Doesn’t illegal insider trading refer to buying or selling a security while in possession of material, “nonpublic” information about the security?
According to sources, Foley has a small contract with Doral in the State of Florida. However, the motion of the State reiterates that both the Government of Puerto Rico as the own Foley & Lardner LPP "they argue emphatically" that the alleged conflict of interest "is non-existent".
In another motion filed today also for Doral, Bank thunders against finance by "at this stage of the proceedings say that ' was ready to consider agreements that were authorized under oath since August 8".
Specifically, Doral objects which finance, through Foley, has withdrawn several agreements and has questioned the transferability of some $700 million in "vouchers".
But sources close to the negotiations indicate that Doral intended that those "vouchers", catalogued as values, were issued by the Commonwealth. "The Commonwealth cannot issue that on behalf of Doral", said another source, implying that you to issue debt, the Government would first have to create legislation. The source also said that the Government what you could do is to recognize those "vouchers" for a tax deduction, provided they are sold as an asset of Doral and not the State.
The theme of "vouchers" was what led to that Hacienda resorting to the assistance of Foley.
Doral or finance were available for comment. However, sources say that the Government is willing to continue to negotiate, but that to do this you need to have advice on values and Federal Affairs.
Here's the article from elenuevodia news:
After two weeks of negotiations with the Department of the Treasury on the controversial reinstatement of $229 million, Doral Financial today left the negotiating table with the fiscal agent, claiming that there is a conflict of interest with one of the advisors who are using the State in the process for tuning a Pact.
The information emerged this afternoon following an urgent briefing motion filed by the Department of Justice before the Court of first instance. This judicial forum, under orders of judge Laureana Pérez Pérez, had given to Doral and finance 10 working days to reach an agreement. This period culminated Friday morning, date in which it was hoped an agreement that would put an end to the demand that settled him Doral to the Treasury after the public entity declaring null a pact signed in 2012 which gave right to the Bank to claim the refund by $229 million.
The urgent information motion, disclosed this afternoon, indicates that it was today scheduled a meeting between the parties to discuss the final draft of the agreement. "This document, which was ready to be delivered and discussed as part of the negotiation, unfortunately never could be circulated, much less discussed, before the decision to the applicant (Doral) to get up the table", indicates the motion.
The alleged conflict of interest, according to the motion, is related to the firm Foley & Lardner LLP, a law firm with expertise in issues of securities and Federal Affairs. The Government Development Bank had suggested him to finance advisory firm and put it at the disposal of the Treasury. "The agreement that is intended to reach has implications both federal laws in matters of 'securities' (values), by which the State... need advice on specific and technical issues such as which is intended to manage through the proposed agreement," States the motion.
Interesting article at goo DOT gl SLASH 5PkvLQ re Natixis expanding in Middle East, incl. Dubai. I’d like to trade something in Dubai but stocks aren’t available!! Forgot to mention, isn't it likely BPOP would drop if it takes over DRL? Seems I've seen that happen with mergers.
Will look at BPOP when I’m in the mood. I was thinking more of Paris! Haha There’s a French bank that actually trades on TDA, Natixis (NTXFF). The ADR for it is 1:10 ratio and doesn’t have much more volume than its root. Seriously, this is one of the European banks Credit Suisse analysts prefer along with DB and a few others. It trades at 6.79; BV is 7.68. Unable to pull chart on Yahoo; freecharts show it has been going straight up since Jun 2012. Good time to have gotten in would’ve been 1st of May when it dropped to 7.13. Anyway weekly RSI is 55 and weekly MACD just turned positive. However weekly vol was only 800, but in Paris it trades in the millions.
Back to reality…Why did Marcus say DRL had hearing with FDIC yesterday? FDIC site didn’t show any hearing sch’d, and I thought that was in Sept?. I wonder what Soros’ fund will do with their 28,900 shares. Would you consider re-entering if it crashes from settlement news? Boyt just made an interesting post a few hrs ago – wonder what your opinion to it is. Maybe this is still going to trial and we get another chance to trade.
Maria, when I deleted a post and reentered, it may have taken out all the posts below it. Sorry if that's what happened - I didn't realize that at the time.
If you decide to trade FCEL, I'd wait until you see what happens tomorrow as it may go down more. Cramer criticized it as too speculative today; once he starts, he sometimes repeats his message for several days. And some traders follow his advice. Also I think it will go back up leading in to the earnings report 1st of Sept. (I answered you about selling DRL on Red’s post).
Also I wouldn't worry about a stock split until after the stress test in Oct.
I know what you mean about strong RS. Do you ever decide on a price for selling or buying and put your order in in advance for stocks that move fast? I sold DRL after hours - had to do it in two sales and pay extra commission. Congrats on your double; I only had 49% profit. Bet you're feeling pretty good now!
