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.
Flagstar acquires $38B in assets, assumes $34B deposits from Signature
Transaction did not include $4B of deposits related to digital banking business
March 20, 2023, 12:49 pm By Flávia Furlan Nunes
Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to email a link to a friend (Opens in new window)Click to copy link (Opens in new window)
Flagstar Bank, a top-20 U.S. mortgage lender owned by New York Community Bancorp, announced on Sunday that it has assumed most deposits and acquired certain assets, business lines and liabilities of Signature Bridge Bank, N.A. from the Federal Deposit Insurance Corporation (FDIC).
Signature Bank, a New York-based large multifamily lender that disastrously bet big on crypto, collapsed last week after lacking liquidity amid a deposit run. Ultimately, the New York state chartering authority closed the bank on March 12. In a joint statement, the U.S. Department of Treasury, the Federal Reserve (Fed) and the FDIC cited “systemic risk” to justify the decision.
Flagstar, the 19th-largest mortgage lender in the country, acquired $38 billion in Signature’s assets, including approximately $25 billion in cash and $13 billion in loans, which were exclusively commercial and industrial loans. It says the transaction adds new verticals, including middle market specialty finance, healthcare lending and SBA lending.
With the deal, Flagstar will assume Signature’s $36 billion in liabilities, which includes $34 billion in deposits. The bank will also take 30 branches in the New York City metro area and several on the West Coast.
However, Flagstar’s bid did not include $4 billion of deposits related to the former Signature’s digital banking business. The bank did not acquire crypto-related assets. Deposits at Signature have been in free fall since the fourth quarter of 2022 due to the arduous rate environment and challenges in the digital asset space, the company said in the Q4 2022 earnings release.
Flagstar got Signature’s wealth management and broker-dealer business and is negotiating to sub-service the multifamily, commercial real estate and other loans it did not acquire.
“This transaction continues our transformation from a predominantly multifamily lender to a diversified full-service commercial bank,” Thomas Cangemi, CEO at New York Community Bancorp, said in a statement. The deal expands the bank’s net interest margin due to lower funding costs and reduces the loan-to-deposit ratio to less than 90%, Cangemi said.
The FDIC received equity appreciation rights in New York Community Bancorp common stock with a potential value of up to $300 million.
New York Community Bancorp announced a $2.6 billion deal to acquire Flagstar Bank in April 2021, a transaction completed in December 2022. The deal diversified NYCB’s portfolio with warehouse lending business, commercial and industrial loans, commercial real estate loans and residential mortgage loans, the bank said.
According to Inside Mortgage Finance estimates, Flagstar Bancorp was the second-largest warehouse lender in Q4 2022, with $12 billion in commitments and an 11% market share. (JPMorgan was the leader with $20 billion and an 18% share.) And the Signature’s transaction adds to the mortgage warehouse lending, Flagstar said.
Flagstar has obtained all regulatory approvals for the deal. However, the Office of the Comptroller of the Currency stated the transaction was conditionally approved, requiring Flagstar to allocate appropriate resources to the assets and liabilities acquired, and will require a supervisory non-objection before paying a dividend to shareholders.
According to the FDIC, approximately $60 billion in Signature’s loans will remain in the receivership for later disposition. The FDIC estimates the cost of the failure of Signature Bank to its deposit insurance fund to be approximately $2.5 billion.
https://www.housingwire.com/articles/flagstar-acquires-38b-in-assets-assumes-34b-deposits-from-signature/
clawmann, ok, one more time, I don't really care what you think.
It isn’t up to galp. Just like block 6, they don’t have the skills needed to design a well and drill in this deep water..
AZCowboy, I checked and this Rosen, is Leonard Rosen, who was a founding partner, and passed away. I didn't think he was related to Brian Rosen but still looking..
