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Flagstar Bancorp Inc. Message Board

  • theuglybad theuglybad Feb 3, 2010 12:34 PM Flag

    Delisting alternative...

    One item that hasn't been discussed on the boards is that it is possible MP could buy out the remaining shares of FBC and take the bank private. This would eliminate the issues with the NYSE delisting and a reverse split which would keep them listed. With nearly a billion shares outstanding and MP probably owning closer to 90% of the bank now, buying out the remaining shareholders for 80 cents (the initial rescue price) or even a bit more would be a drop in the bucket. They've dumped $350M (rescue 1) and $300M (rescue 2) into the bank. I think the float is something in the neighborhood of 80M shares...this has gotten a bit muddy because of the "May Investors" pre-MP (a smaller rescue attempt) and the prior execs. Anyhow, doing this, MP could do with the bank as they please without SEC involvement and any shareholder complaints. It might cost an additional $64M or so if they bought the remainder at say, 80 cents. Just a thought.

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