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  • stockmeister3 stockmeister3 Mar 2, 2010 4:30 PM Flag

    Market Realizes That Offering Not Dilutive

    recon - i don't think we can know much of anything until mgmt provides more detail on how the proceeds will be /have been deployed - and that won't likely come until next qtrs cc at the earliest. rightly or wrongly MF is not one to provide a lot of disclosure/ color re: its strategies/ positions. all we can really surmise at this pt is that MF "thinks" that some opportunities are soon to present themselves for which CASH is needed - but only time will tell.

    I remember when CIM made a big secondary after the meltdown in the fall of '08 and then sat on the proceeds for quite a while waiting for opportunities to present themselves/ play out. Of course no interest needed to be paid on the proceeds of that common stock offering; mgmt will be under more pressure to deploy the proceeds of this note offering - otherwise there WILL be a hit a earnings starting next qtr.

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