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Go to www.mffais.com and see what was bought on FITB the last two weeks. Alot of money from Fifth Third, Goldmans, T Rowe Price, etc. since the 12th. I like a position here at 1.04 if you can get it. I'm not in it yet but looking to get in pre market Monday if possible.
Dr. That post was from Sept of 2008 that happened last year. I hope it happens now but there is no ban on short selling yet. I think invisible was saying that we all hope it is going to happen.
LVS news:
http://us.ft.com/ftgateway/superpage.ft?news_id=fto111020081414251329&referrer_id=yahoofinance
Billionaire set to unveil new Sands financing
By Assif Shameen in Singapore
Monday Nov 10 2008 14:05
Billionaire Sheldon Adelson is expected to unveil a financing package as early as this week to help prop up Las Vegas Sands (NYSE:LVS) , his cash-strapped gaming empire, according to people familiar with the situation.
The auditor of the casino operator said last week that it had doubts about the company's ability to continue as a going concern.
Sands, the owner of the Venetian Hotel and Casino, is involved in $15bn-worth of new casino projects in Macao, Singapore and the US, and has accumulated nearly $9bn in debts.
Right on - I stayed there for a top performers meeting when I worked for the University of Phoenix. I thought the stairwell looked familiar. Funny how you see something you don't forget.
Liquid you live here in Phoenix area? That starewell in your photo looks like one of the resorts I was at for a meeting.
Mike what's your thoughts on DTG from here, with the earnings due on Nov. 5th. ?
LOL - Thanks Mike, I wanted to see what kind of stuff you were posting on so I could check it out. MS has been good to us man it is amazing when you learn how to read a stock and can interpret moves on it. It makes you feel really good about your trading! Richie got the best deal on it today I think. That joker shorted and went long dirty rascal beat me hands down on that thing. CONGRATS RICH!!
Man moto I honestly didn't expect that. They just couldn't get their offense started. Those two quick touchdowns did them in. Well next week we're going to give the nittany lions a butt whoopin! Good old Ohio State style! 24 - 10 Ohio State!! GO BUCKS!!!
Have a great week trading!
PS - I hope the Spartans clobber the Wolverines and the way the Wolverines look it won't be too hard!
L2T!!!
Yea correct Abdul that is the word on the street. I will flip it throughout next week and may grab some more to hold if the gov't meeting is good. We'll see.
me too! Made good bank on it!
Right on - Man I hope it flies for ya honestly - Congrats!!!!
OOOOOHHHHH moto how can you say that man. That hurts me inside. I take it you are a Spartan fan. I do like the Spartans, just not when they are playing my Buckeyes! I am also sure that Pryor and Wells will be more than the defense can handle and Lauranitis and crew will detain Javon Ringer. 23 - 14 Ohio State!! GO BUCKS!
We definitely did that and ABK still has gas to run. I was in real early on this one so I took my profits off today. I hope you all the best!
L2T!!!
Man can you believe it ABK what a beast!!! It looked like Beanie Wells high stepping to the endzone!! By the way we are gonna but the spanking on the Spartans tomorrow - no doubt. Take it easy and have a great weekend!!!
L2T!!!
With ABK and then GOOGLE coming out with good news I couldn't see how it couldn't rally again tomorrow. We are still way off from where we were a few months ago. I think 150+ day tomorrow imo. Especially with the good news that hit eod and afterhours.
L2T!
ABK - 2.85 AH!!!!!!!!!!!
PS - GO BUCKS!!!!
kgoodrich coming from you is a great compliment heard many great things about you - Thanks so much but I have to say that if it wasn't for Mikey, Bill Panetta, and the gang I would not be in this position. They called it. I hope you the best in your trading as well!
ABK 2.85 in AH - As the Great Keith Jackson would say
OH MY - WHOA NELLIE!!!! KABOOM!!! Tomorrow is going to be insane!!! Mikey you rock bud!!!!
LOL - ah c'mon five i wanted to have some fun lol - don't kill gee whiz man lol.
PLEASE GO TO MY FREE XBIGSHOT BOARD AND SIGN THE PETITION IF XBIGSHOT HAS EVER HELPED YOU. I'M SURE HE HAS HE HAS HELPED MANY AND ITS A SHAME TO HAVE HIM CONVICTED LIKE THIS!
LIVE2TRADE!!
CAMPAIGN MANAGER FOR FREE XBIGSHOT HAHAHAHA!!! hang in there Mikey we're coming to get ya!!!!
HAHAHAHA Mikey I swear if I am ever having a bad day or need a good laugh I just read your stuff. You seriously ought to write a book. I know I would be a buyer lol. Between reading your restarts which make me laugh because I have been there or reading about people's ignorance at times, I really do enjoy reading your posts man!! Keep up the great work - cya in the am!!!
Anthony
L2T!!!!
Incredible post xbig - people don't know how lucky we are to live in this country. I have been to some poor areas and I would not trade this country for any other.
PennyTA is gutless and he/she knows it. I would venture to say still lives in mama's basement on a cot with pictures of Darth Vader put up as wall paper to remind he/she of the dark side LOL. What a dope smoking hippy - I can't believe that idiots like that are allowed on a computer.
quit whining about your losses you are supposed to be a good trader in "your eyes" and have the answers that you post for why stocks go down. At least thats what you self proclaim. If you don't like America no one is stopping you from leaving. You won't leave because you know this is better than any other country. It's not perfect but its better than living with Chavez, Putin, Hussein, the list goes on. If you like them better get a ticket and send me the bill, I'd gladly get the money and send it to ya. I wouldn't want you to feel like you couldn't leave. We don't need you or Sean Penn or any of those other crack pots out there living in a pot smoking dream. Get off the medication and come back to reality you baby!
Right on! LOL - you know I still think you are the bomb!!! I appreciate all you do for the trading community!! GO XBIG!!!
Xbig,
Why? Think about this, the democrats could have passed that bill without 1 single vote from the republicans - they couldn't do that, and then to top it off Pelosi said she wouldn't do it unless 100 republicans voted for it. Why do you think that is? She wanted to have someone else to blame for their ignorant bill that was going to put all of us on the tab while their still making money. The republicans told her to bring in NO CAPITAL GAINS TAX. That way everybody could gain from that whether your selling a house, buying selling stocks, it brings liquidity, but they would have nothing to do with it. She doesn't even believe in her own bill. I'm glad I'm a Republican, it may take more time but its worth it so we don't pay in the long run.
L2T!
DJ CBOE Most Active Call, Put Option Series
. CALLS
OPTION EXP.MNTH STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE
MSQ 10 29.0000 18166 0.1400 up 0.0300
AIL 10 5.0000 11993 0.5500 dn 0.6700
MSQ 11 27.0000 11848 1.2300 up 0.1400
WM 10 2.5000 6068 0.7900 dn 0.2900
WM 10 4.0000 5078 0.4400 dn 0.1600
UVP 1 30.0000 5010 1.0000 unch
UVP 1 22.5000 5000 3.2000 up 0.4000
C 10 25.0000 4739 0.2800 up 0.0500
UTX 10 65.0000 4080 0.9500 unch
JWN 10 35.0000 4031 0.3000 dn 0.4500
PUTS
OPTION EXP.MNTH STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE
WFC 10 30.0000 10044 1.0000 dn 0.3000
UVP 10 17.5000 6674 2.3000 up 0.9000
QAA 10 120.0000 6551 3.9500 dn 1.1500
GS 1 100.0000 5549 7.2000 dn 5.4000
DGU 10 80.0000 5419 43.3000 dn 0.6000
WFC 10 32.5000 5119 1.9000 dn 0.1000
FDO 11 22.5000 5000 1.0000 dn 0.1500
WM 10 4.0000 4825 2.2000 up 0.3000
WM 10 2.5000 4722 0.9300 up 0.1300
S 11 6.0000 4644 0.4500 unch
-Volume-
CALLS PUTS TOTAL
1598687 1602654 3201341
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September 24, 2008 15:04 ET (19:04 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.- - 03 04 PM EDT 09-24-08
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=DJ Daily List Of Companies Reporting Lehman Bros Exposure -3-
.
