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BBI +20% on news.
6:07AM Blockbuster announces amendment of revolving credit and term loan facility (BBI) 0.83 : Co announces they, JPMorgan and a group of lenders, led by Monarch Alternative Capital LP and Silver Point Capital, L.P., have completed the amendment of the co's revolving and term loan facility. The amendment includes commitments from lenders for a $250 mln revolving loan refinancing with a maturity date on September 30, 2010, which commitments the co expects to fund in May upon satisfying the conditions set forth in the amendment.
Research In Motion Tgt Raised To $75 From $60 By Blackmont
Rising Prime Mtge Delinquencies Spur Concern-CNBC
New U.S. government data showing "serious delinquencies" among prime mortgages - the lowest-risk loan category - rose during the fourth quarter of 2008 have caused concern among regulators, said the head of one of the Treasury Department offices that issued Friday's report.
"It's still from a very low level, but it's at rates that we've never seen before and the fact that it continues to climb and it's such a big category - that's definitely something we'll be keeping an eye on," Comptroller of the Currency John Dugan told CNBC.
According to the latest quarterly mortgage metrics report, which Dugan's office compiles with the Office of Thrift Supervision, 2.4% of prime mortgages were more than 60 days in arrears, more than double the 1.1% recorded a year earlier. "Prime" accounts for nearly two-thirds of all mortgages serviced by the nine large banks and four thrifts whose data make up the quarterly report.
Web site: www.cnbc.com
Report available at http://www.occ.gov/ftp/release/2009-37.htm
Report: Google in talks to buy Twitter
The Web search giant Google is in talks to buy the microblogging service Twitter, according to TechCrunch, a well-known technology blog.
TechCrunch cites multiple sources in its report that the two companies are talking. The blog said the purchase of Twitter -- which allows users to post 140-character updates and see what others are posting as well -- would give Google a leg up in real-time search.
A deal for Twitter has long been rumored. Potential suitors have included the social networking site Facebook, which reportedly made a serious offer in late 2008.
As TechCrunch mentions, Twitter founders Evan Williams and Biz Stone are familiar with Google. They sold a previous company, the blogging service Blogger, to Google earlier this decade.
663,000 jobs lost Unemployment rises to 8.5%; jobs report not as bad as feared
>>ECONOMIC CALENDAR FOR Friday, APRIL 3rd <<
8:30 am EST USD Change in Non-farm Payrolls (MAR)...Market Expects -660K ...Prior -651K
8:30 am EST USD Unemployment Rate (MAR)...Market Expects 8.5% ...Prior 8.1%
8:30 am EST USD Change in Manufacturing Payrolls (MAR)...Market Expects -160K ...Prior -168K
8:30 am EST USD Average Hourly Earnings (MoM) (MAR)...Market Expects 0.2% ...Prior 0.2%
8:30 am EST USD Average Hourly Earnings (YoY) (MAR)...Market Expects 3.5% ...Prior 3.6%
8:30 am EST USD Average Weekly Hours (MAR)...Market Expects 33.3 ...Prior 33.3
10:00 am EST USD ISM Non-Manufacutring Composite (MAR)...Market Expects 42.0 ...Prior 41.6
Tell me this an April Fools joke right? Hyundai? PULEASE!
Sorry Roger that wasn't my intent there, let me try this link
http://investorshub.advfn.com/boards/read_msg.asp?message_id=36715848
Happy April Fools day Roger!
Here's a funny story I ran across, made me think of Howard!
http://investorshub.advfn.com/boards/read_msg.aspx?
message_id=36715848
Lehman Brothers is making a comeback!
http://www.asianinvestor.net/article.aspx?CIaNID=100003
Awww c'mon Yak! You coulda let it play out a little bit, LOL!
Lehman Brothers to make Frankenstein return
Anyone seen this yet?
http://www.asianinvestor.net/article.aspx?CIaNID=100003
* Gets $300 mln investment from private co
* Investors to own 75 pct of outstanding shares
* Shares up 9 pct after the bell
March 31 (Reuters) - Colonial BancGroup Inc (CNB.N) said investors led by Taylor, Bean & Whitaker Mortgage Co agreed to invest $300 million in the company, sending its shares up as much as 6 percent after the bell.
Though the investors will own about 75 percent of outstanding shares, Colonial is expected to continue to operate as a stand-alone publicly-traded company, the company said in a statement. The bank, which has about $26 billion in assets, had to raise $300 million by Tuesday to qualify for $550 million of funds from the Treasury's Troubled Asset Relief Program.
