Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
What is the actual float... much less than 12m...?
TNCC
seeking compensation for shareholders of MFGLQ
wow - the float is so thin on TNCC, moving so easily..
Tennessee Commerce deadline arrives, work continues
Tennessee Commerce Bank of Franklin continues to work with regulators as a deadline to raise capital arrives.
The bank, whose parent Tennessee Commerce Bancorp (Nasdaq:TNCC) disclosed to investors a $120 million loss in the third quarter, had an original deadline of today to become adequately capitalized. In a statement, a bank attorney emphasized that the bank’s deposits remain insured by the Federal Deposit Insurance Corp., and said the situation is ongoing.
“As always, the most critical fact to recognize is that deposits at Tennessee Commerce remain insured up to the legal limit regardless of the bank’s capital ratios at any point in time,” Lawrence Kaplan, an attorney with law firm Paul Hastings, said in a statement. “Tennessee Commerce is continuing to strive to meet applicable capital ratios and work its way through many technical issues throughout this process.”
It’s largely up to regulators what happens next. We took a look at the bank’s difficult situation for full subscribers recently, and provided an update on the ongoing regulatory situation last week.
http://www.bizjournals.com/nashville/news/2011/12/02/tennessee-commerce-fdic-banks.html
They won't comment until the internal audit is complete. Completely normal, but the market doesn't like the silence.
They just can't say anything until its done.
Nice move today :)
FRZ low set today .46, up 11%
DMND up 5%
FRZ new low .46
If there is good news, it can be .25 in a day.. float is tiny on this stock. Just depends on positive news.
TNCC
Fees for MF Global Wind-Down to Reach $100 Million
According to lawyers’ estimates and costs, fees for liquidating the MF Global Inc. broker-dealer may hit $100 million in one year.
http://www.jdjournal.com/2011/11/29/fees-for-mf-global-wind-down-to-reach-100-million/
I'll be out of town soon, so I'm stepping back a bit for the moment. Its getting very interesting again imo, Volume isn't very high today. Options expiration today?
DRL .95, broke the buck, not good
MFGLQ up, bounce off .09 low
MFGLQ up 14%
MFGLQ .15s
DRL is at its low at a buck here. Re: that piece of news in the link - I need to follow up and see if they resolved anything, more details, etc. Don't know how that all played out. It definitely concerned me too - though the stock did not really respond to it at the time.
At this point, there just appears no interest in DRL at the moment. Banking sector is the pits right now overall.
Thanks!
ALU new 52 week low created today 1.88
Tepper owns 14.25 MM shares
Fir Tree Inc owns 9 MM shares
Both positions purchased post-BK. Together this is about 14% of the company.
http://services.corporate-ir.net/SEC.Enhanced/SecCapsule.aspx?c=194911&fid=7853135
http://services.corporate-ir.net/SEC.Enhanced/SecCapsule.aspx?c=194911&fid=7856645
repost from yahoo
MFGLQ
KPMG still in talks to sell MF Global metals team
By Andrea Hotter
LONDON (MarketWatch) -- Discussions to sell the metals team of MF Global Holdings Ltd. (OTN:MFGLQ) are continuing, with no deal yet agreed, a spokeswoman for KPMG, administrator to the U.S. brokerage's bankruptcy, told Dow Jones Newswires Monday.
"We're still in negotiations," Sorrelle Cooper said.
A number of firms have been looking at the MF Global metals operations with its U.S.-based head Fred Demler working on a plan to keep its team intact.
The rumor mill has gone into overdrive as to who the possible buyer could be. The latest name in the frame is INTL FCStone Inc. (NASDAQ:INTL) , whose U.K. subsidiary is already a category two member of the LME.
MFGLQ bouncing in part on this news:
http://blogs.wsj.com/bankruptcy/2011/11/16/tepper-snags-mf-global-shares/
Tepper Snags MF Global Shares
http://blogs.wsj.com/bankruptcy/2011/11/16/tepper-snags-mf-global-shares/
MFGLQ
Hedge-fund manager David Tepper has a history of profiting from the financial distress of others. It’s made him one of Wall Street’s wealthiest investors.
Maybe that’s why Tepper and his Appaloosa Management LP hedge fund scooped up an 8.64% stake in MF Global Holdings Ltd. stock just days after the securities firm collapsed into Chapter 11, according to a filing with SEC.
.....
Tepper Snags MF Global Shares
MFGLQ
http://blogs.wsj.com/bankruptcy/2011/11/16/tepper-snags-mf-global-shares/?mod=google_news_blog
Hedge-fund manager David Tepper has a history of profiting from the financial distress of others. It’s made him one of Wall Street’s wealthiest investors.
Maybe that’s why Tepper and his Appaloosa Management LP hedge fund scooped up an 8.64% stake in MF Global Holdings Ltd. stock just days after the securities firm collapsed into Chapter 11, according to a filing with SEC.
Buying up shares in a bankrupt company is a risky bet, as equity is in the first-loss position in Chapter 11. But Tepper is one of the Street’s savviest distressed investors, and he’s taken equity stakes in bankrupt companies (see the Chapter 11 case of Delphi Corp.) before.
