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First Niagara Financial Group Inc. Message Board

skeeter207 32 posts  |  Last Activity: Apr 15, 2015 1:11 AM Member since: Nov 7, 1999
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  • skeeter207 skeeter207 Apr 15, 2015 1:11 AM Flag

    You mist be one helluva prolific trader or more likely BSer spammer, as you are on every board of every stock I follow on Yahoo. That sure is some coincidence, NOT.

  • Reply to

    Shareholder Meeting

    by saratogaslots Apr 9, 2015 8:46 AM
    skeeter207 skeeter207 Apr 9, 2015 11:47 AM Flag

    I just don't see this management team and by way of extension the BOD that has put them in their cushy positions and highly lucrative pay packages ever wanting to give that up by initiating talk of selling the bank.
    Rather, I think that is something that would have to be first put out there by a potential interested party.
    In that scenario, how the bank responds would be much more telling as to the alternative possibilities they might be willing to consider or not.

  • Reply to


    by gpappywoa Apr 2, 2015 8:04 PM
    skeeter207 skeeter207 Apr 8, 2015 5:17 PM Flag

    You want to talk about "skin in the game" it seems as though Crosby and his management team have been behaving like they have no accountability whatsoever. With all of these money mistakes where is the CFO, when it comes to being held accountable, where is the BOD, when it comes to looking out for shareholder interests. It's more of the same good ol' boys network, with Messrs. Crosby and team piling up the options grants and bonuses,. none of which is deserved given the recent revelations of mistake after mistake as this bank tries to find some traction on the slippery slope of questionable recovery. All of the bad news announcements don't make it any easier, rather they just push the timeline out farther and farther. But then, these guys don't have any real skin in the game because their positions are guaranteed no matter how it turns out.

  • skeeter207 skeeter207 Apr 8, 2015 4:08 PM Flag

    This is a bank stock. They don't deal in light bulbs. Take your hype and pumping someplace else.

  • Reply to

    awful quiet

    by blackiecarbon33067 Mar 24, 2015 4:49 PM
    skeeter207 skeeter207 Mar 24, 2015 7:18 PM Flag

    Never a "I told you so". Nobody's getting excited because this is business as usual. An I told you so, might be appropriate after a week or two of sustained daily increases with perhaps a breather or two mixed in. The current up/down is just business as usual with the market makers holding sway because Atmel, afterall, is in the absence of any concrete verifiable news, really to be treated as a commodity, to be bought and sold at the control of the aforementioned market makers.

  • Reply to


    by whiteshoeshyer Mar 19, 2015 4:07 PM
    skeeter207 skeeter207 Mar 20, 2015 2:54 PM Flag

    People have been saying that for years, myself included. The harsh reality is they simply have not
    performed to expectation or promise, and all attempts to predict when they will, if ever, have been very disappointing to say the least.

  • I can't believe it. Read the third paragraph below to see how long this overstatement of reserves has been going on. It took them six qtrs. of earnings reports to figure this out. Total gross negligence that should result in more than one mid level employee getting canned. The CFO, at the very least, should be fired and Crosby, should be required to give back that portion of his 2.5 million annual salary for the time frame involved, if not demoted and replaced. Notice also how management is protected. What a bunch of BSers.

    In its annual report, Buffalo-based First Niagara (NASDAQ: FNFG) said the changes include: improving management control over the determination and documentation of the loan-loss allowance, creating better computing controls to restrict certain data and capabilities to the appropriate personnel and appropriately monitoring the activities of those who are allowed to adjust the models used to determine how much money to set aside in the allowance.

    The changes are in response to the previously-disclosed overstatement of the company's loan and lease loss allowance. First Niagara said a mid-level employee, who has since been fired, is responsible for the accounting error.

    According to First Niagara, the allowance was overstated for the second, third and fourth quarters of 2013 and the first three quarters of 2014. Information about the allowance that was prepared by the employee "was not based on the models and judgmental processes" required as part of First Niagara's internal procedures, according to the annual report.

    First Niagara disclosed the overstatement on Feb. 24. The issue has since been investigated by management and the board of directors' audit committee, which found no evidence that other employees, such as senior or executive management officers, knew about the overstatement, the company said.

  • skeeter207 by skeeter207 Mar 18, 2015 4:59 PM Flag

    Thanks, but never mind. I found the link and article. They do refer to the third quarter, so I wonder how long ago they actually closed out their position on the bank. If the third qtr. put them into a tizzy, they are probably giving each other high fives they got out before the end of the 4th qtr. given the disaster with the mid level employee screwup on the reserves.