Company: BlueBay Asset Management PLC (BBAY.LN)
Lehman exposure: counterparty to $50 million in trades
Date of disclosure: Sept. 18
Notes: n/a
Company: CRM Holdings Ltd. (CRMH)
Lehman exposure: senior debt
Date of disclosure: Sept. 18
Notes: CRM Holdings expects a noncash charge of $640,000 from Lehman senior
debt.
Company: Dexia SA (DEXB.BT)
Lehman exposure: EUR500 million senior bonds including $6.5 million in
direct bond exposure of FSA
Date of disclosure: Sept. 18
Notes: Dexia now expects EUR350 million in related losses, down from the
EUR500 million it estimated Sept. 15. On Sept. 15, the company said it had
EUR500 million in unsecured direct long-term bond credit; EUR1.5 billion
repo transactions and EUR282 million Negative Basis Trade AAA transactions
collateralized with "haircuts"
Company: Eaton Vance Corp. (EV)
Lehman exposure: $15.9 million debt and stock holdings through funds at
Sept. 12; $2.2 million derivatives deals with non-broker-dealer Lehman
affiliate
Date of disclosure: Sept. 18
Notes:
Company: Erie Indemnity Co. (ERIE)
Lehman exposure: preferred stock, bonds
Date of disclosure: Sept. 18
Notes: Erie Indemnity expects to book a third-quarter $2.4 million charge
from its Lehman exposure, Erie Insurance Exchange anticipates a $12.2
million charge from its Lehman securities and Erie Family Life Insurance
sees booking a $4.8 million charge on its Lehman holdings.
Company: Evergreen Solar Inc. (ESLR)
Lehman exposure: Lehman underwrote $374 million of 4% senior convertible
notes due 2013.
Date of disclosure: Sept. 18
Notes: Evergreen demanded the prompt return of 30.9 million shares from a
Lehman unit, to which it had loaned the shares for a sale. The company has
a "capped call transaction" to reduce the potential dilution from the
conversion of 4% notes into shares of common stock. Evergreen may terminate
the capped call and find a new counterparty.
Company: First Mercury Financial Corp. (FMR)
Lehman exposure: $3.18 million par value securities from Lehman, AIG and
Freddie (book value $2.95 million at June 30).
Date of disclosure: Sept. 18
Notes: n/a
Company: Freddie Mac (FRE)
Lehman exposure: $400 million servicing-related exposure on single-family
loans; $1.2 billion unsecured Lehman payment due Sept. 15 wasn't made
Date of disclosure: Sept. 18
Notes: Freddie Mac is still evaluating the extent of exposure to Lehman and
said actual losses could exceed current estimates.
Company: Great-West Lifeco Inc. (GWO.T)
Lehman exposure: C$101 million par value of fixed income securities
Date of disclosure: Sept. 18
Notes: n/a
Company: Hartford Financial Services Group Inc. (HIG)
Lehman exposure: $91 million senior debt, $127 million subordinated debt,
$34 million preferred stock, about $50 million unsecured counterparty
exposure in connection with derivatives deals, $30 million senior debt
through credit default swaps
Date of disclosure: Sept. 18
Notes: n/a
Company: Industrial & Commercial Bank of China Ltd. (1398.HK)
Lehman exposure: $151.8 million in bonds
Date of disclosure: Sept. 18
Notes: Industrial & Commercial's Lehman holdings make up 0.01% of its
assets at June 30.
Company: Industrial Bank Co. (601166.SH)
Lehman exposure: $33.6 million in investments and contracts
Date of disclosure: Sept. 18
Notes: Industrial Bank hasn't made any provision yet for the exposure.
Company: Korea Investment Holdings (071050.SE)
Lehman exposure: KRW169 billion in asset-backed securities for Lehman
Brothers Corporate CLN through Korea Investment & Securities
Date of disclosure: Sept. 18
Notes: Korea Investment hasn't decided whether to hold the securities until
maturity.
Company: Montpelier Re Holdings Ltd. (MRH)
Lehman exposure: senior debt at cost of $19 million, capital stock at cost
of less than $100,000
Date of disclosure: Sept. 18
Notes: n/a
Company: Nicor Inc. (GAS)
Lehman exposure: $2.6 million pretax, about $400,000 of which related to
bankrupt Lehman units
Date of disclosure: Sept. 18
Notes: n/a
Company: OfficeMax Inc. (OMX)
Lehman exposure: OMX Timber Finance Investments II LLC unit issued $735
million securitization notes secured by $817.5 million installment notes
guaranteed by Lehman
Date of disclosure: Sept. 18
Notes: OfficeMax said an event of default occurred under the installment
notes.
Company: Scor SE (SCR.FR)
Lehman exposure: EUR35 million, mainly senior notes
Date of disclosure: Sept. 18
Notes: Scor expects "significant recoveries" on the notes.
The following is a list of companies, which hold or recently held equity or debt of Lehman Brothers Holdings Inc. (LEHMQ). The list, which runs in reverse order by date of disclosure, will be updated on a daily basis as companies continue to report their exposure.
Company: Bank of East Asia Ltd. (0023.HK)
Lehman exposure: HK$422.8 million at Sept. 22
Date of exposure: Sept. 24
Notes: n/a
Company: Bank of New York Mellon Corp. (BK)
Lehman exposure: n/a
Date of disclosure: Sept. 24
Notes: Bank of NY Mellon expects to record a $425 million third-quarter
charge from its support of 10 funds but does expect to remain profitable.
The bank said Sept. 24 that six funds needed help to avoid "breaking the
buck."
Company: StanCorp Financial Group Inc. (SFG)
Lehman exposure: $29 million debt securities
Date of disclosure: Sept. 24
Notes: n/a
Company: Allstate Corp. (ALL)
Lehman exposure: $65 million estimated fair value fixed income securities
at Sept. 19 (down from $185 million at June 30); $74 million net payables
in counterparty exposure under master netting pacts; Lehman contributes $80
million under $1 billion credit pact
Date of disclosure: Sept. 23
Notes: n/a
Company: CNB Financial Corp. (CCNE)
Lehman exposure: $2 million subordinated corporate bond
Date of exposure: Sept. 23
Notes: CNB Financial estimates it will have a $1.3 million other-than-
temporary noncash impairment charge.
Company: GLG Partners Inc. (GLG)
Lehman exposure: exposure "will not be material"
Date of disclosure: Sept. 23
Notes: n/a
Company: Harleysville Group (HGIC)
Lehman exposure: $6 million in unsecured notes
Date of exposure: Sept. 23
Notes: Harleysville expects to take a third-quarter investment charge.
Company: Industrial & Commercial Bank Of China Ltd. (1398.HK)
Lehman exposure: some Lehman securities were among Chinese banks' primary
investment choices
Date of disclosure: Sept. 23
Notes: ICBC's chairman said he expects limited losses from the company's
Lehman exposure.
