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Thanks for the update. Reporting issue resolved. Do not expect any further problems.
Had to resubmit mine also.
Reconcile your transaction history with your 1099. Be prepared to wait, and do not be surprised if this exceeds the date of April 15th.
For the future, I am considering a partial transfer of assets on the account. This will undoubtedly occur again next year when it will be a much larger issue.
Going to look at Pacer this weekend to see if there are any new filings. I do not have any idea re the date of the next distribution.
Silly me for allowing this to happen a 2nd time.
Other brokerages reported as 1099-DIV cash liquidation distribution. Here is a copy of the notice of distribution:
https://docs.google.com/document/d/19faF45vR8GVO4aGU-UgugZldkNnQIyHA5A7OgB4SM8k/edit?usp=sharing
From the Dept of Corrections: If anyone is holding this in an Etrade account, I suggest that you inspect your 1099 carefully, and kindly do the needful.
A famous person once said "I feel your pain." The difference, of course, I am sincere.
The bankruptcy trustee stated during the claim objection hearing that fees would be retained from the first distribution. Nothing further mentioned, but could be holding funds for atty fees and the projected percentage trustee compensation.
If you purchased PCG when it hit $3 then it made up for the 'missed opportunity.' Of course, if you had not moderated this board way back when....then the share price could have been lower during those years. I'm sure Chrysler65 would agree, we all say thanks.
Yeah, I barely hold enough to have made the whole ordeal worthwhile. I think the trustee will report the type of distribution via the DTC/brokerage...and hopefully they will get it right. Technologicaly speaking we are in different times.
Source: DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
via broker
Hold this in three accounts...the notice came from a dormant account.
Years ago when brokerage IRS reporting was nascent this security was a headache. Hopefully the brokers will get it right this time and not report the distribution as interest or dividend.
Notice of Distribution
By notice given November 12, 2019, the Chapter 7 Trustee announced that he was prepared to make a distribution in respect of the Allowed Claim. Shortly following the Record Date (as defined below) the Trustee will forward $1,426,235.17 (the “Net Distribution”)4 to the Depositary Trust Company (“DTC”), as the sole holder of record under the Trust Agreement. The Trustee understands that DTC will, in turn, distribute the Net Distribution (net of any additional deductions which may be applicable under the Trust Agreement) on a pro rata basis, to ultimate beneficial holders, who are holders of the Preferred Securities as of December 20, 2019 (the “Record Date”). The Trustee further understands that DTC will likely distribute such Net Distribution shortly following the Record Date. The rate of the Distribution per $25 stated liquidation amount per Preferred Security is 0.375820. The rate per stated liquidation amount per Preferred Security was derived from the following calculation: $1,426,235.17 (the amount of the Net Distribution being disbursed to the holders) divided by $94,875,000 (the aggregate liquidation amount of the Preferred Securities) multiplied by 25.5 The Trustee understands that a few additional such distributions to holders are anticipated in the future. However, the exact timing and amount of any further distributions remains uncertain. Ultimate beneficial holders are advised to contact their respective brokers or custodians regarding their holdings to ensure that they receive distributions (if any) directly from such brokers or custodians in a timely manner.
I have listened to several tele-hearing recordings, but never participated. I forget it is very much unlike a quarterly conference call as you are an active participant. As there were two objections, it is not outside the relm of possiblity I would be only attendee in the group. I'll pass.
Saw this last night and was thinking about attending, but would need to schedule time-off the day job. Anyone here plan on listening?
No opposition to either outcome.
Mad:
“…With that goal in mind, Tronox remains committed to including the Equity Committee in the plan of reorganization, if a deal with the Equity Committee is feasible, and, in that regard, Tronox has met with the Equity Committee in an effort to reach full consensus on that plan...”
I read this previously, but upon review the chronology of this passage stuck out:
“Tronox has met with the Equity Committee in an effort to reach full consensus”
and
“Tronox remains committed to including the Equity Committee in the plan of reorganization, if a deal with the Equity Committee is feasible,”
That meeting must not have produced a feasible deal.
