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I hope you cash in BIG - being only 19 years old, you would be pretty set to reinvest and work you way up to perhaps a Warren Buffett some day. I am much to old to do that...
FF03 - yes this is our bank:
Bank Name Centennial Bank
Address (for main office) 18837 Brookhurst Street, Suite 100
Fountain Valley, California 92708
Thanks for the details...
If we get any bailout money, perhaps the restructuring team could be capped off as well - they sure should be, IMO.
"Last week, Treasury announced rules to keep senior executives at some firms that get bailout money from earning more than $500,000."
http://www.washingtontimes.com/news/2009/feb/08/salary-caps-miss-some-big-earner-appointees/
FF03: 1st Centennial Bank, located in Redlands is NOT owned by LandAmerica. This Bank is NOT to be confused Centennial Bank located in Fountain Valley, which is owned by LandAmerica.
Earnie and I were both getting close, but don't know exactly where he is at now.
I just spoke with him - his mailbox was full, but he called me back. All is looking good, but this remains a complicated stock to get my arms around. Let's all keep in touch by phone if anyone hears anything. I did see that SunTrust, tied with the 1031 Exchange got some TARP money. I would think this would help unfreeze those assets.
11/14/2008 SunTrust Banks Inc Georgia $3,500,000 Completed
http://online.wsj.com/public/resources/documents/st_BANKMONEY_20081027.html
Centennial Bank is not listed and don't know even if they need help.
PS: I was real glad to hear that the bashers got banned from the chat room board!!
Davenport and Company added more and is up to 355,000 shares per the 2009 filing.
I don't really see it dropping; however, you may be correct, which would be good news for us to pick up more. The DD I have done on the holdings by the major institutions have dropped off considerably, which makes me question who has them? Perhaps some of the companies that are not in Chapter 11 are buying them? (If that is possible/legal.) If there is a buyback, that would make sense - it is my understanding that the Board Members have NOT sold, which is good news, IMO.
I have reviewed MFFAIS for many of the institutions by opening up the latest 2009 Filings with the conclusion of two major companies currently holding, both buying in late December 2008. Most of the others have apparently sold, which is understandable due to their internal protocol. I don't see an explanation of the PPS, could you enlighten me?
I do know that only 2 of the approx. 150 companies have filed for Chapter 11, and presume that the others are all doing fine and making money; however, I have not done DD on these companies to determine the overall PPS. Do you have a number? You can private message me if you feel more comfortable, I will keep it confidential... Thanks!!!
I did speak with Mr. Ramos, which was positive - If you would like to discuss the details - please give me your phone number and time to call...
I have placed some more orders.
Thanks Grumman - I would say that if TARP does not intervene for LandAmerica that we will have more problems in the United States, including possible Civil Unrest. It is my understanding that something may be detailed this coming week, just in time for our Feb. 23rd hearing...
From Bloomberg: "Treasury Secretary Timothy Geithner will ask the G7 to take “exceptional” measures to end the global financial crisis.
“The secretary will encourage his counterparts to take strong actions to address macroeconomic and financial sector challenges and will underscore that these extraordinary times call for exceptional and complementary measures by all,” the Treasury said today in a statement released by e-mail.
Geithner’s Plan
The Treasury’s plan to stabilize the financial system, outlined by Geithner in a Feb. 10 speech that was followed by a 4.9 percent tumble in the S&P 500 as some investors said it was short on details, is gaining interest among private investors, Lawrence Summers, director of the White House’s National Economic Council said.
The plan calls for private investors to partner with the U.S. government in a fund designed to remove illiquid assets from bank balance sheets. Summers spoke in an interview today on Bloomberg Television’s “Political Capital with Al Hunt,” scheduled to air this weekend."
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=asyadkFaIn14
FYI RE original purchase of Centennial Bank:
Monday, April 28, 2003
LandAmerica buys Orange County Bancorp
Los Angeles Business from bizjournals
LandAmerica, one of the nation's biggest real estate transaction companies, is buying Orange County Bancorp and its subsidiary Centennial Bank in Fountain Valley for $27.6 million.