The bank entered into an informal memorandum of understanding (MoU) with regulators late last year to boost its capital ratios by March 31.
Upon closing of the arrangement, which has termination fee of $10 million, Colonial board will be fixed at fifteen members, of which five will be selected by the investors.
Shares of the Montgomery, Alabama-based company were trading up 9 percent at 98 cents after the bell. They closed at 90 cents Tuesday on the New York Stock Exchange. (Reporting by Anurag Kotoky in Bangalore; Editing by Ratul Ray Chaudhuri)
The full WSJ artical
By DAVID ENRICH, DAN FITZPATRICK and DAMIAN PALETTA
Colonial BancGroup Inc., a Montgomery, Ala., regional bank reeling from mounting loan losses, is close to landing a $300 million capital infusion that would transfer majority control to new investors and convert Colonial to a thrift, according to people familiar with the matter.
Leading the infusion would be Ocala, Fla.-based mortgage lender Taylor Bean and Whitaker, which already has a thrift charter thanks to its July 2008 acquisition of Platinum Bancshares Inc., a tiny Rolling Meadows, Ill., community banking company with about $90 million in assets.
News of the potential deal comes as Colonial, with $25.8 billion in assets, is on the eve of a March 31 regulatory deadline to raise its capital ratio or find a new buyer. It is operating under a "memorandum of understanding" with regulators and was promised $536 million in aid from the U.S. Treasury Department if it could raise $300 million privately.
Gaining control of Colonial and its new thrift charter would help Taylor Bean win federal clearance for a significant expansion of its deposit-gathering operations, according to a person familiar with the matter. That would provide it with a stable source of low-cost funding -- a valuable asset in today's jittery market environment.
A Colonial spokeswoman declined comment. Taylor Bean Chairman Lee Farkas couldn't be reached for comment
Rating :
(1 Rating)
Colonial BancGroup near deal for $300 million infusion
* Monday March 30, 2009, 6:51 pm EDT
*
Buzz up!
* Print
Related:
* Colonial Bancgroup Inc.
NEW YORK (Reuters) - Colonial BancGroup (NYSE:CNB - News), is near a deal to get a $300 million capital infusion, which would put a new group of investors in control of the regional bank, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Related Quotes
Symbol Price Change
CNB 0.99 +0.07
Chart for COLONIAL BANCGROUP
{"s" : "cnb","k" : "c10,l10,p20,t10","o" : "","j" : ""}
The newspaper, on its website, reported that the infusion would be spearheaded by Taylor Bean and Whitaker, a Florida-based mortgage lender. The deal would make Colonial, based in Alabama, a thrift.
The bank, which has about $26 billion in assets, must raise $300 million to qualify for $550 million of funds from the Treasury's Troubled Asset Relief Program.
(Reporting by Paul Thomasch; editing by Carol Bishopric)
I'll be right there to kiss her ass!
ROFL!
You got that right my friend!
But these threats by the Chinese and Russians wanting to go to a more global currency will never happen. Their just blowhards spouting off because they hate the fact that the world economy revolves around the US Dollar! They have alot invested in the Dollar and when it's value is threatened, they start whinning like a group of shareholders when their stock is down.
I'm gonna say Bullish.
Although were not out of the woods yet, still gonna be plenty of bears. I'm also worried about some serious inflation in the future.
But I gotta believe in this great country of ours and that we won't all turn into a socialist or communist society. That as long as there is free market capitalism, King Dollar will
reign supreme! The passing of the uptick rule and hopefully a stronger SEC with a backbone will clean up our market.
We believe that free market capitalism is the best path to prosperity!
Colonial Bank struggles to find capital
Colonial Bank’s parent company is struggling to meet the terms of an informal agreement with banking regulators that sets a March 31 deadline for the lender to improve its regulatory capital ratios.
Colonial BancGroup, whose Colonial Bank is Central Florida’s fourth-largest lender, revealed the agreement last week in its annual report to the U.S. Securities & Exchange Commission. The report didn’t discuss what consequences, if any, the Montgomery, Ala.-based company might face if it fails to reach its objective.
The bank, which has more than half its assets in Florida, suffered an $880 million loss last year, when it charged off $642 million in bad loans. In early December, it announced it would get $553 million in federal bailout money, but in late January said it needed to raise $300 million in private capital as a condition for the bailout money’s release.
In its 10-K filing last week, Colonial said it has a non-binding agreement with a Texas company, SunTx Capital Partners, to invest in the bank. But it said raising money is proving difficult.
Colonial Bank files three foreclosures
Colonial Bank unleashed three substantial foreclosure lawsuits in recent weeks against South Florida developers in Miami-Dade and western Palm Beach counties.
