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http://www.valuewalk.com/2014/06/biofuel-energy-corp-biof-approves-greenlight-capital-bid/
New info on GLRE. Selling off assets. Maybe they are streamlining for a possible merger. But that is just my opinion. Would love to hear the boards assessment.
Thanks D. I haven't received anything but I won't hold my breath that I will be paid anytime soon.
Thanks Catz.
Catz, Do the RONs conversion apply to WAMPQ shares? If so, my account still shows that I am holding escrow shares.
Thanks Camaro
Is it too late to buy these preferred shares or have they been suspended like WAMU? Also did you have to grant a release?
Sorry old news
More news on possible acquisitions.
Hedge Funder Sees KKR's Next Deal in Washington Mutual's Shell
BY Antoine Gara| 02/13/14 - 01:22 PM EST
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Find out if (KKR) is in Cramer's Portfolio.
NEW YORK (TheStreet) - Stephen J Errico of hedge fund Locust Wood Capital Advisers expects KKR's (KKR) next buyout deal could come from the publicly-traded shell of Washington Mutual, the failed thrift lender whose assets and liabilities were acquired by JPMorgan (JPM) in a controversial crisis-era takeover.
Errico said at the Harbor Investment Conference in midtown Manhattan on Wednesday that Locust Wood is investing in WMI Holdings, the publicly traded shell of Washington Mutual, because he believes KKR's recent million investment in the company signals the PE firm may use it for its next billion dollar deal.
The investment was characterized as a speculative bet by Errico and centers on net operating loss carryforwards that KKR may be able to utilize were WMI Holdings to begin making large acquisitions. In March, a two-year waiting period for WMI Holdings to realize its NOLs expires, giving the company the ability to make acquisitions at advantageous prices, according to Errico's comments.
He estimated on Wednesday that WMI Holdings carries nearly $6 billion in loss carryforwards, an attractive asset in prospective acquisitions.
In January, KKR made what it called a "strategic investment" in WMI Holdings consisting of a $11 million purchase of the face value of its convertible preferred stock, which converts at a price of $1.10 per share. The PE giant also committed to purchase up to $150 million aggregate principal amount of WMI Holdings subordinated 7.5% PIK notes, which may be issued in one or more tranches over a three year period, with a seven year term from the date of that issuance.
As part of the investment, KKR received five-year warrants to purchase approximately 61.4 million shares of the Company's common stock, 30.7 million of which has an exercise price of $1.32 per share and 30.7 million of which has an exercise price of $1.43 per share.
KKR received the right for three years to participate up to 50% in equity offerings up to an aggregate of $1 billion by WMI Holdings, including a cap on ownership by KKR of 42.5% of the company's common equity.
"We believe the investment in our Company by KKR will enhance value for all shareholders of WMI Holdings. KKR has a history of investing across a wide range of asset classes and we look forward to working with the KKR team as we execute on our acquisition strategy," Michael Willingham, chairman of WMI Holdings said at the time.
Errico of Locust Wood believes KKR made the investment so it can push forward acquisitions that utilize WMI Holdings NOLs. He now characterizes WMI Holdings as a "KKR special purpose acquisition vehicle."
"Expect acquisitions to be announced sooner rather than later," Errico said. He said it was a smaller cap, more speculative way to invest alongside KKR.
WMI Holdings shares were little changed on Thursday. KKR didn't respond to an email seeking comment.
I hope you are right but human nature tells me that no Republican (Politician or Demarco) wants to be perceived as selling out to Wall Street. They have enough problems with the Republican brand being dragged around in the media. Republicans want the Democrats to take the heat for this one. After 5 years most Americans probably have moved on to other issues. But after the markets re-act to the good news and more jobs are created then everyone sees it as a win regardless of party affiliation. Thanks for the response Blue.
I hope you are right but human nature tells me that no Republican (Politician or Demarco) wants to be perceived as selling out to Wall Street. They have enough problems with the Republican brand being dragged around in the media. Republicans want the Democrats to take the heat for this one. After 5 years most Americans probably have moved on to other issues. But after the markets re-act to the good news and more jobs are created then everyone sees it as a win regardless of party affiliation. Thanks for the response Blue.
I think Fannie and Freddie will be released once Watts has been in the seat a few months and the debt ceiling debacle has been settled. Until then the President won't give up his revenue generating ace in the hole. Fannie and Freddie are a back door to getting revenue from the treasury.
I think Fannie and Freddie will be released once Watts has been in the seat a few months and the debt ceiling debacle has been settled. Until then the President won't give up his revenue generating ace in the hole. Fannie and Freddie are a back door to getting revenue from the treasury.
Lol. You got that right.
