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Not much in the news about Scenesse. I did find this interesting FDA page.
Not much if any new, but good reference point.
This is the source of our wisdom. The fact that there are no visible or documented assets to distribute to us is proof positive that the money is there and it's so big that the people in control are hiding it very well. They need to keep it hidden until they distribute it.
I'm not sure if they plan to distribute it with much fanfare and back slapping, or secretly like Santa Claus.
We know the money is coming because it's not here yet. If it was here, then our hopes would be dashed by reality.
The Deep State works in their own way, at their own pace. We can only rest assured that the longer we go with no evidence of any future payment, the more we can rest assured that the payoff will be incredibly huge!
I'm watching my escrows carefully now! The longer it takes, the sooner it will happen.
Did Computershare tell you where those shares are headed? Is it possible those are the shares for which owners could not be found and they are being transferred to a charity?
Good point! I suppose the shares are still mine - but they were just removed from my statement. But that account didn't get any shares or cash in lieu. Where did it go? To that charity as unclaimed? I see another lawsuit here!!!!!!!
If these end up being worth more than a few bucks I suppose I could argue that removal from my account was not allowed and get my cash.
I just enjoy not seeing those shares when I look at my account.
Hopefully this board can one day go back to being the COOP board and not the WMI/WMIH/939ESC968/WMILT/JPM/Phantom-money board.
Reducing Interest_rate by .5% on $600M will save them $3,000,000 per year. That means an additional income of 3 cents per share! Maybe they will use it to implement a 3 cents per share dividend?
It would be a big deal if you had a lot of shares.
It proves that you only get paid if you have those markers. The account where I had them removed I got nothing. The other account where I left them I did get paid.
I only removed them because I had not yet taken the tax loss from my original shares. I figured I needed to claim them worthless to get the writeoff... that was actually wrong, but oh well - I wasted $20.
I have markers for two other companies where the bankruptcy closed many years ago. They just sit in my account gathering dust and annoying me as a reminder of how much I lost.
Schwab said they could remove them - and I did have Schwab remove 20,000 939ESC968 about 5 years ago.
I guess now Schwab got to keep that share and a half I could have had. Bummer. I did get some payment for the ones still in my IRA so not a total loss.
It was said these might get delisted soon - so maybe they will finally disappear.
I have not seen much news about Clinuvel recently. Any estimates when sales might begin in the US? Any new products to be aware of?
When is the next quarterly report?
Thanks
If your shares are held by a broker, the broker received shares for all of the customers combined. Your broker then divides those out to each owner. The broker has the fractional shares and isn't allowed to keep them - so they give cash in lieu to their customers.
So the trust didn't issue cash in lieu but the brokerage did.
Nice. This cash for a fractional share will increase my return dramatically. I was in line to get about 1.5 shares and now I get an extra 6 bucks!!!!!
Not quite the hundreds of thousands of dollars some expected - but six bucks is six bucks. I'll take it!
Don't forget class22 escrow holders get one share of COOP for every 13,000 escrows they have. It's something at least for those of us with more than 13,000 escrow shares.
Enough to buy me and my wife a value meal!
I remember a court defeat a while back where the judge ruled that Treasury/FHFA did wrong, but awarded no damages because in the opinion of the court - without the bailout the twins would have gone bankrupt and shareholders would have received nothing anyway.
In this ruling Sweeny overthrows that argument when she says:
Otherwise stated, the Enterprises were not in financial distress or otherwise at risk of insolvency
I wonder if that case could be re-addressed in light of new information and court opinions.
I don't expect a big pop in the stock on Monday - in fact it may drop. Because it will likely be years before any real recovery happens, and in the meantime FHFA will so heavily dilute the stock with the new stock they want to issue to recap that any future gains will be dramatically reduced for current shareholders.
And oh - I did have a thousand or two shares before the conservancy began so maybe I'll get something from that... whee.
I think they can do both at the same time, right? One won't exclude the other. It seems like it would be an additional benefit.
Is it true that Australian companies like this one don't issue quarterly reports - just annual reports?
If so can we assume no big moves in this stock for another year?