ND9
*******************************
Leonard Rosen, bankruptcy lawyer, dies at 83
Newsday
https://www.newsday.com › Long Island › Obituaries
Leonard and Brian Rosen from www.newsday.com
Rosen, a founding partner of the prestigious Manhattan law firm Wachtell, Lipton, Rosen & Katz, died Wednesday. He was 83. "He was a very gentle man who had
She is another rino
Krombacher, thanks for posting. Interesting that announcement mentions Erhc’s ownership of stp eez block 4.
Nd9
I also tried, access denied.
Nd9
We have seen the “cred” before..
AZCowboy, thanks, and a big Happy 4th of July to you and all the other wamu patriots!
I am visiting a very patriotic city this wk.. in Boston …. The British are coming, the British are coming…..
Nd9
Split T, oh ok, that makes good sense. I was with E*trade and amtd so I better also do that.
Thanks
Nd9
Split T, but if you already received a distribution of coop (for wamu shares), then doesn’t that confirm you are on the list and don’t need to do anything?
AZCowboy, any thoughts on my post below, basically on JPMorgan Chase appearing to reverse course, and announce an additional $30B share buy-back? Could it be related to us possibly?
thanks
ND9
Nightdaytrader
Re: Royal Dude post# 730257
Saturday, June 29, 2024 1:44:35 PM
Post#
730283
of 730313
Jamie Dimon's comments and JPMorgan Chase actions seem contradictory:
1.) Thanks to Royal Dude for posting:
JPMorgan Chase Plans Dividend Increase and Has Authorized a New Common Share Repurchase Program
June 28, 2024
The Firm’s Board of Directors has authorized a new common share repurchase program of $30 billion, effective July 1, 2024.
https://www.jpmorganchase.com/ir/news/2024/jpmc-plans-dividend-increase-and-has-authorized-a-new-common-share-repurchase-program?fbclid=IwZXh0bgNhZW0CMTEAAR3kXR33tbphC82kD9dTOesWuK2MTHiagx6xI5k_Y5WPLvJbJePhE0ZsTK0_aem_kDpYyWA6rUTm3F1wMOfDIQ
2.) Sure seems contradictory to what Jamie Dimon said a month ago:
Jamie Dimon says JPMorgan stock is too expensive: ‘We’re not going to buy back a lot’
PUBLISHED MON, MAY 20 20244:19 PM EDTUPDATED MON, MAY 20 2024 4:44 PM EDT
Hugh Son@HUGH_SON
https://www.cnbc.com/2024/05/20/jamie-dimon-jpmorgan-stock-too-expensive.html
JPMorgan Stock Sinks as Dimon Talks Succession, Rules Out Buybacks at Current Prices
By Rebecca Ungarino
Updated May 20, 2024, 3:43 pm EDT / Original May 20, 2024, 9:23 am EDT
https://www.barrons.com/articles/jpmorgan-net-interest-income-guidance-252c1646
Hard to believe Erhc let all these years pass buy and couldn’t cut a deal, and get something of value, anything, for shareholders, for eez blocks 4 and 11. (Plus two more 15% blocks)..
Here is another article on Dimon's comments on share buybacks.. note that he says they won't increase buybacks.. then a month later, JPM announces they are going to buyback $30B... sounds like an increase...
***********************
JPMorgan Chase’s JPM investor day highlighted the bank’s current competitive strengths, market share gains, and areas for future investment. Our highlight was CEO Jamie Dimon’s statement on additional share buybacks[color=red][color=red][/color][/color]. Analysts repeatedly questioned Dimon, given that the bank is currently sitting on about $54 billion of excess capital. It has enough firepower to substantially increase buybacks even after accounting for management’s discretionary capital buffer, uncertainty in the stress capital buffer, and the most aggressive assumptions on the Basel III endgame proposal. However, Dimon categorically rejected the idea, saying the bank won’t increase buybacks at current prices. He added that “buying back stock as a financial company greatly in excess of 2 times tangible book is a mistake.”
