Any posts are my opinion, and should not be relied on for your investment decisions.
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Scottrade shows only 8.8% of CPMK held by institutions.
CPMK last SEC filing was in 2/11/2014. 13-G that shows Canyon Capital Advisors LLC owning about 3.2M shares.
One large block traded today (~2M shares) and vol has gone up substantially since 11/3/14
http://finance.yahoo.com/q/hp?s=CPMK&a=09&b=12&c=2011&d=02&e=19&f=2015&g=w
Time and Sales for CAPMARK FINANCIAL GRP INC (CPMK) Mar 19, 2015
Symbol:
Time Price Volume Market
14:12:34 4.70 10000 OTO
14:11:43 4.73 10000 OTO
13:15:16 4.65 2052500 OTO
Great post 44. Thanks again.
I watched the video 3 times. I commend Rep. Capuano for bringing logic into the dialogue.
Lew is really trying to pass the buck while taking all of F&F's bucks.
Thanks 44. Best JW
Here are some more Thackeray DE LLC formed with CSC resident trustee services...
THACKERAY PARTNERS FUND I ACQUISITION, LLC - Company ...
Jan 16, 2005 ... Corporation details for THACKERAY PARTNERS FUND I ACQUISITION, LLC. Get a variety of details and information on THACKERAY ...
www.company-records.com/corporation/THACKERAY.../159660
THACKERAY PROPERTIES, INC. - Company Records
Jan 4, 1987 ... Get a variety of details and information on THACKERAY PROPERTIES, INC., including corporation details, registered agent details, corporation ...
www.company-records.com/corporation/THACKERAY.../159668
THACKERAY FUNDING CORP. - Company Records
Jan 1, 2006 ... Corporation details for THACKERAY FUNDING CORP.. Get a variety of details and information on THACKERAY FUNDING CORP., including ...
www.company-records.com/corporation/THACKERAY.../159655
Tanjazielman,
William C. Kosturos, is the liquidating trustee. CSC is the resident trustee (they reside in Delaware).
One trustee has to reside in DE and using a liquidating trust to distribute the assets of a company (while minimizing tax liability) is becoming more common. If structured properly, this trust will avoid double taxation to both the trust and the beneficiaries, enabling more cash to be distributed to the beneficiaries. Very often, liquidating trusts are structured as DSTs to take advantage of the flexibility provided by the Delaware Statutory Trust Act, and the sophistication of the Delaware court system.
http://www.cscflash.com/archives/2009_11/article2.html
Corp tax rates in Australia (30%) and New Zealand (28%). U.S. zero if you have NOLs to utilize.
http://www.kpmg.com/Global/en/services/Tax/tax-tools-and-resources/Pages/corporate-tax-rates-table.aspx
Freddie Mac Feb 2015 Investor presentation (link)
http://www.freddiemac.com/investors/pdffiles/investor-presentation.pdf
Some highlights -
Page 21 - Homes for Rent inventory is at its lowest point in 14 years
Page 35 - Single Family credit risk. Only 13% of portfolio is 2005-2008 legacy book. Subset of this 13% represents 81% of the loss in Freddie's single family credit guarantee portfolio.
Page 61 - 76% of Freddie single family securitization was for 30yr fixed.
Page 64 - Foreign demand for MBS in negative territory again (selling, not buying).
"Liquidation rights give preferred stockholders the book value of the company."
Excellent point DS.
Applying IHUB ignore functionality to you now (again, not quite sure why it was not working).
Clarification for other board members.
"with respect to the payment of distributions." Payment of distributions would include dividends.
Both classes of prefs rank equal, "with respect to payment of distributions."
As a further example, here's a link to another preferred prospectus that utilizes essentially the same rank language as IMPHO prospectus. In the KKR pref., example dividends are also distributions and rank applies to both scenarios (distributions AND distribution of our assets upon our liquidation, dissolution or winding up). Rank applies broadly to rights of any and all payments.
http://www.sec.gov/Archives/edgar/data/1386926/000104746913000177/a2212424z424b5.htm
Oh man LBHI should be in chapter 11 with that balance sheet. Oh wait they are. LOL.
To the hyperbole hit squad, one day the world might end and you should start posting on as many boards as you can about that. Probably more beneficial than what you are providing here.
The CSP experiment sounds exactly like a boondoogle. $300M to start development and then no oversight or forecasts on how much more F&F funding will be required to get a working platform. Additionally, many of the proposed bills assume the CSP works well.
The GSEs continue to serve this country well in good and bad times over many decades. Our government should not be experimenting (CSP) with 20% of the US economy at stake.
"Investing in Fannie Mae and Freddie Mac was encouraged just a few months before the two giant companies were forced into conservatorship. These investors included pension funds, school teacher funds, moms, retirees. They all thought they were making a prudent decision for their future."
Great points Camaro. It is some of these same pension funds that are now engaged in legal battles against our government now over the profit sweep.
