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Assured Guaranty Ltd. Message Board

dsouth7777 19 posts  |  Last Activity: Jul 7, 2014 12:15 PM Member since: Feb 24, 2012
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  • dsouth7777 by dsouth7777 Jul 7, 2014 12:15 PM Flag

    Banc of California, N.A., the national bank subsidiary of Banc of California, Inc. (BANC), announced today that it expects to have funded a company record of over $1.4 billion in loans during the second quarter of 2014.

    Jeff Seabold, Chief Lending Officer of Banc of California, stated “As California’s Bank, we are open for business. We are excited to have met the diverse credit needs of thousands of California’s businesses, entrepreneurs and homeowners during the second quarter. These results are a testament to the strong team of banking professionals we have assembled at Banc of California and puts us on pace to meet our ambitious lending goals for 2014.”

    Steven Sugarman, Chief Executive Officer of Banc of California, stated “Good lending is good business. We are pleased to see strong demand for our lending products and to find attractive opportunities to deploy our capital. The Bank’s healthy loan growth will result in long term stockholder value, while strengthening the communities we serve.”

    But the question remains - will BANC make any money on these loans?

  • Reply to

    PL Capital

    by dsouth7777 Jun 22, 2014 10:05 AM
    dsouth7777 dsouth7777 Jul 6, 2014 10:18 AM Flag

    And from the 4th of July Barron's:

    Increases in Holdings

    Banc of California (BANC)

    PL Capital upped its stake to 1,966,676 shares (7.5%) by buying 39,400 from June 19 to June 27 for $10.89 to $10.90 apiece. PL disclosed that it has concerns about the bank's "corporate governance, operating performance, financial projections, and compensation plans." PL also declared its intent is to engage with management and the board to address these concerns.

  • dsouth7777 dsouth7777 Jul 4, 2014 9:21 AM Flag

    Dunno. I thought the crack spread was more important than the WTI vs Brent.

    Any opinions on this?

  • Reply to

    Annual Meeting

    by tiredofworkin May 29, 2014 5:10 PM
    dsouth7777 dsouth7777 Jul 4, 2014 9:14 AM Flag

    Nice call on the divvy.

    The share price surely hasn't reacted at all. Would have thought there would have been a little more positive movement.

  • Reply to

    Run Away!

    by dsouth7777 Jun 18, 2014 3:57 PM
    dsouth7777 dsouth7777 Jun 27, 2014 12:14 PM Flag

    Well, there are a lot of differing views on NWLI, and this board give us all a forum to express our opinions.

    Just be glad we're not discussing politics! :-)

    Haha have a nice weekend!

  • dsouth7777 by dsouth7777 Jun 27, 2014 11:10 AM Flag

    So HFC hits a high of $46 or so yesterday, early afternoon. It proceeds to drop into the close, trading approx 3 million shares during the day.

    Then someone sells 1 million shares after the close at $45.48.

    And guess what happens. A downgrade this morning.

    Wall Street is such a dirty game.

  • Reply to

    Run Away!

    by dsouth7777 Jun 18, 2014 3:57 PM
    dsouth7777 dsouth7777 Jun 25, 2014 12:10 PM Flag

    "NWLI is my only long position in what I think is a dangerously overpriced market due to the Fed holding interest rates at near zero %. I can't find anything else that I want to buy and have nearly 50% of my assets in cash earning nothing. I have covered about 90% of my AMZN short with about a 20% realized gain. I don't know what else to do while waiting for the Fed to quit persecuting savers and old folks."

    My sentiments exactly!!

  • dsouth7777 by dsouth7777 Jun 22, 2014 10:05 AM Flag

    Oh yeh..let's get this going!!

    Business: retail banking products and services in the U.S.
    Investor's Avg Cost: $10.53/share
    Stock-Market Value: $225 million ($10.97/share)

    What's Happening: PL Capital sent a detailed letter to the board regarding significant concerns and questions it has about the bank's corporate governance, operating performance, financial projections, and compensation plans.

    Key Numbers:
    35: Number of 13D filings PL Capital has made in banking and financial companies.

    43.7%: the average return on those 35 filings (versus 29.4% for the S&P500 over the same time periods).

    Behind the Scenes: PL Capital is first a banking-industry investment firm, and second an activist investor. Its principals have extensive accounting, auditing, and corporate finance experience in the banking industry, and it has an outstanding track record as an activist in the industry.

    As PL Capital set forth in its letter, Banc of California is a company with horrible corporate governance practices and egregious compensation policies. The detail that the letter goes into not only shows the board how knowledgeable PL Capital is about the banking industry; it also educates other shareholders, and reveals to them the severity of the situation.

    The most pressing issue is corporate governance: The board needs to change the culture and stop rubber-stamping compensation plans. The second issue is operating performance. CEO Steven A. Sugarman is a skilled deal maker and was hired to get the company to $5 billion in assets, which he accomplished. Now, it is an operating story. Sugarman is up for re-election in 2016, so he has a year and a half to prove himself as an operator.

