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Firstly, the notice already came... came to NBG on the 11th and posted to SEC from NBG on 24th of Aug
Second, nothing is "nasty" about a reverse split.
Your ignorance probably refers to dilution of equity in effort to reduce liabilities on the balance sheet.
Although in this case, dilution would be bad to subsidize underwater bonds with severely weathered market capitalization, dilution is not inherently "nasty" and can be used to increase value to all stakeholders.
I got a position there too...
Probably something I should know...
but how are NBG and NBGIF related?
I think it was QUINN that was our litigation team that was hired with settlement agreements.
I remember someone a while back talking about the FDIC doing a bridge banking operations.
Did anyone get any traction on that
If you read it, it actually says they sent out the notification on August 11th
Pre market at .60
They were federal funds... Not customer or commercial... give me a few minutes to find it
It should be paid in full already, or else they never would have issued escrows any value
Yet the preferred board hasnt had a conversation in 2 years.
Yahoo has, but no Ihub
Dont forget about the smoking guns of Project West, even THJMWR stated publicly that there was enough evidence to prove JPM for RICO.
I think he is poised to cut his party in half and oust those that do not support change. Whether its the best for Greece or the best for him, it should provide hope for the citizens and the economy should improve in the near term.
Clearly more of the same is not good.
Definitely... I think as long as he gets reelected, greece will have a strong future
there is still a premium paid on NYSE for these shares compared with athens. Perhaps corresponding to capital controls
You've been Yamering about 50 cents for over a month... not enough salt can be given with your statements
I Dont think there is any more uncertainty in the market then in early july when germany was being firm with the greek exit strategy. The Prime Minister is playing the same sort of shenanigans, yet our PPS has eroded by 25%.
It is definitely a government entity, and it acts as such.
The entire idea of the FDIC is of moral hazard, no corporation could or would succeed in trying to profit off the risk of bankers...
I'm not very strong on charts, when those lines cross is this a buying signal?
They said senior bonds... The preferreds are non cumulative..
they only make the balance sheet look worse, but actually cause no liability to the bank(as far as cash flow goes) If they get converted, it will dilute the commons, so that is good for them. The Dividend has been suspended for some time.
I am invested in both, and actually think my returns will be higher on the junior debt.
But it isnt even related...
Just because NY City was bankrupt at one point does not mean that the Federal Reserve of NY was, or that it required bail in...
I bet this whole bailout drama that started 8+ months ago is all about whatever resolution is about to happen with the banks... had nothing to do with politics or referendums or Greek austerity.
I dont understand who has the legal authority to require the bondholders to recapitalize the banks, what do the banks have to do with Greece's bail out?
And what actions has the Bondholder done to hinder the country or the bank?
I disagree, they will distribute money quarterly. As the quarterly statement came out they distributed pennies to each escrow holder, I would wait till the quarter after legal proceedings had ended to expect distribution, if at all.
I would think, that it is inappropriate that the government try to stake ownership of the banks more so than it already has.
The run on the banks and the capital controls were not a result of the bank's financial irresponsibility, but because of the political irresponsibility.
In the USA i'm sure the banks and lawyers could probably file a class action lawsuit against the government for disrupting the capital markets.
The Fed's response to AIG, Freddie, Fannie, and the housing bubble was caused internally, not because of Federal squabbling
But if WMBs assets are still with FDIC, as stated on a recent JPM filing, then the 2.xB is a liquid number, not a total value number.
FDIC-R states "they do not expect to have enough to compensate the Bondholders and former WMI shareholders."
...
THE FDIC AND Bankruptcy court have maintained this stance since day one. However no one has yet to see audited accounting of property transferred, so no one can validate the truth of the FDIC or Rosen's statements.
still the NYSE is expensive in comparison. Athens market is trading at 85% the value of ADR. perhaps because of capital constraints.
Is this something similar to TARP?
I think once capital controls are lifted we should see an influx of money to all stocks. Seems unrealistic that you have a preserve capital environment in a stock market. It only encourages shorting, which is probably what happened the first 3 days.
Do they still have capital controls for the brokerage services?
aka no new funds transferred from checking/savings to brokerage accounts in Athens?
Their capital constraints are causing it...
We are following greece's lead that is in a complete fall out.
if new money is not allowed to be brought to the Athens Stock Exchange then shorting is the only way for them to profit. Until they fix capital constraints the Athens Stock Exchange will continue to implode.
But we dont seem to be following 100% what Greece is doing
I have USAA which i think outsources their brokerage services, but regardless... It showed in my activity that my P's were converted to WMIH shares and that my Escrows were canceled, then a separate entry issued me more Escrows... Seems complicated but worked in the end.
My scottrade account I have yet to see any activity.
I wouldnt say it's all dilution, I got change back on 86% of a WMIH share.
I believe that WMILT paid WMIH those shares to issue them.
I noticed that early trading is down to 84 cents which suggests is a pretty good mismatch.
Greece is a perfect distressed investment. I don't know if we've hit maximum pessimism but now is the time for creditors to finance their own good will. I expect nervous shares of greek citizens will be sold to every hedge fund in the US and Europe. I expect high volume and volatility for all stocks.
I don't know if shorting will be available, but it might be a dangerous trap.
The fact that they are distributing approximately $3.5 million in value to escrow holders in the form of WMIH shares instead of cash is telling of their intentions.
It also demonstrates that all claims are out of the way and there was in fact money for equity.
Keeping the Euro will prevent inflation, anything else will disrupt their current quality of life.(which isnt very good)
Running from their financial problems is not a long term solution, reducing liabilities and increasing taxes is a viable solution to their long term problem, they must balance their books, and if they can accomplish that with a 25% unemployment, things will look good for them in the many years to come.
Just speculating here, but I'd say the Athens exchange will dictate the value of the ADR, and although there might be some desperate Greeks for money, I doubt it'll gap down more than 10% from June numbers, and that'll put us at $1.20...
Do we have a schedule of matters to be discussed?
Do we have a date when all claims and bankruptcy proceedings are completed?
If NBG was to go to .30 cents or anything close, the NBG-a shares would be in the toilet more than they are, but they have been unaffected by the bailout or the bank closure.