Appears Andarko's responsiblity to report a "disbursement" after the fact would land it on the Justice Dept's radar.
BP, Transocean Told to Alert U.S. to Acts That Deplete Assets
The U.S. Justice Department told BP Plc, Transocean Ltd. and three other companies associated with the Gulf of Mexico oil spill to provide the government with advance notice before depleting assets that could cover judgments against them.
The letters, dated June 23 and provided today to Bloomberg News in response to a Freedom of Information Act request, also went to Anadarko Petroleum Corp., Halliburton Co. and Moex USA Corp., and described “significant” potential liability.
Each letter said the U.S. has a “compelling interest” to ensure the companies don’t “deplete those assets that would be available to satisfy a judgment” should they be sued by the U.S. and ordered to pay damages. The Justice Department letter to Transocean called the company’s $1 billion stock dividend program “troubling.”
Attorney General Eric Holder has said the American people won’t pay for cleanup costs for the biggest U.S. oil spill on record and that the government will take the steps needed to ensure those responsible cover the expenses. The Justice Department is conducting civil and criminal investigations into the spill.
The letters ask for 30 days notice of events including disbursements, sales, restructuring and acquisitions. The letters ask the companies to respond about whether they will agree to the Justice Department’s requests.
Gushing Oil
London-based BP is the operator of the well pouring crude oil into the Gulf of Mexico; Anadarko, based in The Woodlands, Texas, owns 25 percent of the well. Transocean, based in Geneva, owned the Deepwater Horizon rig that exploded in an April 20 accident that killed 11 workers and sent oil gushing. Halliburton, based in Houston, provided drilling services. Mitsui & Co., based in Tokyo, owns a majority stake in Moex, which holds a 10 percent stake in the well.
The letter to Transocean said the government has learned that it plans to make cash disbursements that “could deplete its ability to satisfy debts to the United States.” The letter said the company approved a more than $3 billion stock repurchase program and announced a $1 billion stock dividend program.
“We find troubling the fact that Transocean approved this dividend payment on May 14, 2010, after the events of April 20 and at a time when Transocean was surely aware of the potential liability it faces,” according to the letter, signed by Tony West, the assistant attorney general in charge of the department’s civil division.
Monthly Statements
The letters asked BP and Transocean to provide monthly financial statements, credit and loan agreements with banks and analyses by investment bankers or others about the companies’ financial condition.
Guy Cantwell, a Transocean spokesman, declined to comment. A voicemail message left with BP’s media department wasn’t immediately returned. Halliburton spokeswoman Teresa Wong said the company is evaluating the letter and has no additional comment.
Michael W. Robinson, a senior vice president at Washington- based Levick Strategic Communications LLC, which represents Moex, wasn’t able to immediately comment.
Also released today in response to the Bloomberg News request are letters telling Anadarko and Hyundai Heavy Industries Co., based in Ulsan, South Korea, to preserve information related to the spill. Hyundai Heavy built the Deepwater Horizon rig. S.H. Jung, general manager in Hyundai Heavy’s Houston office, declined to comment.
Similar Letters
The department also released similar letters to BP, Halliburton and Transocean. Bloomberg News previously reported that those letters had been sent.
The May letters say that the “knowing destruction of records even in anticipation of a federal investigation could result in obstruction of justice.”
BP agreed with President Barack Obama to deposit $20 billion in an independently managed account to cover cleanup costs and compensation claims.
To contact the reporter on this story: Justin Blum in Washington at jblum4@bloomberg.net
Bob:
Nice. Water appeared blue out there.<eom>
OT gilead23:
Unfortunately the fed does not employ many chimney sweeps. On the other hand, however, I could likely be wrong.
Re: Tobin Tax
I don't think its their job to socially engineer behavior
I want to share a small nit-pick with you. :)
Technically speaking, social engineering was never "their job." Governance is strictly their purview, or you could call it a political science. I have NO DOUBT any reputable sociologist would find the Tobin tax a good foundation for future development.
