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Providian Financial Corp (PVN) Message Board

  • cuvee2 cuvee2 Nov 9, 2002 11:48 AM Flag

    Any board comment on 8K?

    New to the board, and considering a long position.

    This seems pretty negative that their debt downgrade causes an "amortization event" on other debt that has to be waived.

    I'm thinking that this company may be too confusing to understand for my simple mind.

    regards to the board,

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    • Fook off idiot. At least get a name that deserves your stupidity. You are so fake that I wondering why I'm responding to you.

    • And it also said, right in the middle, that those involved were NOT going to consider it an event. The downgrade was on the 6th and was priced in last week.

      If anything, it removes the fear factor from the downgrade that the creditors aren't having a problem. If it weren't, I don't think the insiders would be buying like they have been, either...

    • Very sorry to say I'm going to bail and just take the loss on this one... which will be substantial for me. The credit downgrade probably means that the coming loss report will again show degrading credit quality... that's two in a row now... and the street won't be kind. My last prediction of 3's but not 2's was spot on. I now feel we've seen our high for this cycle and we *will* get into the 2's this time, and quickly. Next cycle you'll be lucky to see 4, especially if the market turns instead of continuing straight up.

      Very sorry to see this one turn out this way, but I've believed and held on long enough. Wrong again. :(

      • 2 Replies to theodore1a
      • Theodore,

        Just a week ago when the market was hot you posted:

        "FWIW, I was here and missed everything, so it could have been worse... you could have been sick *and* stupid like I was. :) But I just can't believe in rallies anymore."

        And now you say:

        "Very sorry to say I'm going to bail and just take the loss on this one... which will be substantial for me."

        So, you get in at wrong time and exit at wrong time too. You are very negative about the market in general and that is the shorts mentality.

      • Very sorry, my butt...

        Better take a reading class. Try reading in the middle where they say:

        "Providian has received assurances that the
        certificateholders do not intend to declare an amortization event.
        Series 2000-D, comprising $1.1 billion in invested amount held by third parties, will begin its regular amortization in December 2002 as previously scheduled under the transaction documents. "

        Got it?

        Better yet, dump your shares so my low bid will get filled, LOL