Flagstar Bancorp Inc (FBC)

[oldberkeley]

They had until August. That could be extended due to poor market conditions ( like we are in now)

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I'm not exactly sure why there is so much confusion about this, since all the info is publicly available and can be verified with a call to FBC Investor Relations (248-312-2000).

1. They did not "have until August." The original delisting notice was issued on August 24, 2011. It gave them 6 months--until February 18, 2012--to cure the deficiency. On January 25, 2012, during the Q4 2011 CC it was revealed that they had received an extension through the 2012 Annual Meeting:

"Mark Steinberg - Dawson James

What is the timeframe, sir? How much time do you have?

Mike Maher

We initially had a six months period following the time period, when we first received a notice from the New York Stock Exchange. We since contacted the exchange to discuss with them on some of the different strategies in an initial discussion and what we plan to do and we're still formulating that strategy. They're working with us and so we don't anticipate any sort of delisting activity in the near term. And a minimal we expect that we would have enough time through our annual meeting in order to either execute on the strategies to which Joe Campanelli was referring or be able to propose action for a shareholder meeting.

Mark Steinberg - Dawson James

Are they giving you an extension?

Mike Maher

There is an extension that's allowed and that they've allowed us to take advantage of through the annual meeting."


http://seekingalpha.com/article/322140-flagstar-bancorp-s-ceo-discusses-q4-2011-results-earnings-call-transcript?page=2

2. The Annual Meeting was originally scheduled mid-May as usual. The company is deliberately delaying the meeting in hopes of curing the deficiency by maintaining a $1+ closing price average for 30 consecutive trading days.

3. Still another extension is highly unlikely.