As the Montgomery, Ala.-based bank searches for additional money to boost its capital base, Colonial Bank reported that 9.2 percent of its construction and development loans were past due as of Dec. 31. Loans in South Florida have added to its problems.
On March 13, Colonial Bank filed a notice of foreclosure against Miami-based Bentley Bay Boys, which owns commercial parcels near the Bentley Bay Condominium on South Beach. The lawsuit also named Bentley Bay Boys managing members Gino Falsetto, Vittorio Gerri and Jacob I. Sopher.
Florida Development Associates built the 25-story Bentley Bay on the north side of the MacArthur Causeway entrance to South Beach in 2004, but the developer filed for Chapter 11 reorganization. Bentley Bay Boys acquired the unfinished commercial space inside the condo out of the bankruptcy case in 2006.
That same year, it got a $4.4 million mortgage from Commercial Bank of Florida, which was later acquired by Colonial Bank. The mortgage was increased to $6.8 million in 2007.
Bentley Bay Boys went into default after it stopped monthly payments in December, according to a copy of the complaint, which was provided by Colonial Bank’s attorney, Mark R. King with Miami-based Jones, Walker, Waechter, Poitevent, Carrere and Denegre.
It says $4.8 million, plus interest, is due to Colonial Bank. The lawsuit asks the judge to appoint a receiver.
As guarantors of the loan, Sopher, Gerri and Falsetto owe Colonial $3.4 million, the complaint says.
On the same day Colonial Bank filed a foreclosure lawsuit against Bentley Bay Boys, the developer sued the bank, alleging Colonial Bank breached the loan agreement by refusing to fund a construction draw for tenant improvement at the property, according to a copy of the complaint, which was provided by the developers’ attorney, Mark D. Solov, of Stearns Weaver Miller Weissler Alhadeff & Stitterson in Miami.
The developers reached a lease agreement to open a restaurant there with Thomas Billante, who owns such Miami-area restaurants sas Luna Café, Carpaccio and Trattoria Rosalia. It would have been called Fisherman’s Bay. That lease agreement required Bentley Bay Boys to fund $1.5 million in improvements for the tenant.
However, the complaint says, Colonial Bank refused to pay for construction draws under the previously approved advance so it could make those improvements. Fisherman’s Bay terminated the lease agreement.
“It was becoming apparent that the bank was looking for any possible excuse to avoid funding the tenant improvements,” the complaint by Bentley Bay Boys states. “The owner was concerned that the bank was suffering ill effects as a result of the worsening financial capital markets throughout the country; otherwise, there would have been no reason for the bank to consider foreclosing when the owner had made consistent payments over the life of the loan.”
Colonial Bank also wants to foreclose on a 67-unit apartment building in Hialeah. On March 16, Colonial Bank filed a notice of foreclosure against Amanda Palms and its four managers – Lee Ramirez, Pedro Carrillo, Charbel Abud and Felix Carrillo.
Amanda Palms bought the building, at 6425 W. 24th Ave., in 2005 for $6.4 million and obtained a $6.2 million mortgage from Commercial Bank of Florida.
No units in the condo conversion project were sold.
The complaint against Amanda Palms says the $6.2 million remaining on the loan matured, and the developer owes $128,536 in past-due property taxes to Miami-Dade County. The complaint asked for a receiver to take over the property, according to a copy of the complaint provided by King.
The Cypress Trail Condominium, west of West Palm Beach, is another target of a Colonial Bank foreclosure lawsuit.
The six buildings at 3430 Cypress Trail, west of Florida’s Turnpike, has 72 units. Miami-based MG Properties sold 30 units and the bank filed the foreclosure lawsuit on Wednesday, seeking to seize the rest. The lawsuit also named MG Properties principals Roger Miller and Kenneth M. Gordon.
The staff at the MG Properties was not aware of the lawsuit, and said they would leave a message with the managers.
King, who represents Colonial Bank in this case, as well, provided a copy of the complaint. It says MG Properties took a $7.6 million mortgage with the bank in 2005 and did not pay the remaining $2.1 million when it came due. The lawsuit asks that a receiver be appointed.
Gotta love this!
Anyone heard any rumors as to a possible buy out?
I wish I had bought at .29
Don't know but I just make sure I'm out by the end of the day.
Yea, all is fine, and I got this buddy of mine named Bernie and he has a sure fire way to invest your money to make consistant gains every month! LoL!
Better fill my tank today!
US stocks expected to decline Monday
http://online.wsj.com/article/SB123659458995869643.html?mod=