Company: Queens Walk Investment Ltd. (QWIL.LN)
Lehman exposure: EUR1.66 million direct; indirect exposure through swap on
which Lehman Brothers Special Financing Inc. is counterparty
Date of disclosure: Sept. 23
Notes: Queens Walk would expect cashflows for its Eurosail 2006-1
securitization to be materially affected if swap payments aren't made.
Company: Shinsei Bank Ltd. (8303.TO)
Lehman exposure: up to Y38 billion: Y25 billion to Japanese unit and Y9
billion in corporate bonds
Date of disclosure: Sept. 23
Notes: Shinsei expects a fiscal first half loss of Y15 billion from its
Lehman exposure; the company previously forecast a Y28 billion profit.
Shinsei also cut its full-year forecast to Y12 billion from Y62 billion.
Company: Central Virginia Bankshares Inc. (CVBK)
Lehman exposure: $1 million debt security
Date of exposure: Sept. 22
Notes: Central Virginia Bankshares expects to record a $660,000 other-than-
temporary noncash charge in the quarter ending Sept. 30.
Company: Federal Agricultural Mortgage Corp. (AGM)
Lehman exposure: $60 million principal amount of senior debt
Date of exposure: Sept. 22
Notes: The price of Farmer Mac's Lehman securities has fallen to about 19%
of its principal amount, about $48 million below the $59.9 million
amortized cost of the securities at June 30. The company expects to record
a noncash, other-than-temporary pretax impairment charge on its investment.
On an after-tax basis, the resulting noncash impairment charge is expected
to be the full amount of the loss.
Company: Metropolitan Bank & Trust Co. (MBT.PH)
Lehman exposure: extended PHP2.4 billion loan to Lehman's Philippine
Investment One Inc. and Philippine Investment Two Inc; $20.4 million in
bonds
Date of disclosure: Sept. 22
Notes: Metrobank asked a local court to place the units under corporate
rehabilitation to stop all claims against them. Metrobank said the loan is
current. Metrobank set aside a $14 million provision.
Company: Northern Trust Corp. (NTRS)
Lehman exposure: 1/10 of 1% of assets under management; managed client
funds hold less than 300,000 common shares (down from 7 million at
bankruptcy); commingled funds hold $821 million in securities
Date of disclosure: Sept. 22
Notes: n/a
Company: Paris Re Holdings Ltd. (PRI.FR)
Lehman exposure: $5.1 million senior debt in Lehman, affiliates
Date of exposure: Sept. 22
Notes: Paris Re's Lehman exposure represents 0.09% of its total investment
portfolio.
Company: PMA Capital Corp. (PMACA)
Lehman exposure: senior debt securities at $9 million amortized cost
Date of disclosure: Sept. 22
Notes: n/a
Company: United Fire & Casualty Co. (UFCS)
Lehman exposure: $7.6 million debt
Date of exposure: Sept. 22
Notes: A default by Lehman would cut third-quarter earnings by an added $4
million.
Company: Unitrin Inc. (UTR)
Lehman exposure: combined Lehman, AIG securities less than $12 million at
June 30
Date of disclosure: Sept. 22
Notes: n/a
Company: Accuride Corp. (ACW)
Lehman exposure: Lehman Commercial Paper represents 19% of undrawn $125
million revolving credit pact
Date of disclosure: Sept. 19
Notes: The impact from Lehman's bankruptcy can range from $0 to $24 million
in reduced availability under the credit facility but Accuride doesn't
expect it to be material to its overall liquidity position.
Company: Ameren Corp. (AEE)
Lehman exposure: less than $1 million pre-tax
Date of disclosure: Sept. 19
Notes: Ameren doesn't expect its Lehman holdings to have a material adverse
impact.
Company: Calamos Asset Management (CLMS)
Lehman exposure: Mutual funds have "minimal exposure"
Date of disclosure: Sept. 19
Notes: n/a
Company: China Citic Bank Corp. (0998.HK)
Lehman exposure: $76 million
Date of disclosure: Sept. 19
Notes: n/a
Company: China Construction Bank Corp. (0939.HK)
Lehman exposure: $191.4 million in bonds, including $141.4 million senior
bonds and $50 million in subordinated bonds
Date of disclosure: Sept. 19
Notes: Lehman paper accounts for 0.019% of Construction Bank's assets at
June 30.
Company: Cigna Corp. (CI)
Lehman exposure: debt with book value $10 million
Date of disclosure: Sept. 19
Notes: n/a
Company: Commerzbank AG (CBK.XE)
Lehman exposure: "no reason for concern"
Date of disclosure: Sept. 19
Notes: Commerzbank dismissed a television report that the company had
EUR300 million in Lehman exposure but didn't provide specific figures for
its actual exposure.
Company: Hanmi Financial Corp. (HAFC)
Lehman exposure: unsecured senior debt with $2.8 million carrying value at
June 30; derivative contract with $1.2 million carrying value at June 30
Date of exposure: Sept. 19
Notes: Hanmi expects to take a noncash other-than-temporary impairment
charge in the third quarter related to the senior debt and may have to take
an other-than-temporary impairment charge related to derivative contract.
Company: Mitsubishi UFJ Financial Group Inc. (8306.TO)
Lehman exposure: $235 million
Date of disclosure: Sept. 19
Notes: Mitsubishi UFJ expects a pretax hit to continuing operations of Y20
billion to Y30 billion as a result of its Lehman holdings.
Company: Pathfinder Bancorp Inc. (PBHC)
Lehman exposure: senior unsecured note issued at a cost of about $994,000
Date of disclosure: Sept. 19
Notes: Pathfinder will record a noncash impairment charge in the third
quarter.
Company: Phoenix Cos. (PNX)
Lehman exposure: $16.1 million amortized
Date of disclosure: Sept. 19
Notes: n/a
Company: Service 1st Bancorp (SVCF)
Lehman exposure: $430,000 corporate bond at book value
Date of disclosure: Sept. 19
Notes: Service 1st is currently being acquired by Central Valley Community
Bancorp (CVCY).
Company: State Bank of India (500112.BY)
Lehman exposure: $5 million floating rate notes
Date of disclosure: Sept. 19
Notes: State Bank of India expects to recover 60%-70% of its total
exposure. The company has made a full provision on the securities.
Company: Swissquote Holding AG (SQN.EB)
Lehman exposure: bonds as collateral to secure third-party transactions
Date of disclosure: Sept. 19
Notes: Swissquote will take a CHF9 million charge in the third quarter but
still expects the period to be profitable.
Company: United Bankshares Inc. (UBSI)
Lehman exposure: $10 million senior corporate bond
Date of disclosure: Sept. 19
Notes: United Bankshares expects to record a noncash other-than-temporary
impairment charge in the third quarter.
Company: Aetna Inc. (AET)
Lehman exposure: $132 million in debt securities; $163 million reinsurance
recoverable at Aug. 31 from Lehman affiliate not associated with bankruptcy
Date of disclosure: Sept. 18
Notes: n/a
Company: Banca Popolare dell'Emilia Romagna (BPE.MI)
Lehman exposure: bonds with notional value EUR23.5 million, net mark-to-
market replacement risks of EUR1.6 million
Date of disclosure: Sept. 18
Notes: n/a
(MORE TO FOLLOW) Dow Jones Newswires
Company: State Street Corp. (STT)
Lehman exposure: "no unsecured exposure"
Date of disclosure: Sept. 18
Notes: n/a
Company: Straumur-Burdaras Investment Bank (STRB.IC)
Lehman exposure: EUR48.2 million cash, EUR16.8 million equity at Sept. 15
related to brokerage services; EUR6 million mark-to-market gain owed on
derivative portfolio
Date of disclosure: Sept. 18
Notes: Lehman Brothers International Europe is a prime broker and principal
counterparty to a number of Straumur-Burdaras's derivatives deals. Straumur
sold credit protection referencing Lehman Brothers Holding with a EUR29
million notional value.
