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Why are there not anyone on this blog, this a extremely hot stock that I've flipped 3800 shares 3 times in the past month with the gains 10% and above each time. This is a must buy!!!!!!!!!!!!!
Now on Fox Business FnF
CNBC talking about FnF right now
Obama speech today to shut down FnF, better get your sell orders in this morning.
http://www.foxnews.com/politics/2013/08/06/obama-to-urge-congress-in-speech-to-shutter-fannie-mae-and-freddie-mac/
It's 2:00 P.M. If they meet or beat their estimates tomorrow they have the potential of a 20% gain
Doe's anyone know what time AA is announcing it's earnings Thursday?
Thanks and GLTY, CC
U.S. Air stockholders voting on merger today in New York.
Republican introduce bill to wind down FnF
http://www.foxbusiness.com/government/2013/07/11/house-republicans-look-to-end-fannie-mae-freddie-mac/print
Republicans in the U.S. House of Representatives on Thursday unveiled draft legislation that would wind down mortgage finance companies Fannie Mae and Freddie Mac, strip the mortgage securitization process from government control and revamp the Federal Housing Administration.
The sweeping proposal aims to establish a new framework for the U.S. housing finance system and reduce the government's role in the market as much as possible, Republicans on the House Financial Services Committee told reporters.
It would also create a legislative framework and regulatory structure for so-called covered bonds, which would be backed by mortgages but which would remain on the issuer's balance sheet, unlike the mortgage-backed securities backed by Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac, which would be wound down in five years under the proposed bill, buy mortgages from lenders and repackage them into MBS for investors which they issue with a guarantee. They were seized by the government in 2008 during the financial crisis as they teetered on the brink of collapse under the weight of souring loans.
The government pumped $187.5 billion into the companies to keep them afloat, but they have since returned to profitability and have paid about $132 billion in dividends to taxpayers.
Any transition to a new housing finance system will likely take years. The largest U.S. banks, credit unions, home builders and real estate brokers all hold a stake in the outcome.
Republicans blame Fannie Mae and Freddie for helping to inflate the housing bubble, and they are eager to reduce the government's involvement and make sure taxpayers are never again on the hook for losses.
The proposal laid out by the leading House Republicans is an opening gambit in a fight with Democrats, who control the Senate and agree Fannie Mae and Freddie Mac should be shuttered but who want to preserve a government role in the housing market.
Read more: http://www.foxbusiness.com/government/2013/07/11/house-republicans-look-to-end-fannie-mae-freddie-mac/#ixzz2Yl1y4kbD
AA earnings come out July 17th with a projected earnings of $35 MIL.
Re: Eastman Kodak – Case 12-10202 (ALG) – Objection to the 1st Amended Plan of
Reorganization and Proposed 1st Alternative Plan of Reorganization
Honorable Judge Gropper,
I am a shareholder of Kodak and a member of Kodak Shareholders Group whose members have filed many objections to the Initial Disclosure Statement and the Initial Joint Plan of Reorganization during the last two months.
On June 25, 2013, the court approved the First Amended Disclosure Statement (1st Amended DS) for the First Amended Joint Chapter 11 Plan of Reorganization (1st Amended POR) of Eastman Kodak Company and its Debtor Affiliates.
I respectfully request the court to make an order for a Special Kodak Shareholders Hearing as soon as possible, and before the voting date on August 9, 2013, to review the objections of Kodak shareholders to the 1st Amended POR, the proposed 1st Alternative POR, and amendments to 1st Amended DS.
Based on the information provided on the approved 1st Amended DS, 1st Amended POR in its current form is not in the best interests of the stakeholders of Kodak. If 1st Amended POR is approved, Reorganized Kodak will not qualify under IRC Section 382 (1) (5) and lose almost all of its $2.6B pre-emergence net operating losses (NOL’s), and $730M tax credits. This will substantially reduce New Kodak’s future cash flows and its post-emergence equity.
On the other hand, with a modified 1st Amended POR (1st Alternative POR) that enables current common shareholders and qualified unsecured creditors own at least 50% of New Kodak’ s equity, New Kodak will qualify under IRC Section 382 (1) (5) and be able to use its pre-emergence tax attributes without any limitation. This will increase the reorganization value of New Kodak from $498M to $1.5B, increase its future cash flows substantially, and therefore provide a much better recovery to all unsecured creditors and other stakeholders of Kodak.
