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First Security Group, Inc. (FSGI) Message Board

bankermike101 7 posts  |  Last Activity: Mar 7, 2009 12:54 PM Member since: Jun 12, 2006
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  • Reply to

    what happens if abk defaults on AKF

    by robl45 Feb 27, 2009 3:07 PM
    bankermike101 bankermike101 Mar 7, 2009 12:54 PM Flag

    I agree with you fx-trader.

    AKF goes ex-dividend on Wed 3/11 and record on 3/13---quarterly payment will be made on 3/31. At $2.50 per share that is an unbelievable APR of 60%.

    Would take less than two years of interest payments to get full investment back.

    Anybody buying now is setting up for huge returns down the road.

  • Reply to

    what happens if abk defaults on AKF

    by robl45 Feb 27, 2009 3:07 PM
    bankermike101 bankermike101 Mar 2, 2009 2:08 PM Flag

    What happens if ABK decided to convert bonds (AKF, AKT, etc)to common stock in an effort to strengthen balance sheet ???????????

    Would the transaction be $25 (par value of bond)for 41 shares ABK--at todays 0.60 per share value?

    Can these bonds be converted to common stock without the bond holders approving of the move?

  • bankermike101 by bankermike101 Feb 12, 2009 11:10 PM Flag

    In December I sold my ABK stock and purchased AKF when the ratio of ABK/AKF was in the 35% range--$1.35/$3.85.

    Over the past several weeks that ratio has gone down---is at about 24% as of today's closing--$1.25/$5.21.

    If and when ABK gets it's feet under itself and maybe goes to $4.00--$5.00, will AKF go up proportionally?

    $4 ABK @ 35% = $11.42 for AKF ????

    $11.42 for AKF would provide 13% annual return on the $1.4875 interest per year.

    Any ideas or opinions from my fellow AKF holders?

  • bankermike101 by bankermike101 Jul 27, 2006 10:10 AM Flag

    Any ideas on why volume is so high today?
    Earnings report wasn't that bad to create a selloff.

  • bankermike101 by bankermike101 Jun 22, 2006 4:18 PM Flag

    Anyone have any thoughts as to how AWBC 2nd quarter earnings will come in. 1st quarter was down due to $2.5MM charge off for one loan relationship. Hopefully they do not have any more skeletons in their closet like that one.

    Earnings for 2nd quarter should be back up to more normal level---which should move stock price back up??????

  • Having the stock drop by $1.00 in one day seems like more than a reaction to 50 DMA. Must be some behind the scenes activity that us normal folks aren't privy to at this time.
    At least it caught me with my pants down!!!!!

  • I was surprsed to see price of FSGI go down 2%+ on Friday when most other regional community banks traded higher. Anyone have an idea as to why??

    1st quarter earnings etc, seemed to be good but price did not stay in mid to high $12.00 range for long.

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