I think the SEC is not one to pull the rug out and extends and maybe keeps extending. NYSE I think is one more extension and done. And then the price goes down and Annaly buys them. Why else would they buy Crexus and not CIM? I'm sure it is not prudent for them to buy CIM when there is no reliable financial data. But the amount of time it is taking to restate makes you think the Republicans and Democrats are involved.
I have no idea, which is my problem and the issue with the whole thing. At this point all I can do is wait and watch the volume and the trading. Options doing nothing on normal, nearly nonexistent volume, so if somebody knows something they are not going the options route.
I assume those parties close to CIM have been informed of the status, and that those parties are trading but I cannot see the footprints.
I continue to believe that one or more hedge funds has access to information that, although not considered inside information, gives them a good indication of what's going to happen. Fridays price action was encouraging, but today there seems to be some disappointment selling. If the price doesn't recover by the end of the day, I will expect an announcement of additional delay.
B) granted another extension by SEC. Since the first extension 1/15 was based on the Financial Accounting Standard Board (FSAB) approving the standard for reporting on assets valuation, the standard under consideration which will affect the CIM reporting has not yet been approved. The draft for comment was released 1/7, with comments due 1/22. Please see the FSAB website for press release and draft standard. So I would assume an extension will be granted until the stand is approved, then the financials based on this standard of reporting will be filed.
Chimera Investment Corporation Obtains Additional New York Stock Exchange Listing Extension, granted a 30-day extension to Feb. 15. I assumed this will be enough time for the FSAB standard to be adopted. Comments are due Jan 22. I'm sure the restatements are all done and ready to go once the favorable standard is adopted. The NYSE appears to be working with them in granting this extension.
B) They wil get an extension from the SEC. The SEC does not work on our calendars -- just their own -- and they are slow, slow, slow.
ALSO to go with B) they will get an extension fronm NYSE.
IMOO if it does not work out well, NLY can easily find a buyer so it does not muddy its waters. I'm not for that, but since they initially found it prudent to have them separated from NLY, what has changed? So comments due 1/22, you can bet that after that date they will have some unscheduled meetings with interested parties, editing the rules changes, approval meetings, and maybe getting the actual rule written, re-defining FASB rules, within six weeks of the comment deadline. Maybe that is too optomistic?
If I remember correctly, these rules were put into place with a lot of help and the timeline was oh so sssloooowwww.
What crack are you smoking - you can't just make stuff up. There historical problem has nothing to do with pending FASB standard setting which would be PROSPECTIVE. These yabo's can't do the old accounting.....