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CS's UWTI & UGAZ to R/S March 14 BO
Second one in a while.
Credit Suisse AG Announces the Reverse Splits of its UWTI and UGAZ ETNs - http://goo.gl/alerts/xFoou #GoogleAlerts
CS, UGAZ, UWTI | 3 hours ago
NEW YORK, March 7, 2016 /PRNewswire/ -- Credit Suisse AG announced today that it will implement a 1-for-10 reverse split of its VelocityShares™ 3x Long Crude Oil ETN ("UWTI") and a 1-for-25 reverse split of its VelocityShares™ 3x Long Natural Gas ETN ("UGAZ"), each expected to be effective as of March 14, 2016.
Read more at http://www.stockhouse.com/news/press-releases/2016/03/07/credit-suisse-ag-announces-the-reverse-splits-of-its-uwti-and-ugaz-etns#TjAxk3cWhDbqgtLF.99
PRGN R/S at close 1:38
*Paragon Shipping Announces 1 for 38 Reverse Split another bulker
SHIP had R/S Feb 8 1-5
there were several halts in week before this one. ultra thin dry bulk shipper.
Security Notes
Capital Change=shs decreased by 1 for 15 split Pay date=06/27/2011.
Capital Change=shs decreased by 1 for 5 split. Ex-date=01/08/2016.
Short Selling Data
RFMK looks like it & serial R/S 4th
pretty thin volume day - couple name changes too
Capital Change=shs decreased by 1 for 20 split. Pay date=12-29-00
Capital Change=shs decreased by 1 for 100 split Pay date=07/05/2007.
Capital Change=shs decreased by 1 for 1000 split Pay date=04/16/2009.
Capital Change=shs decreased by 1 for 1000 split. Ex-date=02/03/2016.
REAC yeah rem it. Serial repeat now 4
Typical for a pinky
Security Notes
Capital Change=shs decreased by 1 for 1000 split Ex-date=07/02/2014.
Capital Change=shs decreased by 1 for 10 split Pay date=01/27/2015.
Capital Change=shs decreased by 1 for 100 split. Pay date=06/17/2015.
FRO:NYSE Frontline Ltd 1-5 split effective 2/2/16.
DRYS votes on announced R/S Feb 19 1-2 to 1-100
SA piece on R/S vote of Feb 19 sees min 1:25
http://seekingalpha.com/article/3818306-announced-dryships-reverse-stock-split?auth_param=jio:1b9soet:f802f25dfa4f1518bf69c1e2ceab03a5#alt1
MTF Investing
The Announced DryShips Reverse Stock Split
Jan. 19, 2016 11:48 AM ET
The company announced it would consider a reverse stock split in the range of 1-for-2 up to 1-for-100. The intent of the reverse is to restore the price to over $1 in order to meet NASDAQ requirements, so the minimum reverse will have to be a 1-for-10…and that is at the $.10 to just meet a $1.00 target. In reality the company is looking for at least a 1-for-20 reverse stock split.
Combine that with the state of the Baltic Dry Index and the prospects of a recovery haven't appeared on the horizon…
Then add in that George Economou is in the middle of a transformation…
And the reverse share split might come in higher than 1-for-25 just to give the company a cushion. As part of the reverse, the company stated:
<bit more>
SA piece on R/S vote of Feb 19 sees min 1:25
http://seekingalpha.com/article/3818306-announced-dryships-reverse-stock-split?auth_param=jio:1b9soet:f802f25dfa4f1518bf69c1e2ceab03a5#alt1
MTF Investing
The Announced DryShips Reverse Stock Split
Jan. 19, 2016 11:48 AM ET
The company announced it would consider a reverse stock split in the range of 1-for-2 up to 1-for-100. The intent of the reverse is to restore the price to over $1 in order to meet NASDAQ requirements, so the minimum reverse will have to be a 1-for-10…and that is at the $.10 to just meet a $1.00 target. In reality the company is looking for at least a 1-for-20 reverse stock split.
Combine that with the state of the Baltic Dry Index and the prospects of a recovery haven't appeared on the horizon…
Then add in that George Economou is in the middle of a transformation…
And the reverse share split might come in higher than 1-for-25 just to give the company a cushion. As part of the reverse, the company stated:
<bit more>
Takeover bid for HSY unconfirmed RANsquawk
take w/ grain of cocoa as these British guys do see rumors a lot but there's been a few of these past years. Majors seem most likely to try.
09:51 News Bot: RANsquawk sources note takeover talk for Hershey (HSY) - Unconfirmed
Billions of Barrels of Oil Vanish in a Puff of Accounting Smoke
http://www.bloomberg.com/news/articles/2015-12-10/billions-of-barrels-of-oil-vanish-in-a-puff-of-accounting-smoke
Billions of Barrels of Oil Vanish in a Puff of Accounting Smoke
http://www.bloomberg.com/news/articles/2015-12-10/billions-of-barrels-of-oil-vanish-in-a-puff-of-accounting-smoke
After Almost 105 Years Shell Mulls New Zealand Exit Amid Review
http://www.bloomberg.com/news/articles/2015-12-10/after-almost-105-years-shell-mulls-new-zealand-exit-amid-review
Is $50 Billion the Price of Repo Safety?
A firm at the center of the U.S. financial plumbing is seeking $50 billion in commitments from banks and trading firms to shore up a crucial but increasingly illiquid short-term lending market, according to people familiar with the market discussions.
Depository Trust & Clearing Corp. wants its members to support the multibillion-dollar credit line to bolster the finances of a unit called Fixed Income Clearing Corp. , which facilitates trades in the $2.6 trillion repo market, the people said.
Repos, or repurchase agreements, are short-term loans secured by U.S. Treasurys and other bonds. They play a critical role in the financial system by keeping cash and securities circulating among hedge funds, investment banks and other financial firms.
Regulators at the Federal Reserve and the Securities and Exchange Commission are pushing DTCC, which operates the U.S. repo market's only clearinghouse, to bolster the unit's credit backstop, said people familiar with the matter. Some said the regulators believe the DTCC unit's resources aren't enough to cover a large default that would threaten to cause repo lending to seize up.
Regulators have pushed to expand the use of clearinghouses since the 2008 financial crisis in a bid to prevent a recurrence of the panic that followed the failure of Lehman Brothers Holdings Inc. Clearinghouses pool capital from their members and assume the risk of a default, potentially limiting damaging "fire sales" of collateral in the event a major participant becomes insolvent.
"DTCC is currently working with its regulators and our clients" on a proposal that aims to ensure its unit "has sufficient backstop liquidity resources," Timothy Cuddihy , managing director in enterprise risk management at DTCC, said in an e-mailed statement. He said the plan seeks to be "aligned with U.S. and international regulatory standards and will protect the clearinghouse and its membership from future defaults."
The DTCC unit's proposal is the latest twist in a yearslong struggle to reduce risks in the repo market. Analysts warn that vulnerable repo markets could make it harder to buy and sell securities underlying the trades, a key concern at a time when the Fed is preparing to raise short-term interest rates for the first time since 2006.