While the analyst community didn’t like this, we think it’s the right call, given the stock’s valuation. We maintain our fair value estimate of $168 per share. Overall, the investor day substantiates our wide moat rating and exemplary capital allocation rating for the bank.
https://www.morningstar.com/stocks/jpmorgan-investor-day-ceo-dimon-pushes-against-more-stock-buybacks-current-prices
Jamie Dimon's comments and JPMorgan Chase actions seem contradictory:
1.) Thanks to Royal Dude for posting:
JPMorgan Chase Plans Dividend Increase and Has Authorized a New Common Share Repurchase Program
June 28, 2024
The Firm’s Board of Directors has authorized a new common share repurchase program of $30 billion, effective July 1, 2024.
https://www.jpmorganchase.com/ir/news/2024/jpmc-plans-dividend-increase-and-has-authorized-a-new-common-share-repurchase-program?fbclid=IwZXh0bgNhZW0CMTEAAR3kXR33tbphC82kD9dTOesWuK2MTHiagx6xI5k_Y5WPLvJbJePhE0ZsTK0_aem_kDpYyWA6rUTm3F1wMOfDIQ
2.) Sure seems contradictory to what Jamie Dimon said a month ago:
Jamie Dimon says JPMorgan stock is too expensive: ‘We’re not going to buy back a lot’
PUBLISHED MON, MAY 20 20244:19 PM EDTUPDATED MON, MAY 20 2024 4:44 PM EDT
Hugh Son@HUGH_SON
https://www.cnbc.com/2024/05/20/jamie-dimon-jpmorgan-stock-too-expensive.html
JPMorgan Stock Sinks as Dimon Talks Succession, Rules Out Buybacks at Current Prices
By Rebecca Ungarino
Updated May 20, 2024, 3:43 pm EDT / Original May 20, 2024, 9:23 am EDT
https://www.barrons.com/articles/jpmorgan-net-interest-income-guidance-252c1646
Kingpindg, thanks for posting... yep, I knew Aramco was a dream.
ND9
Thanks AZCowboy! Abba Da Ayy! lol
Nd9
Split T, very interesting.. what a coincidence.. you could be right.. thanks for posting..
At this point, after 15 yrs, I don’t care who acquires wamu assets, or who pays us, or if we have to pay taxes…. I only care about getting paid.
Jmho
Nd9
Krombacher, I guess it depends on how the deal is announced. For example, if trading was halted and then a deal was announced, the price couldn't spike because of the shorts... now, if a rumor or news comes out, before trading is halted, then I would agree with you, the price could spike because of shorts. Just my opinion but I hope you are correct... that would be great:>)
ND9
goodietime, "final rule."
20762 Federal Register / Vol. 79, No. 71 / Monday, April 14, 2014 / Rules and Regulations
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 380
RIN 3064–AE05
Restrictions on Sales of Assets of a
Covered Financial Company by the
Federal Deposit Insurance Corporation
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
Section-by-Section Analysis
Paragraph (a)(1) of the final rule states
its purpose, which is to prohibit
individuals or entities who improperly
profited or engaged in certain acts of
wrongdoing at the expense of a covered
financial company or an insured
depository institution, or whose actions
resulted in serious mismanagement of a
covered financial company or an
insured depository institution, from
buying assets of any covered financial
company from the FDIC
https://www.fdic.gov/sites/default/files/2024-03/2014-04-08-notice-sum-e-fr.pdf
BBANBOB/Large Green, thanks for sharing your thoughts and opinion on who XXXX is... I really didn't know and probably just behind everybody else, as usual.
