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SHLD at 33.80....
Exactly! Seeing the same thing.
2 mill shorts is huge for this low float stock
getting some bounce here, good add imo
Absolutely!
You'll find out by 4pm lol
HAST up 17%
broke below 35 shld
I think it should get some bounce there....
added
HAST up 15% now
filing today
http://idc.api.edgar-online.com/efx_dll/edgarpro.dll?FetchFilingConvPDF1?SessionID=76hsF35p3EItCfS&ID=8307009
They tried with the Kardashian clothing line, apparently not working
HAST will bounce pretty hard...easy double from here imo only 8m shares
CPY looks like it might break out to the upside soon...low float
CPY holding well today, looks like its about to break out!
Looks like it can get there easily imo
CPY - will they issue PR confirming the NON BK?
Hedge funds and other financial firms looking to buy MF Global customers' bankruptcy claims
Read more: http://www.nypost.com/p/news/business/mf_vulture_club_H43D4GDAUh6ju04ulNnfoJ#ixzz1hN4yQs00
Wall Street’s vultures are swooping in with offers to buy bankruptcy claims held by MF’s brokerage customers.
A slew of hedge funds, banks and other financial firms, including Longacre Fund Management, Elliott Management, Triax Capital Advisors and Contrarian Capital, have started contacting MF customers with offers to buy their claims for cash — but at a discount to their face value, The Post has learned.
Commonly referred to as “vulture investors” because they seek to profit off distressed situations like bankruptcies, these shops are seeking to buy the rights to money owed to MF customers in the aftermath of the firm’s Halloween bankruptcy.
MF’s brokerage customers saw more than $5 billion in assets frozen after it emerged that a whopping $1.2 billion was missing from customers’ accounts.
The bulk of the offers coming in are for between 80 cents to 85 cents on the dollar, sources said.
Those offers suggest savvy investors are anticipating returns of 90 cents on the dollar or higher.
But MF’s customers also appear pretty confident that they’re going to be made close to whole, if not completely whole, prompting them to shoo the vultures away.
“I’m still optimistic that we’re going to get — if not 100 percent back — then close to 100 percent back,” said David Healy, an MF customer from Manhattan.
Dan McCool, of Palm Beach Gardens, Fla., said he didn’t even bother to hear the bid before saying no and hanging up the phone.
“I just told them I wasn’t interested,” he said. “My feeling is, I don’t know if we’ll get all the funds we’re entitled to, but I’m going to let it play out.”
Boosting confidence in the value of those claims has been the enormous pressure — political and otherwise — to find the missing money and return it to MF customers as soon as possible.
Unlike stock accounts, commodity and futures brokerage accounts don’t come with an insurance safety net because their funds are supposed to be kept separate, and therefore safe, even in bankruptcy.
MF’s brokerage trustee, James Giddens, has paid most US customers up to 72 percent of their money back in a matter of weeks — record time for burned brokerage customers.
Dozens of investigators are still combing through MF’s books to find out what went wrong. In the meantime, it’s hard to predict whether or when another round of payments might be coming.
“We hope to make additional interim payments, but we have not yet found additional funds to do that,” Kent Jarrell, spokesman for the trustee, told The Post.
Giddens has about $1 billion of customer funds on reserve, which some customers have said they’re counting on. But that money could also get tied up in lawsuits or unexpected customer claims.
Barrett Mikelberg of Triax Capital Advisors said he expects more MF customers to start accepting offers to buy claims in the coming months as the current stream of payouts slows.
“I expect a lot of people to be transacting in the next couple of months once there’s more transparency in this case,” he said.
Read more: http://www.nypost.com/p/news/business/mf_vulture_club_H43D4GDAUh6ju04ulNnfoJ#ixzz1hN51h9XV
DMND pop
MFGLQ up 17% today on low volume...very thin float regardless
SHLD new low 43.985
SHLD at 52 week low 44.81
SHLD near 52 week low set yesterday
added FRZ below .4
FRZ reversal starts?
MFGLQ seeing new lows, on watch
MF Global Judge Considering Nine Investor Suits Against Ex-Chief Corzine
MF Global Judge Considering Nine Investor Suits Against Ex-Chief Corzine
By Linda Sandler and Patricia Hurtado - Dec 19, 2011 2:04 PM ET
Jon Corzine, MF Global Holdings Ltd.’s former chief executive officer, is the defendant in nine lawsuits before a federal judge in Manhattan that are seeking compensation for losses from the company’s collapse.
The plaintiffs, including an electricians’ union, allege that Corzine and other company officials made misleading statements about MF Global’s financial condition before its Oct. 31 collapse. U.S. District Judge Victor Marrero has been combining the cases into one, saying they make similar claims about similar facts and events, and he now has consolidated nine of them, according to a court filing today.
