Signature Bank (SBNY)

[UpTickMeA$AP]

Total signature Debt and Obligation: $1.448 Billion

Billionhttps://reorg.com/new-coverage-signature-bank-successor-signature-bridge-bank-n-a-to-continue-normal-services-as-fdic-markets-to-potential-bidders-shareholders-certain-unsecured-debtholde/

So their obligation debt, plus FDIC receivership cost estimate of $2.5B, brings $3.948 Billion that sits in front of shareholders. They have $2.7 Billion of this through the Flagstar deal, leaving a need to satisfy $1.248 Billion.

So their loan portfolio they have left, which has a face value of $27 Billion, and their Blockchain platform, SIGNET(value unknown), must fetch $2.248 Billion, to leave $1 Billion left over.

The loan portfolio with a face value of $27 Billion, I would think should fetch at least $3-
$5 Billion under fire sale conditions. SIGNET is a BIG wildcard.

It looks like this could very likely have a billion or more flow through to shareholders.


I'm feeling conservative even... Could this actually fetch $15 pps? Seems so!

Also..

Priority of Claims;

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

1. Depositors
2. General Unsecured Creditors
3. Subordinated Debt
4. Stockholders

https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/signature-ny.html

Value ($1 Billion) ÷ 62.97 Million (outstanding). $15.88 pps