WMIC sounds good to me. I just never believed it could be JPMC because of this rule from 2014..
thanks,
ND9
20762 Federal Register / Vol. 79, No. 71 / Monday, April 14, 2014 / Rules and Regulations
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 380
RIN 3064–AE05
Restrictions on Sales of Assets of a
Covered Financial Company by the
Federal Deposit Insurance Corporation
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
Section-by-Section Analysis
Paragraph (a)(1) of the final rule states
its purpose, which is to prohibit
individuals or entities who improperly
profited or engaged in certain acts of
wrongdoing at the expense of a covered
financial company or an insured
depository institution, or whose actions
resulted in serious mismanagement of a
covered financial company or an
insured depository institution, from
buying assets of any covered financial
company from the FDIC
https://www.fdic.gov/sites/default/files/2024-03/2014-04-08-notice-sum-e-fr.pdf
Yep, now that sound more reasonable.. let’s hope it happens.. and soon..
I say it is wmih but not sure..
Xoom, I agree with you. It doesn't matter to me. My post was simply stating that I'm not sure who XXXX really is. Maybe everybody else is but I doubt it.
ND9
Xoom, you said if one has been following this saga for 15 years, it's a given who XXXX is. I have been following for 15 years and to be honest, with all the different opinions and theories on this message board, I'm not sure who XXXX is.... I personally think it's WMIH. From other posts, I think some on this message board believe it's JPMC.
So it doesn't seem as clear cut as you imply. Plus, most people who post about XXXX don't ever say who XXXX is... I don't think most know.. I don't believe it's because 20 people on this message board are "insiders" and afraid to go to jail.
JMHO
ND9
............. and then Karma struck, and Jamie had throat cancer. Hopefully, he learned his lesson...
I doubt Saudi Aramco has any experience drilling in this stp eez extremely deep water…. Halo didn’t have a clue.. without kosmos and shell doing the design work, galp wouldn’t have been able to explore jaca1.
Thanks Madbadger !!
Ken Posner : Thanks, Kurt, and Michelle, we'd like to now start the Q&A, please.
Operator: Thank you. [Operator Instructions] And our first question is going to come from the line of Crispin Love with Piper Sandler. Your line is open. Please go ahead.
Crispin Love: Thanks, and good morning. I appreciate taking my questions. Just first — can you discuss a little bit what you're seeing competition-wise in the origination segment, as you've seen a solid improvement in margins and then also a pick-up in volumes in the quarter? And do you think that you can hold margins steady or they might pull back a bit from the elevated levels you had in the first quarter?
Mike Weinbach: Yeah, hi, it's Mike. As we look across the originations market, obviously with rates up, it continues to be a challenging market. But at the same time as our portfolio grows, we have more opportunities to help customers take advantage of the equity they have in their homes, find ways to have a lower rate or if they're looking to move, help them with a purchase in a new home. So we don't give specific guidance on margins, but we feel good about the opportunities we've had to be consistently profitable in this space and to continue to take great care of our customers. So, we expect it to continue to be a competitive market if rates are higher. Obviously, that'll change if rates come down, but we mostly focus on being there to serve our customers regardless of the rate environment.
Crispin Love: I appreciate the color there. And then you also — you mentioned that the MSR bulk purchase market remains attractive and you put some numbers around that as well. But let's dig a little bit deeper there and discuss, one the competition you're seeing, and then, two what types of portfolios you're most interested in, and — is it higher coupon, lower coupon, more agency, or just any other color? Thank you, and I appreciate you taking my questions.
Jay Bray : Sure. Hey, this is Jay. Look, we think the bulk market is extremely attractive. I think as Mike pointed out, we looked at over 50 opportunities in the quarter and it's a mix. It's a blend of legacy portfolios, as well as at-the-money, kind of newly originated portfolios. And our approach is just to maintain our discipline. We look at all these portfolios. We run them. We have more data and more information probably than anybody in the industry around how certain sellers are going to perform, how the collateral is going to perform from a prepayment standpoint, default standpoint, et cetera. And we just exercise our consistent discipline in hitting our targeted returns. So I won't say we're indifferent with respect to what the portfolios look — come out or what's in the market, but we'll just continue to exercise our discipline and hit our targeted returns.