Andrew Levander, a lawyer for Corzine, didn’t immediately respond to an e-mail seeking comment on the suits, which are seeking class-action, or group, status.
Corzine, the former governor of New Jersey, and senior MF Global officers touted the company’s internal financial controls and liquidity levels in statements that were “materially misleading or untrue,” according to a Nov. 3 complaint filed in Manhattan federal court by Joseph DeAngelis on behalf of himself and other MF Global shareholders.
DeAngelis also named Henri Steenkamp, the New York-based company’s chief financial officer, and Bradley Abelow, its president.
‘Power and Influence’
“Defendants had the power and influence -- and exercised such power and influence -- as to cause MF Global to engage in the unlawful conduct and practices,” DeAngelis alleged. “Each of the defendants is liable as a participant in a fraudulent scheme and course of business that operated as a fraud or deceit on purchasers of MF Global common stock.”
MF Global filed for bankruptcy listing $41 billion in assets after making bets on European sovereign debt and getting margin calls. The holding company is the parent of a futures brokerage that is being liquidated in a separate court proceeding.
An Oct. 25 release on second-quarter results “falsely stated” that MF Global had strengthened its capital and liquidity, according to the suit.
Corzine said in the release he was confident the company had “the resources and expertise to continue to successfully manage these exposures,” according to the suit.
Corzine and MF Global also have been sued by former employees and commodity customers. A trustee liquidating the MF Global Inc. brokerage is looking for $1.2 billion or more in money missing from commodity customers’ accounts. Corzine has said he doesn’t know where the missing money is.
The main case is DeAngelis v. Corzine, 11-cv-7866, U.S. District Court, Southern District of New York (Manhattan).
Mid .06, MFGLQ on watch
MFGLQ new lows .0651 today
Probably right, heading there
ITMN down below 12
If the bank gets seized, its over....a big risk after the Dec 2 deadline, so I'd be careful holding over night imo.
Pursuant to the terms of a Supervisory Prompt Corrective Action Directive (the “Directive”) issued on November 2, 2011 by the Federal Deposit Insurance Corporation (the “FDIC”) to Tennessee Commerce Bank (the “Bank”), a wholly-owned subsidiary of Tennessee Commerce Bancorp, Inc. (the “Company”), the Bank was required to increase its capital to a level sufficient to restore the Bank to an “adequately capitalized” status and applicable FDIC regulations by December 2, 2011 or take any necessary action to result in the Bank’s acquisition by another insured depository institution holding company or to merge with another insured depository institution.
The Bank did not regain “adequately capitalized” status by the December 2nd deadline. We continue to work with our financial advisor to assist us in exploring and evaluating every possible strategic alternative that would allow the Bank to comply with the Directive. Nevertheless, the Company may not be able to find a viable alternative, and if no such alternative is found, it is likely that the FDIC will be appointed as a conservator or receiver of the Bank.
Tennessee Commerce stock drops on dim prospects
http://www.bizjournals.com/nashville/morning_call/2011/12/tennessee-commerce-stock-drops.html
Sputtering Tennessee Commerce Bank has failed to meet an FDIC-mandated deadline of Dec. 2 to restore the bank to “adequately capitalized” levels, the Franklin-based lender said yesterday in an SEC filing.
The company's stock fell again Thursday, dropping to 11 cents per share at the close of trading. As recently as Oct. 28, the company's stock was trading at around 90 cents per share.
“We continue to work with our financial advisor to assist us in exploring and evaluating every possible strategic alternative that would allow the bank to comply with the directive,” the bank said in the filing. “Nevertheless, the company may not be able to find a viable alternative, and if no such alternative is found, it is likely that the (Federal Deposit Insurance Corp.) will be appointed as a conservator or receiver of the bank.
The bank’s parent is Tennessee Commerce Bancorp (Nasdaq: TNCC), which recently disclosed to investors a $120 million loss in the third quarter, and that the FDIC had deemed it critically undercapitalized.
Federal regulators have been maintaining a physical presence at the bank as it aggressively unloaded assets to generate additional capital.
Tennessee is the largest state that has not seen a bank failure as part of the economic downturn.
http://www.sec.gov/Archives/edgar/data/1323033/000110465911068347/a11-31336_18k.htm
DMND up 14%
FRZ new low .391
For TNCC to move further, it needs news from FDIC or the bank itself...
Monday brought a special kind of relief rally in shares of Tennessee Commerce Bancorp, which more than doubled from their very low base after Friday's FDIC deadline to raise capital came and went without word of new regulatory sanctions. Early morning Tuesday action has them up some more, but it remains to be seen what the bank's near-term future holds: Both bank and FDIC officials declined Monday to comment on the status of the company's capital ratios and conversations they're having.
FRZ oversold imo, low float
FRZ new low .42