Liquidity in the market is declining in part because trading requires banks to tie up a lot of capital, hurting their overall returns. Morgan Stanley's repo books contracted 47% last year, The Wall Street Journal reported in April. Goldman Sachs Group Inc.'s shrank by 46% last year to their lowest levels since November 2008 , regulatory filings show.
Traders said such declines are contributing to unusual swings in government-bond prices and raising concerns about the sorts of disruptions that haven't been felt since 2008. Some of them warn changes in the repo markets are already making it harder to buy and sell U.S. Treasurys at a time when U.S. regulatory agencies are paying increasing attention to such gyrations.
While the credit facility at the clearinghouse would add new costs, it would take risks away from the banks and let them reduce their capital charges, traders said.
"Expanded repo clearing could potentially bring a range of benefits," said Fed governor Jerome Powell at a conference last month in New York .
The amount and terms of the DTCC's proposal are confidential and could yet change, said people familiar with it. The plan already has fueled a clash between the largest banks that historically dominated repo trading and the smaller securities dealers that also are members of the DTCC unit.
Smaller members have balked at sharing the costs of the new credit facility, and some have warned they may have to drop out of the clearinghouse. Traders said such an exodus could concentrate risk among the remaining members and threaten the clearinghouse's ability to make good on a defaulter's financial obligations.
"To force a facility of that size on all dealers, banks and otherwise, could force some dealers to leave DTCC, reducing liquidity in the bond market," said James Tabacchi , president at South Street Securities LLC , an independent broker dealer and member of the DTCC unit.
DTCC has been planning to expand its U.S. repo clearing services, and the talks foreshadow its plans to seek SEC approval for the credit facility early next year, said people familiar with the company's plans.
Member firms are haggling over how much of the facility they will cover, said people familiar with the talks. The DTCC repo clearinghouse has more than 100 members, and the proposed allocation of the costs has changed at least three times, some of the people said. The latest plan would have banks and broker-dealers affiliated with banks shoulder more of the burden.
DTCC isn't asking for the cash upfront. Rather, firms would incorporate the funds into their planning for stressed market scenarios.
Officials at the clearer have told members they may not need such a large amount if dealers change some practices, for example by lending for shorter periods.
"The proposed facility will certainly create additional costs, but we feel these are far outweighed by the broad benefits of maintaining a stable and robust repo clearinghouse and, by extension, a healthier repo market," said Joe Noto , a managing director in the treasury department at $25 billion hedge fund firm Citadel LLC , whose securities arm is a DTCC member.
(END) Dow Jones Newswires
12-09-15 1916ET
Copyright (c) 2015 Dow Jones & Company, Inc.
Is $50 Billion the Price of Repo Safety?
A firm at the center of the U.S. financial plumbing is seeking $50 billion in commitments from banks and trading firms to shore up a crucial but increasingly illiquid short-term lending market, according to people familiar with the market discussions.
Depository Trust & Clearing Corp. wants its members to support the multibillion-dollar credit line to bolster the finances of a unit called Fixed Income Clearing Corp. , which facilitates trades in the $2.6 trillion repo market, the people said.
Repos, or repurchase agreements, are short-term loans secured by U.S. Treasurys and other bonds. They play a critical role in the financial system by keeping cash and securities circulating among hedge funds, investment banks and other financial firms.
Regulators at the Federal Reserve and the Securities and Exchange Commission are pushing DTCC, which operates the U.S. repo market's only clearinghouse, to bolster the unit's credit backstop, said people familiar with the matter. Some said the regulators believe the DTCC unit's resources aren't enough to cover a large default that would threaten to cause repo lending to seize up.
Regulators have pushed to expand the use of clearinghouses since the 2008 financial crisis in a bid to prevent a recurrence of the panic that followed the failure of Lehman Brothers Holdings Inc. Clearinghouses pool capital from their members and assume the risk of a default, potentially limiting damaging "fire sales" of collateral in the event a major participant becomes insolvent.
"DTCC is currently working with its regulators and our clients" on a proposal that aims to ensure its unit "has sufficient backstop liquidity resources," Timothy Cuddihy , managing director in enterprise risk management at DTCC, said in an e-mailed statement. He said the plan seeks to be "aligned with U.S. and international regulatory standards and will protect the clearinghouse and its membership from future defaults."
The DTCC unit's proposal is the latest twist in a yearslong struggle to reduce risks in the repo market. Analysts warn that vulnerable repo markets could make it harder to buy and sell securities underlying the trades, a key concern at a time when the Fed is preparing to raise short-term interest rates for the first time since 2006.
Liquidity in the market is declining in part because trading requires banks to tie up a lot of capital, hurting their overall returns. Morgan Stanley's repo books contracted 47% last year, The Wall Street Journal reported in April. Goldman Sachs Group Inc.'s shrank by 46% last year to their lowest levels since November 2008 , regulatory filings show.
Traders said such declines are contributing to unusual swings in government-bond prices and raising concerns about the sorts of disruptions that haven't been felt since 2008. Some of them warn changes in the repo markets are already making it harder to buy and sell U.S. Treasurys at a time when U.S. regulatory agencies are paying increasing attention to such gyrations.
While the credit facility at the clearinghouse would add new costs, it would take risks away from the banks and let them reduce their capital charges, traders said.
"Expanded repo clearing could potentially bring a range of benefits," said Fed governor Jerome Powell at a conference last month in New York .
The amount and terms of the DTCC's proposal are confidential and could yet change, said people familiar with it. The plan already has fueled a clash between the largest banks that historically dominated repo trading and the smaller securities dealers that also are members of the DTCC unit.
Smaller members have balked at sharing the costs of the new credit facility, and some have warned they may have to drop out of the clearinghouse. Traders said such an exodus could concentrate risk among the remaining members and threaten the clearinghouse's ability to make good on a defaulter's financial obligations.
"To force a facility of that size on all dealers, banks and otherwise, could force some dealers to leave DTCC, reducing liquidity in the bond market," said James Tabacchi , president at South Street Securities LLC , an independent broker dealer and member of the DTCC unit.
DTCC has been planning to expand its U.S. repo clearing services, and the talks foreshadow its plans to seek SEC approval for the credit facility early next year, said people familiar with the company's plans.
Member firms are haggling over how much of the facility they will cover, said people familiar with the talks. The DTCC repo clearinghouse has more than 100 members, and the proposed allocation of the costs has changed at least three times, some of the people said. The latest plan would have banks and broker-dealers affiliated with banks shoulder more of the burden.
DTCC isn't asking for the cash upfront. Rather, firms would incorporate the funds into their planning for stressed market scenarios.
Officials at the clearer have told members they may not need such a large amount if dealers change some practices, for example by lending for shorter periods.
"The proposed facility will certainly create additional costs, but we feel these are far outweighed by the broad benefits of maintaining a stable and robust repo clearinghouse and, by extension, a healthier repo market," said Joe Noto , a managing director in the treasury department at $25 billion hedge fund firm Citadel LLC , whose securities arm is a DTCC member.
