded or greater (they got her on a tight leash) except on those few days where we had 2+ million share traded. Now look at today hardly any buy volume, just 1 sell of 40k shares (weak hand). and no short interest. The mms HAVE been holding this puppy down.. why??? WHY PAY MORE for shares (esp when you own most of them) like MIKIE said.. makes perfect sense.....
anyone buying or selling today? nice and quiet at headquarters today....
hey guys thought someone said the company expected to have the filing out by the 26th? can anyone confirm this? thanks!
Yes Sir!
Yea, i think because NITE is taking the morning off. Not seeing him on my level 2 feed. :)
insane that the "FREE" market still does not pickup on this. :D
some of the services they specialize in
http://www.pmcf.com/pmcf/services/acquisition-advisory/Pages/home.aspx#
Acquisition Advisory
Our activities merger and acquisition consulting services include helping clients develop and refine their acquisition criteria, identifying potential target companies, engaging prospective targets, and negotiating and structuring a deal that seeks to meet the value expectations of all parties involved.
Every successful buy-side deal starts with a well-defined process and upfront advice on potential pitfalls and deal breakers. Our merger and acquisition consultants professionals follow a disciplined, process-oriented approach to buy-side M&A that is driven to obtain results.
Our activities merger and acquisition consulting services include helping clients develop and refine their acquisition criteria, identifying potential target companies, engaging prospective targets, and negotiating and structuring a deal that seeks to meet the value expectations of all parties involved.
the main website is located at :
http://www.plantemoran.com/pages/default.aspx
new filing
http://ih.advfn.com/p.php?pid=nmona&cb=1269611102&article=42142581&symbol=NO%5ECORS
new accountant
ITEM 4.01:
Changes in Registrant’s Certifying Accountant
(b) On March 25, 2010 the Audit Committee of the Board of Directors (the “Audit Committee”) of Corus Bankshares, Inc. (the “Company”) appointed Plante & Moran, PLLC (“P&M”) as the Company’s independent registered public accounting firm. During the two most recent fiscal years and the interim periods preceding the engagement, the Company has not consulted P&M regarding any of the matters set forth in Item 304 (a)(2)(i) or (ii) of Regulation S-K.
thats old. came out the day of the last 8k :/
oh yea the ole bait and switch. WAMUMONEY train is getting ready to leave. level 2 tells the story. drop the price, NITE stays clear of the ask until the buying pressure comes in. all the while loading up shares on the BID. JPIG has all the MMs working over time on this one.
somebody with a lot of pocket change is buying :)
fyi.. VNDM showed up today again on the BID.
(edit) they showed up on the 9th as well 800k shares traded that day.
50k shares just knocked nite off the bid. she's looking very thin. :)
A trustee may be held personally liable for certain problems which arise with the trust. For example, if a trustee does not properly invest trust monies to expand the trust fund, he or she may be liable for the difference. There are two main types of trustees, professional and non-professional. Liability is different for the two types.
The trustees are the legal owners of the trust's property. The trustees administer the affairs attendant to the trust. The trust's affairs may include investing the assets of the trust, ensuring trust property is preserved and productive for the beneficiaries, accounting for and reporting periodically to the beneficiaries concerning all transactions associated with trust property, filing any required tax returns on behalf of the trust, and other duties. In some cases, the trustees must make decisions as to whether beneficiaries should receive trust assets for their benefit. The circumstances in which this discretionary authority is exercised by trustees is usually provided for under the terms of the trust instrument. The trustee's duty is to determine in the specific instance of a beneficiary request whether to provide any funds and in what manner.
Beneficiaries
The beneficiaries are beneficial (or equitable) owners of the trust property. Either immediately or eventually, the beneficiaries will receive income from the trust property, or they will receive the property itself. The extent of a beneficiary's interest depends on the wording of the trust document. One beneficiary may be entitled to income (for example, interest from a bank account), whereas another may be entitled to the entirety of the trust property when he attains the age of twenty-five years. The settlor has much discretion when creating the trust, subject to some limitations imposed by law.
so assuming this is correct. until the notes mature WL is legally responsible and liable for these trusts.
On February 4, 2010, the Company received five letters dated January 29, 2010 (the “Letters”) sent by The Bank of New York Mellon, N.A. as trustee (the “Trustee”), for certain holders (the “Securityholders”) of trust-originated preferred securities (the “TOPrS”) issued under the trusts known as Corus Statutory Trust II (“Trust II”), Corus Statutory Trust IV (“Trust IV”) and Corus Statutory Trust VII (“Trust VII”). Two of the Letters were addressed to the Company and The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York) (“BONY”), as Property Trustee and as Note Trustee, with respect to Trust II established under that certain Amended and Restated Trust Agreement dated as of June 24, 2003 (the “Trust II Agreement”) holding the Floating Rate Junior Subordinated Notes due June 30, 2033 (the “Trust II Notes”) in the aggregate original amount of $20,619,000 issued under that certain Junior Subordinated Indenture dated as of June 24, 2003 (the “Trust II Indenture”) between the Company and BONY. Two of the other Letters were addressed to the Company and BONY, as Property Trustee and as Note Trustee, with respect to Trust IV established under that certain Amended and Restated Trust Agreement dated as of November 24, 2003 (the “Trust IV Agreement”) holding the Floating Rate Junior Subordinated Notes due December 15, 2033 (the “Trust IV Notes”) in the aggregate original amount of $30,928,000 issued under that certain Junior Subordinated Indenture dated as of November 24, 2003 (the “Trust IV Indenture”) between the Company and BONY. The remaining Letter was addressed to Wilmington Trust Company (“Wilmington”), as Property Trustee and as Note Trustee, relating to Trust VII established under that certain Amended and Restated Declaration of Trust dated as of September 20, 2004 (the “Trust VII Agreement” and collectively with the Trust II Agreement and the Trust IV Agreement, the “Trust Agreements”) holding the Floating Rate Junior Subordinated Deferrable Interest Debentures due September 20, 2034 (collectively with the Trust II Notes and the Trust IV Notes, the “Notes”) in the aggregate original principal amount of $51,547,000 issued under that certain Indenture dated as of September 20, 2004 (the “Trust VII Indenture”, and collectively with the Trust II Indenture and the Trust IV Indenture, the “Indentures”) between the Company and Wilmington.