Centennial, an Internet-based bank that offers savings accounts and certificates of deposits, ended 2002 with $240 million in assets and had $3.8 million in net income last year.
Richmond, Va.-based LandAmerica says the acquisition will strengthen the financial services it provides to its operating units. LandAmerica subsidiaries include Commonwealth Land Title Insurance, Lawyers Title Insurance and Transnation Title Insurance. It has about 700 offices throughout North America, the Caribbean and Central and South America.
Grumman, or anyone else, do you know the current assets for Centennial Bank located in Fountain Valley, CA?
http://www.centennialbank.com/centennial_contact.html
Centennial Bank offers personal and commercial banking services. The bank was founded in 1979 and is based in Fountain Valley, California. Centennial Bank operates as a subsidiary of Orange County Bancorp.
This is one of the approx. 150 companies that investors did not factor in to the equation.
$536,644,000 Assets; though Earnie's research is around $90M.
http://www.bankingdetail.com/banks/branches/centennial-bank-fountain-valley-california.asp
Well, he quit smokin them cause they cost so much, but, I think we will be able to entice him at the WYNN Celebration Party.
If it pops to over $50, I WILL buy him a box of Cubans - even if I have drive to Mexico!!!
First, we must do the party in Vegas, then travel to each their own...me-Rome, FF03-Spain, Earnie-his house - he aint goin no where cause the money don't mean much to him...
Earnie: He is a balding gentleman, with a large cranium. When he gets thinkin of LandAmerica, he resembles the Wizard of OZ. He just quite smoking stogies and is a bit irratable, but is processing this complex stock the best he can. Obviously he is very bullish on this stock and on the same hand very conservative - he also loves to collect gold coins, which is very conservative investing.
From Bloomberg yesterday: "Driving investor doubts was Geithner’s failure to clearly address three issues at the heart of the crisis: Will banks saddled with toxic debt be forced to fail? How will illiquid assets be removed from bank balance sheets? And what will be done to arrest the decline in house prices that triggered the turmoil?" The coming weeks will tell, Earnie and I are hopeful that the US will do something good for LandAmerica, as they have for C, BAC, etc.
Look up at the top of MFFAIS at the 09 SEC Filing and open it - that is the latest listing of their holdings - that is my understanding, as MFFAIS simply does not update that information listed below the 09 SEC Filings...
Perhaps Renee can explain it better - she previously posted on this topic...
It's all good though...
I'll take 55% any day, but this is really at the bottom, IMO.
According to Earnie, we have over 71,428% to go...IHO.
It makes me want to through in some more money just to see what happens...
I agree - it is just so long a giant whale can stay below water...maybe she's about to BLOW!!!!!!!!
Rayn - you need to open the 2009 SEC Filing. For example:
Paradigm Asset Management Co Llc Institution LandAmerica is not listed on the following link: http://www.sec.gov/Archives/edgar/data/1034549/0001034549-09-000001.txt
I did not check the other listings...perhaps they really did add...
Perhaps there is a big fish in the water today - perhaps an institution buying...unless that is FF03 making a big splash.
I put back in an order for 0.052 so I can get back my 10,000 shares that I mistakenly gave to FF03. But what's 10,000 shares - ONLY $500,000 per Earnie! I wants thems back!
376,310 volume (as much activity as USG after Buffett's announcement) up 33.33% I have no idea why it went up to 0.07, but it's ok with me....IMHO.
I hear you...it took me quite a while to fill a bunch of my orders as well....I don't understand why they do it that way, but it makes it look like a bunch of people are buying and not one investor....they did it that way with the big institutions buying back in December as well.
Earnie says that the MM's are invited to the celebration party so we can discuss what they were thinking during all of dis' shenanigans'.
Thanks detearing I guess I just bought those discounted shares!!!!!!! Got any more you would like to part with???????....FF03
Yes, I have some selling at a discount, just for you at $32.37 pps - you can make the $10+ bucks a share going up to $40's.