But we're very, very bullish on the opportunity, and we just actually bought some additional portfolios this week. So we think the market is there and it's going to continue to be there.
Operator: Thank you. [Operator Instructions] And our next question is going to come from the line of Bose George with KBW. Your line is open. Please go ahead.
https://www.insidermonkey.com/blog/mr-cooper-group-inc-nasdaqcoop-q1-2024-earnings-call-transcript-1292130/#q-and-a-session
Biden to nominate Christy Goldsmith Romero to lead 'toxic,' scandal-ridden FDIC
*************************
Duh, they just figured out the FDIC is corrupt? We've known that for over 15 years.
ND9
****************************
Biden to nominate Christy Goldsmith Romero to lead 'toxic,' scandal-ridden FDIC
By Reuters
Published June 13, 2024
Updated June 13, 2024, 2:57 p.m. ET
President Biden will nominate Christy Goldsmith Romero, a Democratic member of the Commodity Futures Trading Commission, to replace Martin Gruenberg as chair of the Federal Deposit Insurance Corporation, the White House said Thursday.
The intended nomination from the White House comes after Gruenberg, a Democrat, said in May he would step down once a successor is confirmed by the Senate. The FDIC chief succumbed to pressure from lawmakers who said the bank regulator needed fresh leadership after an investigation found widespread sexual harassment and other misconduct at the agency.
Goldsmith Romero, 53, has a background in enforcement and has led major actions against Wall Street banks and other financial firms during her career.
Christy Goldsmith Romero, a Democratic member of the Commodity Futures Trading Commission, will head up Federal Deposit Insurance Corporation.
CFTC
She joined the CFTC in March 2022 after a decade investigating financial crime and fraud as the watchdog of a key 2009 financial crisis bailout program.
The White House also said it plans to nominate Kristin Johnson, another Democratic CFTC Commissioner, to be the Treasury Department's assistant secretary for financial institutions, a key role after three banks failed in 2023. Reuters reported on Wednesday their nominations were imminent, as the Biden administration pushes for first nomination hearings the week of July 8.
In progressive circles, Goldsmith Romero is seen as a strong fit for the FDIC role and as having the management experience and skill set necessary to help fix the agency's "toxic" environment, as the investigation described the FDIC, and address other challenges.
Goldsmith Romero "would bring to the FDIC decades of financial services experience, including valuable experience as the Special Inspector General protecting taxpayers at the Troubled Asset Relief Program (SIGTARP)," said Democratic Senator Sherrod Brown, who chairs the Banking Committee that will vote on advancing the FDIC nominee.
"She has proven herself to be a strong, independent, and fair regulator who is not afraid to do what's right."
During her tenure as Special Inspector General for the Troubled Asset Relief Program (SIGTARP) from 2012 to 2022, Goldsmith Romero's office brought cases and cooperated in federal enforcement actions against major corporations, including Goldman Sachs, Morgan Stanley and General Motors.
Goldsmith Romero also received awards from the US Attorney General and Department of Justice's Criminal Division after her office uncovered a multibillion-dollar fraud, leading to jail terms for former executives at the former mortgage lender Taylor, Bean & Whitaker and the failed Colonial Bank.
FDIC Chair Martin Gruenberg announced last month he was resigning. The bank regulator needed fresh leadership after an investigation found widespread sexual harassment and other misconduct at the agency.
Getty Images
"Another day with Martin Gruenberg at the helm of the FDIC is one too many," said House Financial Services Committee Chairman Patrick McHenry, a Republican. "If confirmed, Christy Goldsmith Romero must immediately begin taking steps to reverse the toxic culture overseen by Gruenberg to rebuild trust between FDIC employees and management."
The FDIC is also grappling with the fallout of last year's bank failures, which exposed supervisory weaknesses at the regulator, and is trying to finalize a handful of contentious new rules for Wall Street banks, including major capital hikes.