Trustee: in a trust the legal ownership that the trustee has is split from the equitable or beneficial title that the beneficiary has. The trustee holds only the bare legal title to the property
Note Trustee: The Note Trustee is appointed to represent the interests of holders of issues of securities, while providing guidance to the issuer
is that essentially saying the trust was taken over by WL? If so then they own(or considered as property trustee or note trustee) 2,4,7,10,13..
Read more: http://www.faqs.org/sec-filings/100210/CORUS-BANKSHARES-INC_8-K/#ixzz0iJ9eRfS5
from CORUS 8-k 2003-07-16
http://www.sec.gov/Archives/edgar/data/51939/000095013703003810/c78244exv99.txt
ISSUANCE OF TRUST PREFERRED SECURITIES
In June 2003, Corus formed two wholly owned finance subsidiaries of the Company
for the sole purpose of issuing what are commonly referred to as Trust Preferred
securities. Trust Preferred securities are a very common form of raising
tax-advantaged capital, especially for bank holding companies. While the legal
structure of Trust Preferred securities is unfortunately quite complicated, both
the essence of these securities, and the basis for Corus' decision to utilize
them, is mercifully straightforward. Trust preferred securities are essentially
long-term debt (30-year terms) with some unique features (discussed below).
The trusts sold $47.5 million of Trust Preferred securities via a private
placement, the proceeds of which were "lent" to the Company and secured by
subordinated debentures (subordinate to all other debt of the Company's but
senior to common stock) issued by the Company to the trusts. The funds raised by
the issuance of the Trust Preferred securities were, in turn, infused into the
Bank as additional capital thus increasing the Bank's legal lending limit by
just over $7 million. The increased legal lending limit, which will allow Corus
to pursue larger loans, drove Corus' decision to pursue this financing strategy.
whoever issued these first two, safe to assume they issued the concurrent ones... thats what we need to find out
3/29/2006 - wells fargo as trustee http://www.sec.gov/Archives/edgar/data/51939/000127528706001701/cb5298.htm
the subordinated debentures issued 9/15/05 was through willmington trust its here in this link http://www.sec.gov/Archives/edgar/data/51939/000118143105052708/rrd92287.htm
http://www.sec.gov/Archives/edgar/data/51939/000118143105037370/rrd84106.htm (6/23/2005)
. after that date the reports underneath cors bankshares sec section don't divulge much information as to who is the trustee. maybe we can find this information listed in WLs sec reports
your right there is an article about this. however it says WaMu bankruptcy deal may leave shareholders with nothing.
LOL wamuq is a cash cow if you can trade. :)
not much selling. not much buying. smooth sailing to the finish line. ;)
The incentive is the loan being marked as paid and cleaning up Wilmington's books which equates to a higher price per share. its a win win situation for everyone. including corus.
160k. didn't buy any today either
when the fat lady sings :O
BUY BUY BUY! :)
new mms on the bid VNDM and look HDSN just showed up!
http://www.vandham.com/ market maker/broker dealers for institutions
sweet, nice work with GRNO. thanks for the tip. EIGH im in it to win it! haha
sweet, nice work with GRNO. thanks for the tip. EIGH im in it
tell me about patience.. i jumped off the cdiv ship before it sailed. :(((((((
whos keeping the MM from shorting this thing into oblivion like they do other stocks? IHUB?
damn! you have that many?!? :)
yahoo boards resident basher alishawade. she and her miscreants stopped bashing for the time period of MM putting out those past two 8ks deny any default on the trust originated preferred debt. NOW she is back on on the yahoo board under CORS NEWS (LOL). She either picked the perfect day to come back or MM/Mr.Big made er do it. u decide.
she didn't really post anything significant. But why post at all? disgruntled shareholder.. not likely if you read through her posts.
Yeah! forgot about that, MM needed an extra week or two to write that disclosure? LOL he is so full of it, its not funny.
basher alisha came out of the wood works 8 mar 2010 at 10:00 AM before this 8k was even released. I think some is playing us or trying very hard.
the reports acceptance time
2010-03-08
Accepted
2010-03-08 16:03:53
Documents
2
Period of Report
2010-03-08
Filing Date Changed
2010-03-08
Items
Item 2.02: Results of Operations and Financial Condition
Item 9.01: Financial Statements and Exhibits
WL did raise about 238 mil in the public stock offering. maybe they will use it to purchase corus. since they do hold the boat load of the debt involved here.
NO bk b/c the company is exploring its "other" options. If for some reason the FDIC can shaft us with the situation regarding the tax refunds then i believe we are in trouble, but thats what this company was hired to do for corus. Explore all options and i'm sure they considered BK a while ago.