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TierOne Corp. Message Board

  • shaniatwaingetsmeup shaniatwaingetsmeup Jun 19, 2008 4:28 PM Flag

    Divy Declared!

    But only 1/2 of the 8 cents, 4 cents for the quarter, should be received as good news!

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    • Does anyone feel this will benefit chance for buy out, obvioiusly a company looking to purchase TONE does not care what they pay out to sharholders, just what the company is worth.

      • 1 Reply to quincyb101
      • I think it's kind of a long shot, at least for the remainder of the year. If that's your angle though, you might look to the insiders' recent purchases under $7. You're right that they don't care about investors' interests, only their own. So the insider buying under $7 makes me conclude their own value for the bank is at least $7.

    • Sorry, I keep typing the name wrong on this thread. Keep meaning to say: Lundstrom.
      Please excuse the error.

    • The previous post may be incorrect; FDIC approval is for dividends was for New banks and Tone was not.

      Again best of Luck

    • Yes, and I wish I had a time machine. Why do you think the officers purchased 90K+ shares at 6+ to 7.83 a share over the last 2 months? Serious now, I am listening with an open mind.

    • Not silver lining or opinion. That which I wrote is fact.

    • Agreed. The stock buyback plan can't go forward with the dividend cut and new statement on capital preservation. Any cut to dividend and the reiteration from Lundstrum on difficult times indicates more asset deterioration and future writedowns.

      I wish I could find something good to say. Management sure seems to go out of its way to shoot themselves in the foot and to alienate investors.

    • My thoughts exactly. It seems like they couldn't figure out whether it was better to keep the dividend at .08 and reinforce that all was well, or if it was better to eliminate the dividend and risk the perception that things were really, really bad. So they went middle of the road.

      The last quarterly report indicated they met the Fed's highest capital rating: well capitalized. Now they're concerned about "preserving capital and building reserves". What's changed?

      You hit the real question on the head: why all the drama with letting weeks go by (beyond the historical declaration date) without announcing until now?

      I guess that's all the commentary we get from them until the next quarter. That is, unless they decide to meet SEC requirements and actually hold an annual meeting at some point this year. Sigh. These guys are so wishy-washy they could run for Congress.

      What a wasted opportunity. There is no solid leadership from this institution.

    • The latest declared cash dividend reflects a reduction from the previous $0.08 per share quarterly level paid to TierOne shareholders.

      “Our board recognizes that quarterly dividends are important to our shareholders,” said Gilbert G. Lundstrom, chairman and chief executive officer. “Yet in today’s very volatile economic and credit environment, this reduction is an appropriate step to preserve our capital and build our reserves through these challenging times.”


      Good news.... I can't help but read it as "We are still solvent, but we sure aren't doing good."

      Now someone tell me why they couldn't have announced this around the normal time and saved the extra slaughter on the sp in the meantime?

      • 1 Reply to eagledragon1
      • "Good news.... I can't help but read it as "We are still solvent, but we sure aren't doing good."

        Now someone tell me why they couldn't have announced this around the normal time and saved the extra slaughter on the sp in the meantime?"
        ------
        They wanted to make sure that if they only cut if by half that they would still have enough money for the annual BOD/corp officers golf and "party" outing away from home.

        Seriously, I can't figure out how any management who has screwed up this royally, would be left with a job. The PR mentions the outside financial environment as if the management had nothing to do with the mess the company is in. Gilbert must have had something on each of the what was probably hand picked board members. Otherwise he and other managers would be long gone. I can envision them all kneeling in a circle with Gilbert in the center with each board member bowing and performing his oath of loyalty to the great one.

 

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