Company: Swiss Life Holding AG (SLHN.VX)
Lehman exposure: around CHF20 million in bonds
Date of disclosure: Sept. 18
Notes: n/a
Company: Torchmark Corp. (TMK)
Lehman exposure: $82 million at Aug. 31, including $74 million senior debt,
$8 million subordinated debt
Date of disclosure: Sept. 18
Notes: Torchmark may have a $136 million impairment if all Lehman, Fannie,
Freddie, AIG and Washington Mutual investments are other than temporarily
impaired.
Company: West Bancorp (WTBA)
Lehman exposure: senior unsecured note for sale at cost of $2 million
Date of disclosure: Sept. 18
Notes: West Bancorp expects to record a $1 million "impact" in the third
quarter related to its Lehman holdings.
Company: ArvinMeritor Inc. (ARM)
Lehman exposure: $43 million in lending commitments from Lehman Commercial
Paper
Date of disclosure: Sept. 17
Notes: ArvinMeritor said the impact of Lehman's bankruptcy could range from
$0 to $43 million in reduced availability but doesn't expect it to hurt its
overall liquidity position.
Company: B&G Foods Inc. (BGS)
Lehman exposure: Lehman unit commits $3.1 million and is administrative
agent for $155 million credit pact
Date of disclosure: Sept. 17
Notes: B&G has never drawn upon the credit facility and has no plans to do
so in the foreseeable future.
Company: Bank of China Ltd. (3988.HK)
Lehman exposure: $75.62 million in bonds; New York branch extended $53.2
million in loans
Date of disclosure: Sept. 17
Notes: Bank of China's Bank of China (Hong Kong) Ltd. holds the bulk of
$69.21 million in bonds. The bonds and loans account for 0.01% of its total
assets at June 30.
Company: BOC Hong Kong (Holdings) Ltd. (2388.HK)
Lehman exposure: $69.21 million, including $50 million senior unsecured
bonds held by Bank of China (Hong Kong) Ltd. and a HK $150 million senior
unsecured bond held by BOC Group Life Assurance Co.
Date of disclosure: Sept. 17
Notes: n/a
Company: Breitburn Energy Partners LP (BBEP)
Lehman exposure: "limited;" counterparty to 2011 oil hedge; counterparty to
$50 million interest rate swap
Date of disclosure: Sept. 17
Notes: n/a
Company: Dynegy Inc. (DYN)
Lehman exposure: $70 million Lehman Brothers Commercial Paper commitment
under $1.15 billion revolving credit facility; $850 million letter of
credit facility
Date of disclosure: Sept. 17
Notes: Dynegy doesn't foresee any material adverse effects.
Company: Eagle Rock Energy Partners L.P. (EROC)
Lehman exposure: Lehman unit has 2.6% stake in $176 million senior secured
revolving credit pact
Date of disclosure: Sept. 17
Notes: n/a
Company: Friends Provident (FP.LN)
Lehman exposure: GBP18 million nominal debt, mainly senior debt
Date of disclosure: Sept. 17
Notes: The company expects the ultimate loss from its holdings to be
"substantially lower" than its nominal exposure in part because of taxes
and recoveries.
Company: Grupo Financiero Banorte SAB (GFNORTE.MX)
Lehman exposure: $22 million senior notes, counterparty to $2 million in
interest rate swaps
Date of disclosure: Sept. 17
Notes: The exposure represents 0.07% of Banorte's total assets and 0.6% of
its capital at June 30.
Company: Integrys Energy Group Inc. (TEG)
Lehman exposure: $8 million pretax, or 6 cents a share, if unable to net
certain units' transactions
Date of disclosure: Sept. 17
Notes: Integrys doesn't expect Lehman's bankruptcy to hurt it.
Company: Kinder Morgan Energy Partners LP (KMP)
Lehman exposure: Lehman provides under 5% of the $1.85% credit pact; Lehman
holds under 10% of Rockies Express's $2 billion facility and less than 10%
of Midcontinent Express's $1.4 billion facility; Rockies Express owes less
than $5 million under interest rate swap
Date of disclosure: Sept. 17
Notes: Kinder Morgan owns 50% of each Rockies Express and Midcontinent
Express.
Company: Kingsway Financial Services Inc. (KFS)
Lehman exposure: $17 million fixed income
Date of disclosure: Sept. 17
Notes: n/a
Company: LKQ Corp. (LKQX)
Lehman exposure: two Lehman units funded about $12.4 million under a $610
term loan facility; one Lehman unit committed for $15 million under a $100
million revolving facility
Date of disclosure: Sept. 17
Notes: LKQ doesn't believe Lehman's bankruptcy will have a material
adverse effect.
Company: Meadowbrook Insurance Group Inc. (MIG)
Lehman exposure: preferred stock acquired under the ProCentury Corp. merger
Date of disclosure: Sept. 17
Notes: Meadowbrook expects a pre-tax other than temporary $5.8 million
impairment from Fannie, Freddie and Lehman preferred stock.
Company: Mega Financial Holding Co. Ltd. (2886.TW)
Lehman exposure: $115.7 million in notes through Mega International
Commercial Bank
Date of disclosure: Sept. 17
Notes: n/a
Company: Northern Trust Corp. (NTRS)
Lehman exposure: fixed-income securities, both short- and long-term; equity
securities, mainly related to index strategies
Date of disclosure: Sept. 17
Notes: n/a
Company: Old Mutual (OML.LN)
Lehman exposure: U.S. Life has collateralized counterparty exposure through
derivatives contracts, securities lending deals; $50 million fixed income
and $5.7 million collateralized derivatives at Sept. 12
Date of disclosure: Sept. 17
Notes: Old Mutual said its U.S. exposure isn't material within the context
of Old Mutual as a whole. It doesn't expect the unwinding of its
transactions to have a material impact on its earnings or capital position.
Company: Petroleum Development Corp. (PETD)
Lehman exposure: $21.6 million in Lehman senior notes
Date of disclosure: Sept. 17
Notes: Since August 31, external managers sold $3 million of Lehman senior
debt and realized $1.3 million in proceeds on the sale.
Company: Plains All American Pipeline LP (PAA)
Lehman exposure: "no material credit exposure"
Date of disclosure: Sept. 17
Notes: n/a
Company: Portland General Electric Co. (POR)
Lehman exposure: $55 million commitment from Lehman under $400 million
unsecured credit pact; counterparty with Lehman Brothers Commodity Services
Inc. in some power supply deals
Date of disclosure: Sept. 17
Notes: Portland General will evaluate the need to seek additional credit
from other banks if Lehman doesn't continue to participate in the credit
pact. The company doesn't expect its exposure to Lehman to have any
material adverse effect.
Company: Prudential Financial Inc. (PRU)
Lehman exposure: securities worth $117 million amortized (fair value Sept.
16 about one third that price); debt wit fair value $8 million (down about
$16 million since June 30); $90 million in unsecured counterparty
derivatives exposure
Date of disclosure: Sept. 17
Notes: Prudential will take a third-quarter impairment charge on its Lehman
holdings.
