Maximus Decimus Meridius - leading the army of the north
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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.
HAHA good one. MM is holding out for a good reason. i believe the waiting will pay off.
lots of buying interest in WL ;)
you forgot to add commission fees. haha :)
WL trades on the nyse like that. 100 to 200 burst; high frequency trading looks like. if you get a better live feed you will see the bigger lots going through
WL on the move :)
lol.. one day we might have a buying frenzy for our cors shares like wamuq today. haha :)
not that amazing actually.
no more cash till next week!!! if i'm lucky i will pick up another 25k on Monday when the wire clears!!
Why PUT out an 8k showing us insolvent? When he declared us solvent through the past 2 8ks released. A>L in this 8k, and that means an increase in price per share.
CARR back on the Ask.
sweet another one.
http://philly.citybizlist.com/yourcitybiznews/detail.aspx?id=69007
very good info.
At December 31, 2009, 33 of the 38 pooled TruPS and two of the nine single-issue TruPS in our portfolio had below-investment-grade credit ratings from either Fitch Ratings or Moody's Investors Service.
The irony for Wilmington Trust is that they invested in a pool of TRuPs which are in fact usually other smaller community banks. In a way, Wilmington bet on the health of a diversified pool of community banks. The underlying collateral (those banks) are now deferring or being taken over by the FDIC. So, even if a regional has a decent loan portfolio (residential and commercial), a credit (or equity) investor could still have hidden exposure via TRuP pools. Read those 10-K/10-Qs carefully.
Interestingly, the Friday before the release of the bank's 10-K, S&P lowered the bank's credit rating (affecting $809MM of debt) to BB-plus from BBB-minus to reflect the large increase in nonperforming assets in the last quarter of 2009. This makes Wilmington the first crossover of the year. And me without a party hat.
could there be other plays out their like CORS? HRZB possibly? NO Q either. :O
EDIT: EXTREMELY LOW FLOAT TOO. DOUBLE WAMMY
i know its crazy march already. time is flying when you waiting for MM to sheet or get off the pot >:)
seconds :)
agreed. nothing is stopping him from saying assets < liabilities and the company may need to enter into bankruptcy to protect itself from creditors.also, it doesn't take an extra week to write a disclosure to go with that! :P maybe MM is milking the cash cow HAHA
go WAMUQ :P
Ballin :P
more sells than buys and bid continues to uptick :) LOL
DAN THE MAN :)
Yea government agencies are in the hot seat. our honorable judge is going to take care of this if the fdic and jpm don't ante up real soon. got my tickets.
Great Post Dude!!! huhh Johnny Winter what you got to say about those facts?
just added some more. can't help myself :)
knight trading group implicated in fraud? NO WAY
http://www.knighttradingfraudinfocenter.com/information.php
yes he can, but he should do it way before he puts out another 8k with 3rd q results (obviously showing A < L in that scenario. which would indicate a default on the 400 million dollar trust preferred securities). but if this is playing out how we expect it to. no bk because if bk were to occur it would erode Wilmington trusts books whom we consider is Mr.Big (i.e. the one buying up the shares on the open market, hence the rock solid bid support)
new tax laws allow them to go back 3 years too
i have been sitting at the bid all morning. picked up mostly all the shares except the initial 34k dumped at the bell. someone is playing games with these 100 share trades
short covering looks like to me. nite jumped on the ask by himself starting dumping them jumped back to .044. :)
lol. nice bid uptick. let's see if we can make the seller lower the ask :P
lol. somebody's got some free trades :)
no inst.. so says the way level2 looks by the large blocks and the CMF/ACUM/DIST on the chart.
a tiny bit of retail selling as well.
i bought another 10k at the ask of .037 and bought an additional 8k at the bid
anyone check out
http://www.mffais.com/cors and notice that Wilmington Trust fsb filed a new holding on 2/16/2010
among other institutions
sweet. trying to get me some cheapies too :)
Billiam 2
are you strictly a fundamental trader or do you technical trade as well? this is such a great play how did you manage to come across this diamond in the rough?
Every time you post that you make me wanna buy more... time for a ginger ale. :D
Sounds good. in my short trading career i have learned ONE thing. bashers don't bash worthless stocks esp on the yahoo board, its like a ghost town on that side of the tracks. haha
wellll i'm sitting on 150k shares already ;( sheessshh
okaaaay here we go :)