(END) Dow Jones Newswires
12-09-15 1916ET
Copyright (c) 2015 Dow Jones & Company, Inc.
GBSN no approve AS increase, votes R/S
GBSN votes R/S tween 1:50 to 1:60
08:22 AM EST, 12/09/2015 (MT Newswires) -- Great Basin Scientific (GBSN) shares were higher nearly 7% in recent pre-market trade after saying its shareholders have approved a reverse stock split at a ratio between 1-for-50 and 1-for-60, to be decided by the board.
The molecular diagnostics company said shareholders didn't approve increasing the company's authorized shares to 950 million from 200 million.
The reverse split will also cure the company's previously announced authorized share failure and the series C warrants will become exercisable for the following 25 trading days.
GBSN trades near the bottom of the 52-week range between $0.05 and $6.10.
Price: 0.12, Change: +0.01, Percent Change: +6.7
GBSN votes R/S tween 1:50 to 1:60
08:22 AM EST, 12/09/2015 (MT Newswires) -- Great Basin Scientific (GBSN) shares were higher nearly 7% in recent pre-market trade after saying its shareholders have approved a reverse stock split at a ratio between 1-for-50 and 1-for-60, to be decided by the board.
The molecular diagnostics company said shareholders didn't approve increasing the company's authorized shares to 950 million from 200 million.
The reverse split will also cure the company's previously announced authorized share failure and the series C warrants will become exercisable for the following 25 trading days.
GBSN trades near the bottom of the 52-week range between $0.05 and $6.10.
Price: 0.12, Change: +0.01, Percent Change: +6.70
http://www.mtnewswires.com Copyright © 2015
ACI & BTU Bk news story
JPMorgan's John Bridges and Anant Inani see bankruptcy risk rising for Arch Coal ( ACI) and Peabody Energy ( BTU):
Alpha filed for chapter 11 protection in August and it's likely that the debt holders will not allow any loss making operations to continue to run in order to preserve value. Its initial restructuring plans suggest its coal production is expected to fall 11mt next year to 63mt which we feel is positive for the rest of the industry. Much of the CAPP coal production is uneconomic at current spot prices. We see this as the market sending a message to the miners that they have to cut more capacity. We expect this message to be acted on in early 2016 with more mine closure announcements. It's likely that the low priced CAPP coal exports were a way to harvest additional cashflows from developed reserves in mines that had to operate to service US domestic coking coal contracts and once the pressure to pay interest costs eases, we expect these exports should fall back quickly.
Chapter 11 risks rising for both Arch and Peabody After the failed debt exchange, Arch is in talks with creditors for a possible restructuring as it highlighted in its Q3 earnings release. It has $90mn in coupon payments due on 15th Dec which could trigger a chapter 11 filing in our opinion. Peabody bought itself time with its recent asset sale of three western bituminous mines for $358mn in cash but we continue to feel that with the outlook for both coal and gas uninspiring for next year, we feel, Peabody may still have to restructure. The two upcoming triggers are the large $70mn coupon payment due in March and a state review of its qualifications to self bond its Wyoming AROs in Q2'16.
Shares of Peabody Energy have has dipped 0.2% to $9.69 at 3:05 p.m. today, while Arch Coal has fallen 1.2% to $1.20 .
More at Barron's Stocks to Watch blog, http://blogs.barrons.com/stockstowatchtoday/
(END) Dow Jones Newswires
12-08-15 1509ET
Copyright (c) 2015 Dow Jones
BAMM previous announced merger adopted $3.25 cash
BIRMINGHAM, Ala. --(BUSINESS WIRE)-- Books-A-Million, Inc. (NASDAQ: BAMM) (the "Company") today announced that its stockholders adopted, at a special stockholder meeting held today, the previously announced merger agreement pursuant to which Clyde B. Anderson , executive chairman of the Company, certain family members and related parties of Mr. Anderson and senior management of the Company (collectively, the "Purchaser Group") will acquire the Company. Under the terms of the merger agreement, as a result of which the Company will become a privately held company, stockholders (other than members of the Purchaser Group ) will be entitled to receive $3.25 in cash for each share of the Company's common stock.
The merger agreement was adopted by the stockholders representing approximately 88.3% of the aggregate voting power of the Company's outstanding common stock. In addition, the merger agreement was adopted by stockholders holding approximately 66.3% of the shares of the Company's outstanding common stock not owned by the Purchaser Group and any officer of the Company (determined in accordance with Section 16(a) of the Securities Exchange Act of 1934), thus satisfying the "majority of the minority" stockholder approval condition in the merger agreement.
The merger is expected to close on or about December 10, 2015 .
About Books-A-Million, Inc.
Books-A-Million, Inc. is one of the nation's leading book retailers and sells on the Internet at www.booksamillion.com. The Company presently operates 257 stores in 32 states. The Company operates large superstores under the names Books-A-Million (BAM!), Books & Co. and 2nd & Charles and traditional bookstores operating under the names Bookland and Books-A-Million . Also included in the Company's retail operations is the operation of Yogurt Mountain Holding, LLC , a retailer and franchisor of self-serve frozen yogurt stores with 40 locations. The Company also develops and manages commercial real estate investments through its subsidiary, Preferred Growth Properties . For more information, visit the Company's corporate website at www.booksamillioninc.com. Follow Books-A-Million on Twitter (http://twitter.com/booksamillion) and like us on Facebook (http://facebook.com/booksamillion).
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Specifically, forward-looking statements may include statements relating to the completion of the proposed transaction and other statements preceded by, followed by or that include the words "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "may," "will," or similar expressions (including the negative thereof). These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from any expected future results, performance, or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the outcome of any legal proceedings that have been or may be instituted against the Company or others relating to the merger agreement; failure of the Company to draw funds from the Company's existing credit facility required to fund the merger consideration or the failure to satisfy other conditions to consummation of the merger; the failure of the merger to close for any reason; the risk that the pendency of the merger disrupts current plans and operations and potential difficulties in employee retention as a result of the pendency of the merger; the effect of the announcement of the merger on the Company's business relationships, operating results and business generally; and the amount of the costs, fees, expenses and charges related to the merger. There is no assurance that our expectations will be realized. If one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated, or projected. Such risks and uncertainties also include those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended January 31, 2015 , and our other filings. Our forward-looking statements speak only as of the time that they are made and do not necessarily reflect our outlook at any other point in time. Our forward-looking statements are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on these forward- looking statements that speak only as of the date hereof. Except to the extent otherwise required by federal securities law, we do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or the receipt of new information. Readers are also urged to carefully review and consider the various disclosures in our SEC reports.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151208006582/en/
CONTACT: Books-A-Million, Inc.
R. Todd Noden , 205-942-3737 ext. 4808
Executive Vice President and Chief Financial Officer
Source: Books-A-Million, Inc
NYSE Arca Expands Amounts Stock Prices Can Move When Reopening
Annie Massa antoniabmassa
December 7, 2015 — 5:37 PM EST
Price levels were widened for opening auctions in September
Exchange will announce date for system change in later update
NYSE Arca, the New York Stock Exchange’s sister market, widened the amount prices are able to move when a security reopens after a trading halt.