Company: Raiffeisen Bank Aval (BAVL.UR)
Lehman exposure: EUR252 million in debt through Raiffeisen Zentralbank
Oestrreich
Date of disclosure: Sept. 17
Notes: Raiffeisen Zentralbank is the parent company of Raiffeisen
International Bank-Holding AG (RIBH.VI).
Company: Reinsurance Group of America Inc. (RGA)
Lehman exposure: $9.9 million in senior Lehman and AIG notes; $12 million
in subordinated Lehman and AIG notes; $8.5 million amortized in Lehman and
AIG preferred securities; $1.4 million in funds withheld portfolio
Date of disclosure: Sept. 17
Notes: n/a
Company: Rizal Commercial Banking Corp. (RCB.PH)
Lehman exposure: n/a
Date of disclosure: Sept. 17
Notes: Rizal is setting aside PHP980 million to cover losses that may arise
from its Lehman investment.
Company: SNS Reaal Group nv (39070.AE)
Lehman Exposure: "negligible; counterparty in derivatives deals including
interest rate swaps
Date of disclosure: Sept. 17
Notes: SNS Reaal doesn't see a material impact on its earnings or capital
position from unwinding its transactions
Company: Societe Generale SA (13080.FR)
Lehman exposure: EUR76 million in senior debt: granted EUR3 million in
loans to Lehman
Date of disclosure: Sept. 17
Notes: SG estimates the replacement risk for the activities in which Lehman
group companies were counterparties is around EUR400 in current market
conditions.
Company: Swiss Reinsurance Co. (RUKN.VX)
Lehman exposure: net CHF50 million at Sept. 15, including investments,
purchases or sales of CDS protection and credit reinsurance, portfolio CDS,
counterparty exposure
Dates of disclosure: Sept. 17
Notes: n/a
Company: Targa Resources Partners L.P. (NGLS)
Lehman exposure: "no significant counterparty exposure"
Date of disclosure: Sept. 17
Notes: n/a
Company: UBI Banca (UBI.MI)
Lehman exposure: "very limited;" EUR11.3 million bond exposure at June 30;
net derivatives exposure negative for EUR7 million
Date of disclosure: Sept. 17
Notes: n/a
Company: UniCredit SpA (UCG.MI)
Lehman exposure: bonds and certificates with EUR120 million notional value
Date of disclosure: Sept. 17
Notes: n/a
Company: Aegon NV (30370.AE)
Lehman exposure: "substantially lower" than EUR265 million though it has
EUR265 million general account fixed income exposure, including credit
default swaps-related exposure; also has counterparty exposure through
derivatives contracts and securities lending transactions
Date of disclosure: Sept. 16
Notes: Aegon said it actively lowered its Lehman exposure by about 20%
throughout the year. The company's counterparty exposure is either
collateralized or on bankruptcy remote entities.
Company: Allianz SE (AZ)
Lehman exposure: up to EUR400 million gross, excluding Dresdner Bank
Date of disclosure: Sept. 16
Notes: n/a
Company: Ambac Financial Group Inc. (ABK)
Lehman exposure: direct exposure to 6 interest-rate currency swaps with
Lehman as counterparty: "insignificant" net payable balance to Lehman; up
to $137 million in reinsured surety at several brokerages; about $1.3
billion in outstanding GICs backing credit-linked notes with Lehman as
counterparty
Date of disclosure: Sept. 16
Notes: n/a
Company: Aozora Bank Ltd. (8304.TO)
Lehman exposure: sees exposure potentially less than $25 million; Y60
billion in outstanding loans, of which Y50 billion is to Lehman Brothers
Japan and Y10 billion is to U.S. unit; Y9.3 billion in derivatives claims
receivable
Date of disclosure: Sept. 16
Notes: n/a
Company: Australia & New Zealand Banking Group Ltd. (ANZ.AU)
Lehman exposure: about $120 million
Date of disclosure: Sept. 16
Notes: n/a
Company: Aviva PLC (AV.LN)
Lehman exposure: "minimal" equity exposure; GBP270 million face value debt
exposure at Sept. 15, mostly in senior debt; collateralized counterparty
exposure through derivative contracts and securities lending transactions
Date of disclosure: Sept. 16
Notes: Aviva expects its losses from Lehman debt holdings to be
substantially" lower than face value exposure because of taxes and
recoveries. Aviva doesn't expect to incur any material writedowns from
unwinding its derivative contracts.
Company: AXA SA (AXA)
Lehman exposure: EUR300 million debt exposure net of tax and policyholder
participation; "non-material" equity exposure
Date of disclosure: Sept. 16
Notes: AXA holds a proprietary equity interest of about 0.05% of Lehman's
common shares. AXA also holds 7.25% of Lehman's shares for third parties
but says that has no impact on its own balance sheet. AXA released the
EUR300 million and 7.25% figures on Sept. 15.
Company: Banca Popolare di Milano S.C.A.R.L. (PMI.MI)
Lehman exposure: less than EUR10 million, including equity and counterparty
risk at mark-to-market
Date of disclosure: Sept. 16
Notes: n/a
Company: Banco de Oro Unibank Inc. (BDO.PH)
Lehman exposure: n/a
Date of disclosure: Sept. 16
Notes: Banco de Oro is setting aside PHP3.8 billion to cover losses related
to Lehman and still expects to post a "reasonable" profit for the year.
Company: Bangkok Bank PCL (BBL.TH)
Lehman exposure: THB3.5 billion in short-term bonds
Date of disclosure: Sept. 16
Notes: n/a
Company: Bank Leumi Le Israel (LUMI.TV)
Lehman exposure: $88 million
Date of disclosure: Sept. 16
Notes: Bank Leumi cashed in the week of Sept. 8 on $100 million in
certificates it had in Lehman.
Company: BNP Paribas S.A. (13110.FR)
Lehman exposure: around EUR400 million, including EUR200 million in net
derivative claims, $250 million bank loan, around EUR25 million in letters
of credit and "negligible" securities
Date of disclosure: Sept. 16
Notes: n/a
Company: Boston Properties Inc. (BXP)
Lehman exposure: leases NYC office space (1.4% of Boston's square footage)
with annual gross revenue $44.9 million, lease expires 2016
Date of disclosure: Sept. 16
Notes: Boston Properties expects to establish a $13.2 million reserve
(before Lehman filed for bankruptcy). If Lehman rejects its lease, the
company may recognize a charge equal to the aggregate carrying amount of
leasing commissions, about $8.9 at June 30.
Company: Boussard & Gavaudan Holding Ltd. (BGHL.AE)
Lehman exposure: Doesn't see exposure above 1.1% of Sark Fund's assets
under management if all claims settled; currently, 0.37% of Sark Fund's
assets from trades made Sept. 12; 0.4% of fund's assets via OTC Equity
Derivatives positions; 0.7% of fund's assets through loan in sub
participation through Lehman Commercial Paper Inc.
Date of disclosure: Sept. 16
Notes: Ninety-nine percent of Boussard & Gavaudan's Lehman holdings are in
Sark Fund.
Company: Chiba Bank (8331.TO)
Lehman exposure: Y5 billion in corporate bonds
Date of disclosure: Sept. 16
Notes: n/a
Company: Chinatrust Financial Holding Co. (2891.TW)
Lehman exposure: outstanding notional derivatives of NT$17.73 billion with
unrealized mark-to-market gain of NT$72 million
Date of disclosure: Sept. 16
Notes: n/a
Company: Chuo Mitsui Trust Holdings Inc. (8309.TO)
Lehman exposure: Y15 billion in loans extended
Date of disclosure: Sept. 16
Notes: Chuo Mitsui doesn't expect a major change in its projected Y5
billion credit costs for the first half through September.
