CONeal
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Posts posted by CONeal
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There was one question asked by a ML former employee that might be of some interest. There was a fear that if they divested Countrywide that they would be downgraded by the credit agencies. Now that BAC has been downgraded do they plan to get rid of it.
BM: (to the extent) There is no one out there willing to take Countrywide and all if its issues. They are looking for other ways to deal with the company. If they could get rid of it they would.
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it's not like it is that expensive to buy a share of BAC now. =p.
The people of the country should just pool their resources together and plunk down $42b to buy +50% of the company.
Then they can install their own management and forgive mortgage debt in excess of $42b for an immediate gain.
You would be suprised how many questions were about forgiving their mortgage. A couple of them didn't even have a mortgage with the bank. They wanted them to buy it from their lendor and forgive the loan. One lady actually said this. I'm telling you it was a circus in there.
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I didn't even get into the deomstrations outside the building at 9 a.m. 2 or 3 groups emergered into the intersection outside the building .
Overall I am happy with how BAC handled the situtation.
The protestors inside the meeting had to have something b/c it was not easy to get in. Verifying you was a shareholder, metal detector, and then making sure you didn't fake the armband.
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Would post this under the meeting notes but there really wasn't any insight gained so far from the meeting.
Meeting mainly consisted of Q&A no presentation and 99% of the questions was people bitching about the bank funding coal companies or people losing their homes.
Was glad with how BM handled the meeting and stay cool through the whole thing. I honest can't say I would have done the same thing.
Intersting note: There were 8 cops in the meeting and half of the attendees were protestors with NPA (what ever the hell that means) at the end they all got up and started protesting.
Security was extremely tight to get in.
Out of the whole meeting two questions were actually asked that had merit.
Sorry but there was no great insight gained from this one.
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Thanks oddball this will be great to reference in the future.
With a little luck maybe I can make the shorts and a tuxedo shirt a reality.
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thanks, I was leaning that way but wanted to be sure
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How is one suppose to dress when attending a shareholder meeting? Suit? slacks and button up? Shorts and t-shirt? Ok the last one was a joke.
Never attended one before so would like to make sure I dress appropriately.
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Thank you so much for the notes. It contained some very interesting insights.
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Guess I'll be the one that goes against the grain since I do not view it as an investment. Under the best of scenarios you will make money on your house but can easily go underwater if the market tumbles. I know a few people that had to forgo jobs bc they were underwater on their house and could not afford to move. Even when you sell the house, most of the money will be plunged back into a new house unless you expect to live out of a car.
A house can be a hamstring on many different levels. You gave up the ability for mobility, battling with contractors over work that needs to be done (AC goes out, water leak, roof damage, septic tank replacement etc) and drain on cash flow to name a few.
With a rental something breaks and it's not your problem and will be fixed in about 24 hours.
If I was married and had kids I would own a house though. If for anything else, so the kids have a place to play and call home.
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Wish I could afford it. I love that building. ;D
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I have always viewed BB as having two differnt core market segements. You have of course the business segement that uses it for business needs and should be marketed as such. The other segement is 12 -18 year olds. There are a shitload of 13 year old girls that buy a BB for the sole purpose of being able to use BB Messenger between friends.
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Thought I saw somewhere that Whitney Tilson covered his short Last Tuesday and then went long. Lucky little shit :-)
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Sorry for the 100th thread posted about BAC. The Mortgage to Lease program was announced last month as most of you are probably aware.
http://mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=irol-newsArticle&ID=1675653&highlight
Hope someone can help with the question that keeps spinning in my head. Under the assumption that this program has some success and the bank decides to expand it on a large scale. How would the loan write offs/rental property affect their capital ratios? Is there any other consequences this program could have to their balance sheet?
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Thought it was Asia but it may have been Europe. Going off memory when I responed so I might have had the debt mixed up with stock.
The debt securities for mannkind still come due in 2013 and the company has set aside shares to convert the debt into stock.