Under the exchange’s new rule, securities valued at 1 cent to $25 a share can rise or fall 10 percent from their prior level. Securities between $25.01 and $50 can move 5 percent, and those valued at more than $50 can move 3 percent. Previously, those thresholds were 5 percent, 2 percent and 1 percent, respectively.
The change mirrors a threshold increase NYSE Arca put in place for opening auctions in September. One of NYSE Arca’s primary businesses is serving as the home market for hundreds of exchange-traded funds. Many of those had unusual price swings when the market opened on Aug. 24, prompting trading halts that contributed to the stock market having one of its most volatile sessions in years.
The exchange will disclose when its new system will go into effect in another update, it said. NYSE Arca and the New York Stock Exchange are both owned by Intercontinental Exchange Inc.
Caesars in 79-yr-old bk Trust Indenture Act of 1939
Caesars Entertainment Corp. is lobbying to roll back a Depression-era creditor-protection law that could complicate the casino giant's financial restructuring, according to people familiar with the matter.
The Las Vegas company and its owner, Apollo Global Management LLC , have been working to support legislation that would amend the Trust Indenture Act of 1939, the people said. Some lawmakers, including Democratic Sen. Harry Reid of Nevada , have pushed to include the measure in a sweeping spending bill that Congress must pass by Friday to avoid a government shutdown, they said.
An amendment to the law could gut lawsuits against Caesars brought by bondholders of the company's bankrupt operating division. The bondholders have filed a lawsuit arguing that transactions that took the Caesars parent company off the hook to guarantee their debt violated the Trust Indenture Act. The law protects creditors against transactions that impair their principal or interest payments.
Lawmakers weighed including the provision in a $305 billion highway bill passed last week but left ultimately left it out, people familiar with the matter said. As with that plan, the current proposal may not succeed. Caesars has been working with law firm Brownstein Hyatt Farber Schreck LLP on the lobbying effort, according to people familiar with the matter.
The bondholder litigation threatens to drag the Caesars parent company into chapter 11 protection alongside its bankrupt operating company, according to the court testimony of a Caesars financial adviser. Such an outcome could wipe out the investments of Caesars shareholders such as Apollo and TPG, which led a leveraged buyout of the company in 2008.
Limiting the Trust Indenture Act would mark a setback to creditors' recent efforts to use the law to challenge debt restructurings by Caesars and for-profit college operator Education Management Corp. completed outside of bankruptcy court.
In June, a federal judge ruled that Education Management's out-of-court debt restructuring violated the rights of bondholders that didn't participate in the deal. The decision forced the company to continue making interest payments on bonds held by hedge fund Marblegate Asset Management LLC .
"It is a great concern to us that a 79-year-old law would be repealed retroactively, without legislative review or public debate, by the backroom lobbying efforts of one or two special-interest groups whose sole aim is to overturn several federal district court decisions that were not in their favor," Marblegate Managing Partner Andrew Milgram said in an emailed statement.
Lawyers who represent struggling companies say the expanded bondholder protections could give holdout creditors more leverage in fights with companies trying to restructure debt out of court, making such deals more difficult to accomplish.
"This will preclude the ability of companies to work out debt out of court and will cause more bankruptcies, with more cost, job loss and inefficiency," said Kenneth Klee , professor emeritus at the University of California, Los Angeles , law school. Mr. Klee has served as a consultant to Brownstein Hyatt on matters related to the Trust Indenture Act, he said.
Bondholders of the Caesars unit, such as MeehanCombs LP , are arguing in Manhattan District Court that the company violated the Trust Indenture Act by improperly removing the pledges the Caesars parent company made to cover the unit's debt before the bankruptcy filing. A trustee for bondholders including Appaloosa Management LP and Oaktree Capital Group LLC is pursuing a similar legal argument.
The lawsuits stem from Caesars's yearslong attempt to stave off bankruptcy, much of it engineered by Apollo, a private-equity firm known for its savvy in navigating credit markets.
In various suits, bondholders of the bankrupt Caesars unit also have alleged that the company sold assets to other Caesars affiliates to move them out of creditors' reach. Caesars has said those claims are without merit.
(END) Dow Jones Newswires
12-06-15 1838ET
Copyright (c) 2015 Dow Jones &
Caesars in 79-yr-old bk Trust Indenture Act of 1939
Caesars Entertainment Corp. is lobbying to roll back a Depression-era creditor-protection law that could complicate the casino giant's financial restructuring, according to people familiar with the matter.
The Las Vegas company and its owner, Apollo Global Management LLC , have been working to support legislation that would amend the Trust Indenture Act of 1939, the people said. Some lawmakers, including Democratic Sen. Harry Reid of Nevada , have pushed to include the measure in a sweeping spending bill that Congress must pass by Friday to avoid a government shutdown, they said.
An amendment to the law could gut lawsuits against Caesars brought by bondholders of the company's bankrupt operating division. The bondholders have filed a lawsuit arguing that transactions that took the Caesars parent company off the hook to guarantee their debt violated the Trust Indenture Act. The law protects creditors against transactions that impair their principal or interest payments.
Lawmakers weighed including the provision in a $305 billion highway bill passed last week but left ultimately left it out, people familiar with the matter said. As with that plan, the current proposal may not succeed. Caesars has been working with law firm Brownstein Hyatt Farber Schreck LLP on the lobbying effort, according to people familiar with the matter.
The bondholder litigation threatens to drag the Caesars parent company into chapter 11 protection alongside its bankrupt operating company, according to the court testimony of a Caesars financial adviser. Such an outcome could wipe out the investments of Caesars shareholders such as Apollo and TPG, which led a leveraged buyout of the company in 2008.
Limiting the Trust Indenture Act would mark a setback to creditors' recent efforts to use the law to challenge debt restructurings by Caesars and for-profit college operator Education Management Corp. completed outside of bankruptcy court.
In June, a federal judge ruled that Education Management's out-of-court debt restructuring violated the rights of bondholders that didn't participate in the deal. The decision forced the company to continue making interest payments on bonds held by hedge fund Marblegate Asset Management LLC .
"It is a great concern to us that a 79-year-old law would be repealed retroactively, without legislative review or public debate, by the backroom lobbying efforts of one or two special-interest groups whose sole aim is to overturn several federal district court decisions that were not in their favor," Marblegate Managing Partner Andrew Milgram said in an emailed statement.
Lawyers who represent struggling companies say the expanded bondholder protections could give holdout creditors more leverage in fights with companies trying to restructure debt out of court, making such deals more difficult to accomplish.
"This will preclude the ability of companies to work out debt out of court and will cause more bankruptcies, with more cost, job loss and inefficiency," said Kenneth Klee , professor emeritus at the University of California, Los Angeles , law school. Mr. Klee has served as a consultant to Brownstein Hyatt on matters related to the Trust Indenture Act, he said.
Bondholders of the Caesars unit, such as MeehanCombs LP , are arguing in Manhattan District Court that the company violated the Trust Indenture Act by improperly removing the pledges the Caesars parent company made to cover the unit's debt before the bankruptcy filing. A trustee for bondholders including Appaloosa Management LP and Oaktree Capital Group LLC is pursuing a similar legal argument.