Company: Citigroup Inc. (C)
Lehman exposure: "modest"
Date of disclosure: Sept. 16
Notes: n/a
Company: Commonwealth Bank of Australia (CBA.AU)
Lehman exposure: less than A$150 million
Date of disclosure: Sept. 16
Notes: n/a
Company: Credit Agricole S.A. (4507.FR)
Lehman exposure: less than EUR20 million; holds no Lehman bonds
Date of disclosure: Sept. 16
Notes: Credit Agricole expects the costs to replace Lehman collateralized
market transactions to be less than EUR250 million.
Company: DBS Group Holdings Ltd. (D05.SG)
Lehman exposure: "insignificant" direct exposure
Date of disclosure: Sept. 16
Notes: n/a
Company: Ford (F)
Lehman exposure: a Lehman affiliate committed $890 million under an $11.5
billion revolving credit facility; another unit provides $238 million under
$16.3 million facilities supporting the retail securitization program of
Ford Motor Credit Co. LLC.
Date of disclosure: Sept. 16
Notes: n/a
Company: Hertz Global Holdings Inc. (HTZ)
Lehman exposure: "immaterial"
Date of disclosure: Sept. 16
Notes: n/a
Company: ICICI Bank Ltd. (532174.BY)
Lehman exposure: "not material;" U.K. unit holds EUR57 million in senior
bonds
Date of disclosure: Sept. 16
Notes: ICICI's U.K. unit has already made a provision of about $12 million
against investments in the bonds. The unit may need to make an additional
$28 million provision based on a 50% recovery estimate.
Company: ING NV (ING)
Lehman exposure: EUR100 million before tax
Date of disclosure: Sept. 16
Notes: ING's gross lending and bond exposure is about EUR200 million;
considering hedges and collateral, the bank sees a EUR40 million pretax
hit. The company expects to take a EUR60 million hit from derivative
exposure.
Company: Intesa Sanpaolo SpA (ISP.MI)
Lehman exposure: EUR260 million, including around EUR51 million in on-
balance-sheet loans, EUR3 million in guarantees, bonds for a nominal value
of about EUR166 million and EUR40 million net mark-to-market replacement
risk
Date of disclosure: Sept. 16
Notes: n/a
Company: Investec Capital Accumulator Trust Ltd. (ICA.LN)
Lehman exposure: 9.64% of net asset value at Sept. 12 as counterparty to
ZEBRA investments
Date of disclosure: Sept. 16
Notes: n/a
Company: Janus Capital Group Inc. (JNS)
Lehman exposure: 1.5% of Janus Twenty Fund's assets at end of 2Q
Date of disclosure: Sept. 16
Notes: n/a
Company: Jyske Bank A/S (JYSK.KO)
Lehman exposure: Up to DKK10 million in derivative contracts
Date of disclosure: Sept. 16
Notes: n/a
Company: LaPorte Bancorp Inc. (LPSB)
Lehman exposure: $480,000 carrying value in debt at June 30
Date of disclosure: Sept. 16
Notes: The company intends to record a charge of about $297,000, or 6 cents
a share, due to Lehman's bankruptcy filing.
Company: Lincoln National Corp. (LNC)
Lehman exposure: debt securities with amortized cost $100 million at Aug.
31; about $21 million exposure to counterparty risk on derivative
instruments with Lehman affiliates, net of collateral, at Aug. 31; indirect
exposure through investments in credit-linked notes
Date of disclosure: Sept. 16
Notes: Lincoln National expects third-quarter gross realized losses to be
sequentially higher but doesn't expect the losses to have a material effect
on its financial condition or liquidity.
Company: Macquarie Group Ltd. (MQG.AU)
Lehman exposure: "negligible"
Date of disclosure: Sept. 16
Notes: n/a
Company: Magellan Health Services Inc. (MGLN)
Lehman exposure: no direct exposure
Date of disclosure: Sept. 16
Notes: n/a
Company: Manulife Financial Corp. (MFC)
Lehman exposure: $383 million par value fixed income investments; net
derivatives exposure of $12 million
Date of disclosure: Sept. 16
Notes: n/a
Company: Mediolanum SpA (MED.MI)
Lehman exposure: EUR160 million at Aug. 29 (original nominal value
EUR213 million)
Date of disclosure: Sept. 16
Notes: n/a
Company: Metropolitan Bank & Trust Co. (MBT.PH)
Lehman exposure: PHP959 million (about $20.4 million) in direct bond
exposure; PHP2.4 billion exposure to a Philippine-based unit of Lehman
Date of disclosure: Sept. 16
Notes: Metrobank has set aside a provision equivalent to $14 million using
current market prices.
Company: Mitsubishi UFJ Financial Group Inc. (8306.TO)
Lehman exposure: $235 million net, including a Y183 million loan for
Lehman's Japanese unit, a $35 million loan to the parent company and $42
million in corporate bonds
Date of disclosure Sept. 16
Notes: n/a
Company: Mizuho Financial Group Inc. (8411.TO)
Lehman exposure: total exposure Y40 billion; net exposure less than Y20
billion
Date of disclosure: Sept. 16
Notes: n/a
Company: Mizuho Trust & Banking Co. (8404.TO)
Lehman exposure: Y11.8 billion owed by Lehman (unrecoverable), including
Y10 billion in a credit-link loan and Y1.8 billion in senior corporate
bonds issued by Lehman Holdings
Date of disclosure: Sept. 16
Notes: Mizuho Trust cut its net fiscal year profit view to Y9 billion from
Y21 billion due to uncollectable loans to Lehman.
Company: Munich Re AG (MUV2.XE)
Lehman exposure: EUR350 million, including derivatives used for hedging
Date of disclosure: Sept. 16
Notes: n/a
Company: Natixis (12068.FR)
Lehman exposure: At Sept. 12: EUR21 million net counterparty risk on
Lehman's signature; EUR34 million mark-to-market exposure linked to off-
balance-sheet transactions protected by credit support annexes; counter-
guarantee on a performance swap with EUR40 million placement value; EUR14
million in various counterparty risks; over-collateralized securities
lending transactions with EUR267 million nominal value
Date of disclosure: Sept. 16
Notes: n/a
Company: New York Community Bancorp Inc. (NYB)
Lehman exposure: securities with $37 million book value, including $25
million senior note and two preferred stock issues (acquired in Roslyn
Bancorp Inc. merger) with combined $12 million value
Date of disclosure: Sept. 16
Notes: n/a
Company: NewAlliance Bancshares Inc. (NAL)
Lehman exposure: preferred stock with $195,500 book value
Date of disclosure: Sept. 16
Notes: n/a
Company: Nordea Bank AB (NDA.SK)
Lehman exposure: "insignificant" capital exposure, has traded as
counterparty in derivatives transactions
Date of disclosure: Sept. 16
Notes: Nordea is replacing most of its derivative contracts currently held
with Lehman with other counterparties and expects the replacement costs to
be "minimal."
Company: Oversea-Chinese Banking Corp. (O39.SG)
Lehman exposure: "not significant"
Date of disclosure: Sept. 16
Notes: n/a
Company: PartnerRE Ltd. (PRE)
Lehman exposure: $110 million face value of fixed income securities,
including $82 million in senior notes and $28 million in subordinated notes
Date of disclosure: Sept. 16
Notes: PartnerRE's Lehman exposure represents less than 1% of its total
investment portfolio.