Maria, yes I plan to reenter DRL (maybe only a small position) if the PPS go down substantially when everyone finds out there was no new news today. Or I may wait until the case goes to trial as folks will be disappointed there wasn't an out-of-court settlement. And I know what you're probably thinking, give to charity; however this gain only makes up for my losses in EGFEY. lol
”TheStreetSweeper releases its investigative report on FCEL.” It gives a detailed account why they think FCEL is a bad investment. The article is located under the Under Surveillance Archive tab if you care to read it. They also disclosed the owners of TheStreetSweeper hold a short position in FCEL and stand to profit on any future declines in the stock price! Following is a paragraph from the article:
Even if we can get past the risk of losing its biggest account (Posco), the misconceived parallel with PLUG, stock selling, its unjustified market cap and difficulty scaling, those numbers tell the dirty tale behind this clean technology company that’s been dragging along for four decades.
They inferred Cowen raised FCEL rating from Market Perform to Out Perform to benefit with the other bankers of about $1.5 million just for handling the public offering of 25.3 million shares at $1.25 apiece, diluting current shareholders.
Link to article is goo DOT gl SLASH LNQh2i (replace dot and slash with symbols)
Queried the link from ST and also found a link for US DISTRICT COURT DISTRICT OF PR Electronic Court Calendar, and no cases are scheduled for Doral thru Monday. Sounds like positive news so far!
Thx - deciding when to take profits isn't always easy. You know IBD recommends buying stocks when RSI is strong. And of course strong stocks can continue to run even when oversold. So many different methods to investing!! Noticed solars go up when oil prices rise.
BTW, I've noticed today DRL YMB seems to be turning more negative with a lot of thumbs up for bellecloser. Hope most traders don't read YMB and decide the settlement won't mean much! Also I wonder what affect on prospective traders if they read the posts stating s/holders plans to sell when settlement is reached? Do you decide on a sale price and put in an order IN ADVANCE?
Wow! It’s a miracle that the entire population of these countries have not become infected and that more health workers have not fallen ill considering their inability to convey the importance of changing local customs regarding funeral ceremonies and burials.
No not yet - it might be worth looking in to. Ha - I expected a few Polish jokes!. You're good at research - let us know if there's potential here. :)
to tender in three land areas in western Greece, Arta - Preveza, Aetolia and Northwest Peloponnese. Minister Maniatis said "We have come a long way, created the necessary conditions and attractive investment environment necessary for successful, efficient and safe operations for exploration and exploitation of hydrocarbons in Greek Territory for serious companies of the international oil market.”
The notice provides rent for the Greek government that will amount to 4 percent of the produced hydrocarbons in money or in kind. The rate of Greek income tax is set at 20 percent, while the lessee has additional regional tax rate of 5 percent.
GOLD LIANGOU Ekatherimini, 8/4/14
(cont) Indeed, at 50,000 units, the main stock index in Warsaw is still far from its high of 67,000 units achieved in 2007. While it has been lagging behind other emerging markets, it is expected to make a comeback
Most will "bet" on China, or even India, Brazil or Dubai. However, according to Marketwatch, it is a country that few would have expected: Poland. It ihas been 25 years since the fall of communism in Poland on August 19, 1989. The image of the country then needed an economic miracle. Poland was loaded with heavy industries of the Soviet era, a workforce with limited skills and few natural resources.
However, Poland took some right steps, which proved critical for the subsequent course. They privatized industries very quickly, restoring the free and competitive markets. They reduced taxation, reduced debt and reduced wages in the public sector. And so, he managed to improve its position in the ranking of competitiveness. What were the movements- key to Poland?
* Not allowed oligarchs to get their hands on state property, but rather, right up private companies were invited to work with the rules of free and competitive market.
* Taxes are kept under control, with businesses paying 19% rate, which is one of the lowest in Europe. The higher tax rate for individuals is 32%. The government cannot borrow money to spend and cannot raise taxes. The Constitution sets a limit of 60% debt to GDP, but Poland still has room before reaching the limit.
* The Poles themselves are a rather thrifty people, with household debt at 37 pct of GDP. As a result, Poland is now a success story. Since entering the EU in 2004, the economy has an average annual growth of 4 pct, which is among the highest in Europe. The per capita GDP exceeds $ 10,000. From 1989 to 2007, the economy grew by 177 pct, managing to overcome the recent global crisis with just a year of recession. This year is expected to grow by 3 pct.
Warsaw Stock Exchange has made the rise that would justify such a success story, and according to Marketwatch, this will be the trend for several yrs. Goo DOT gl SLASH KFHLPS