  • skeeter207 by skeeter207 Mar 18, 2015 4:48 PM Flag

    Stocksinc, do you have a link to the article you posted re the sell-off of a position held by the hedge fund you named. I would like to check it out, because in it you / they refer to poor third qtr. earnings, poor management,
    and problems with a recent acquisition. I would like to check out the validity of this information, which, while perhaps true, is likely old news given they just released 4th qtr. results. What IS concerning is the article below (I can provide the link if asked for) that reports First Niagara had to downward revise 4t qtr. results for the reasons stated below. NOT GOOD! ------ And to think Crosby is getting 2.5 mill. base salary for these continuing fiascos. Always helps to blame midlevel employees while playing Denny the dunce to avoid true accountability. Apparently, "the buck stops here" does not apply to Mr. Crosby, or his senior management team.

    The parent company of First Niagara Bank N.A. is lowering its fourth-quarter net income by $8 million due to a pair of credit-related issues discovered after the company released its quarterly earnings report.

    In its newly filed annual report, First Niagara Financial Group Inc. (NASDAQ: FNFG) reduced its fourth-quarter net income available to common shareholders by 11.4 percent – from $70 million to $62 million. Earnings per share were also affected, falling from 20 cents to 17 cents.

    The Buffalo-based company said the revised results include an additional $16 million in provisions set aside for credit losses related to two items: a $10 million net charge-off related to a single borrower in the oil and gas industry and the "collectability" of that customer loan and a $5 million provision for credit losses related to the impairment of a commercial loan that was sold earlier this month. Both issues were discovered after First Niagara released its earnings report in late January.

  • Reply to

    Re sell out rumors and price drop

    by skeeter207 Mar 12, 2015 5:37 PM
    skeeter207 skeeter207 Mar 16, 2015 12:00 AM Flag

    Most certainly, the engineering side of the company, historically, was always the strong suit of the Perlegos brothers. I thought with bringing in the former CTO from Synaptics last year, Laub, might be addressing some engineering shortfall. Whatever he was supposed to do or the reasons for his hire, it doesn't seem to have helped, because you would think the Xsense fiasco should never have happened if the Chief Technical officer was on top of things. Yeah, it always goes back to management because "the buck stops there" as well it should.

  • I think, or should I say hope, the buyout or merger rumors are still intact. As long as consolidation in the semiconductor sector continues to flourish, Atmel should continue to be fairly high on potential suitors lists. Been my experience (longterm) that Atmel, not always, but often will rise or fall in sympathy with the ups and downs of general market indices, specifically the Nasdaq, and the Philly Semi Index which was down today while the Nasdaq was up solidly.

    Aside from 1st qtr generally negative results, my greater concern is Microchip Technology coming out saying things are slowing down with a resultant inventory glut. This is bothersome because both Atmel and Microchip are heavily invested in IOT as revenue drivers. Beyond that, and this may be a reach, Intel's announcement of a one billion dollar upcoming shortfall could also affect other companies like Lenovo. Lenovo, if you recall, has
    been a big customer of Atmel's. That's assuming they haven't already lost them too given their past inability to hang on to customers. Which, bottom line, speaks to their terrible track record re sustained execution. Don't have to look any further than Xsense for proof of that.

    So, where does that leave us, hopefuilly they'll be scooped up sooner rather than later, because I've lost faith this management team has the ability to successfully go it alone. I wish it wasn't so, because obviously there would be a lot more money to be made by shareholders as a stand alone company, but I just don't see that in the cards anymore.

  • There are several banks with a close geographic proximity, financial interest, and the market cap to pull off a buyout of First Niagara and none of them are named Wells Fargo.

  • Reply to

    skeeter "back in the day".

    by blackiecarbon33067 Mar 9, 2015 3:26 PM
    skeeter207 skeeter207 Mar 9, 2015 4:34 PM Flag

    Yeah, I can't believe when revisiting earlier some of those old posts, I came across a couple where I was having a board conversation with SC Greg, back some time in 2010, and I was commenting on how I felt like I made a real coup in picking up a bunch of shares on the day at $8.01 a share. Here we are five years later and the stock is sitting at some seventy five cents higher with really not a whole lot much more of a spread in share price at any given point in that entire span of time. Say what you will about George Perlegos and brother Gus, and I take no position on them pro or con, at least they didn't try to bleed the company while shareholders were getting screwed.

  • skeeter207 skeeter207 Mar 9, 2015 3:02 PM Flag

    I remember them both well. Both should have been included on that list along with coosa. Didn't Bob also go
    by the handle bob_abooey999. They were both crazier than you Norman, ready to take on all comers back in the day.