For a host of reasons, IMO, I do not think it will happen for a few more years. I'm just not feeling the communal love out there. Or to put it another way, the revenue generated from such a scheme might not go to its proper place. On the other hand, however, I could always be wrong.
+150 -60
ATPG:
The hold is for 3 weeks, according to what I have read in a google news search, time to allow the current gov admin to review offshore drilling procedures and provide their guidance. Given their recent strong? support for offshore drilling this could likely be temporary whilst new regulations are added.
As for the PE...I have been staring at MILL's PE the past couple days.
No position in either.
Madclown:
German bankruptcy rules are different indeed.
Overview of German bankruptcy law:
http://ec.europa.eu/civiljustice/bankruptcy/bankruptcy_ger_en.htm
From section 8:
When the judicial confirmation becomes final, the effects laid down in the planning section of the insolvency scheme come into force in favour of and against all the parties (first sentence of Section 254(1) InsO). The insolvency court orders the closure of the insolvency proceedings (Section 258(1) InsO). The insolvency administrator and the members of the creditors’ committee are then functus officio, and the debtor is once again given the right to dispose freely of the insolvency assets (Section 259(1) InsO). After the closure of the insolvency proceedings, the former insolvency debtor is responsible for satisfying the insolvency claims laid down in the insolvency scheme. Provision may however also be made in the planning section of the insolvency scheme for the satisfaction of the claims to be monitored by the insolvency administrator (first sentence of Section 261(1) InsO).
I've heard good things about Schwab, and even better regarding Interactive Brokers, but you can never go wrong at etrade.
I always look for alt access such as a low commission phone IVR trading desk in the event I lose web access.
DOW 11500; OIL 100; GOLD 900
OT Cliff re 3g browsing:
I don't have it on Verizon or Tmobile acutally. I purchased the HTC Dream which is possibly out of production now. It may have been the only phone that had an actual physical keyboard. You might still find them on fleabay among the fake knockoffs.
Useful features:
Multi-tasking: multiple open web-pages, third party apps, email, msging, and voice calls can all be open at the same time.
Google voice: widgets sets on 'desktop' allows you to run web searches, maps/address, phone searches, product searches, etc by voice command. Wherever you are. Useful beyond description.
Has a GPS location/google map feature similar to the vehicle GPS models u see everywhere now. I dont much use it however.
Contains an agile processor, compared to all other brands/models, that allows you to handle all of these apps at once. Screen size aprox 3x2" is ample. Behaves like an lcd tv.
Touch screen.
Trackball.
Feels more like a pocket laptop than a phone.
I test drove the Iphone, blackberry, PDAS, smartphones, on and on and on. With all their various flaws none of them were in the same league as the Dream.
Hope this helps shave some time off your search.
cliffvb re iphone purchase: Try out a google android phone made by HTC at a cell shop before you purchase the iphone. For browsing get a phone that does NOT have a virtual keyboard. Just a suggestion.
Unless they have changed the iphone, as far as I know, you cannot multitask.
Verizon or Tmobile are the only services that carry the google phones w/ high speed browsing, or you can access any wifi hotspot elsewhere.
Kuwl:
Stan is the man you want have speaks with about this one. I haven't owned it in years.
10 bagger re "trader tax":
IMO..a cap gains increase is entirely probable. The trader tax seems rather strange, but if universal coverage is passed I am going to move most tax suggestions into the entirely probable category.
I have family in Canada, and am somewhat familiar with their onerous revenue system. We are not even remotely similar to Canada as a population. Healthcare implements, from what I understand, will be years away, but the taxation will start in advance.
I've read previously, somewhere, of an idea to tax trades at, basically, what would amount to a few cents per transaction. Similar to what we have with the current transaction fees for the SEC.
Having said that, however, I do not want to detract from any potential revulsion to your suggestion. :)
My reply earlier stated:
"I think the last I owned was in the ophthalmology business.."