If 1st Alternative POR is approved, there will be some dilution, but the additional recovery to the unsecured creditors is significantly more than the dilution affect on New Kodak’s equity. For example, if after the proposed right offerings are completed, New Kodak has 41.7 New Common Shares, and only 30% of unsecured creditors become qualified creditors for the purposes of IRC Section 382 (1) (5), the current common shareholders are given 16 million New Common Shares so that New Kodak qualifies under IRC 382 (1) (5). This results in 38% dilution to the ownership of unsecured creditors and backstop parties. But, even with this dilution, they have 137% more recovery with their $1.13B share of the new $1.5B reorganization value of New Kodak compared to $478M of the $498M reorganization value they would have, if 1st Amended POR is approved.
The key benefits of 1st Alternative POR as compared to 1st Amended POR are as follows:
The financial projections below are based on a $2.5B fair market value estimate of New Kodak’s land, building, plant, intellectual property, brand name, and business goodwill and other intangible assets when fresh start accounting is implemented in 2014.
If 1st Amended POR is approved, Kodak will have ownership change and will not qualify under IRC Section 382(1) (5) to utilize its $2.6B NOL’s, $577M foreign tax credits and $153M investment tax credits without limitation. Instead, Kodak will elect IRC Section 382(1) (6), and will able to use up to $14M per year of its tax attributes. This amount equals to the equity value of New Kodak ($498M) at emergence multiplied by the Federal Long Term Tax Exempt Rate of 2.8%. If 1st Alternative POR is approved, New Kodak will qualify under IRC Section 382 (1) (5) and will be able to use its tax attributes without limitation. This increases the reorganization value of New Kodak from $498M to $1.5B, and improve its cash flows substantially.
If 1st Amended POR is approved, the 1st Amended DS shows that under IRC Section 392(1) (6) rules, New Kodak has $23-30M NOL Residual Value , the estimated value of net operating loss carry forwards expected to be available to Reorganized Kodak beyond the Projection Period (after 2017). 1st Amended DS also shows that New Kodak will not be able to use any of its pre-emergence NOL’s in the Projection Period due to the $100M annual interest costs of the $695M Emergence Term Loans. If the Alternative POR is approved, the Residual NOL Value will be close to $300M using a 15% discount rate, and a $700M net deferred tax benefit will be realized in 2014 when fresh start accounting is implemented.
If 1st Amended POR is approved, New Kodak will have $700M deferred tax liability in 2014, when fresh start accounting increases the values of its assets to fair market values from the extremely low post-emergence book values. A fair market valuation of Kodak’s land assets, buildings, plants, patents and goodwill could be $2.5B or more. Then, New Kodak will report $2B write-up income for the 2014 taxation year. This income is the difference between the $2.5B fair value minus the $498M reorganization value. Kodak will have to report close to $700M deferred tax liability in 2014 as most of the write-up income will be in the USA. New Kodak will not be able to offset this $700M tax liability against any deferred tax assets as the use of its pre-emergence NOL’s is limited to $14M a year under IRC 382 (1) (6). The $700M deferred tax liability will decrease New Kodak’s equity from $2.5B fair market value to $1.8B. If 1st Alternative POR is approved, the $700M deferred tax liability from the $2B write-up income in 2014 will be offset against New Kodak’s deferred tax assets coming from the $2.6B NOL’s available under IRC 382 (1) (5). Therefore, 1st Alternative POR provides a $700M deferred tax benefit to New Kodak in 2014 as compared to 1st Amended POR. New Kodak’s 2014 equity will be $2.8B, $1.5B reorganization value (including $1B deferred taxes assets) increased by $2B fair market value write-up of assets by fresh start accounting and decreased by $700M reduction in deferred tax assets.
If 1st Amended POR is approved, and New Kodak elects not to use fresh start accounting, it will still have substantial tax liabilities, when it sells any land, building, plant or patent assets. For example, Kodak has recently resolved its environmental liabilities of Eastern 3 of 3Business Park in Rochester, and wants to sell it. If New Kodak sells this asset for $500M in 2014, it will report an income of $485M, and will have a $170M tax liability. This tax liability cannot be offset against the available $14M annual NOL’s. If 1st Alternative POR is approved, and New Kodak elects not to use fresh start accounting, New Kodak will not have any additional tax liabilities when it sells any land, building, plant or patent assets. For example, if New Kodak sells Eastern Business Park in Rochester in 2014 for $500M, it will report an income of $485M, but this income will be offset against New Kodak’s $2.6B NOL’s available under IRC 382 (1) (5). This will provide a $170M tax benefit to New Kodak as compared to 1st Amended POR.