Still, there’s no guarantee MF Global Holdings will have a business to reorganize. MF Global Inc., the company’s main operating arm, is being unwound by a trustee under the provisions of the Securities Investor Protection Act. And investigators from the Commodity Futures Trading Commission along with the trustee are still looking into the whereabouts of $600 million in missing client money.
MF Global Holdings listed assets of $41 billion against debts of $39.7 billion in its bankruptcy filing, and liquidators are reportedly trying to sell the company’s lucrative Asian assets.
Of course, one valuable asset of the estate will be potential lawsuits against company insiders, including its former chief executive, Jon Corzine.
Tepper made his purchase on Nov. 2, just days after MF Global filed for bankruptcy. Two days after the purchase, Corzine resigned as MF Global’s CEO.
Tepper and Corzine have a history. Corzine was Tepper’s superior at Goldman Sachs when the hedge-fund manager was passed over for partnership. Years later, when Corzine successfully ran for governor of New Jersey after leaving Goldman, Tepper didn’t contribute to his campaign, according to a 2006 Wall Street Journal profile of the hedge-fund manager.
Tepper, you may remember, last year bought a mansion in the Hamptons from Corzine’s ex-wife (she got it in the divorce) for $44 million, only to raze it to the ground to build a bigger oceanfront getaway in its place. In reference to the purchase, Tepper told New York magazine: “You could say there was a little justice in the world.”
In any event, Tepper isn’t talking. He didn’t return calls for comment. Corzine declined to comment.
Thanks! First call mention on this board was at .28 - but wish I didn't "sell on the way up" for once lol - took me by surprise the last couple of days. Unbelievable.
DMND - looking good pushing past 38
PEIX - finally all out - stellar stock this month!
Nice stock PEIX... great moves from the .20s :)
Absolutely, and the float is much lower, but it is trading alongside BKIR of course, currently about .085, so BKIR needs to head up first.
Its Jan 25, see my post #876
Probe Refutes Muddy Waters Claims: Sino-Forest
By Bloomberg News - Nov 15, 2011 7:59 AM ET
Judson Martin, chief executive officer of Greenheart Group Ltd. said “We can categorically say Sino-Forest is not the‘near total fraud’ and ‘Ponzi scheme’ as alleged by Muddy Waters.” Photographer: Jerome Favre/Bloomberg
Sino-Forest Corp. (TRE), the Chinese timber company whose shares slumped 74 percent since June, said an independent committee refuted the “substance” of fraud allegations by Carson Block’s research firm Muddy Waters LLC.
The committee confirmed the company’s timber assets, cash balance and titles in an interim report released today, Toronto- listed Sino-Forest said in a statement. The investigators weren’t able to verify the valuation of its forestry holdings or reconcile some of its revenue.
Sino-Forest triggered concerns that accounting at Chinese companies listed abroad may be inaccurate, wiping out $5.7 billion of market value since the June 1 Muddy Waters report. Probes by the Royal Canadian Mounted Police and Ontario’s regulator are continuing after the shares were halted in August.
The report isn’t enough to “erase concerns over this kind of company,” said Tsuyoshi Shiba, who oversees $600 million as chief investment officer of Hong Kong-based Triskele Capital Management Ltd. “We are shunning these companies because there’s not enough information.”
The plunge in Mississauga, Ontario and Hong Kong-based Sino-Forest alone cost investors including hedge-fund firm Paulson & Co. at least C$3.3 billion ($3.2 billion). Greenheart Group Ltd., the company’s Hong Kong unit which had traded at HK$2.80 before the report, fell as low as 40.5 cents. It rebounded 93 percent today to HK$1.16.
Final Report
“This report proves that Sino-Forest is a real company with real assets, real revenue and in huge stark contrast to Muddy Waters’ allegations,” Judson Martin, Sino-Forest chief executive officer, told reporters in Hong Kong today. There’s a “basic lack of knowledge of how forestry rights work in China, what documentations are necessary, available and relevant.”
The independent committee was chaired by William Ardell and included James Bowland and James Hyde. Sino-Forest has spent $35 million on the report to date, it said. A final report will be delivered to the board by year-end.
“The announcement will give some positive impact to the company, but how material the impact is I’m not sure,” said Nelson Yan, an investment manager who helps oversee $90 million at Mayfair Pacific Financial Group in Hong Kong. “They have to enhance the corporate governance of the company.”
Muddy Waters’ Block today rejected the report’s findings.
“The timing of Sino-Forest’s press release makes clear that the directors and officers are responding to the criminal investigation announced last week by the integrated market enforcement team of the Royal Canadian Mounted Police,” Block said in an e-mailed statement.
Shareholder ‘Encouraged’
Richard Chandler Corp., the largest shareholder in Sino- Forest, said it is “encouraged” by the committee’s report.
“As a long-term investor, the Richard Chandler Corporation looks forward to supporting Sino-Forest to build a world class forestry company for the years ahead,” it said in a statement today.