Company: PPL Corp (PPL)
Lehman exposure: direct net exposure to Lehman Brothers Commodity Services
seen below $2 million; Lehman Bros. Bank has $185 million lending
commitment under $4.74 billion facility at Sept. 15
Date of disclosure: Sept. 16
Notes: n/a
Company: Sempra Energy (SRE)
Lehman exposure: total disclosure to Lehman and AIG expected to be less
than $20 million
Date of disclosure: Sept. 16
Notes: n/a
Company: Sumitomo Mitsui Financial Group Inc. (8316.TO)
Lehman exposure: $980 million in loans, $880 million of which is secured;
Y500 million in corporate bonds
Date of disclosure: Sept. 16
Notes: SMFG expects Y10 billion in losses from credits to Lehman.
Company: Sumitomo Trust & Banking Co. (8403.TO)
Lehman exposure: Y6 billion net exposure through derivatives
Date of disclosure: Sept. 16
Notes: Sumitomo doesn't expect any impact on its earnings for the current
fiscal year ending in March.
Company: Swedbank AB (SWED-A.SK)
Lehman exposure: $1.35 billion securities; SEK202 million unsecured,
including SEK80 million in derivatives and bonds with a nominal value of
SEK122 million
Date of disclosure: Sept. 16
Notes: Swedbank doesn't believe any provisions are necessary at this time.
=DJ Rising Stocks Provide Capital Boost Window For Banks
.
By Matthias Rieker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--A window has opened for banks large and small to do what looked like a tough task only a few weeks ago: Raise common equity in the open market.
That window might close soon, in part because short sellers might be back next month and third-quarter earnings reports are looming. These two events are unlikely to make tapping the market any easier, some observers said.
Late Tuesday, three very different banks of very different sizes started what could be a wave of capital raises. Goldman Sachs Group Inc. (GS), Capital One Financial Corp. (COF), and First Niagara Financial Group Inc. (FNFG) announced equity offerings late Tuesday or earlier Wednesday.
Capital One announced it would raise about $750 million in capital to provide for souring loans, but also to take advantage of potential asset sales by others. First Niagara said it would raise $100 million.
Goldman Sachs first announced that it would sell $5 billion of preferred stock to Berkshire Hathaway Inc. (BRKA), the insurance giant run by Warren Buffet. On Wednesday, the broker-dealer turned bank holding company said it priced a common stock offering worth an additional $5 billion.
Others are likely waiting in the wings. William F. Hickey, a co-head of investment banking at Sandler O'Neill & Partners LP, said, "Given the valuations of even the large cap companies, I think everybody might play in the current market. We'll see how long the window is open."
John Duffy, chairman and chief executive of KBW Inc. (KBW), a specialist advisor for financial companies, said several banks ranging in size from $2 billion to $15 billion of assets have approached the firm in recent days to raise billions in capital. (KBW advised First Niagara, along with Sandler O'Neill. JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) advised Capital One.)
Equity has usually been an expensive form of capital, but this market is different, Duffy said. "The credit market is still closed for any kind of debt or trust preferred" securities, he said. "Investors in those markets are demanding equity-type returns, so you might as well issue equity."
Shares of regional banks have been on a firm footing since July. The government's efforts to intervene in the mortgage crisis and the regulatory-induced stop on short selling sent bank stocks soaring late last week. After a retreat on Monday, the group of regionals continued to outperform the market Tuesday and Wednesday.
The KBW regional bank index is down less than one percent this year, compared to an almost 20% drop for both the Dow Jones Industrial Average and the Standard & Poor's 500.
Regional and community banks are in better shape than big banks because they are less entangled in the capital markets slump tied to illiquid mortgage assets. Hence, many bankers for these smaller institutions thought earlier this year that they didn't need to raise capital.
But some took a hit when Fannie Mae (FNM) and Freddie Mac (FRE) were taken over by the government, eliminating the income from the dividend on preferred stocks that banks held as investments and causing write-downs in their investment portfolios. In addition, credit quality could create pain if more consumer and construction loans go bad. Commercial borrowers have already felt some pain from the slowing economy.
Other banks might simply want more capital to take market share from their weaker competitors. "Some people are seeing pretty good loan demand at pretty good spreads," KBW's Duffy said. In particular, projects in the $2 million to $5 million range of loan demand are getting done, because regional and community banks are still open for business, while larger projects are difficult given the big banks' hesitance to originate new loans.
First Niagara, for example, has a strong balance sheet and its capital boost "is clearly opportunistic," Sandler's Hickey said. He, and some analysts, believe the Lockport, N.Y., company will use the money to expand.
Two weeks ago, Zions Bancorp. (ZION) raised $250 million in common stock also for opportunistic reasons. Clark B. Hinckley, the bank's head of investor relations, said in an interview Wednesday, "There is a surprising amount of good loan demand out there," and Zions intends to use its capital to take advantage of it.
Some analysts believe Zions could be among the group of stronger banks that might raise even more capital to take market share. Hinckley said the bank has no immediate plans to raise more capital, but, he said, it would keep its options open.
Hinckley said it has been a challenge to raise capital in recent months because of the market volatility. Still it has been far from impossible and the restrictions on short selling make the task a lot easier.
That is true even for those banks that might not raise capital because they want to, but because they need to. But "it will be harder" for those banks that have asset-quality issues despite the bank-stock rally, Sandler's Hickey said.
Indeed, some bankers might want to act while their stocks are hot. Some analysts have become wary of investors' recent enthusiasm, downgrading the stock rating of a slew of banks over the last couple of days. Stifel, Nicolaus & Co. downgraded First Niagara to "sell" from "hold" just ahead of the bank's announcement to raise capital. Stifel analyst Anthony R. Davis wrote in his research note that First Niagara remains a strong bank, but the stock got head of itself.
Stuart Plesser, a bank equity analyst with Standard & Poor's, downgraded Capital One to "sell" from "hold," also citing the company's market valuation.
Sandler O'Neill downgraded a number of bank stocks Monday, for the same reasons, including Zions.
-By Matthias Rieker, Dow Jones Newswires; 201-938-5936; matthias.rieker@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=PJeHmS4lRrSS53ZpCwJJZg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
September 24, 2008 14:53 ET (18:53 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.- - 02 53 PM EDT 09-24-08
**Brought to you by Scottrader, a product of Scottrade Inc**
Realize that Hank Greenburg owns 10% of the holdings in this company. Just because the Gov't stepped in to loan money does not put out Greenburg. It is highly likely that he will be advising in this if not taking over. He is not going to let this sink. He will either advise or do a buyout watch and see.
Thanks Rhino - I think that people will be hearing more from AVNH over this - Big contract money to be made from Ike.
Anviron Prepares for Beach Erosion from Hurricane Ike
Beach Erosion Damage from Gustov and Hanna estimated at $312.6 Million
IRVING, Texas, Sep 12, 2008 (BUSINESS WIRE) -- The Anviron Holding Company (Pinksheets:ANVH) ("Anviron"), a manufacturer and marketer of "Clean & Green" products and technology, today announced the repositioning of its environmental damage and restoration teams to Southwest Houston in preparation of Hurricane Ike making landfall in Texas over the weekend.
