Not all investors in Fannie Mae are maggots. But the ones that bought it post-conservatorship need to shut up and be happy with their 10-15X gain. And the ones that bought it post-sweep, jumping on the Berko bandwagon for a fast buck, definitely deserve some bleach eradication therapy. They got what they deserve, and need to quit saturating this message board with claims of unfairness, mistreatment and robbery by the government. They could take their high-risk investment losses in stride and move on to the next adventure... or, they can mule and puke about how Fannie was stolen and they were somehow cheated out of some ginormous windfall.
Judge Wheeler has set the record straight. NO DAMAGES.
In layman's terms, that clearly translates into NO WINDFALL for Fannie shareholders thinking they are trading up from a Carolina Skiff to a Burgher Yacht.
That's what today's decision means.
Precedent message to Fannie Mae maggots: Prepare to POUND SAND.
You can't game the court for a fast buck. That is not the American way, and such Wall Street Greed Gambits enjoy no protection under the 200-year-old Rule of Law. It's called "an investment." Investments involve risk. You took the risk. Things did not pan out. YOU LOSE YOUR DREAM.
That's how it works.
Broad indices will suffer. NEWL will suffer more since Greek banks have long supported a big chunk of the non-military maritime financing activity in trans-ocean shipping.
Currency Alert: drachma's are drek if Greece exits the Eurozone. Not good, guys.
There are huge geo-political implications as conflict between Greece and their neighbor Turkey have festered since the 60's since the military confrontation in Cyprus nearly threw the Mediterranean region into another war. A failure to resolve the current issues could potentially migrate to very uncomfortable realignment problems as now exist in Ukraine's border regions with Russia. Scary stuff.
If you listened to me instead of mindlessly arguing or ignoring my posts, I might have saved you from absorbing enormous losses on Dendreon stock which are now totally unrecoverable.
Sux to be you.
Rubbish. Dendreon had around 1500 employees while in receivership and over 1400 remain employed by Valeant. Nobody promised employment for life for all DNDNQ workers,
My concern is that Draghi and Merkel have had enough and choose to let Greece go down the toilet to finally conclude this long-running stalemate.
Horse-garbage. The largest part of private ownership only occurred post-conservatorship when maggots jumped on the Perry/Ackman/Berko bandwagon. Please spare everyone the mom/apple-pie/boy-scout retirement mantra for preserving FnF because it is total BS.
There is no bonanza for longs when short positions get reconciled by broker/dealers to close out short transactions on a delisted stock. The "long" gets nothing.
No military service person ever died defending some hedge fund manager's gambit to bleed the market for ginormous gains on an investment in a distressed stock.
Grow up, maggot.
There will be serious repercussions from this impasse. Not good for Newlead or any Greek-based enterprise. Very disruptive to the EU and the strength of the Euro. Dollar up, markets down tomorrow with no breakthrough.
The U.S. government does bear some responsibility for the financial collapse that set conservatorship in motion, but not for any of the reasons cited in any litigation or the rubbish posted on this message board. Improperly regulated bank shananigans (only partially later repaired via Dodd-Frank), sub-prime mortgage lending (yes, including the government direction to package such loans since that was virtually all that was available to keep the mortgage industry liquid) and Bush tax cuts to the wealthy all contributed to the meltdown. And, of course, let us not forget the Congressional gridlock that kept long-sought reform of the GSE's from ever bearing fruit.
But it is thee that the "fault" analogy loses grip with reality in 2008. The actions undertaken by government SAVED FMCC & FNMA from going to $ zero.
Wrong. The Depository Trust Clearance Corporation settles all open transactions unreconciled by broker/dealers. Reconciliation is where the same broker has long and short shares held in its inventory and simply offsets the two, prior to ultimate cancellation. This is a likely outcome for short investors dealing with major houses like TDA, Schwab, etc. Other broker/dealers may close out short positions by probing others in their sector for mutual assent if they lack enough shares in their own inventory. Remember that actual paper shares are rarely distributed to stockholers; they remain in th brokerage. This is done all the time and is similar to the way broker/dealers handle OTC gray market stocks where no bid/ask is posted; it is all done via a network.