Increased investor scrutiny of Chinese companies including Chaoda Modern Agriculture Holdings Ltd. (682), accused of exaggerating its farmland holdings by Next Magazine, has driven down the Bloomberg Chinese Reverse Mergers Index by 56 percent in the year to yesterday. Chaoda denied the allegations.
The U.S. Securities and Exchange Commission began an investigation last year into the use of reverse takeovers, in which a closely held firm becomes public by purchasing a shell company that already trades.
Investors ‘Cautious’
Silvercorp Metals Inc (SVM), a Vancouver-based company mining in China, said Oct. 25 an investigation by accounting firm KPMG LLP found fraud allegations in two anonymous reports were untrue. Orient Paper Inc. (ONP), targeted by Muddy Waters last year, is trading 74 percent below its high, even after a four-month probe found no evidence to support the short-seller’s claim.
Investors are “still cautious towards these companies listed overseas because those investors are not familiar with Chinese companies,” Yan said.
Allen Chan stepped down as Sino-Forest CEO and chairman two days after a Canadian securities regulator said the company may have exaggerated timber holdings, the same charge made by Block in June.
Sino-Forest will delay the announcement of its third- quarter results as the independent committee and audit committee are verifying information regarding Sino-Forest’s relationships with its suppliers and intermediaries and addressing other issues, the statement said. It expects to release the results within 30 days.
Trading Ban
If any of Sino-Forest’s material transactions are found to have been with related parties, the value of those deals may be affected, Sino-Forest said in the statement.
Muddy Waters alleged Sino-Forest overstated its timberland holdings. The company said the committee found it has registered titles for about 17.9 percent of its disclosed timber holdings and contractual rights to a further 81.3 percent.
The Ontario Securities Commission extended a trading ban on Sino-Forest to Jan. 25 in September. The OSC ordered the cease- trade order on Aug. 26 and said that officers and directors of the company may have engaged in acts “related to its securities” that they “knew or should have known” perpetuated a fraud.
The Royal Canadian Mounted Police are investigating the company, Sino-Forest said on Nov. 11. The company said it is cooperating with the probes by the OSC and the police.
To contact the editors responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net; Andrew Hobbs at ahobbs4@bloomberg.net
http://www.bloomberg.com/news/2011-11-15/sino-forest-says-probe-finds-muddy-waters-allegations-of-fraud-incorrect.html
Sino-Forest panel rejects fraud accusations
By JOE McDONALD, AP Business Writer – 6 hours ago
BEIJING (AP) — A panel of Sino-Forest Corp. directors said Tuesday it has found no evidence of fraud by the Chinese forestry company after allegations by a U.S. financial firm caused its shares traded in Canada to plunge.
The accusations by Muddy Waters that Sino-Forest overstated the value of timber holdings in China came amid a series of complaints about misconduct by Chinese companies that have shares traded on U.S. or other Western stock markets.
The panel named in June to investigate the allegations rejected them in an interim report on the company website. It said Sino-Forest's reports of its cash balances, title and contractual rights and value of its assets were accurate.
"We can categorically say Sino-Forest is not the 'near total fraud' and 'Ponzi scheme' as alleged by Muddy Waters," said CEO Judson Martin in a statement. He is a prominent Canadian finance figure and Sino-Forest deputy board chairman who was appointed after Allen Chan resigned in August as chairman and CEO.
Sino-Forest, once Canada's most valuable publicly traded forestry business, is under investigation by Canadian and Chinese authorities. Shareholders are suing the company, seeking $7.5 billion for losses due to the share price decline.
The company says the panel should issue its final report by the end of the year.
The accusations came amid complaints that other Chinese companies with shares traded in the United States and other Western markets have misreported profits or assets.
Sino-Forest manages tree plantations in China and sells logs, standing timber and manufactured engineered-wood products. Its management offices are primarily in Hong Kong, China and Ontario.
It has raised more than $3.5 billion from investors through debt and equity markets and has more than 150 subsidiaries. It owns a majority stake in Greenheart Group Ltd., a Hong Kong company involved in logging in Suriname and New Zealand.
The committee is made up of William Ardell, who succeeded Chan as Sino-Forest chairman, and board members James Bowland and James Hyde, with assistance from an independent director, Garry West, according to the report. It said Bowland resigned from both the board and the investigating panel on Nov. 3 but gave no reason.
The report said the panel, working with lawyers and outside auditors, visited Sino-Forest holdings in China, met with forestry officials and interviewed suppliers and customers. It said Chan, the former CEO, assisted in the investigation.
Sino-Forest Corp.: www.sinoforest.com
Supposedly in January.
WOW - thanks for sharing... will be interesting to see where SNOFF opens
It will come back imo - oversold here
http://seekingalpha.com/article/307822-selling-diamond-foods-stock-for-under-40-you-must-be-nuts?source=yahoo
I was out - was expecting bigger bounce, but it didn't happen. Bought back in this morning @DMND.
PEIX new high 1.12 :)
DMND looking interesting again $35
not this stock - they won't r/s a bk stock
Nice day today over a buck~!
New to researching this stock....why is it being held down after recent news? Is dilution or convertible debt a factor here? Thoughts?
Have to look at BKIR and their trading relationship