Syncora Holdings Ltd (fka SYCRF)

[DennyCrane550]

FYI more color commentary/clarity on liquidity mismatch discussion from Syncora annual meeting attendee via twitter yest/previous


@gatorcapital Jul 16
I attended the $SYCRF shareholders meeting this morning.


Arthur Caprio ?@FamilyOfficeGur Jul 16
@gatorcapital worthwhile?

Gator Capital ?@gatorcapital Jul 16
@FamilyOfficeGur Feel better about their "liquidity mismatch". But, there is still work to do.

DennyCrane ?@DennyCrane550 Jul 17
@gatorcapital Gator-Curious, could you elaborate more liq mismatch? did mgmt have specific risk/bond discussed? Thx for tweets re annual mtg

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Gator Capital ?@gatorcapital 17h
@DennyCrane550 $SYCRF said their liquidity mismatch was due about $4B they insure that issuer may have trouble refinancing at maturity


Andrea Manea, CFA ?@andrea_manea 16h
@gatorcapital @DennyCrane550 thx for the update. I thought I saw the 4 bill figure mentioned in the filing, but not the refinancing info

Andrea Manea, CFA ?@andrea_manea 16h
@gatorcapital @DennyCrane550 "may have trouble refinancing". So it's possible the issuer will be able to refinance just fine, correct?


DennyCrane ?@DennyCrane550 16h
@andrea_manea @gatorcapital Many Thanks, Gator. Much appreciated, man


Gator Capital ?@gatorcapital 13h
@andrea_manea @DennyCrane550 Correct, or they may refinance most of the bond and Syncora would hold a subordinate interest.


Andrea Manea, CFA ?@andrea_manea 13h
@gatorcapital @DennyCrane550 Thanks again! Would a subordinate interest limit the options that Syncora could pursue to recover $$?

Gator Capital ?@gatorcapital 9h
@andrea_manea @DennyCrane550 No, it would just affect how long until they recover.


Andrea Manea, CFA ?@andrea_manea 9h
@gatorcapital @DennyCrane550 In that case, it doesn't seem that bad. There are things they could do to get short/medium term liquidity


Andrea Manea, CFA ?@andrea_manea 9h
@gatorcapital Thanks again for your insights, I feel I understand the situation better. cc @DennyCrane550

Gator Capital ?@gatorcapital 8h
@andrea_manea @DennyCrane550 Agreed