  • Reply to

    Run Away!

    by dsouth7777 Jun 18, 2014 3:57 PM
    dsouth7777 dsouth7777 Jun 19, 2014 12:58 PM Flag

    Here is a summary of the Fed statement:

    "We are in a pickle. We have an enormously leveraged economy and all asset classes are overvalued based upon ZIRP. If we raise rates, markets will plummet and our (FED) bloated balance sheet will be blown to smithers".

    What else do you need to know?

  • dsouth7777 by dsouth7777 Jun 18, 2014 3:57 PM Flag

    Apparently someone is bailing out. Heading south on some volume.

    On the one hand, can't blame them. Nothing will ever change here.

    On the other, who would sell this at 60% of book when a competitor just got bought out at 1.29x book?

    Guess that's what make a market.

  • dsouth7777 by dsouth7777 Jun 4, 2014 12:04 PM Flag

    Every other life company is up this week because of the PL acquisition.

    Except good old NWLI.

    Just for grins, if NWLI were valued at the P/B as PL the price would be approx. $523 (406 x 1.29).

    Never will happen, but it does show what the market thinks of management.

  • dsouth7777 by dsouth7777 May 16, 2014 10:16 AM Flag

    Even after the offering, where the BoA/ML shills got the cheap shares, there is no support.

    Tells you something about what the major shareholders think of how this company is being run.

  • dsouth7777 by dsouth7777 May 16, 2014 8:14 AM Flag

    Priced the offering at $9.78. Who cares about the shareholder?

    They are paying 8% on the tangible equity units.

    They currently pay 7.5% and 8% on their existing preferreds.

    These are junk bond rates people. We are living in an extremely low rate environment yet this company is paying junk yields. What a reflection on management and their strategy.

    Sentiment: Strong Sell

  • Reply to

    Dilution

    by dsouth7777 May 14, 2014 11:06 AM
    dsouth7777 dsouth7777 May 16, 2014 8:04 AM Flag

    Priced at a ridiculous $9.78!!

    And the tangible equity units are paying 8%!!

    The management and board sure know how to destroy shareholder value!!

  • dsouth7777 by dsouth7777 May 15, 2014 4:30 PM Flag

    How can this be justified considering the shareholder is getting screwed royally????

    Summary Compensation Table
    The following table sets forth information regarding the compensation paid to or earned by the Named Executive Officers.

    Steven A. Sugarman
    ...........
    2013 $599,039 $750,000(7) $ — $ 613,477 $— $— $124,514(11) $2,087,030
    President and Chief Executive
    Officer of the Company and the
    Bank(1)
    2012 $191,605 $150,750(8) $ 74,250 $1,790,000 $— $— $126,846(12) $2,333,451
    Ronald J. Nicolas, Jr.
    ..........
    2013 $346,354 $300,000(7) $ — $ — $— $— $ 20,273(11) $ 666,627
    Executive Vice President and
    Chief Financial Officer of
    the Company and the Bank(2)
    2012 $ 37,521 $ 83,750(8) $325,248 $ 218,250 $— $— $ 17,058(12) $ 681,827
    Hugh F. Boyle
    ................
    2013 $ 67,417 $ 62,500(7) $345,750 $ 92,000 $— $— $ — $ 567,667
    Executive Vice President and
    Chief Credit Officer and Chief
    Risk Officer of the Company
    and the Bank(3)
    John C. Grosvenor
    .............
    2013 $289,367 $150,000(7) $ 70,700 $ — $— $— $ 14,915(11) $ 524,982
    Executive Vice President and
    General Counsel of the
    Company(4)
    Jeffrey T. Seabold
    .............
    2013 $237,949 $150,000(7) $736,000 $ 327,000 $— $— $ 42,666(11) $1,493,615
    Executive Vice President and
    Chief Lending Officer of the
    Company and the Bank(5)
    Robert M. Franko
    .............
    2013 $362,811 $200,000(7) $ — $ — $— $— $ 85,763(11) $ 648,574
    Former President of the
    Company and Former President
    and Chief Executive Officer of
    the Bank(6

  • dsouth7777 by dsouth7777 May 15, 2014 11:48 AM Flag

    I urge everyone to join the lawsuit:

    http://zlk.9nl.com/banc-of-california-banc/

  • dsouth7777 by dsouth7777 May 14, 2014 1:59 PM Flag

    And still can't catch a bid.

    It is still incomprehensible that NWLI doesn't buy back some of it's own stock at such a discount.

  • dsouth7777 by dsouth7777 May 14, 2014 11:06 AM Flag

    This company has no earnings, keeps making deals, and is now diluting the shareholder to finance their follies.

    Down 9% already today on news of the $50mm offering.

    Down 32% from the 52 week high.

    When is the management going to be held responsible?

    Next up...how about a dividend cut?

  • dsouth7777 by dsouth7777 Apr 14, 2014 3:09 PM Flag

    Off over 4% already today on 29k shares. That's one-tenth of one percent of the outstanding shares traded and that is enough to take it down 4%. No news that I can find, either.

    No wonder people don't trust the markets.

AGO
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