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  • abigchocoholic abigchocoholic Jun 25, 2013 2:50 PM Flag

    another 8.6M cash to buy something with

    On June 20, 2013, Signature Group Holdings, Inc. (the "Company") entered into a Mortgage Loan Purchase and Sale Agreement (the "Agreement") with Bayview Acquisitions, LLC ("Buyer") and completed the sale to Buyer, pursuant to the Agreement, of the Company's nonperforming (i.e., 90 or more days past due) residential real estate loan portfolio for a purchase price of approximately $8.6 million in cash. The Agreement contains standard representations and warranties of the Company and Buyer and mutual indemnification obligations based on breaches of such representations or warranties and certain actions or omissions by the parties.

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    • Cash is an asset that can't be scoffed at.

      The ask is at $0.90 right now, a 37-month high. Maybe more good things are expected.

      • 1 Reply to bryancran
      • agreed. 800-900 thousand dollars is exchanging hands today and that's a bit much much for moms and pops to purchase in a day on a no recognition stock (but not too much for several of them to have up for sale on limit orders thinking it's a high not seen for years) so most likely some businessmen are buying up shares from old shareholders more than happy to get out at 90 cents. (Heck, even I'm happy that we're back at 90 cents. Maybe I should sell? Bulls make money. Bears make money and pigs go broke?) But most likely these businessmen know something because they don't buy on emotions at the top a market. Most likely there's a deal in the works that will be made public in the next month or so.