The lawsuits stem from Caesars's yearslong attempt to stave off bankruptcy, much of it engineered by Apollo, a private-equity firm known for its savvy in navigating credit markets.
In various suits, bondholders of the bankrupt Caesars unit also have alleged that the company sold assets to other Caesars affiliates to move them out of creditors' reach. Caesars has said those claims are without merit.
(END) Dow Jones Newswires
12-06-15 1838ET
Copyright (c) 2015 Dow Jones & Co.
16:15 et FCEL 1-12 at open
*FuelCell Energy Reports 1-for-12 Reverse Stock Split
DANBURY, Conn. , Dec. 03, 2015 (GLOBE NEWSWIRE) -- FuelCell Energy , Inc.
(Nasdaq:FCEL), a global leader in the design, manufacture, operation and service
of ultra-clean, efficient and reliable fuel cell power plants, today announced
that a 1-for-12 reverse stock split has become effective, and that trading of
the Company’s common stock on a post-split basis will begin on Friday, December
4 , 2015.
Today, the Company filed a Certificate of Amendment to the Company's Certificate
of Incorporation to effect a reverse stock split of its common stock at a ratio
of 1-for-12 with the Secretary of State for the State of Delaware . The amendment
also proportionately decreased the number of authorized shares of the Company's
common stock from 475,000,000 to 39,583,333 shares, but did not change the par
value, of the Company's common stock. The Reverse Stock Split became effective
at 4:01 P.M. eastern time today.
Trading of the Company's common stock on the NASDAQ Global Market will continue,
on a post-split basis, with the opening of the markets on Friday, December 4,
2015 , under new CUSIP number 35952H 502. Shares of the Company's common stock
will continue to trade under the symbol "FCEL."
Immediately following the reverse stock split, there will be approximately 26.2
million shares, par value $0.0001 per share, of the Company's common stock
issued and outstanding. No fractional shares will be issued as a result of the
reverse stock split. A holder of record of common stock on the effective date of
the reverse stock split who would otherwise be entitled to a fraction of a share
will instead be entitled to receive a cash payment for the fractional interest.
The Company's transfer agent, American Stock Transfer & Trust Company will act as exchange agent for the reverse stock split.
Shareholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split.Registered shareholders holding pre-split shares of FCEL common stock electronically in book-entry form are not required to take any action to receive post-split shares.Shareholders of record holding certificates representing pre-split shares of FCEL common stock as of the effective date will receive a letter of transmittal from American Stock Transfer & Trust Company providing instructions for (i) the exchange of shares and (ii) and how to receive their cash payment in lieu of fractional shares, if applicable.
At the annual meeting of shareholders on April 2, 2015 , the shareholders
approved the 2015 proxy proposal granting authority to the Board of Directors to
effect a reverse split with 80.7 percent of shares voted supporting the
proposal, 18.6 percent voting against and 0.7 percent abstaining. Additional
information regarding the Company's reverse stock split is available in the
definitive proxy statement filed by the Company with the U.S. Securities and
Exchange Commission ( SEC ) on February 12, 2015 . The definitive proxy statement
is available at the Investors page of the Company website at
www.fuelcellenergy.com and the SEC website.
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean, efficient and reliable
power at more than 50 locations worldwide. With more than 300 megawatts of power
generation capacity installed or in backlog, FuelCell Energy is a global leader
in providing ultra-clean baseload distributed generation to utilities,
industrial operations, universities, municipal water treatment facilities,
government installations and other customers around the world. The Company’s
power plants have generated more than four billion kilowatt hours of ultra-clean
power using a variety of fuels including renewable biogas from wastewater
treatment and food processing, as well as clean natural gas. For additional
information, please visit www.fuelcellenergy.com, follow us on Twitter and view
our videos on YouTube .
Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all registered
trademarks of FuelCell Energy , Inc. DFC-ERG is a registered trademark jointly
owned by Enbridge, Inc. and FuelCell Energy, Inc.
Contact:
FuelCell Energy, Inc.
Kurt Goddard , Vice President Investor Relations
203-830-7494
ir@fce.com
Image: Primary Logo
Source: FuelCell Energy, Inc.
AMTD to leave NYSE for Nasdaq Dec. 14 TDA
10:13am ET
TD Ameritrade Holding Corp. said Tuesday it would transfer its stock-exchange listing from the New York Stock Exchange to the Nasdaq Global Select Market.
The company expects to begin trading on Nasdaq on Dec. 14 . It expects to keep its current symbol, AMTD.
Exchanges battle fiercely over listings, which bring listing fees as well as revenue from trading shares. While once company shares could only be traded at a small number of select exchanges, in recent decades the rise of fully electronic trading has allowed about a dozen more exchanges and more than 40 private trading venues, called dark pools, to arrive.
Still, the NYSE and Nasdaq are, by far, the largest exchanges. According to the October monthly report of the World Federation of Exchanges , companies listed on the NYSE had a combined $18.654 trillion market capitalization, compared with $7.413 trillion for Nasdaq.
TD Ameritrade said in November that its Chief Executive Fred Tomczyk would retire next September and named Canadian TD Bank Group executive Tim Hockey to replace him.
Write to Austen Hufford at austen.hufford@wsj.com
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12-01-15 1013ET
Copyright (c) 2015 Dow Jones & Company, Inc.
API build +2.6MM Cushing +1.9MM em
Baltic Dry Index falls below 500 points for the first time ever
Posted: 20 Nov 2015 07:31 AM PST
The rout of the dry bulk shipping market continued on Friday with the Baltic Dry Index (BDI) dropping below 500 points for the first time ever. Following hitting a record low of 504 points on Thursday the BDI continued to weaken on Friday losing a further six points to close at 498 points, the first time index has ever fallen past the 500 point level. Rates were down across the board in terms of ship size with the Baltic Capesize Index down 13 at 606 points, the Baltic Panamax Index losing five point to 463 points and the Baltic Supramax Index falling seven points to 472 points. Its marks new low in what has been a dreadful year for dry bulk shipping despite market optimism in Q4 2014. The average spot TC rate on Friday for capesizes averaged just $5,211, well below operating costs, compared to $22,990 per day one year earlier.
Russia #1 non-OPEC oiler going full out.
Take grain of salt as would with China stats. Still, 5 pointers and they need to keep going for military more than ever.
http://tinyurl.com/odr46c3
5. Russian O&G Firms Face "Negative Free Cash Flow"
NYT piece on Saudi ISIS origination
Pretty obvious price of oil is being held so low for so long as way to feed the beast while staying in palace power.
Saudi Arabia, an ISIS That Has Made It
By KAMEL DAOUD NOV. 20, 2015 NY Times
Black Daesh, white Daesh. The former slits throats, kills, stones, cuts off hands, destroys humanity’s common heritage and despises archaeology, women and non-Muslims. The latter is better dressed and neater but does the same things. The Islamic State; Saudi Arabia. In its struggle against terrorism, the West wages war on one, but shakes hands with the other. This is a mechanism of denial, and denial has a price: preserving the famous strategic alliance with Saudi Arabia at the risk of forgetting that the kingdom also relies on an alliance with a religious clergy that produces, legitimizes, spreads, preaches and defends Wahhabism, the ultra-puritanical form of Islam that Daesh feeds on.