I was referring to UVICF.OB. FYI
Their products could potentially fall within a "medical devices" category for addt'l taxation as currently being "discussed" by Congress.
stan,
As of tonight it appears it is well on its way to passage. At least I would be surprised if it didn't as there is no real, elected opposition.
I am not in the healthcare industry, and have not been for sometime. I think the last I owned was in the optamology business...it was a low float, dividend paying stock skillzz discussed in the VMC motherland...I dont recall the ticker.
I have been trading a few bankrupt stocks of recent. The recent 'crisis' created some opportunities in things I would not have normally watched.
Also have been starting to pick up some chart education when possible.
Madclown RE (shareholder value):
Here's to hoping that those shares get exercised because the option holders see remaining value. It would help to create further incentive for the company to submit a plan of reorganization that includes preserving maeningful value for current shareholders.
Per docket 445 an appraisal firm was retained to establish fresh start accounting values.
http://www.aventineinfo.com/445_11214.pdf
Since the criteria for fresh start is a reduction of shareholders by at least 50%, I have been doing some research on prior bk application of fresh start accounting. As near as I can tell, and per your post, it usually best for all concerned, to maintain that 50% reduction if assets exist. Are you aware of many instances where valuations have caused further erosion of shareholder value by more than 50%?
I ask because I would take 50% here. :)
Stockcharts.com: Haven't been able to access all day. <eom>
Thanks. After reading the 'lone gunman' verdict today for 150 years of prison I could not resist a general 'madoff' search on ihub for alternrative theories.
At this point, anything I read, anywhere, would be more plausible than what I am hearing from the prosecution. Wow.
Stan:
Speculative:
From the viewpoint of a medical practice, this could bring additional business.
It has already been suggested that Medicare and Medicaid benefits will be reduced to finance a national plan. That would be a good indicator of the direction they desire. If I had to guess, initially, they will develop a subsidized alternative insurance plan that most businesses will eventually, if not immediately, embrace. Keep in mind that HMOs are traditionally more expensive for the consumer than PPOs, and most likely would need to adjust to survive. PPO's could survive, but it is impossible to predict at this point and is beyond the scope of our chat.
So you will have a large realignment in the insurance providers, albeit with far more oversight and spending caps, but you will bring the otherwise uninsured into your office. Everybody wins here: the medical business, the uninsured, and everyone that currently has private insurance...oops.
Stan, You were holding this stock when I first came to this website...years ago. Why not moderate this board? :)
No position. I'm not even going to look at anything longterm, healthcare related until after the inevitable nationalization/VAT tax(?) occurs.
CNEH: I've always thought their drilling success rate, last I checked, near 90%, as unparallelled. For whatever its worth.
With the price rising again, uplisting will come back into play.
No position.
Details on bad bank emerge?
http://online.wsj.com/article/SB123603913648314649.html
WSJ Online: MARCH 3, 2009 'Bad Bank' Funding Plan Starts to Get Fleshed Out
WASHINGTON -- The Obama administration, filling in some of the blanks in its bank bailout, is considering creating multiple investment funds to purchase the bad loans and other distressed assets that lie at the heart of the financial crisis, according to people familiar with the matter.
The Obama team announced its intention to partner with the private sector to buy $500 billion to $1 trillion of distressed assets as part of its revamping of the $700 billion bank bailout last month. It's central to the administration's efforts to unglue credit markets, alongside a Federal Reserve program aimed at spurring consumer lending in areas such as credit cards and home loans that will be officially launched Tuesday.
No decision has been made on the final structure of what the administration is calling a private-public financing partnership, but one leading idea is to establish separate funds to be run by private investment managers. The managers would have to put up a certain amount of capital. Additional financing would come from the government, which would share in any profit or loss.
