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CAPITOL BANCORP LTD Message Board

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  • ceoeagle ceoeagle Feb 1, 2011 9:40 AM Flag

    Ok, I have the news

    Thanks for sharing the news

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • No problem, I have no issue in sharing information that should have been public by now. It looks like most retail investors don't have the info and are panic selling because they think both the pref and the common fell through. I don't really mind and picked up 50k shares between .23 and .24. Important thing is that the pref are mostly in and it will reflect in the price tomorrow or in two weeks, when the common push through with the vote.
      I'm expecting an official PR from the company in AH today.

      • 1 Reply to frtgrdn21
      • There is no disclosure of the result of the common vote.

        http://biz.yahoo.com/e/110201/cbcr.pk8-k.html

        I need to remind myself what the exact proposal was... I was under the impression that they couldn't issue enough shares to complete the tender without common holders passing their proxy motion. Yet, the wording of the press release is that the consent solicitations passed, and the tender of roughly 50% of CBC-A and CBC-B were completed.

        Is a common YES vote required to complete the tender?

        The other disappointing item is that our institutional friends holding the other trusts behaved like tight-fisted Scroodges. None were tendered. They are by far the bigger pile of Trust preferreds. Not so good in that regard...

 
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