Wahhabism, a messianic radicalism that arose in the 18th century, hopes to restore a fantasized caliphate centered on a desert, a sacred book, and two holy sites, Mecca and Medina. Born in massacre and blood, it manifests itself in a surreal relationship with women, a prohibition against non-Muslims treading on sacred territory, and ferocious religious laws. That translates into an obsessive hatred of imagery and representation and therefore art, but also of the body, nakedness and freedom. Saudi Arabia is a Daesh that has made it.
The West’s denial regarding Saudi Arabia is striking: It salutes the theocracy as its ally but pretends not to notice that it is the world’s chief ideological sponsor of Islamist culture. The younger generations of radicals in the so-called Arab world were not born jihadists. They were suckled in the bosom of Fatwa Valley, a kind of Islamist Vatican with a vast industry that produces theologians, religious laws, books, and aggressive editorial policies and media campaigns.
One might counter: Isn’t Saudi Arabia itself a possible target of Daesh? Yes, but to focus on that would be to overlook the strength of the ties between the reigning family and the clergy that accounts for its stability — and also, increasingly, for its precariousness. The Saudi royals are caught in a perfect trap: Weakened by succession laws that encourage turnover, they cling to ancestral ties between king and preacher. The Saudi clergy produces Islamism, which both threatens the country and gives legitimacy to the regime.
One has to live in the Muslim world to understand the immense transformative influence of religious television channels on society by accessing its weak links: households, women, rural areas. Islamist culture is widespread in many countries — Algeria, Morocco, Tunisia, Libya, Egypt, Mali, Mauritania. There are thousands of Islamist newspapers and clergies that impose a unitary vision of the world, tradition and clothing on the public space, on the wording of the government’s laws and on the rituals of a society they deem to be contaminated.
It is worth reading certain Islamist newspapers to see their reactions to the attacks in Paris. The West is cast as a land of “infidels.” The attacks were the result of the onslaught against Islam. Muslims and Arabs have become the enemies of the secular and the Jews. The Palestinian question is invoked along with the rape of Iraq and the memory of colonial trauma, and packaged into a messianic discourse meant to seduce the masses. Such talk spreads in the social spaces below, while up above, political leaders send their condolences to France and denounce a crime against humanity. This totally schizophrenic situation parallels the West’s denial regarding Saudi Arabia.
All of which leaves one skeptical of Western democracies’ thunderous declarations regarding the necessity of fighting terrorism. Their war can only be myopic, for it targets the effect rather than the cause. Since ISIS is first and foremost a culture, not a militia, how do you prevent future generations from turning to jihadism when the influence of Fatwa Valley and its clerics and its culture and its immense editorial industry remains intact?
Is curing the disease therefore a simple matter? Hardly. Saudi Arabia remains an ally of the West in the many chess games playing out in the Middle East. It is preferred to Iran, that gray Daesh. And there’s the trap. Denial creates the illusion of equilibrium. Jihadism is denounced as the scourge of the century but no consideration is given to what created it or supports it. This may allow saving face, but not saving lives.
Daesh has a mother: the invasion of Iraq. But it also has a father: Saudi Arabia and its religious-industrial complex. Until that point is understood, battles may be won, but the war will be lost. Jihadists will be killed, only to be reborn again in future generations and raised on the same books.
The attacks in Paris have exposed this contradiction again, but as happened after 9/11, it risks being erased from our analyses and our consciences.
Kamel Daoud, a columnist for Quotidien d’Oran, is the author of “The Meursault Investigation.” This essay was translated by John Cullen from the French.
Belgium warns of 'serious and imminent threat' to Brussels
Short piece w/ video 8:36pm ET
http://www.cnn.com/2015/11/20/world/paris-attacks/index.html
Belgium has placed Brussels at the highest terror alert level, citing a "serious and imminent threat that requires taking specific security measures as well as specific recommendations for the population."
The announcement by the Crisis Centre of the Belgian Interior Ministry is advising the public to avoid places where large groups gather -- such as concerts, sporting events, airports and train stations -- and comply with security checks.
The increase in alert level comes as authorities investigating last week's terror attacks in Paris conduct raids in Belgium as they work to identify and take down the network of terrorists behind the carnage.
UN Security Council Unanimously Votes to Adopt France's Counterterrorism Resolution -- Update
UNITED NATIONS-- The Security Council unanimously passed a counterterrorism resolution on Friday that authorizes the use of military force against the extremist groups Islamic State and al- Nusra Front .
The resolution, introduced by France in the wake of terrorist attacks in Paris a week ago, calls on the international community to mobilize and to organize efforts against the global threat posed by terrorism, to block the flow of foreign fighters and to crack down on terrorist finances.
A resolution introduced by Russia on Wednesday wasn't discussed by members of the Security Council . Western diplomats said it was too broad in its definition of terrorists and allowed Syria's government to remain in power. Russia , while endorsing France's resolution, said the blocking of its own resolution was politically shortsighted and that it would continue to pursue its approval.
French President François Hollande plans a diplomatic offensive this coming week in a bid to unite world powers in a campaign against Islamic State. Mr. Hollande will visit the U.S. on Tuesday and Russia on Thursday.
France's Ambassador to the U.N., François Delattre, called the resolution historic. "The resolution frames our action under international law and upholds the U.N. charter," he said, addressing the Security Council . "It provides a guarantee that there will be an effective fight against international terrorism."
Mr. Delattre told reporters on Friday that this resolution will allow France to amplify its military strikes against Islamic State by at least threefold in coming days, with the arrival of aircraft carrier Charles de Gaulle giving France a wider striking capability.
France's resolution came as a response to Mr. Hollande's call before the French parliament on Monday for a "grand and single coalition" with the U.S. and Russia against Islamic State. He said the Security Council must adopt a resolution to fight Islamic extremists.
With the unanimous Security Council vote, the terrorist attacks in Paris appear to have at last mobilized the council in taking a unified stand against terrorism brewing in Syria . The council has been criticized for its inaction over Syria's five-year conflict, largely due to deep divisions among member states on the fate of Syria's President Bashar al-Assad .
Security Council member nations remain divided on the key question of the future of the Syrian ruler, but Western diplomats said the U.N. was beginning to act on four fronts regarding Syria : a counterterrorism resolution; a cease-fire plan; deploying U.N. monitors; and an authorization for military action against Islamic State.
Russia presented its proposal on Wednesday and France circulated its proposed resolution on Thursday. The competing resolutions threatened to undermine the movement toward unity on the Security Council , but Friday's vote quelled concerns.
The Russian proposal is seen by Western nations as seeking to legitimize Mr. Assad's authority, diplomats said.
