Honestly not sure. Could be they think that PR (and/or PREPA) will default and it will cause a spike down. Might be Zohar. Might be something else. My guess is that someone is betting on PR default panic.
There is a chance PREPA does default over the short-term. No denying that but I think even if they do the ultimate recovery will be good. Put buyers are just hoping for a stampede. That is my guess but who knows.
This is the subsidiary holding the structured finance products. More or less the "badco" from the restructuring to hold toxic assets.
Company said it was worthless in the 4th quarter call (as far as shareholders go). The surplus note lenders, a note considered equity for regulatory purposes, is now the owner of the company in terms of economics. They bear the risk of loss from the Zohar stuff, not MBIA Inc.
Banks who brought the Article 78 litigation have now effectively been proven right. MBIA Insurance was built to fail. Fortunately for MBIA shareholders they have plenty of assets in National Public Finance.
Cannot wait for the next Prescience Point report.
I've been thinking about looking into whether it is possible for an individual investors to bring suit against them for fraud. Company really can't do it because of discovery but an individual on the other hand...
It is freakin hilarious how they always get it wrong but still, someone really needs to stop them.
Yea you are right. Now they need ten days in a row above a dollar.
It is off for at least a few months. Very difficult to sell bonds when a company is accused of fraud as it just doesn't pay. Even a 5% chance of fraud when combined with the difficulties of negotiating the Indian legal system makes it very hard to do a deal at a reasonable price.
They plan to rely on Indian banks until things clear up and they will. Basic result is that they continue to outsource certain capabilities that they wanted to bring in-house. Costs them money but less than the additional interest bond holders would have demanded.
The gift that just keeps on giving. Pretty soon so many people will be following them around doing the exact opposite of whatever they say that their hit jobs will have no impact.
Shorts will also post false reviews on Amazon as part of effort to discredit company.
Look at AVG, a previous target and you will find lots of negative reviews and yet the review by CNET itself absolutely raves about the product.
I'm not saying PP is behind all of the negative reviews but yes I believe short sellers likely are. Even if they aren't it isn't like the US is much of a market for their products anyway.
That is not what they said. The financial statements are "stale" so they were obligated under their guidelines to withdraw the rating. This would have happened even if the deal were closed because the stale date Feb. 15 as that is just the date. Later in the month when they issue results the financial statements will no longer be stale.
Now having said that, they obviously have not closed the deal but as it was only announced on Jan. 28th. Deals like this take some time and in the meantime they were accused of fraud. It makes sense to not expect the deal to have closed by now and actually it might take another audit to close but to say the debt is not happening is wrong.
Do you think they believe the stuff they write??? I just can't bring myself to believe anyone is that stupid.
Amira still plans on completing the bond deal. I wouldn't expect them to file the SC13 G if the means to make the purchase wasn't still on-track.
At least that is what I think. Maybe they would do it but I think not.
Do you still beat your wife?
It is impossible to respond to such an accusation.
It is not inconceivable that they will be able to close the deal. Inventories are easy to verify and it is a commodity that is unlikely to plunge in value so assuming the legal system works there is not much doubt in being able to recover the security. This would be true in US, whether it is true in In India I dunno.
Debt cost would likely be higher.
The decline in oil prices might ultimately be a bigger deal than the court ruling.
No official statements to support my position but it has to be true.
Long on allegations and short on factual statements. I don't care if you want to pump something but don't make factual statements and not expect to be challenged. I don't mind someone pointing out any errors I make.
Just in case anyone is buying this, Ibiquiti is not a big seller of microwave backhaul products and their performance has no reflection on potential Dragonwave performance except to the extent they have the potential to disrupt the microwave backhaul market. To date they have not done so.
I've never understood why Wynn is holding her to the stockholders agreement. He says he isn't concerned about control in the Okada litigation but then he refuses to allow her to sell. He says the company couldn't afford to pay Okada for his shares but he pays out billions in dividends.
I like the guy but I don't trust him either.