I calculate class_22 escrow_holders get 1_share for_every 13,124 escrows they hold. Is my math correct?
1,194,340,178 escrows issued to class 22
divided by 91,000 shares to be distributed
equals 13,124 escrows needed to receive one share.
I have 40,000 escrows so I'll be getting three shares!!!
They will not issue fractional shares or cash in lieu. If a significant number of shares are held by owners with less than 13,000 escrows - those fractional shares will instead go to holders with more than 13,000 - so I may end up receiving FOUR shares!!!!!!!
I was hoping to get $100 or so from the remaining cash, but they are giving that to class 18... so I'll have to be happy with three or four shares of COOP. Nothing to sneeze at.
So along4 - what's the best way to play these stocks? Sell calls, buy puts or just sell short?
I guess you just sell short. I'm looking for advice from the expert.
NOLs are used at tax time to offset any taxes due. The only time they get used in quarterly reports is when a tax rate change happens and they get revalued up or down. Like when the recent tax cut made COOP lower their value in the balance sheet.
*Edit* Maybe not - I was thinking of DTCs. Nevermind.
Do we know if these price targets assume the warrants will be executed or not? Big difference between a target of $5 and $25.
If funds are found outside of the BK I think the rule will be 100/0. 100% will go to whomever has those assets and former shareholders will get 0%
Many funds are outside the BK. For example Amazon's net worth, Donald Trump's properties... many assets. None will go to escrow holders. Sorry but it's just how the world works.
I thought there WAS money for a final payment. Earlier this year it looked like the Q's were in line to get about $.008 per share. Is that money gone now?
I buy Fannie/Freddie whenever they are down 15% from my most recent buy or sell. I sell when they are 15% above my most recent buy or sell. Keeps a cash flow going while I wait for them to go up big. Just bought a few thousand shares today but keeps it interesting while we wait.
Calabria said that while it isn’t his objective to wipe out or enrich shareholders, he will do what’s needed to ensure taxpayers don’t have to bail out the companies again.
Note where he said enrich.
Plus there is no mechanism to wipe-out shareholders.
Dilution - yeah it dilutes future profits, but the cash generated raises stock prices so it's a wash.
Receivership? That ship has left. With a net worth of $10/share liquidation would be a windfall for shareholders.
Changing the rules? Well the cash is still there. SEC is still there. You can't get them wiped out.
Just no way to wipe out shareholders as hard as everyone tries. Too late.
Not sure why people ignore Calabria saying he's willing to enrich shareholders. They focus on the "wipe out" but we know that he can't do that. Courts won't allow it. No mechanism to do it. He just had to pretend to agree with congress so they don't pass another jump start bill.
Trust me he will insure we all get rich. Once the next quarterly report comes out showing the current shares have $10/share in cash value - investors will figure it out.
Not a huge pop by the end of the year - but certainly $5 to $7.50. Big gains in 2020. Don't expect more than a triple from here to end of year.
Fantastic news from Calabria today for shareholders. While many politicians are upset that shareholders might profit from the release of Fannie and Freddie, Mark Calabria stands squarely on the side of current share holders. When asked about what may happen to them he bravely stood up for current shareholders:
He said that while it isn’t his objective to ... enrich shareholders, he will do what’s needed to ensure taxpayers don’t have to bail out the companies again. (unnecessary words redacted)
Calabria knows that raising capital for f&f can only succeed if current shareholders are treated well. He's not afraid to let them earn huge profits. He will let them get rich so that new investors will pour new capital into Fannie and Freddie, insuring the taxpayers will not have to bail them out again.
Finally we have someone standing up for share holders in FHFA!!!!! I expect this news to make the stock gap up a buck or so on Wednesday.
This is more like GSE Jumpstart/reauthorization/triauthorization.
Not good at all. The intent is to tie the hands of FHFA, preventing them from making any changes to the conservancy. The original version of this tied the hands of FHFA from 2015 until 2017.
The idea is to keep things just as they are until congress can legislate changes to Fannie and Freddie - then they can be released. And we know that if we wait for congress - that would be never.
Don’t forget to add another estimated $3b for quarter ended September 30.