Well, at least they went to a friend - in that case I am all right with it. Looks like we are scraping the barrel at this point waiting for news. If Earnie is right, and not smokin some waky tobaki, he will become famous! Famous at least on this board - people in the US probably wont care much if a few get to be multi-millionaires - perhaps it will be left up to us to help stimulate the economy...thinkin I'll buy a bunch of gold coins as well and hide them someplace...
I just made a mistake and picked sell instead of buy at 0.052 and it sold instantly to 0.055. Bummer!! Under the weather today from all of the traveling in the snowy parts of the US - I hate below 30-degree temperatures!
This makes me reaffirmed though, that there are not any sellers right now - pretty solid.
I am thinking that many of the institutions HAD to sell due to certain internal policies, which helped lower the pps for a while, but right now it seems pretty solid. It will be interesting to see the upcoming MFFAIS listings, though it will not keep me from holding long. Earnie has a sell set for $52.52 pps. If it goes to that I will buy him a box of cigars and a couple of drinks to boot...
Some lucky sap bought 100,000 shares it looks like - right out of the gate today...
Perhaps that was Grumman again?? Hope so...good for him if so...IMO
Earnie remains positive today...he is in Washington DC trying to get a handle on all of the rig-a-ma-roe goin-ons...will try to send him to VA to be a fly on the wall...
Very good point - I would agree with that...
Agreed - the author of this article is probably the same basher as well.
They are negligent in providing basic facts...
Well, I don't know, but I cannot account for all of the LandAmerica shares and it appears to have a gap; however, I doubt even LandAmerica knows who owns what...
I believe you have to open the SEC Filing dated in 2009 - when I did this LandAmerica was not listed for this Bank.
....MAXIMIZE SHAREHOLDER VALUE....
"The Committee believes that (1) equity incentive compensation performs an essential role in retaining and motivating executive officers; (2) providing executive officers with long-term incentives encourages the executive officers to make decisions affecting the operation of the business that maximize shareholder value; and (3) significant ownership of stock by senior management aligns the interests of management with the
shareholders."
http://library.corporate-ir.net/library/75/759/75987/items/284489/2008LFGProxyStatement.pdf
I do know that the Bank of New York Mellon and BAC sold. Many have 45 days to announce, so we await the SEC Filings until probably Feb. 15th. The only big institutions I currently know of that own LandAmerica are:
Waterstone with 1.356M shares
Dimensional Fund Advisors with 1.303M shares
If anyone knows of others, please post...
If there is a big gap in ownership, perhaps we should wait for the price to drop so we can really load up...
Very good - talk to you tomorrow!
11,000 shares is not bad...
11,000 x 0.10 investment = $1,100
11,000 x $3 = $33,000 Some on the Board
11,000 x $10 = $110,000 Some on the Board
11,000 x $20 = $220,000 Detearing
11,000 x $40 = $440,000 FF03
11,000 x $50 = $550,000 Earnie
What is the minimum it has to pop before you make the trip to the celebration party?
I went to the final table of the World Series of Poker at the Rio in 2008. I lasted an hour and had to leave due to it being extremely boring. 15 hours and 28 minutes after it started, it ended - WOW! On television, I think they showed only two hands.
This stock will probably remain in this range for quite some time - I have set some bottom fishing lines in case it really drops, but, otherwise, Earnie and I really don't care on the day-to-day activities. Perhaps a watched pot of heated water never boils is true.
Earnie will be smokin those Cubans - and says thanks!!!
Yes - WB says to buy when people are fearful....totally reverse psychology....probably because the stock is low....Cheech and Chong says to buy low and sell high....you know, if people knew better, they would buy LandAmerica, but they are very fearful, because they do not understand the complex nature of the beastly stock which has occupied every square inch of Earnie's large cranium for the past several months...IMO
Some would be happy to get in at $30 and ride it up into da $40's...to each their own...I like five pennies price per share myself...IMHO
Gotta go...talk tomorra!!!! Have great dreams of what you will do with the money....pay off homes, vacation, etc...
And thanks FF03 - LANDAMERICA, SHOW ME DA DIVIDEND!!!!! "Hey D, If i am not mistaken they still owe us a dividend from 4rth qtr 2008, as it was never declared cancelled along with 1st qtr 2009 etc.....FF03 Just keep bringing it on!!!"
