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Federal Home Loan Mortgage Corporation Message Board

fourcentson1dollar 10 posts  |  Last Activity: Dec 12, 2014 8:21 PM Member since: Jan 27, 2011
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  • Reply to


    by redfacedclown Dec 12, 2014 6:35 PM
    fourcentson1dollar fourcentson1dollar Dec 12, 2014 8:21 PM Flag

    Ted Olson and his team from Gibson Dunn is and are highly respected. That's why I think there is a chance of success here for the preferreds.

  • Reply to


    by redfacedclown Dec 12, 2014 6:35 PM
    fourcentson1dollar fourcentson1dollar Dec 12, 2014 8:19 PM Flag

    The Capital Plan Letter noted that
    (i) the Bank had submitted the Capital Plan past the required filing date,
    (ii) the FDIC had determined that the capital restoration plan portion of the Capital Plan did not meet all the criteria for a capital restoration plan, and
    (iii) although the contingency plan portion of the Capital Plan does appear intended to comply with the August 12, 2012 consent order that the Bank entered into with the FDIC and the Office of the Commissioner of Financial Institutions of Puerto Rico (the "Consent Order"), the FDIC requires more specificity in the contingency plan. Accordingly, the FDIC has directed the Bank to promptly resubmit the Capital Plan to more comprehensively comply with the regulatory requirements governing such plans.

    On December 10, 2014 the Bank submitted to the FDIC an updated Capital Plan (the "Updated Plan"). The Updated Plan is designed to allow the Company and the Bank to seek to maximize the value of the Company's and the Bank's assets on behalf of their stakeholders, including pursuing all claims available against the Government of Puerto Rico, and to minimize the risk of any loss to the Deposit Insurance Fund. The Updated Plan covers potential actions that will require the support of the FDIC.

    The FDIC can accept the Updated Plan, reject it or require additional information before determining what additional actions it may take in response to the Updated Plan. The Company intends to continue to adapt its plans in response to the FDIC's comments and to comply with the FDIC's directives. If the FDIC does not accept the Updated Plan or continue to work with the Company to develop an acceptable plan the FDIC can take additional regulatory action against the Bank. Doral is unable to predict what regulatory actions the FDIC may take involving Doral, including whether the FDIC will approve the Updated Plan. In addition, even if the FDIC approves the Updated Plan, Doral is unable to predict whether it will be able to successfully execute the Updated Plan.

  • fourcentson1dollar fourcentson1dollar Nov 7, 2014 1:11 PM Flag

    I think our best defense against FDIC seizure is having Gibson Dunn (Ted Olson and crew) as our legal team. They have a lot of credibility.

  • Reply to

    30-day appeal window

    by marcus20433 Oct 18, 2014 6:24 PM
    fourcentson1dollar fourcentson1dollar Oct 19, 2014 3:01 PM Flag

    Because at least one defendant is a government agency/official, the plaintiffs have 60 days to file their notice of appeal.

  • fourcentson1dollar fourcentson1dollar Oct 17, 2014 4:41 PM Flag

    I'd rather own companies that they eventually decide to acquire at a premium.

  • Reply to

    DORLN= Doral preferred up .75 today.

    by boyt1961 Oct 17, 2014 2:52 PM
    fourcentson1dollar fourcentson1dollar Oct 17, 2014 4:39 PM Flag

    I think there is a good chance we the DORLO and DORLN will go back to face value ($25). We'll know more in the next month or two. I'd emphasize that our lawyers Olson and McGill have enormous credibility and FDIC and NY Fed aren't going to mess with them. So, that buys time and everything can work out fine. NOTE that the Court decision changes everything for me--while appeals are possible I think we're in good shape and can likely withstand the appeals process. Gibson Dunn is especially strong at the appeals phase, witness Olson's extensive experience before SCOTUS.

  • Reply to

    How much should DORLL preferred be worth?

    by eechicken Oct 17, 2014 3:51 PM
    fourcentson1dollar fourcentson1dollar Oct 17, 2014 4:35 PM Flag

    I'd say that it has a decent chance of going back to $250. It's a cumulative preferred. I'd hang on a month or two and see how this plays out. Or sell a few shares but keep the rest. Either way, congratulations.

    Quantum online.

    Doral Financial Corp., 4.75% Perpetual Cumulative Convertible Preferred Stock, liquidation preference $250 per share, with no stated maturity, and with distributions of 4.75% ($11.875) per annum paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on 3/1, 6/1, 9/1 & 12/1 or on the date fixed by the board.

  • fourcentson1dollar fourcentson1dollar Oct 16, 2014 6:30 PM Flag

    Gibson Dunn seems to be saying that once the transactions that are already in progress are completed, they will report back to the FDIC and everything will be fine. That's my interpretation. Doral seems to be late in terms of meeting the 120 deadline. I suspect the fact that Gibson Dunn (Olson McGill) has a lot of credibility has gotta help a lot in terms of holding FDIC back from doing something aggressive (and foolish).

  • Reply to

    Congratulations to Melba Acosta

    by red_tsar Oct 16, 2014 11:55 AM
    fourcentson1dollar fourcentson1dollar Oct 16, 2014 6:21 PM Flag

    Susan Rice was a spokesman, she didn't have first-hand information. She had to stick to the story that she was given. An unfortunate situation, but so what.

  • fourcentson1dollar fourcentson1dollar Oct 15, 2014 6:04 PM Flag

    The trial outcome is public information. It's big news. Gibson Dunn seems to say that they have done the things that are needed and just need for them to close and they will comply with FDIC requirements and problems go away. I don't know if that's true necessarily, but the nature of the game seems to have changed for the better. Doesn't require inside information to be able to figure that out. A sale would be nice but speculation about that seems premature. Capital raise seems possible, but I'm not sure it's needed.

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