  • Reply to


    by whiteshoeshyer Mar 5, 2015 1:42 PM
    skeeter207 skeeter207 Mar 6, 2015 8:00 PM Flag

    Well Greg, also on the bright side, you can't get much more honest than that, in your response to white shoes. Keep asking myself the same question. Why didn't I dump when it briefly crossed over 16 at the tail end of 2010 into early 2011 when they lost their momentum and have been struggling ever since. Instead, steadily acquiring and cost averaging down in the expectation, not merely hope, they would turn the corner and start the long awaited sustained move up like so many in this valley around them have successfully done in a much shorter period of time. Three things come to mind,
    insider greed, and incompetence, bolstered by a Board that has never acted in shareholder best interests.

  • skeeter207 skeeter207 Mar 5, 2015 4:18 PM Flag

    Greg, glad to see you are still around. Appreciate your timely commentary on
    Laub's recent conf call responses. I remember him always paying lip service to questions about offering a dividend at shareholder meetings but, as you pointed out, dead on, that response in a recent conf call to the question about whether the company would ever entertain the notion of selling out or being acquired, he was most definitely agitated and annoyed at even having to respond. Clearly, the pressure on him was already beginning to develop.

    With the recent Cypress/Spansion merger and now the just announced buyout of Freescale Semi by Dutch chip maker NXP, the consolidation continues. I agree 100% with your assessment that Atmel is in a tight spot trying to make it alone. They just don't have the resources to compete with the big guys. I remember at the last shareholders' meeting Laub commenting on how the IOT was a blossoming multi billion dollar space and Atmel, while not the biggest player, was well positioned because there was plenty to go around. The reality is Atmel is continuing to just tread water...holding the carrot out there eg the recent dividend announcement to insure continued upper management outrageous paydays while maintaining the status quo. For me, a buyout can't come soon enough. I just hope the Board and Laub don't insert a poison pill to discourage it. If so, the institutional investors need to step up and assert their majority stake.

  • Reply to

    Allowance and management judgment

    by buffetteer Mar 1, 2015 11:55 AM
    skeeter207 skeeter207 Mar 2, 2015 8:52 PM Flag

    If indeed this management team is in place as interim caretakers. I think a more appropriate description would be supremely overpaid incompetent caretakers, and yes, let's hope for the sake of all shareholders
    it is only until a deal for a buyout can be negotiated. That is, if anybody out there is truly interested in buying. God help us if not.

  • skeeter207 skeeter207 Mar 2, 2015 7:57 PM Flag

    feel your gain, better check again, Nightly is very much included in the list, referencing his legendary encounters with Blackie on the merits or failings of Atmel at the time.

  • skeeter207 skeeter207 Mar 2, 2015 4:16 PM Flag

    My sincere apologies to Greg. He in recent years, while not posting that often, did have most valuable insights to share. The guy knows the business from the technical side of things and I always looked forward to hearing what he had to say. In fact, I would go so far as to say he has been the most important consistent poster on this board given his knowledge and his ability to interpret where things may or may not be headed in a way that is easy for a lay person to understand.

    I miss his input of late. He knows what he's talking about, but I suspect he has stayed away out of frustration with management and their inability, to date at least, to get sustainable concrete results in revenue and earnings growth. I hope he has not moved on, that would be a loss to the rest of us.

  • skeeter207 skeeter207 Feb 28, 2015 9:51 PM Flag

    I am inclined to agree. As has already been mentioned, they apparently have gone into defensive mode by announcing a week's closure in March. Business is that slow that they have to resort to that tactic to at least try to compensate somewhat to make the books look decent. I don't think it bodes well for any positive surprises. What ticks me off is that no matter what they seem to do, they always come out on the short end of the stick. They lost the market share and hence potential ongoing momentum with touch in 2010/11. Supposedly just now in the past year or so on the cusp of recovery with Xsense, that now that turns out to be a debacle. They hired away Synaptic's CTO last year and that hasn't seemed to make any difference, while Synaptics has moved on and share price is several points higher since that time frame. Just yesterday, Friday, Unipixel, the upstart that has never sold anything to anybody and seemingly left for dead closed up a buck sixty six or 32%. All on the single statement that in the coming qtr., they expect to ship in volume to a, yet unnamed, customer. That's all it took, was this nebulous statement. Could you see that happening to Atmel? Not likely. Too many past disappointments and non delivery on promises, not the least of which is the recent Xsense disaster. If anything, I see the glass as already full for upper management, as it has been for the past several years given the options payouts no matter which way the wind is blowing. For shareholders, to this point, notwithstanding the meager recently announced dividend, I see the glass as still empty because Mr. Laub and company have lost all credibility and they have a long way to go to get it back.

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