Most short sales of a delisted stock are cleared in this fashion. There is no delay, no charge to the short seller, no delay in recovering trade profits on a BK stock (100% gain) by the short seller and no delay in closing out the position. Occasionally, a heavily shorted stock that is delisted can not be settled by broker/dealers and must await DTCC mark-down to $ zero. If the short seller bought on margin, the shorter may be responsible for up-to onerous interest payments to carry the financing costs of the short sale until DTCC closes it out... a process that can span months or even years in complex cases. This is why most shorts, naked or otherwise, get closed out by sellers prior to delisting which often pre-predates cancellation.
Just to be clear, IN NO CASE does a holder of long shares benefit in any way from this clearance process. If you held long shares prior to delisting and are waiting for some positive surprise in the future, you will be very disappointed in the end. The only remote positive hope for longs ,now, is to hope that some surprising cache of assets is uncovered during the wind-down process that leaves some small surplus available for distribution prior to share cancellation.
You must have lost a FORTUNE on Newlead to devote your entire day, every day, to digging up or vomiting up dirt against Zolotas and every dealing he ever had with anything in business, politics or his personal life. It's obviously a life's work for you to be so obsessively consumed with some payback to help you salve your huge losses.
If YOU had properly discerned the details with actual due diligence prior to losing your shirt on the reverse splits, you would be in a position to make money like me. The fool is YOU. You waste your entire day trying to get even with Zolotas by bashing him with diatribes on social media sites. I spend my day making money by trading stocks. I win mostly, lose occasionally. You just lose 100% of the time. What a waste of an apparently meaningless life.
Oh, puleeese, spare us the indignant angst. Dendreon"s demise was totally self-inflicted. They couldn't automate Provenge production. Their sales force could not stimulate demand, bloating the treatment cost to unacceptable levels. They failed to gain approval for new meds. Their restructuring initiative in 2012 failed. Their restructuring initiative in 2014 never got on track as they went into default on the covenants in their existing financing commitments.
Provenge has a future within the Valeant portfolio. Dendreon had NO FUTURE except to pursue the option as it has played out, at least preserving the availability of Provenge for those that use it and for most of the Dendreon employees that transferred to working at Valeant.
The BAD news is that the shares have been delisted and nobody can buy or sell them, ever again.
Nope, dell, I think the real odds favor continuation of the present argument that those who bought at 19 cents and watched a 15x gain were still, somehow, "robbed". If FNMA stock goes to $30, the same maggots will be bleating that somehow it should have gone to $150 and the government "stole" from them.
The stupid one is you. NEWL is an investment whose eventual fate has yet to be determined. Since I have not sold even one share, I have sustained no losses and hold a cost-averaged stake with a huge upside potential and not much downside, even if it goes to zero. If the shares wind up getting cancelled, it will cost me the equivalent of a modest vacation. If the stock returns to favor, I could buy a permanent vacation property on Grand Cayman.
The people that got taken were the ones that bought prior to the splits and, sadly, many of them did get plundered. But people take risks when they invest in stocks and many of them are big losers. I invest for a living and, overall, live well. But I have any number of baths I have taken, too. If Newlead fails to deliver, I'll look to make it up on the next one. But in your case, with no skin in the game, you can never make money by trolling message boards and bashing others stock choices.
Dissent on a stock's prospects is healthy and I welcome negative views if they are fact based and presented in a constructive fashion. I recently devoted a lot of negative energy towards Dendreon who was in a takeover dispute with Valeant who I follow and favor. You see, stinki, what separates you and me is ALL you do is call people names and exhibit sociopathic behavior; I at least try to express a rationale for why I like or dislike a stock, not just harassing the pumpers or bashers on their message board that disagree with my positive or negative view. By the way, Dendreon was delisted and their shares cancelled last Friday.
Watching all the resurrections of lame posts from the last month or so reminds me of the end sequence in Hitchcock's "Psycho" where Mrs. Bates rises up from the root cellar to pay her final respects.
All common stock has gone on to a happier resting place in The Bates Motel. They now repose in The NOL Suite.