As the waves from Hurricane Ike come closer to shore and the Texas beach communities prepare for massive erosion damage, homeowners are scrambling to figure out what to do when the public beaches recede into the Gulf and private property is placed directly in harm's way. Places like Surfside, Texas have seen some of the worst erosion on the Gulf coast in recent years and they face the wrath of Hurricane Ike without any natural protections. The Dunes are gone, salt grass missing and the homes sit at the water's edge on stilts. Anviron's damage assessment teams are preparing to enter the area shortly after the hurricane and assist in damage assessment for the local, state and federal governments.
Our assessment teams have spent the last three weeks going up and down the east cost and in the vicinity of New Orleans evaluating the storm damage from Tropical Storm Hanna and Hurricane Gustov for the development of next year's project proposals. Beach erosion damage in Florida, Georgia, South and North Carolina's have been estimated at more than $312.6 million. FEMA officials had asked for a rough estimate, as a potential starting point for the damage costs. Example of some of the worst damage is in the area around New Smyrna Beach, Florida were they lost about 50 feet width of beach from the storm, said Volusia coastal division director Joe Nolin.
Anviron's proprietary technology has been designed over the last 11 years to directly fix the problems and circumstances surrounding the eroded and highly saline property caused by Hurricanes and winter storms surge and extensive wave action. "Our people have been repositioned to SW Houston to again assist in the assessment of damage caused by these storms," said Mark Whitermore -- Marketing and Sales Manager for Anviron.
Anviron is a company dedicated to bringing to market "Clean Solutions to Complex Problems" by offering a wide range of biodegradable, environmentally friendly products and technologies that will substitute for many of the hazardous chemicals commonly used all over the world. For information about Anviron and its product offerings visit us on the web at www.anviron.com.
This press release contains forward-looking statements regarding Anviron within the meaning of Section 27A of the Securities Act of 1933 as amended, as such, may involve risks and uncertainties. Such statements are based on management's current expectations and cannot be guaranteed. The forward-looking statements discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors affecting Anviron. Forward-looking statements speak only as of the date on which they are made and Anviron undertakes no obligation to publicly revise any forward-looking statement based on the result of new information, future events, or otherwise.
SOURCE: The Anviron Holding Company
CONTACT:
Shareholder relation contact: Ten Associates LLC c/o: Mr. Tom Nelson 480-326-8577 p tom.nelson@tenassoc.com
Copyright Business Wire 2008
-0-
KEYWORD: United States
North America
Texas
Washington
INDUSTRY KEYWORD: Manufacturing
Chemicals/Plastics
Environment
SUBJECT CODE: Product/Service
Anviron Prepares for Beach Erosion from Hurricane Ike
Beach Erosion Damage from Gustov and Hanna estimated at $312.6 Million
IRVING, Texas, Sep 12, 2008 (BUSINESS WIRE) -- The Anviron Holding Company (Pinksheets:ANVH) ("Anviron"), a manufacturer and marketer of "Clean & Green" products and technology, today announced the repositioning of its environmental damage and restoration teams to Southwest Houston in preparation of Hurricane Ike making landfall in Texas over the weekend.
As the waves from Hurricane Ike come closer to shore and the Texas beach communities prepare for massive erosion damage, homeowners are scrambling to figure out what to do when the public beaches recede into the Gulf and private property is placed directly in harm's way. Places like Surfside, Texas have seen some of the worst erosion on the Gulf coast in recent years and they face the wrath of Hurricane Ike without any natural protections. The Dunes are gone, salt grass missing and the homes sit at the water's edge on stilts. Anviron's damage assessment teams are preparing to enter the area shortly after the hurricane and assist in damage assessment for the local, state and federal governments.
Our assessment teams have spent the last three weeks going up and down the east cost and in the vicinity of New Orleans evaluating the storm damage from Tropical Storm Hanna and Hurricane Gustov for the development of next year's project proposals. Beach erosion damage in Florida, Georgia, South and North Carolina's have been estimated at more than $312.6 million. FEMA officials had asked for a rough estimate, as a potential starting point for the damage costs. Example of some of the worst damage is in the area around New Smyrna Beach, Florida were they lost about 50 feet width of beach from the storm, said Volusia coastal division director Joe Nolin.
Anviron's proprietary technology has been designed over the last 11 years to directly fix the problems and circumstances surrounding the eroded and highly saline property caused by Hurricanes and winter storms surge and extensive wave action. "Our people have been repositioned to SW Houston to again assist in the assessment of damage caused by these storms," said Mark Whitermore -- Marketing and Sales Manager for Anviron.
Anviron is a company dedicated to bringing to market "Clean Solutions to Complex Problems" by offering a wide range of biodegradable, environmentally friendly products and technologies that will substitute for many of the hazardous chemicals commonly used all over the world. For information about Anviron and its product offerings visit us on the web at www.anviron.com.
This press release contains forward-looking statements regarding Anviron within the meaning of Section 27A of the Securities Act of 1933 as amended, as such, may involve risks and uncertainties. Such statements are based on management's current expectations and cannot be guaranteed. The forward-looking statements discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors affecting Anviron. Forward-looking statements speak only as of the date on which they are made and Anviron undertakes no obligation to publicly revise any forward-looking statement based on the result of new information, future events, or otherwise.
SOURCE: The Anviron Holding Company
CONTACT:
Shareholder relation contact: Ten Associates LLC c/o: Mr. Tom Nelson 480-326-8577 p tom.nelson@tenassoc.com
Copyright Business Wire 2008
-0-
KEYWORD: United States
North America
Texas
Washington
INDUSTRY KEYWORD: Manufacturing
Chemicals/Plastics
Environment
SUBJECT CODE: Product/Service
I'm not waisting more time on you sly - you haven't read about ayers and you won't because you are upset with past problems which I also believe were unneeded and unwanted but it was with both parties. Looking ahead we have a choice to get the right people in office republican or democrat. I don't believe that Obama is the right choice for office because of what he stands for, his inexperience, and his ties with people who would harm america. That being said the conversation between you and I is finished. Chose what you will but McCain is not Bush and Obama is not Bill Clinton.
Read the article - lies and smears i think not William Ayers is a terrorist and Obama is tied to him - you don't know whats going on. You are like all dems you yawn at terrorism and then wonder what happened. Read the article sly i hope it changes you.
http://elections.foxnews.com/2008/08/26/obama-associate-bill-ayers-unrepentant-for-acts-of-terror/
Slyvester will not answer about William Ayers the terrorist tied to Obama!
My candidate is John McCain and the VP is Palin - Palin has the experience she needs in the areas of U.S. policy - Her foreign policy is limited. What about William Ayers answer that if you dare. You have still yet to answer that - Do you even have an answer quit walking around it at least give an anaswer even if you don't know.
Lies LOL OBAMA started his campaign in Ayers HOME HAHAHAHAHAHA you are clueless - you don't even know about William Ayers - google it son its plastered everywhere and your skipping around it shows that you have no answer OBAMA tied to Ayers = BYE BYE WHITEHOUSE!!! GUARANTEE IT PAL!!!
William Ayers is going to be your down fall get that through your head sly - You can try to get around it but Obama is tied to a terroist!
Keep dreaming because it won't happen. McCain has actually served this country in every aspect which is something Obama has never done.
PS- I knew you wouldn't address William Ayers question because you have no answer - until then get ready for the bomb to be dropped because that friendship will crush his campaign and the dems know it thats why they say he doesn't have a chance WILLIAM AYERS ANSWER THE QUESTION SLYVESTER ANSWER THE QUESTION!!!