Good video on the GSEs DP.
AT,
Are you factoring any dilution?
Good write up 44. Great points and I agree that this may go to SCOTUS. The political pressure does seem to be rising for FHFA and Treasury to start moving risk away from the taxpayers.
IMO the warrants are likely to be utilized by Treasury. Many scenarios of what may happen. AIG case is wildcard. Upside may be greater, but I'm comfortable (relative to commons) in prefs.
My last reply to you regarding rank. Look at the broad header/category under which the rank section is placed. It was specifically NOT placed under the narrow liquidation section. Again suggest you re-read it and understand the statements and context of where they are placed in the document.
Good point DS. I too invested for the value, the lawsuits are a side issue.
Wow, thanks for posting 44. Actions are often louder than words.
I gave you the link. They filed the amendments around 6/2009. The rank applies to both payments and liquidation.
Also, there is a separate section specifically for Liquidation.
(4) LIQUIDATION DISTRIBUTION.
(a) Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, the holders of shares of Series C Preferred Stock then outstanding are entitled to be paid out of the assets of the Corporation, legally available for distribution to its stockholders, the sum of a liquidation preference of $25.00 per share before any distribution of assets is made to holders of Common Stock or any series of preferred stock of the Corporation that ranks junior to the Series C Preferred Stock.
(b) In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding up, the available assets of the Corporation are insufficient to pay the amount of the liquidating distributions on all outstanding shares of Series C Preferred Stock and the corresponding amounts payable on all shares of other classes or series of capital stock of the Corporation ranking on a parity with the Series C Preferred Stock in the distribution of assets, then the holders of the Series C Preferred Stock and all other such classes or series of capital stock shall share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled.
(c) After payment of the full amount of the liquidating distributions to which they are entitled, the holders of Series C Preferred Stock will have no right or claim to any of the remaining assets of the Corporation.
(d) Written notice of any such liquidation, dissolution or winding up of the Corporation, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by first class mail, postage pre-paid, not less than 30 nor more than 60 days prior to the payment date stated therein, to each record holder of the Series C Preferred Stock at the respective addresses of such holders as the same shall appear on the stock transfer records of the Corporation.
(e) The consolidation or merger of the Corporation with or into any other corporation, trust or entity or of any other corporation with or into the Corporation, or the sale, lease or conveyance of all or substantially all of the assets or business of the Corporation, shall not be deemed to constitute a liquidation, dissolution or winding up of the Corporation.
Suggest you re-read it. The section specifically separates out payment distributions from the distribution of assets upon liquidation, dissolution or winding up of the Corporation. In both cases they rank pari passu.
Trying to inflate the price of your pref holdings? Suggest you sell and buy more IMPHO.
GL
Impac IR page under SEC filings. Narrow to 2009 and you'll find filed amendments posted.
Link
http://ir.impaccompanies.com/docs.aspx?iid=103609
Suggest you read the amendment. The section I posted re parity is directly from the filed copy.
Wish I had more dry powder as well. I like the strategy IMH is executing and the fact that they were able to weather the financial crises when most of their competition went bk.
If the B series wins in court and gets a distribution, then do not forget that our C series has parity rank
Series C Preferred Stock
(1) DESIGNATION AND NUMBER. A series of preferred stock, designated, the “9.125% Series C Cumulative Redeemable Preferred Stock” (the “Series C Preferred Stock”), is hereby established. The number of shares of the Series C Preferred Stock shall be 5,500,000.
(2) RANK. The Series C Preferred Stock shall, with respect to the payment of distributions and the distribution of assets upon liquidation, dissolution or winding up of the Corporation, rank (a) senior to all classes or series of Common Stock, to the Series A Junior Participating Preferred Stock (as defined in the Charter) and to all equity securities of the Corporation the terms of which specifically provide that such equity securities rank junior to such Series C Preferred Stock; (b) on a parity with the 9.375% Series B Cumulative Redeemable Preferred Stock (as defined in the Charter) and with all other equity securities issued by the Corporation the terms of which specifically provide that such equity securities rank on parity with the Series C Preferred Stock; and (c) junior to all equity securities issued by the Corporation the terms of which specifically provide that such equity securities rank senior to the Series C Preferred Stock. The term “equity securities” shall not include convertible debt securities.
Yes, good point re DTAs. The CEO even stated that acceleration is the plan.
Mr. Joseph Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc., commented, “The CashCall Mortgage name adds significant brand equity to the Impac franchise. Additionally, we believe that the expansion of product capabilities and geographical footprint, for both sides, will create significant strategic and financial benefits. This transaction increases the scale of our overall platform which is expected to leverage existing infrastructure and enhance profitability. Furthermore, increased profitability will accelerate the ability to monetize the value of tax loss carry forwards.”
Robigus,
The cashcall deal was some cash from IMH and contingent component from future earnings.
From Impac's cashcall acquisition statement...
