I had DRL in my Yahoo portfolio. Now it says that there is no such ticker.
I have DRL in my Yahoo portfolio, so I just click on it and hit message board.
Just go to any message board, I will use LYG as as example:
Then swap the letters "DRL" for the "LYG" in the search bar. Hit enter. Or just bookmark it.
Off Topic: Keep an eye on tickers MSTX and LXRX, they look to be good for a quick 10% pop, volume has increased dramatically in the past few days.
Surprised there's anyone chatting here at all. The only way I can reach this board is to go to "My Posts", find a post that I posted on this board and open it, then press refresh, then click "Topics." Is everyone else using the same technique, or is there an easier or more obvious method I've missed?
Well, yes and no, the BANK is no more but the holding company still has other subsidiaries and real estate which a Chapter 7 Trustee should sell or otherwise liquidate for cash for the benefit of creditors and Preferred holders. The common won't see anything from liquidations but the creditors and Preferred still have a chance to get something back.
bmycg, you're absolutely correct about clawbacks and liquidating the remaining assets by a Bankruptcy Trustee. I hope that can start soon.
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This bank was so badly managed that selling the eight branches on the mainland wouldn't have been enough to save them. That would have left them with 18 branches in PR, where they were steadily losing market share during ten years of loss operations. Not even winning the tax claim would have compensated for the $2 billion of losses they racked up.
What needs to happen here is the naming of a Chapter 7 Trustee by the Bankruptcy Court for the holdco to (a) get a clawback of those multi-year exorbitant compensation packages that Wakeman and his cohorts took at the expense of shareholders, and (b) sell or otherwise liquidate the remaining assets (Doral Recovery and Doral Properties) for the benefit of creditors with perhaps something left over for Preferred holders.
A regulatory Consent Order is theoretically supposed to be about helping a bank to recover. The reality is far different. Why was DRL unable to sell their profitable US mainland operations? Why were they unable to raise capital? I've seen this movie before with other banks. Unfortunately the regulators make the problem worse. I believe that they prevented a US mainland asset sale by refusing to give the buyer a release from cross liens.
Wouldn't it be in the best interest of regulators to encourage an asset sale? They blew 750 mil in "expenses" when DRL was seized. Sadly the regulators are a bunch of Vogon Trolls. They just don't care since it's other people's money. I'm sure they enjoyed the Beach on their Puerto Rican vacation last weekend.
How exactly do the regulatory "doctors" bleed the patient? They limit profitable business lines. They hinder asset sales and capital raises. They burden the bank with huge regulatory compliance expenses. Our banking system is truly in the dark ages.
The best way for a bank to survive once the regulators target them is to get out of the banking world altogether. This is what BBX did with great success. They sold all their bank branches and became an unregulated specialty lender. The stock has soared since then as they dealt with bad assets in an orderly fashion without the regulatory boot on their neck.
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".....a big grinning nobel peace prize winning child murdering Obama figurehead on the throne."
One of the few things that makes me please Obama is President are statements like that.
Why would they claim the $750 mil from the holding company? If there was mismanagement in running the bank, wouldn't the FDIC go after officer and director liability Insurance? I think when they liquidate Doral Recovery and Doral Properties, even if only at 40-50% of value, there could be something left over for Preferred. Agreed that the Common is worthless, but buying the DORLO or DORLP Preferred at 30-40 CENTS could be a gamble with a nice payoff when they finish liquidating Doral Recovery and Doral Properties.
There is also holding company debt ahead of the preferred stock, not to mention the 750 mil that in "expenses" that the FDIC is claiming. Preferred appears worthless to me.