Guess you don't count preferred since that is an "Investment" in the company and not an obligation. I do not believe any of the junior or senior preferred is "callable" so they NEVER need to pay it back. Thus it won't count against the net worth.
However until the seniors are paid back they can't come out of conservatorship or pay dividends to any other stock... But there are lots of great companies that never pay dividends so... no big deal.
It will be interesting to see how the market prices Fannie when they report a net worth of $10B in November... I guess common stock will be $10.
I've noticed that Fannie has been reporting a "NET WORTH" of approximately $3B lately. Is it generally accepted accounting principles to not count all preferred stock liquidation value against net worth? I always thought that it should not only count against shareholder value, but against net worth too. I'm still trying to figure this out...
I'm not an accountant, although I do know how to use QuickBooks.
The price at yesterday’s close was A$45 or $30US. It never hit that here today.
Is this just low volume in the US and profit taking? Or will it be lower in Australia this evening? I guess time will tell.
FDA Approved!
Trading halt was until Friday or the announcement... not sure when trading will resume. I don't see anything on their web site yet.
===
FDA approves first treatment to increase pain-free light exposure in patients with a rare disorder
U.S. Food and Drug Administration (FDA) logo (PRNewsfoto/FDA)
NEWS PROVIDED BY
U.S. Food and Drug Administration
Oct 08, 2019, 13:00 ET
SILVER SPRING, Md., Oct. 8, 2019 /PRNewswire/ -- The U.S. Food and Drug Administration today approved Scenesse (afamelanotide) to increase pain-free light exposure in adult patients with a history of phototoxic reactions (damage to skin) from erythropoietic protoporphyria.
"For patients who are suffering from erythropoietic protoporphyria, a rare disorder, exposure to light may be extremely painful. Prior to today's approval, there were no FDA-approved treatments to help erythropoietic protoporphyria patients increase their light exposure," said Julie Beitz, M.D., director of FDA's Center for Drug Evaluation and Research Office of Drug Evaluation III. "Today's approval is one example of the FDA's ongoing commitment to encourage industry innovation of therapies to treat rare diseases, and work with drug developers to make promising new therapies available to patients as safely and efficiently as possible."
Erythropoietic protoporphyria is a rare disorder caused by mutations leading to impaired activity of ferrochelatase, an enzyme involved in heme production. Heme is an important component in hemoglobin, the oxygen carrying molecule in red blood cells. The decrease in ferrochelatase activity leads to an accumulation of protoporphyrin IX (PPIX) in the body. Light reaching the skin can react with PPIX causing intense skin pain and skin changes, such as redness and thickening. Scenesse (afamelanotide), a melanocortin-1 receptor (MC1-R) agonist, increases the production of eumelanin in the skin independent of exposure to sunlight or artificial light sources. It is an implant that is administered subcutaneously (inserted under the skin).
The efficacy of Scenesse was established in two parallel group clinical trials in patients with erythropoietic protoporphyria who received Scenesse or a placebo form of the implant subcutaneously every two months. The first clinical trial enrolled 93 subjects, of whom 48 received Scenesse, and were followed for 180 days. The primary endpoint was the total number of hours over 180 days spent in direct sunlight between 10 a.m. and 6 p.m. on days with no pain. The median total number of hours over 180 days spent in direct sunlight between 10 a.m. and 6 p.m. on days with no pain was 64 hours for patients receiving Scenesse and 41 hours for patients taking placebo.
The second clinical trial enrolled 74 patients, of whom 38 received Scenesse, and were followed for 270 days. The primary endpoint was the total number of hours over 270 days spent outdoors between 10 a.m. and 3 p.m. on days with no pain for which "most of the day" was spent in direct sunlight. The analysis did not include sun exposure on days patients reported spending time in a combination of both direct sunlight and shade. The median total number of hours over 270 days spent outdoors between 10 a.m. and 3 p.m. on days with no pain for which "most of the day" was spent in direct sunlight was six hours for patients receiving Scenesse and 0.75 hours for patients receiving placebo.
