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No...sad part is that they could but it
Using their petty cash account...around $11 mill.
That would suck
I hope it's a partner, buyout etc.
CLSN market cap is less than $20mill,
Plus $10m in debt....
For $30m could have It all...please
CHINESE DRUG company, or Genentech or somebody buy this outfit and bring this DRUG delivery system to market and extend lives!
This SA article? Is good, plus the comments...
EEVW
Syncora Offers Upside With 3 Major Catalysts
Jan 25 2017, 11:59
About: SYCRF • Includes: AGO, AMBC, MBI
History
Syncora Holdings (OTCPK:SYCRF) is a bond insurer in runoff. After being spun off by XL Capital in 2008, Syncora incurred major losses during the financial crisis. It was on the brink of bankruptcy in 2008, and the New York Department of Financial Services put the company in remediation to protect policyholders.
However, the company has fought its way back to solvency. Over the past 8 years, it has recovered substantial value through legal settlements, commutations, and restructuring. As a result, Syncora's equity value is far greater than the market's perception and is likely to increase further.
In recent years, the company's results have been heavily influenced by one-off items, including lawsuits over mortgage-backed securities. Syncora insured mortgage-backed...
I'm in Irish.
EEVW
Go Detroit Lions...! Not that it might matter much, but it might have positive impact on downtown Detroit if the Lions can get in the play offset, and make a run.
Tough road to get there, need to beat Green Bay.
Meant NOL.
NOT can be preserved by reverse merger. SYCRF remains intact, while merging company revenues is absorbed.
Why doesn't AGO purchase Sycrf portfolio of muni bonds? Paying good premiums, Sycrf has reserves.
What is your estimate of the value of this business...$300 - $400 mill?
I can understand AGO might not want
Detroit parking garages, tunnelast and toll roads.
Eevw
Wow. Last year Tmthis Arthur fellow at the Learning Investor really nailed the Catalyst section for what SYCRF needs moving forward.
I have read this several times, and it always gives me the warm and fuzzy.
http://thelearninginvestor.com/?p=288
Eevw
Where did the $50 mill come from.
Pikes Point is the Detroit and toll road properties correct?
SGI cleared to pay dividends once all Surplus Notes are paid off. I know that could be a long time, but still.. a far cry from 2008.
So, if SYCRF were to sell the insurance business, that is currently in run off to an AGO or the like, I'm assuming the NOLS stay with SHL with this new Transaction Agreement.
Next question, what is the value of SHL without the insurance business premiums and all the reserves. Is it the stockholders surplus?
Eevw
Denny,
Can you sum up the pending Greenpoint litigation? I thought we were denied a couple of times , and then a 3rd time by a lower court when Syncora tried to ammendment it's complaint against Greenpoint?
Also, I thought Lehman was suing Syncora, so settling the suit for $37m could save us future damage and legal fees right?
Steve "eevw"
Irish I...you have always placed
emphasis on NOL. Looks like from
the recent TSA news release that
Syncora Holdings wants all the NOL
of SGI and SCA transferred to SHL
without violating any IRS rules 382 or 362. Hope they get a chance to ofoffset NOL withe some earnings.
Food for thought...which insurer is the best target for AGO which stated they are always looking for
portfolios they can buy for 50 or 60 cents on the $1 and why?
AMBAC
MGIC
SYCRF
Saw this the other night, a news item from Nov 2015, calling all Corus bonds I think...can anyone lookup the Cusip numbers?
http://www.ise.ie/app/announcementDetails.aspx?ID=12598430
eevw
Denny, RDN reverse merger into Sycrf, they get $2.8 Billion in NOL...they won't have to pay taxes fir a Long Long Long time.
Why would Pivotal Group let us retail buyers buy up the 168,000,000 float for less a penny?
Jet
I have been here since 2010. You are right, if Global Cap. goes public, new stock, new ticker. Cgsyq will be canceled.
The only Bright Side, we have is the credit debentures that Najafi owns,
which can be converted to the old CGSYQ stock, reverse merge Global Capacity into CGSYQ, and preserve and NOL that CApita Growth accumulated, and,save some tax money and I PO money.
Online broker recommendation for
sub penny stocks?
Trade King won't deal with stocks less than .01.
TIA
Link please
My estimate of NOL of CGSYQ.