"The transaction has been structured with a significant contingent component of the purchase price with the intent to minimize the financial risk for Impac Mortgage Holdings, Inc. while being accretive to earnings. Also, with Impac’s significant tax loss carry forwards, all net profits from CashCall Mortgage are expected to generate significant tax benefits."
Incorrect. Suggest you read the rank carefully. It is not just in relation to each other.
"on a parity with the most senior preferred or preference stock now or hereafter issued by Lehman Brothers Holdings and with any guarantee now or hereafter entered into by Lehman Brothers Holdings in respect of any preferred securities of any affiliate of Lehman Brothers Holdings."
10b is the sub notes only. The pref shares are NOT in 10b and are non-debtor status.
Thanks rl,
Good point. Your right about the prefs being separate. Key point they are outside the Chapter 11. I was thinking solely about a payment via the trust.
I read the note on the balance sheet and have wondered why LBHI would need to make a payment "as if 100% of the Preferred Equity proceeds had been transferred by LBHI2 to the Joint Venture."
To me it appears its due to the pref parity status-
Status of the Guarantees
The guarantee will constitute an unsecured obligation of Lehman Brothers Holdings and will rank:
•subordinate and junior in right of payment to all other liabilities of Lehman Brothers Holdings,
•on a parity with the most senior preferred or preference stock now or hereafter issued by Lehman Brothers Holdings and with any guarantee now or hereafter entered into by Lehman Brothers Holdings in respect of any preferred securities of any affiliate of Lehman Brothers Holdings, and
•senior to Lehman Brothers Holding's common stock.
It would be due to the pref parity, not the sub debt. Intelligent replies only please.
Very interesting that LBHI, LBHI2, Elliot and Kingstreet set up a Cayman joint venture to fund a future claims purchases SPV. The term sheet (link).
http://dm.epiq11.com/LBH/Document/GetDocument/2440840
Most interesting part to me - LBHI2 is contributing its pref equity amounts in LBIE as part of its funding of the joint venture toward future recoveries.
Question for board members - If some amount is paid by LBIE to the SPV joint venture due to LBHI2 pref equity contribution/claim, then does that require LBHI to make payment to any outstanding sr. pref equity not in the chap. 11 (our CTs)?
And then the note on the balance sheet regarding preserving the economic terms...
Here's the note...
"If LBIE makes distributions on the preferred equity before aggregate distributions from the Joint Venture to the Funds and LBHI2 have reached GBP 2.2 billion (plus interest) then, in certain circumstances, LBHI2, Lux Finance and LBHI shall be obligated to make payments to preserve the economic terms of the transaction as if 100% of the Preferred Equity proceeds had been transferred by LBHI2 to the Joint Venture."
Good post edbk,
Agree, no discharge. Only claim reductions and exchange.
Did you short a bunch of CTs when these were able to be shorted? Now these have come back to life, gotta cover?
Title II of the 1934 Telecommunications Act, this is soooooooooo troubling. Looks like the foundation for another tax at least. An over reach by our FCC at least. This is bad.
New bal sheet and updated cash flow posted...
DOCKET 48003
01/30/2015
Statement : Post-Sixth Distribution Cash Flow Estimates filed by Garrett A. Fail on behalf of Lehman Brothers Holdings Inc.. (Fail, Garrett)
Case: Lehman Brothers Holdings Inc.
DOCKET 48002
01/30/2015
Balance Sheet : Balance Sheets as of October 2, 2014 - Managements Discussion and Analysis and Accompanying Schedules Filed by Garrett A. Fail on behalf of Lehman Brothers Holdings Inc.. (Fail, Garrett)
Case: Lehman Brothers Holdings Inc.
http://dm.epiq11.com/LBH/Docket#Debtors=1906&RelatedDocketId=&ds=true&maxPerPage=25&page=1
Best to take what is said on the board and research yourself (either good or bad). Also, may want to stick to your name...stocks no way
Back to wait mode. GL all
Yes somebody got 100 shares at .0701
Time and sales LHHMQ-
Time Price Volume Market
15:20:16 0.0701 100 OTO
15:11:43 0.145 1200 OTO
15:08:50 0.1301 5000 OTO
15:07:33 0.1301 5000 OTO
13:52:24 0.14 75 OTO
09:44:56 0.14 400 OTO
Even funnier, I had an order for 500 at .09 that never filled (it expired)
Date Symbol Subject Action
1/7/2015 4:00:00 PM ET LHHMQ Bought 500 LHHMQ @ $0.09 Expired
and now we are back to pps of 2.16 (from sudden move down to 1.95).
total daily volume before short term move down ~189K shares traded
after 20-30 minute move down to 1.95 ~1.36M shares traded.
My speculation, retailers with stops set just below $2 got ~1.17M shares taken.
Same action day before, but it was near the end of the day. pps taken down to 1.76 for about 30 - 40min.