Scenesse's most common side effects are implant site reaction, nausea, oropharyngeal (part of the throat just behind the mouth, where the oral cavity starts) pain, cough, fatigue, skin hyperpigmentation, dizziness, melanocytic nevus (moles), respiratory tract infection, somnolence (feeling drowsy), non-acute porphyria (build-up of normally occurring molecules created during heme production) and skin irritation. Scenesse should be administered by a health care professional who is proficient in the subcutaneous implantation procedure and has completed the applicant-provided training. Scenesse may induce skin darkening, and a full body skin examination is recommended for patients twice a year. In addition, patients are encouraged to maintain sun protection measures during treatment with Scenesse to prevent phototoxic reactions related to erythropoietic protoporphyria.
The FDA granted this application Priority Review designation. Scenesse also received Orphan Drug designation, which provides incentives to assist and encourage the development of drugs for rare diseases. The approval of Scenesse was granted to Clinuvel.
Trading Halt until Friday. I suppose this means really good news - or really bad news. Hoping it's GOOD!
My schwab account shows CLVLY appears to be halted but CLVLF seems to still be trading.
From https://www.clinuvel.com/wp-content/uploads/2019/10/CLINUVEL-PHARMACEUTICALS-TRADING-HALT.pdf
Market Announcement
8 October 2019
8 October 2019 Market Announcement 1/1 ASX Limited ASX Customer Service Centre 131 279 | asx.com.au
Clinuvel Pharmaceuticals Limited (ASX: CUV) – Trading Halt
Description
The securities of Clinuvel Pharmaceuticals Limited (‘CUV’) will be placed in trading halt at the request of CUV, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 11 October 2019 or when the announcement is released to the market.
I believe you may be misreading recent events, along4zride.
You quote same old reasons you just went short, but I really think the upside risk is much greater.
Keep in mind that as of October 1st Fannie's net worth is approximately $10B. ($3B earlier retained + $3.4B just retained + $3.6B estimated Q3 earnings just booked). Yes - that is only $2/diluted share, but the market looks 1 to 2 years ahead. If the next year is similar - a year from now their net worth will be $25B or $5.00 per share. I think once the market sees the Q3 financial statements in November showing their net worth is ACTUALLY $10B the price will pop up to between $5 and $10.
You may make some money on a drop between now and Nov 1, but as that date gets closer the upside risk will accelerate.
I look forward to some posts by Arnold in November.
Interesting that it seems the judge in the Wazee case is in a bigger hurry to move on this than the judge in the Collins case...
I know what I'd tell the judge should be done. Just pretend FHFA never existed. Give treasury back every penny they gave F&F, and Treasury gives back every penny F&F paid to Treasury and the warrants. Call it even. Have a good day.
It will be difficult to get public to support Fannie and Freddie. Every time I mention my investment to friends and neighbors the reply is:
I thought they went bankrupt
You mean the companies that took hundreds of billions from us taxpayers?
You mean the companies that threw grandmothers and children to the street when they foreclosed on their homes?
Correct - the NWS continues, but F&F get to build capital.
I must be dense, but I never understood how loaning money to someone increased their net worth. But I finally figured it out. The draws (and now the retained earnings) add to CAPITAL, but the debt (senior preferred) don't NEED to be paid back if they go bankrupt. They are a stock investment just like the junior preferred. In a bankruptcy they may not get paid. So that capital protects the investors in their mortgages. Treasury is taking on that risk.
So even though their net worth remains zero, they have more than enough capital to pay off all of their debt (mortgages) but not to pay junior or senior preferred. The stock price reflects their current zero net worth plus a premium on the hope that the sweep will someday end.
I have seen many on here say that F&F don't need to pay back that liquidation preference. I read the agreements, and that is true!
However the agreements say that F&F cannot exit conservatorship until they buy back the senior preferred (and the price is the liquidation preference)
They also cannot pay any dividends until those are paid off. Oh, except they CAN pay dividends to Treasury.
Fannie probably holds $10Billion now if you add the previous 3, the recent 3.4 and possibly another 3.6Billion from the just ended quarter.
So shareholder equity now is around $10 per share.
Stock price is slightly lower.