Here is how this will play out. The senate will bring the Corker bill to the floor. Of course they know it will not have enough votes to pass or it will be filibustered. Since it is a bi-partisan bill then both parties can say they tried to get meaningful GSE housing reform passed. But Congress is gridlocked due to extremist and lobbying efforts so liquidation is not an option. Then they will "compromise" to pass a bill that has Freddie and Fannie only being able to corner a percentage of the housing market if the private market agrees to pick up the slack. Both parties will be able to save face on this issues. With a 14% approval rating no one expects much from them anyway. JMO
Here is how this will play out. The senate will bring the Corker bill to the floor. Of course they know it will not have enough votes to pass or it will be filibustered. Since it is a bi-partisan bill then both parties can say they tried to get meaningful GSE housing reform passed. But Congress is gridlocked due to extremist and lobbying efforts so liquidation is not an option. Then they will "compromise" to pass a bill that has Freddie and Fannie only being able to corner a percentage of the housing market if the private market agrees to pick up the slack. Both parties will be able to save face on this issues. With a 14% approval rating no one expects much from them anyway. JMO
Here is how this will play out. The senate will bring the Corker bill to the floor. Of course they know it will not have enough votes to pass or it will be filibustered. Since it is a bi-partisan bill then both parties can say they tried to get meaningful GSE housing reform passed. But Congress is gridlocked due to extremist and lobbying efforts so liquidation is not an option. Then they will "compromise" to pass a bill that has Freddie and Fannie only being able to corner a percentage of the housing market if the private market agrees to pick up the slack. Both parties will be able to save face on this issues. With a 14% approval rating no one expects much from them anyway.
802.01C Price Criteria for Capital or Common Stock
A company will be considered to be below compliance standards if the average closing price of a security as reported on the consolidated tape is less than $1.00 over a consecutive 30 trading-day period.
Once notified, the company must bring its share price and average share price back above $1.00 by six months following receipt of the notification. A company is not eligible to follow the procedures outlined in Paras. 802.02 and 802.03 with respect to this criteria. The company must, however, notify the Exchange, within 10 business days of receipt of the notification, of its intent to cure this deficiency or be subject to suspension and delisting procedures. In addition, a domestic company must disclose receipt of the notification by issuing a press release disclosing the fact that it has fallen below the continued listing standards of the Exchange within the time period allotted by SEC rules for the making of a filing with respect to Exchange notification of that event, but no longer than four business days after notification. A non-U.S. company must issue this press release within 30 days after notification. If the company fails to issue this press release during the allotted time period, the Exchange will issue the requisite press release. The company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. In the event that at the expiration of the six-month cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the Exchange will commence suspension and delisting procedures.
Notwithstanding the foregoing, if a company determines that, if necessary, it will cure the price condition by taking an action that will require approval of its shareholders, it must so inform the Exchange in the above referenced notification, must obtain the shareholder approval by no later than its next annual meeting, and must implement the action promptly thereafter. The price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above the level for at least the following 30 trading days.
Notwithstanding the foregoing, if the subject security is not the primary trading common stock of the company (e.g., a tracking stock or a preferred class) or is a stock listed under the Affiliated Company standard where the parent remains in "control" as that term is used in that standard, the Exchange may determine whether to apply the Price Criteria to such security after evaluating the financial status of the company and/or the parent/affiliated company, as the case may be.
Amended: September 2, 2009 (NYSE-2009-88).
No that only applies to IPOs. If you look at the NYSE regulations under paragraph 802.01C it talks about listing after delisting.
Blue I think this is what the poster on Yahoo was referencing when he or she posted about the re-listing after 30 days of trading above $1. Please read paragraph 802.01C.
http://nysemanual.nyse.com/LCMTools/PlatformViewer.asp?searched=1&selectednode=chp%5F1%5F9%5F2&CiRestriction=802%2E00&manual=%2Flcm%2Fsections%2Flcm%2Dsections%2F
Doesn't the Fed have to re-apply to have FNMA re-listed on the NYSE? If so, I don't see that happening anytime soon. If it is automatic then hopefully it will continue to trade above $1.
ARCA must be back from Taco Bell. I hope the Quesadilla was good. If not we are in trouble. Lol
Here is the reason why this stock is not going anywhere!!!
http://thenationalrealestatepost.com/2013/04/02/are-freddie-mac-fannie-mae-going-away/
Some people want to take the fast train to wealth. But it doesn't exist. You have to endure the tough times in order to appreciate the prize. If this stock has no future prospect it could easily be sitting at the bottom with many of the other OTCs. I choose to stay the course.
Just enjoy the ride. Up and down. Down and up. Still a great stock. Slow progression up is a good sign.
Another great day for Fannie and Freddie
Hi all. Check this out. It is a month old video but I think the information relevant.
http://thenationalrealestatepost.com/2013/04/02/are-freddie-mac-fannie-mae-going-away/
Totally agree with you on that. Too bad more people including world leaders don't look at it the way you just articulated. IMHO
The fact remains that the more Congress delays the reform agenda makes it more likely that FNMA will survive. The private market has a great deal invested in the survival of this company. They are not willing to pick up the slack when it comes to the mortgage market. Personally I think they will tell Congress that sweeping changes in this arena is detrimental to the overall recovery and future expansion of the economy. With that being said, what will Congress replace this entity with? NOTHING! The Wall Street will no longer give to Congressional campaigns and their geese are cooked if that happens. Also, to revamp such a system will take years and over that period of time foreign investor will not invest in the US economy. It is like a boxing match. DOWN GOES THE ECONOMY! DOWN GOES THE ECONOMY! I would look for them to put in safe guards but not dismantle the system.
I feel like a $2 hooker with a sore butt. Lol.
Soon to be raining dollars.