These private investment managers would run the funds, deciding which assets to buy and what prices to pay. The government would contribute money from the $700 billion bailout, with additional financing likely coming from the Federal Reserve and by selling government-backed debt. Other investors, such as pension funds, could also participate. To encourage participation, the government would try to minimize risk for private investors, possibly by offering non-recourse loans.
The public-private partnership grew out of the "bad bank" concept, an idea popular among some economists that would have required the government alone to buy up the troubled assets.
The Obama administration jettisoned that idea after running into the thorny issue of pricing. To help banks, the government must pay enough so that firms don't have to suffer additional losses from selling or writing down the value of other similar assets. But there is little public tolerance for overpaying with taxpayer money.
Instead, the government wants to encourage private investors to buy up the assets in a way that would come closer to setting a market price where no market currently exists. Some within the administration believe establishing multiple funds could help with that goal. The funds would most likely target all types of assets, such as mortgage-backed securities, rather than focusing on one specific type of distressed security.
Many details remain unclear, in particular, how the government and the private sector will share the risk. An administration official said a key goal is to provide investors with "price safety" so they feel safe enough to get back into the market.
Under the Fed's program to jump-start consumer lending, known as the Term Asset-Backed Lending Facility (TALF), investors, including many hedge funds, will get access to cheap loans from the Fed to purchase securities backed by consumer debt like car loans and credit-card receivables.
The Treasury has agreed to provide up to $100 billion of capital to the TALF, and the Fed will lend up to $1 trillion through the program.
The Fed and the Obama administration also are mulling whether to expand the TALF to existing distressed assets, also known as legacy assets. Such a move could allow the Fed to provide low-interest loans to investors who use the money to purchase distressed mortgage-backed securities or commercial real-estate loans. But such a move also would raise many new questions, among them the amount of protection the Treasury would offer against such risky assets. As a result, the idea might not move forward.
The TALF, which was announced in November, has taken months to get off the ground. To date, no deals have been done under the program. The first is expected to be launched later this month.
Officials and some investors see great promise in the effort to jump-start securities markets. "What the Fed has done, and I think it will be effective, is to provide a balance sheet to finance assets for investors who identify credit risks they're willing to take," said Curtis Arledge, co-head of U.S. fixed income at Blackrock.
Still, other investors have raised questions about the TALF. For example, issuers of asset-backed securities that benefit from Fed financing must be willing to submit themselves to new Treasury Department limits on executive compensation. Some issuers could be reluctant to travel down that road.
Fed officials have spent months sorting out these and other details with market participants. Earlier this year, they had pledged to launch the program by February, but missed the goal.
Wade: re AGM: Eventually (eom)
Madoff:
Interesting theories.
Not certain about the "accountant, traders, and auditors," but I did read the regulators at the highest levels were wined, dined, married into the family, and provided a rubber stamp.
What we have now is an admission of guilt accompanied by a round figure of multiple billions provided with the confession. Of course, it will be interesting to hear what the actual investigation reveals. This is the twilight zone.
10 bagger RE MLPs:
Regarding 100-200% comment...I will amend "nearly all of them" to "some of them." There is alot more grey area in that statement.
Added the site to my bookmark list. Glancing thru it though I noticed alot of discussion on gas plays. Not something I would want to look at right now as industrial demand is falling fast. Residential usage during winter months in the US will only have a minor influence ..if any on pricing. While a few gas infrastructure partnerhsips may have decent returns their prices may well give up their gains from the lows last year. Having said that I'll be watching this year and next to pick up some solid producers and pipeline operators on the cheap. TPP is a solid company.
I would recommend screening for liquid petro pipeline transportation and particularly those w/ terminal storage capacity. This seems to be the "niche" that held up quite well the past few weeks. I also think they will have a stable mid/long term outlook barring any sort massive, unprecedented political intervention into the crude petro area. MMP fits that category. EPD MIGHT operate a liquid petro pipleline partnership that you could purchase directly instead of buying into the natural gas.
I can't find anything in the MLP area I would purchase now. Those of quality have appreciated to a level I don't want to commit given the risks.