Last time I gave $20 to an employee, I expected and received a receipt; however, Paulson got Billions and not even a "court of law" could force Paulson tell where he gave the money...and he changed the intent of where the money should have gone...perhaps there should be putting Paulson on trial, not LandAmerica.
It's a mad house...IMO
I wonder if the bad news is kind of a ploy to put pressure on the House to pass the plan. Futures are already up for BAC and all of my other stocks - just a bit wavy until something is passed. My favorite non-penny stocks are not even close to the lows from October when Warren Buffett talked about the Robbins...Man - looking back - that guy is AMAZING to call it and put his own money to work, IMO.
Yes, it is all about jobs - I don't like how Obama changed from "creating" jobs to "creating or SAVING" jobs - IMHO - how can you tell if you SAVE a job??? A high-up official in Washington DC told me that you simply subtract the jobs saved from 3M to get to the number of jobs saved!! This is NOT a joke!
This does not compute with Earnie...he wants to scream "It's a MAD HOUSE!!" POA
Thanks FF03 - glad to see your sitting high and dry - JUST SHOW ME DA MONEY!!!!!!!!!!!!! Earnie is close to being 5% - he better watch it... I know Grumman is high and dry in his airplane - have not heard from him lately... Looks like the party will be fairly small at this point; however, after the news comes out, perhaps they will all come out of the woodwork...
"Hi detearing!! great work on your part. Again I have rerun the numbers and I come up with $41.60+ pps. That is discounting 15%.....Please tell everyone that in the end when the final door is going to close it will be the vault. Therefore some one has to take control of all that money when they leave the last building for good. That would be us common shareholders. I mean there is no one after us, you cant just put it in the trash now can you. I dont believe the thinking of some people playing the market. Helloooooooooooooooooo!!!....Thanks, my friend...FF03 See ya in Vegas!!!"
"We have to both jump-start job creation and private investment, and we must get credit flowing again to businesses and families," Geithner said at a news conference.
I think the LandAmerica families will be taken care of....IMVVVHO.
While the government is at it with the leaders of these big companies, I think they aught to limit the professional athlete's compensation - come on now...
You never know. Those standing on a beach when a tsunami came, never knew, then it was too late. I feel that our DD has provided some good indications that this will pop; however, when is another story - will you be ready?
I am ready, on high ground, and ready for the tsunami to come....
Earnie says he is as well....
During the WYNN Party, will you be able to stay at the WYNN or only the Holiday Inn Express?
"The main components of the Treasury’s package today are a joint public- and private-sector fund to buy as much as $1 trillion of illiquid assets and a $1 trillion program to supply new credit to consumers and businesses."
http://www.bloomberg.com/apps/news?pid=20601087&sid=alrfNKtY3gJE&refer=home
Could be that the Treasury's package WILL address the LandAmerica 1031 Exchange illiquid assets? We don't need the full $1 trillion, just a small fraction please...
IMO: This is a real "foot-stopper" in the door closing (cancelling) on LandAmerica's stock...
"The amended terms will reduce the total purchase price for Commonwealth and Lawyers to approximately $235 million. Chicago Title Insurance Company ("Chicago Title") and Fidelity National Title Insurance Company ("Fidelity National Title") will pay a total of approximately $135 million in cash to LFG. Additionally, FNF will pay LFG a total consideration of approximately $100 million consisting of a $50 million subordinated note due in 2013, with interest at the 5-year treasury rate at closing plus 1 percent, and approximately $50 million in FNF common stock."
$100M + $50M foot-stoppers = $150M
$150M foot-stopper / 15.469M shares = $9.696 foot-stopper/share
$135M CASH - $10M short with 1031 Exchange = $125M
$125M gravy / 15.469M shares = $8.08 gravy/share
$9.696 foot-stopper/share + $8.08 gravy/share = $17.776/share
This does not include the other assets; therefore, Earnie tells me that he remains solid with the over $50/share. I am skeptical with Earnie's call and will remain cautious with the range of $40.000 to $49.999 for now...