Bob - pls read my comment posted on FIG about this.
At one time, I believe either Comcast or Corestates owned the Sixers.
Good luck to them. Years ago, the Boston Celtics was publicly traded, NYSE. Look it up. What's more, they were traded as a REIT. The Celts at that time was owned by the Boston Gardens - the place where they and the Bruins played, along with other things that took place before the Garden was torn down and thy moved to the Fleet center. Read how Walter Brown obtained the rights to draft Bill Russell. They (the Celtics) were how Brown and successors used the events to "rent" seats in the old Garden. When Larry Bird and company played, how many sellouts did they have?
It Kohl is contributing $100 million, this may be how it will progress. Good luck Wes.
We got a lot of $$$ as a spin off/divyy. Maybe it's tax selling. Nothing more than that.
I answered you in a respectful and honest manner. I will expect the same in return. If not, based on your past posts, maybe you should post somewhere else. You are becoming very annoying.
Figs, on the other hand,
as far as CG, be careful what you wish for. For all it's money and Washington, DC connections, Carlylse can't seem to get out of its own way. Didn't their first public company blow up?
IMHO, I think Logan as a more traditional fund manager may have different guidelines on what it can and cannot do or invest in. FIG, on the other hand, with its background in hedging and the like, may have less restrictions on what they can and cannot do.
Case in point, look back at what FIG was buying and when. Stuff nobody wanted at that time (ex, the MSR stuff) and are able to hold it until they turn it around, whereas Logan running fixed assets like annuities or fixed income may be limited to investing in things with a more fixed rate of return. Also I believe Logan charges less fees for AUM.
Bacon, there were two his.
There were one time charge-offs for both spin-offs. What will be the earnings be if you factor both of them in? That's why I think a 2-4 cent increase in Q2 is a real possibility.
I believe NRZ is still actively buying us more msr's that have not been made public yet. They are laying out cash for them but haven't posted earnings because the revenue are still being integrated into their portfolio. The stuff they bought since Jan.1 was not reported because what they reported was for Q4 not Q1. They must be pretty confident about Q1 earnings since they did announce the Q1 dividend.
I do believe there will be a dividend increase in Q2. IMHO.
NCT's price movement along with huge volume is starting to not make sense to me. Look at Friday's volume. I would have thought that buyers would have wanted to lock in the dividend pre-ex date but it looks to be not the case. I could see the price drop/volume spike after the ex-date, not before.
It's been one month after the NEWM spinoff. NCT is now trading under $5 for that time. Would the volume increase have anything to do with margin selling?
Friday was triple witching options day. Could this be it?
Also, whenever this price drop/ volume spike occurred, it was followed by a shelf offering. I can't believe for one minute that they would do a S/O at this price level
With this share price/yield, this thing looks like a screaming buy. I would appreciate any and all (good & bad) comments/thoughts about this issue.
Wally, the price IMHO should return back to its pre-spinoff (NEWM) price.
Many must have thought that NEWM was contributing to NCT's earnings/dividends which wasn't the case. The debt was a non-performing asset and the newspapers/other assets were held off balance sheet. NCT paid the filing and legal fees so the non reoccurring charges are finished. I wasn't expecting a dividend increase this time but hopefully, we'll get the 2-4 cent increase Wes has mentioned in the past.
Good luck to is all.
I 100% agree with you. I also feel that the last go around they did with Nomura was FIG "harvested" their own shares. They bought back 60million of their own shares @ $6 and then resold half at $8. Let's not take into account that some of the principals partially cashed out. That is inevitable and part of how they get paid.
So, they bought back 60million, at $6, sold about 1/2 about at $8.15 had a net reduction in shares and picked up $60million cash for their troubles. What's wrong with this picture and why are so many people crying?
I still think they are morphing themselves into an investment bank.
If later this year, they can "harvest" 100million more of their own shares and pull the same kink of deal ala Nomura, you won't find me crying about it then either.
They might be laying off people. When OCN and WAC out bid FIG &CO. for RESCAP, they paid through the nose. The expected price was to be $1.45billion. OCN/WAC paid twice that. Also look at the quality of the loans. RESCAP was ALLY's/GMAC's subprime lender. If the quality of the paper was not what Countrywide's was, it was close. Those are very high maintenance loans from a servicing standpoint. They may be trying to cut expenses. We also don't know if they are laying off servicers in India, since India does not provide unemployment figures to the Bureau of Labor Statistics.
Also, from a loan modification/principal & interest reduction standpoint, they are a mess. The MERS(?) messes everything up because when these things were bundled and sold, the new owners didn't buy say 15% of the loans in an offered bundle, but 15% of the whole bundle so there are so there may be multiple owners of each individual loan. Try tracking each one of them down. And a lot of them are/were owned by foreign (European) banks. Ask John Paulson/Goldman Sacs about that. Or the guys from Bear Sterns, if you can find them or get them to talk.
Finally, the guys who are current with their mortgages are not the ones raising hell with Lansky. I would be curious to lean if the guys complaining about their "shoddy" treatment at the hands of the servicers are complaining just as hard about the banks who kept issuing them credit cards when the banks knew they couldn't pay them either.
Go back to the CNBC archives and view a David Faber report titled "House of Cards". Kyle Bass was interviewed then about the mortgage business. He went to Bear Sterns about his findings and they blew him off. That's when he shorted the business. And now he's buying into it.
NSM is home based in Texas as well as Hayman. I know there is a connection between Kyle and Dan, I can feel it but I just can't put my finger on it yet.
If you still have my number/email call me. I'll buy you a beer in Easton. If you know mreits, bring him along. There is more research I can give you but it won't be posted on this board. Also, read my last post on FIG. It's (IMHO) a 5-10 year out play. I know where they're going and who they could chew up along the way.
Bobd, when you type in Bass there are two - Kyle and Dan (CFO @ FIG). Check out where they both spent time in the past. I wonder if they are related?
They could have provided the financing or at the very least guaranteed the note. This looks to me like they are setting up an agreeable working relationship for future business.
But wee keep the mortgaging servicing rights while mitigating 25% of the risk.
Last year FIG bought back 50million shares (10%) of the company from Robert Kaufman, one of the founders. This year, they bought back 60million from Nomura. So now they are issuing 30million +/-. So what? They didn't lose on either of these deals.
I think they are ready to start running their own money instead of other groups cash. It looks like they are phasing themselves out of the money management business and are beginning to run their own book. Why invest someone else's cash, make a profit and give up 80% of the gains? If they bought out Kaufman and Nomura, they did it for less than face value. This time, by buying out the equity groups, if they make money, we get 100% of the gain instead of 20%. And I don't think they bought them out at par.
Fortress has morphed themselves from a hedge fund and money manager into an --
I think I'll exercise my $7.00 calls next week.. I own the whole spread - FIG NCT NRZ NEWM LEAF NSM. The only one I don't have is SNOW. Sorry guys, I don't ski. Let me know when you spin off All Aboard Florida and I'll take some of that one also.