Syncora Holdings Ltd. (fka SYCRF)

[DennyCrane550]

What ratios do we have to meet with the ny insurance dept. to get rid of our bad mark? or is this a moving target.

I don't know ... SGI NPO/CPR ratios (6.6x i think) are LOWER THAN MBIA's National which was granted to write NEW BUSINESS last year, and has AA- credit rating.

SCAI sub is still high (43x) and some restrictions on that unit anyways by design. As it is the original bad bank/hybrid structure kind of anyways

Will Syncora (or SGI sub) go get Credit Rating + tap credit markets?

Why did SGI get permission to raise debt limit in shell to $250m?? To raise debt for what... raise new cheaper money to re-fi/payout existing surps/pref bs that are on the SGI sub. [ note Pref As on SHL Holdco]

SGI could use debt to do a number of things, just for pre-caution... unclear

And Regulators allow + approve this, kuddos i like

Regulators seem to be comfortable now that they approved 3rd ammendment to MTA II.

At some point we would find additional profitable companies to purchase to take advantage to the NOL.

A WMIH deal should be good. My understanding on that was 3 years they had to wait before 20% buyer rule on the NOL goes away. Is that true here?

A: UNKNOWN, really question is what is the Management's GRAND PLAN for NOLs? Partner/get debt-equity + make some real sizable deals to generate value of $3B NOLs? -- one of the usual formulas

Incrementally we see
management has started the little like $50m VC/Alt investment fund arm where they started doing tiny deals, ok well thats not gonna do it much

Not sure on NOL rule... other than 5% limit in bylaws ... 10% limit has to be approved by NYDFS anyways

Is Brigade Capital truly just Pref A focused? Do they own any Surplus Notes or Pref Bs?

Could they be in commons?.... Could they be the Sugar Daddy for tapping those NOLs... unclear.

It would be lame if they only care about the Pref A paper.