In Sept 2010, the accumulated losses
were $133 million. So, if
Global Capacity were to R/M into
the CGSYQ shell, they would get off set
profits up to $133 million. So of Global
Capacity has,revenues of $150 million
a year at 30% net profit = $45
million profit per year x 35% tax rate
= $15,750,000 in annual tax savings
for the next 8 years or until they use
up the $133 mil in NOL carry forward.
all that matters:
Francis Najafi owns 269,000,000 convertible debentures that can be turned into cgsyq.
Francis owns Global Capacity via Pivotal Group.
Cgsyq has some Nol, not sure how much.
Nol can only be preserved through Reverse merger, Cgsyq would buy/merge into Global Capacity.
TheN again, Global Capacity may always stay private and we are just trading worthless shares that aren't even close to a penny.
GWAY.PK, my favorite reverse merger stock story. Rags to riches in one day. Went from .01 to a high of 3, closing at 1.89 in one day
story below
Robert F.X. Sillerman Agrees to Acquire Control of Gateway Industries, Inc.
Leading Media Entrepreneur to Form New Venture, Function (X)
NEW YORK, Feb 08, 2011 (BUSINESS WIRE) -- Leading media entrepreneur Robert F.X. Sillerman announced that he has reached an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK) to serve as the vehicle for his new venture. Upon closing of the transaction, Gateway Industries, Inc. will be recapitalized and renamed Function (X), Inc. with the ticker symbol (FNCX). Sillerman has a proven track record of pioneering some of the most successful and profitable businesses in television, radio, promotion, marketing and live entertainment. With the sales of SFX Entertainment and SFX Broadcasting, Sillerman has driven some of the largest transactions in the history of live entertainment and radio.
Berenson & Company, LLC is the exclusive financial advisor to Function (X) Inc. on this transaction, which is expected to close shortly. Further details about Function (X) will be announced in the coming weeks.
About Robert F.X. Sillerman
In February 2005, Sillerman formed CKx (NASDAQ: CKXE) to engage in the ownership, development and commercial utilization of entertainment content including American Idol. Sillerman announced his resignation as the Chairman and Chief Executive Officer of CKx in May 2010, to bid to acquire the company and to pursue other ventures. He remains CKx's largest shareholder. Sillerman is also the Chairman and Chief Executive Officer of Circle Entertainment Inc. (CEXE).
Sillerman was the founder, Executive Chairman and a major shareholder of SFX Entertainment, the world's largest presenter, promoter and producer of live entertainment, from 1997 until its sale to Clear Channel Communications in August 2000. Previously, he was a founder, major stakeholder and served as Executive Chairman of SFX Broadcasting, a leading owner and operator of radio stations, from 1992 to 1998, when he sold the company to an affiliate of buyout firm Hicks, Muse, Tate & Furst.
Safe Harbor Statement
This press release is for informational purposes only and is not being made in any jurisdiction in which the making of this announcement would violate the laws of such jurisdiction, nor is it an offer to purchase or sell, a solicitation of an offer to purchase or sell, any securities of the Company.
SOURCE: Function (X), Inc.
POSTED BY ROBERT WILCOX AT 8:56 AM
LABELS: GWAY
9 COMMENTS:
bluemax said...
COULD CSCE be the next GWAY ?????? Hmmmmmmmmmmmmmm
Krisl,
Did you buy the 3,250,000 shares?
I mean it's only $325 OR so. We need daily volume in the 200,000,000 shares
well, when the asset sale place,
Pivotal Group (MR. NajafI ) could have
cancelled the convertible debentures.
GO to post# 437, back in 2011, shows SEC form 13D.
krisl,
I to have a boat load of shares bought before Pivotal Group acquired the asseTs of Global Capacity. They they went private. Global Capacity, the now private compant seems to be doing well, even though I cany find revenue data.
Hoping that they continue to do well, so that Pivotal Group will take Global public using the shell company of CGSYQ.
The fact is Francis Najafi, the owner of Pivotal, owns about 195,000,000 convertible debentures of CGSYQ which is in addition to the public float I think.
He could convert the debentures /debt into shares...in CGSYQ.
Mimi,
Global Capacity / private held/ would have to be rolled
into CGSYQ /shell ...been waiting for this fir a few years. Don't think it's going to happen
Mike,
I have to admit, not sure what this means...notes can be transferred
:
Mr. Holty,
SYCRF acquired no...I ageee, because NOL would be lost, but as a novice BK investor, a company with profits could reverse merger into SYCRF and take advantage of the 3 billion nol.
Not sure about IRS rule on this, but I think this is one of the ways not to blow the change in ownership rule 382.
