Syncora Holdings Ltd. (fka SYCRF)

[DennyCrane550]

Not a lot Syncora specific news the past few weeks

Random thoughts ~

new filings in the MacQuarie case,

MacQuarie trying to throw a 4th down on their own 20 yard line pass to another court...

Seeking to Appeal the last decision they lost to throw out the misrep+fraud claims on American Roads.

We shall see if the court takes up the appeal, ~


http://iapps.courts.state.ny.us/iscroll/SQLData.jsp?IndexNo=651258-2012


PREPA deal is still baking in the oven... as discussed the terms outlined for Syncora help put it past - and will likely free up some reserves over time as the certainty/quantitative minimum haircut can now be realized and move past this daily negative headline.

GOs - will continue to be in headlines, but Syncora has already overreserved/adequately reserved anyhow, thus they can defease/commute/buyback debt - and as such Puerto Rico headlines will cease to weigh.


Reliance Rail - Bonds (2018-2019s) still trade low 90s-mid 90s and thus pricing vector suggests the credit continues to improve (also evidenced by the three past upgrades) -- June 30th is the informal deadline placed on themselves - to get the Refinance package done --
I keep an eye on this, as this credit remains the only significant sized Below Investment Grade credit to note.