Goldsmith Romero's nomination, a process that usually takes months, comes at a precarious time politically, just five months ahead of the November general election.
A number of Senate Democrats are up for re-election in narrow races, including Sherrod Brown who chairs the Banking Committee that must advance the FDIC nominee, making a potentially contentious confirmation process difficult to navigate. Democrats control the Senate by a single vote.
Goldsmith Romero, 53, has a background in enforcement and has led major actions against Wall Street banks and other financial firms during her career.
As a CFTC commissioner, Goldsmith Romero has advocated for stronger policing of US markets and stiffer penalties for misconduct.
Most notably, she has pushed for the agency to secure more admissions of wrongdoing from companies when settling enforcement actions, particularly from repeat offenders.
"We've seen Wall Street banks get one enforcement action after another ... so I'm looking for a greater deterrent impact," she told Reuters in a 2022 interview.
That campaign was evidenced by a recent CFTC settlement with JPMorgan Chase, in which the bank admitted it broke the agency's rules.
Goldsmith Romero's nomination comes at a precarious time politically, just five months ahead of the November general election.
REUTERS
She has also led the agency's efforts to better understand the potential impact of artificial intelligence on financial markets.
Prior to being appointed SIGTARP, Goldsmith Romero was counsel to then-Securities and Exchange Commission chairs Mary Schapiro and Christopher Cox and had investigated securities law violations.
She started her career as a law clerk at the US Bankruptcy Court in Nevada after graduating from Brigham Young University Law School in 1995.
The White House also said Biden intends to nominate Caroline Crenshaw to another term as commissioner at the Securities and Exchange Commission and Gordon Ito to be a member of the Financial Stability Oversight Council.
https://nypost.com/2024/06/13/business/biden-to-nominate-cftcs-christy-goldsmith-romero-to-lead-fdic/
Maybe it's just me but how does our WAMU recovery tie to this statement?
"The FDIC is adopting a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (DIF or Fund) arising from the protection of uninsured depositors following the closures of Silicon Valley Bank, Santa Clara, CA, and Signature Bank, New York, NY"
What does WAMU have to do with Silicon Vallery and Signature Banks?
thanks,
ND9
Royal Dude, why do we need to find our own representations? Are you saying you don’t think money will appear in our accounts?
Thanks
Nd9
I still think XXXX is wmih.
Wmih.
6/6/2024 Notice of Termination of Receiverships
A Notice by the Federal Deposit Insurance Corporation on 06/06/2024
The Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for each of the following insured depository institutions, was charged with the duty of winding up the affairs of the former institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law.
Notice of Termination of Receiverships
Fund Receivership name City State Termination date
10463 Nova Bank Berwyn PA 06/01/2024
10535 Ericson State Bank Ericson NE 06/01/2024
The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed above, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on June 3, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-12404 Filed 6-5-24; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2024/06/06/2024-12404/notice-of-termination-of-receiverships
6/6/2024 Notice of Termination of Receiverships
A Notice by the Federal Deposit Insurance Corporation on 06/06/2024
The Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for each of the following insured depository institutions, was charged with the duty of winding up the affairs of the former institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law.
Notice of Termination of Receiverships
Fund Receivership name City State Termination date
10463 Nova Bank Berwyn PA 06/01/2024
10535 Ericson State Bank Ericson NE 06/01/2024
The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed above, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on June 3, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-12404 Filed 6-5-24; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2024/06/06/2024-12404/notice-of-termination-of-receiverships
Kingpindg, sadly, we’re running out of time.
Nd9
Zoom, maybe former wamuq shareholders get the stock you mentioned, but maybe some cash also… isn’t that possible?
Nd9
I hope this isn't us.. If it is, that isn't a good sign because that means they still haven't figured it out and it might take longer to get our money..
AZCowboy, thanks.. I guess in my simple mind, I thought the preferred holders were always paid before common..
Happy Memorial Day weekend!
Nd9