The French resolution is more tightly focused on Islamic State, along with the related al-Nusra organization. Islamic State has been blamed--and has claimed responsibility--for the terror attacks in Paris and last month's crash of a Russian airliner in Egypt . The group also is suspected in a wave of terror attacks in Egypt , Beirut and Baghdad .
In some areas, al-Nusra has fought alongside rebel units which the U.S. and its regional allies have backed. But the group has also gone after CIA-backed brigades, particularly in northern Syria .
While action is under way at the United Nations , diplomats are pursuing talks in Vienna aimed at establishing a cease-fire and starting talks between the Syrian regime and opposition groups.
British Ambassador to the U.N. Matthew Rycroft said the resolution will be used by Prime Minister David Cameron to address Parliament in terms of action against Islamic State group. Mr. Cameron has outlined plans to begin airstrikes by the U.K. in Syria .
Mr. Rycroft said it was up to Russia to redraft its resolution to address the issues that divide the Security Council , such as the role of Mr. Assad.
Write to Farnaz Fassihi at farnaz.fassihi@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
11-20-15 2010ET
Copyright (c) 2015 Dow Jones & Company, Inc.
UN Security Council Unanimously Votes to Adopt France's Counterterrorism Resolution -- Update
UNITED NATIONS-- The Security Council unanimously passed a counterterrorism resolution on Friday that authorizes the use of military force against the extremist groups Islamic State and al- Nusra Front .
The resolution, introduced by France in the wake of terrorist attacks in Paris a week ago, calls on the international community to mobilize and to organize efforts against the global threat posed by terrorism, to block the flow of foreign fighters and to crack down on terrorist finances.
A resolution introduced by Russia on Wednesday wasn't discussed by members of the Security Council . Western diplomats said it was too broad in its definition of terrorists and allowed Syria's government to remain in power. Russia , while endorsing France's resolution, said the blocking of its own resolution was politically shortsighted and that it would continue to pursue its approval.
French President François Hollande plans a diplomatic offensive this coming week in a bid to unite world powers in a campaign against Islamic State. Mr. Hollande will visit the U.S. on Tuesday and Russia on Thursday.
France's Ambassador to the U.N., François Delattre, called the resolution historic. "The resolution frames our action under international law and upholds the U.N. charter," he said, addressing the Security Council . "It provides a guarantee that there will be an effective fight against international terrorism."
Mr. Delattre told reporters on Friday that this resolution will allow France to amplify its military strikes against Islamic State by at least threefold in coming days, with the arrival of aircraft carrier Charles de Gaulle giving France a wider striking capability.
France's resolution came as a response to Mr. Hollande's call before the French parliament on Monday for a "grand and single coalition" with the U.S. and Russia against Islamic State. He said the Security Council must adopt a resolution to fight Islamic extremists.
With the unanimous Security Council vote, the terrorist attacks in Paris appear to have at last mobilized the council in taking a unified stand against terrorism brewing in Syria . The council has been criticized for its inaction over Syria's five-year conflict, largely due to deep divisions among member states on the fate of Syria's President Bashar al-Assad .
Security Council member nations remain divided on the key question of the future of the Syrian ruler, but Western diplomats said the U.N. was beginning to act on four fronts regarding Syria : a counterterrorism resolution; a cease-fire plan; deploying U.N. monitors; and an authorization for military action against Islamic State.
Russia presented its proposal on Wednesday and France circulated its proposed resolution on Thursday. The competing resolutions threatened to undermine the movement toward unity on the Security Council , but Friday's vote quelled concerns.
The Russian proposal is seen by Western nations as seeking to legitimize Mr. Assad's authority, diplomats said.
The French resolution is more tightly focused on Islamic State, along with the related al-Nusra organization. Islamic State has been blamed--and has claimed responsibility--for the terror attacks in Paris and last month's crash of a Russian airliner in Egypt . The group also is suspected in a wave of terror attacks in Egypt , Beirut and Baghdad .
In some areas, al-Nusra has fought alongside rebel units which the U.S. and its regional allies have backed. But the group has also gone after CIA-backed brigades, particularly in northern Syria .
While action is under way at the United Nations , diplomats are pursuing talks in Vienna aimed at establishing a cease-fire and starting talks between the Syrian regime and opposition groups.
British Ambassador to the U.N. Matthew Rycroft said the resolution will be used by Prime Minister David Cameron to address Parliament in terms of action against Islamic State group. Mr. Cameron has outlined plans to begin airstrikes by the U.K. in Syria .
Mr. Rycroft said it was up to Russia to redraft its resolution to address the issues that divide the Security Council , such as the role of Mr. Assad.
Write to Farnaz Fassihi at farnaz.fassihi@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
11-20-15 2010ET
Copyright (c) 2015 Dow Jones & Company, Inc.
B-H rigs dips, specs cut longs
News Bot: US Baker Hughes U.S. Rig Count (20-Nov) W/W 757 (Prev. 767)
- US Rotary Oil Rigs (Nov 20) 564 vs Prev. 574.
?- US Rotary Gas Rigs (Nov 20) 193 vs. Prev. 193.
(Baker Hughes Inc.)
16:30 News Bot: CFTC says oil speculators cut their WTI net long position by 20,238 contracts to 107,112 for the last weeks data
NBG 1-15 R/S set hvy volume EUR .02/.30
Details didn't come out until mid day
12:56 PM EST, 11/20/2015 (MT Newswires) -- ADRs of National Bank of Greece (NBG) plunged to a new record low Friday after the Greek bank disclosed late Thursday it priced an offering of new shares at EUR 0.02 per share, or at EUR 0.30 per share to reflect a 15-to-1 reverse share split.
The bank said investor demand stood at EUR 1.17 billion as of Nov. 2, adding that the offering should be launched at the offer price on or about Nov. 30, aiming to raise an additional EUR 300 million.
National Bank of Greece said it will be able to cover a baseline capital shortfall of EUR 1.46 billion revealed in stress tests conducted by the European Central Bank with the new share offering together with EUR 308 million of additional capital related to other further burden sharing measures.
NBG was down over 39% with a new 52-week range of $0.21 to $2.53. Volume was nearly seven times the average three-month volume of approximately 10.9 million shares.
Price: 0.23, Change: -0.15, Percent Change: -39.08
http://www.mtnewswires.com Copyright © 2015
NBG 1-15 R/S set hvy volume EUR .02/.30
Details didn't come out until mid day
12:56 PM EST, 11/20/2015 (MT Newswires) -- ADRs of National Bank of Greece (NBG) plunged to a new record low Friday after the Greek bank disclosed late Thursday it priced an offering of new shares at EUR 0.02 per share, or at EUR 0.30 per share to reflect a 15-to-1 reverse share split.
The bank said investor demand stood at EUR 1.17 billion as of Nov. 2, adding that the offering should be launched at the offer price on or about Nov. 30, aiming to raise an additional EUR 300 million.
National Bank of Greece said it will be able to cover a baseline capital shortfall of EUR 1.46 billion revealed in stress tests conducted by the European Central Bank with the new share offering together with EUR 308 million of additional capital related to other further burden sharing measures.