Eevw
Investor, were did you get the $106,000. Note 9 says $3.4 million
eevw
I don't what an inter creditor agreement does, but looks like 3/15 there was a deadline to meet t I file or in act this.
https://www.google.com/url?sa=t&source=web&rct=j&ei=mPEFVaK4I8XHsQTJzYCAAQ&url=http://sec.edgar-online.com/capital-growth-systems-inc-fl/8-k-current-report-filing/2008/11/20/section19.aspx&ved=0CCIQFjAC&usg=AFQjCNFtA8vF00SgS9Udt3G6onRVNe3dZw&sig2=d5q4fdl4kmzY1STT8lb_6g
Brand...
Ambac went tits up, cancelled all common, recapitalization and now is what $24 a share...WTF !
MBIA like SYCRF kept their ships floating.
Hats off to SYCRF for making the MTA 09, and not pulling the plug.
Now, I need to resist on pulling the plug on SYCRF.
S
Brand...
Ambac went tits up, cancelled all common, recapitalization and now is what $24 a share...WTF !
MBIA like SYCRF kept their ships floating.
Hats off to SYCRF for making the MTA 09, and not pulling the plug.
Now, I need to resist on pulling the plug on SYCRF.
S
to all the old 'Q' stock players...CGSYQ, common still trades, and not cancelled. some type of inter creditor agreemnt signed back when it went BK is goinmg down 3/15? Not sure what it means...
INTER-CREDITOR AGREEMENT
This INTER-CREDITOR AGREEMENT (the “ Agreement ”) is made and effective as of November __, 2008, by and between the holders of Capital Growth Systems, Inc.’s Original Issue Discount Secured Convertible Debentures Due March 2015signatory hereto (“ Existing Creditors ”) and the New Creditors (as defined below) (the Existing Creditors and the New Creditors are collectively referred to as the “ Creditors ”).
RECITALS
WHEREAS, the Existing Creditors are the parties to that certain Securities Purchase Agreement dated March 11, 2008 (the “ Purchase Agreement ”) by and between each Existing Creditor and Capital Growth Systems, Inc. (the “ Company ”) and are the holders of Original Issue Discount Secured Convertible Debentures Due, subject to the terms therein, March 2015, with an aggregate total face amount of $30,877,552 executed by the Company in favor of the Existing Creditors (the “ Existing Indebtedness ”), and the Existing Creditors are the beneficiaries of that certain Security Agreement dated March 11, 2008 (the “ Security Agreement ”) between the Company and the Existing Creditors and Enable Growth Partners, LP (“ Collateral Agent ”), as collateral agent for the benefit of the Existing Creditors (“ Collateral Agent ”)
Full agreement:
http://sec.edgar-online.com/capital-growth-systems-inc-fl/8-k-current-report-filing/2008/11/20/section19.aspx
Irish,
You still with us? I have to admit I drew down some of my holdings,
over the last week...not near enough. oh well.
still sitting on shares bought back in the .20 cent days. I dont know how much longer to these shares. Long since the XL Capital days.
EEVW
You know sometimes can be very cruel. I sold 10,000 shares of FMCC on 2/11 for something like 2 something, after holding for 3 months. I don't even want to go back and look at the trade slip.
Missed a $10,000 gain. Then again, I Watched SYCRF drift from $3.80.
OT,
Since we are waiting for the Sycrf story to unfold. ..
Cgsyq...Capital Growth Systems.
Bk company, sold all assets to Pivotal Group, a private equity company in AZ. PIVOTAL, owned by Francis Najafi rebranded Capital Growth Systems as a new private company called Global Capacity, a solid broad band inter connectivity company.
Get this... Mr. Francis Najafi owns 295,000,000 plus shares of convertible debentures of CGSYQ stock.
So, if Pivotal owned by Najafi wants to take Global Capacity public, well he would own all the shares of CGSYQ., except for the 1.5 million that I own.
Then again the CGSYQ stock could be canceled tomorrow, buts it's still there.
My favorite reverse merger story:
Overnite...
http://pennystockgurus.blogspot.com/2011/02/gway-soaring-23000-on-reverse-merger.html?m=1
I've been playing the NOL game for a few years as speculation....Corsq, cgsyq with no luck yet. Both are bk, but with clean shells, and loads of Nols. Both bk companies went private. Check IRS rule 382. Very complex, but bottom, can't have change of ownership more than 5%.