If 1st Amended POR is approved, and New Kodak profits in the USA are substantially more than the conservative earnings projections provided in 1st Amended DS – due to more revenues and profits from Kodak/Uni-Pixel touch screen manufacturing partnership, higher IP licensing and brand licensing revenues and profits, higher commercial imaging business profits, profits from asset sales or business unit sales – New Kodak will have substantial tax liabilities that cannot be offset against the available $14M annual NOL’s. If 1st Alternative POR is approved, and New Kodak profits in the USA are substantially more than the conservative earnings projections provided in 1st Amended DS, it will not have any additional tax liabilities, as the incremental income will be offset against New Kodak’s $2.6B NOL’s available under IRC 382 (1) (5).
If 1st Amended POR is approved, due to the substantial tax liabilities that cannot be offset against the $14M annual NOL’s available under IRC 382 (1) (6), it will take longer for New Kodak to pay off its $695M Emergence Term Loans that have very high interest rates. New Kodak will have to continue paying $100M interest for five years reducing its cash flow by $500M during this period. If 1st Alternative POR is approved, New Kodak’s tax liabilities will be offset against the $2.6B NOL’s available under IRC 382 (1)(5). Therefore, it will be able to pay off its $695M Emergence Term Loans earlier than five years and save $100M annual interest costs. This will increase its cash flow by close to $200M by earlier redemption of the Emergence Term Loans.
If 1st Amended POR is approved, New Kodak will lose almost all of its $2.6B NOL’s and $730M tax credits. This will make New Kodak unattractive for a merger or acquisition, thereby limiting the increase in the market value of its equity. If 1st Alternative POR is approved, New Kodak will have $2.6B NOL’s and $730M tax credits without limitation. This will make New Kodak attractive for a merger or acquisition and increase the market value of its equity by $500M or more.
Respectfully,
FBN is about to talk about Fannie and Bloomberg just finished a discussion.
Where in the world are you coming up with those numbers, I see Fannie up $.08 to $1.25 euros @ 6.66%
Thanks, also do you know if they've applied to get re-listed on NYSE.
GLTY
Good morning, I've been out of this stock for a few weeks. Can someone tell me why the stock dropped Friday.
Thanks, CC and GLTY
American Airlines does and Kodak did and will again soon, If I had the time I could think of a few more
I agree, I was flipping on two accounts 30k and 40k and it was taking an average of 12 executions to close sale/buy.
I have a wash sale tax rule question, if you look below you can see TDA has me as day trade buying power. Since it is designated that way am I able to use any tax write offs if i buy the same stock in 30 days. I've been flipping both Fannie and Freddie in tradition account and Roth account. I know I don't have to worry about my Roth, I'm just not sure about my traditional account.
Thanks for any help, Chris
Buying Power (BP)
Order Status
Avail. funds for trading
$39,789.98
Stock BP
$132,633.27
Day trade BP
$126,089.16
Options BP
$39,789.98
I never look @ Yahoo and it opened just where I said it would.
Does anyone know what caused Fannie to jump .07 @ EOD, I was busy flipping and only got 21500 shares executed @ 1.83 before it spiked.
FNMA is 1.73 up .04 and Freddie is 1.54 unchanged. But Munich is up .09 and it will also be up here that much by 10:30
FNMA up .09 in Munich, Freddie will mirror this morning.
FNMA up .09 in Munich.
If you mean Fannie Mae ( FNMA ), their up .16 today.
FNMA up .10 Munich
PR June 16, 2013, 7:54 p.m. ET
The proposal is one of a handful that could be issued in the coming weeks. Sen. Jack Reed (D., R.I.) is said to be working on a separate bill that would create a similar framework but with one key difference: It would restructure—but not eliminate—Fannie and Freddie and use the refashioned companies, stripped of their federal charters and investment portfolios, to issue government-guaranteed securities.
http://online.wsj.com/article/SB10001424127887324021104578549682228860970.html
Fannie Mae is up .08 in Munich Germany this morning, Freddie will also be up.
They need to change question #5 from director to dictator.
http://www.treasury.gov/press-center/press-releases/Documents/fhfa_consrv_faq_090708.pdf
I've a friend that works for You.Gov and have been talking to him about doing a survey on GSE reform and restoring fairness to Fannie and Freddie. He is currently putting something together and if approved I'll send a link so everyone can complete the survey.
Doe's anyone know when Bob Corker's bill will hit the Senate? If so, do you have a link to an article.
Many thanks in advance, CC
Happy Birthday and GLTY
I've been away from this board for about a month now, has there been any good PR's about this company with in then? Thanks
I've to agree with you, this board use to be a lot more active. I think once the company settle it's ( $14 MIL )sell in India it'll pick back up along with the PPS.
Doe's anyone ever see this stock going over .01 again? That was were I unfortunately bought at.