NBG was down over 39% with a new 52-week range of $0.21 to $2.53. Volume was nearly seven times the average three-month volume of approximately 10.9 million shares.
Price: 0.23, Change: -0.15, Percent Change: -39.08
http://www.mtnewswires.com Copyright © 2015
NBG nyse adr Reverse split ahead pre -24%?
No details but trader site says RS/cap raise news.
Reverse split ahead pre -24%?
No details but trader site says RS/cap raise news.
soft start 6.78
Acts like on way to 6/5. Mali - France Air maybe no help if people start to question air travel. DAL slipped to neg -0.11 after positive.
Islamic State Tactics Shift, Borrowing From al Qaeda
By Devlin Barrett and Adam Entous in Washington and Benoît Faucon in Paris
U.S. and European counterterrorism officials believe Islamic State has changed its operational tactics by borrowing from al Qaeda's playbook, deploying trusted lieutenants to engineer larger, more coordinated plots against the West.
The attacks in Paris were the latest and most visible manifestation of this new approach, U.S. intelligence and law enforcement officials suspect. Intercepted communications and other intelligence analyzed after two other earlier large- scale attacks in Beirut and Ankara, Turkey , similarly suggest those plots were directed by Islamic State leaders in Syria and Iraq and carried out by local leaders empowered to take action in the group's name, U.S. and European counterterrorism officials said.
While the goal of Islamic State hasn't changed--build a caliphate in Syria and Iraq , and launch attacks against Western enemies on their own soil--the details of the Paris plot suggest it has moved beyond its early strategy of seeking to inspire plots from a distance, according to counterterrorism officials.
A shift toward the al Qaeda model could make Islamic State plots easier to detect, some officials say. The more people involved in a terror plot, the more likely investigators are to be able to learn about the group and penetrate it, either with electronic surveillance, an undercover operative, or both, those officials say.
Others cautioned that no matter the operational changes under way, Islamic State is still showing a degree of operational care, flexibility, and secrecy that makes it dangerously effective. That includes a heavy use of encrypted communications technologies.
For years, U.S. officials focused on Islamic State as a terror group born in the digital age using social media to inspire disgruntled individuals to carry out "lone wolf" attacks in their own countries. With no formal connections to the group, such suspects are difficult to identify and deter.
This approach was a significant departure from how al Qaeda operated. That group's leader, Osama bin Laden , had a reputation among counterterrorism officials as something of a micromanager, so much so that for the attacks against U.S. embassies in 1998, he specified on a map precisely where he wanted a bomb-laden truck to approach the building, according to court testimony of a former al Qaeda conspirator.
Abdelhamid Abaaoud, the suspected ringleader of the Paris plot who was killed in a police raid Wednesday, had been a focus of French and U.S. intelligence agencies for more than a year.
This summer, using communications intercepts and other types of intelligence, they tracked him across Syria and Iraq , including in Islamic State's self-declared capital of Raqqa in Syria . Then, suddenly, he disappeared from their view. Officials didn't know it at the time, but now say they believe he had worked his way home to Belgium to plan and lead terror attacks, U.S. officials said.
A number of U.S. officials described Mr. Abaaoud as either a "trusted lieutenant" or a "field general." He had the confidence of his superiors to return to Europe with general instructions to launch attacks and with significant leeway to choose the targets and timing, these people said.
Investigators say they believe Mr. Abaaoud was what counterterrorism officials call an "external operations" man: someone who plans and oversees terror attacks overseas. Officials say they believe Islamic State has deployed a number of similar field generals to other regions.
European radicals are slipping in and out of Syria along routes also used by organized-crime gangs to ship contraband such as drugs across the continent, European officials say, making it easier to deploy trusted lieutenants around the world. U.S. counterterrorism officials don't believe Islamic State lieutenants have slipped into the U.S.
Officials are trying to see whether that operational model could help explain the alleged downing of a Russian passenger plane last month in Egypt , which Moscow said was caused by a bomb.
Islamic State's affiliate in Egypt's Sinai Peninsula claimed responsibility for bringing the plane down and U.S. intelligence agencies say the available evidence points to terrorism as the cause.
So far, however, U.S. intelligence agencies have yet to find evidence that Islamic State militants in Iraq and Syria directed the alleged plot, as appears to be the case in Paris . They suspect militants in the Sinai branch of Islamic State carried out that attack autonomously, though officials cautioned there is much they don't know.
A more directed and dispersed Islamic State operation relies heavily on deploying a sophisticated communications network and techniques that can partly evade Western surveillance agencies.
According to an FBI analysis performed earlier this year, about a third of all Islamic State communications are transmitted through encrypted channels, which can frustrate investigators' monitoring.
Almost as significantly, according to U.S. counterterrorism officials, is a practice by Islamic State militants of hopping between multiple communications methods.
It is a digital version of the way drug dealers try to evade police surveillance by repeatedly changing phones.
Often, officials say they see suspects skipping repeatedly between many different channels, leaving counterterrorism officials concerned that even when they are monitoring an individual, they are still missing key parts of those conversations, these people said.
Bruce Hoffman , a Georgetown University professor who has long studied terror networks, said Islamic State has "been anxious to make this shift for a long time," to more sophisticated and coordinated terror attacks.
"It's a learning curve." The group has a large number of foreign fighters, whom Mr. Hoffman dubbed "cannon fodder" but also a cadre that can build a more sophisticated infrastructure.
Mr. Hoffman said Islamic State has long aspired to conduct larger, al Qaeda-like attacks, and they appear to be getting closer to that goal.
Islamic State for nearly a year has sent out highly selective recruitment notices through their network of supporters both in Europe and nations with large Muslim populations such as India and Sudan , according to the terror group's own documents and officials monitoring its growth. It has been trying to hire petroleum engineers, telecom engineers, doctors and other white-collar professionals as it shifted focus from fighting for territory to ruling it.
The result has been an expanded coterie of foreigners, both from Arab and European nations whose technical knowledge could be used for civilian or military purposes, according to two European law-enforcement officials who monitor the exodus of their citizens to Syria .
Islamic State is clearly trying to feed the perception that the sophistication of its operations are growing.
In a video released after the Paris attacks, members of the group claim attacks like the one in Paris will soon be unleashed on Washington and Rome .
Another video suggests similar attacks will happen in New York , though officials said there is nothing particularly new about such threats. On Thursday, Federal Bureau of Investigations Director James Comey said he isn't aware of any specific credible threats in the U.S.
Margaret Coker contributed to this article.
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11-19-15 1947ET
Copyright (c) 2015 Dow Jones & Company, Inc.
ashy2, sure seems that way! em
GS: These 10 themes will dominate world markets in 2016
http://tinyurl.com/om8rkjy
US oil inventories are at the highest levels for this time of year in nearly a century, and the risk that they could reach full capacity is growing.
"On current trends, our team does not expect the limits of storage capacity to be reached," the analysts wrote. "But there is always the risk that demand will unexpectedly fall short (or that supply will surprise), at which point the only way to clear the excess supply in the physical market for oil is with sharp price declines."
Source: Goldman Sachs