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He mentioned the addition in his annual report
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I bought a few shares a couple of months back. Talked to a few people that take shots and they were amazed that there was the possibility of not having to have shots anymore (Viewing this as people will go to the doctor asking for the drug once it's out in public.). My dad would have jumped at this b/c the needles were always a pain and hated them with a passion.
Main reason for buying is a bet on Al Mann and also the insider trading case. If it was approved then, despite going through the paces, it should have the same result.
Francis Chou does have a position in Mannkind in his Asia fund. Also the bonds he is holding I view as a position in the stock since they will probably be converted to shares next year.
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"March 2011 Restructuring
On March 31, 2011, we restructured, amended, or extinguished all of our outstanding recourse debt obligations, which we refer to as our March 2011 restructuring. Our March 2011 restructuring involved: (i) the contribution of certain of our legacy assets to a newly formed subsidiary, CT Legacy REIT Mezz Borrower, Inc., or CT Legacy REIT, (ii) the assumption of our legacy repurchase obligations by CT Legacy REIT, and (iii) the extinguishment of the remainder of our recourse obligations, our senior credit facility and junior subordinated notes. The restructuring was financed with a new $83.0 million mezzanine loan obtained by CT Legacy REIT from an affiliate of Five Mile Capital Partners LLC, or Five Mile, and the issuance of equity interests in the common stock of CT Legacy REIT to the former lenders under our senior credit facility and our former junior subordinated noteholders, as well as to an affiliate of Five Mile.
Capital Trust, Inc.
Following the completion of our March 2011 restructuring, we no longer have any recourse debt obligations, and retain unencumbered ownership of 100% of (i) our investment management platform, CT Investment Management Co., LLC, (ii) our co-investment in CT Opportunity Partners I, LP, (iii) our residual ownership interests in three of the CDOs that we issued, CT CDOs I, II, and IV, and (iv) our tax-basis net operating losses. Furthermore, we have a 52% equity interest in the common stock of CT Legacy REIT. Our economic interest in CT Legacy REIT is, however, subject to (i) the secured notes, which are collateralized by certain of our retained equity interests in the common stock of CT Legacy REIT, (ii) incentive awards that provide for the participation in amounts earned from our retained equity interests in the common stock of CT Legacy REIT, and (iii) the subordinate common stock of CT Legacy REIT owned by our former junior subordinate noteholders, all of which are further described in Note 1 to our consolidated financial statements. In addition to our interest in the common stock of CT Legacy REIT, we also own 100% of its outstanding class A preferred stock. See Note 1 to our consolidated financial statements for additional discussion of our March 2011 restructuring."
Has 4 CDO's that they sponsored and I think they own the equity interest. Cash is about 1.40/share. 3.4 million warrants outstanding strike of 1.79 and can be redeemed beginning in March or May of 2012.
Just an observer for now.
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1) Realizing I screwed up
2) Admitting to myself I screwed up and that something needs to be done.
3) Taking action to fix the screw up
Some of my biggest mistakes have been from thinking it will get better.
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I agree with Sanjeev's comments. I would definitely not base my decision on what a girl would think or her family that's for sure anybody - do what you want to do. Decisions should be mainly internal not externally based. (By the way, a girl would think making 1.5 million playing poker and then investing it pretty cool if you ask me.)
Someone that you have met for 5 minutes and you pop up and say "Hey I have 1.5 million." I'm sure your realize your mistake when she switches from $2 beer to $8 fruity drinks. :D
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This might be helpful if you want to invest for a living.
http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/tips-for-investing-full-time/
Since I started the thread I'll followup by saying that I was able to do it for 4 months and decided to go back to work. The main reasons was damn I got so bored during the day. The field I'm in is pretty much chaos 9-5. Didn't really realize how much I would miss it. Also, with a few opportunities popping up I wanted to take full advantage of them thus I needed incoming cash flow to pay the bills.
Will try to get give another go later.
If you are single, it may sound crazy but girls will be turned off by you telling them what you do if you invest full time. The few I encountered understood is as "he's unemployed"
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And where is the BAC cheer leading thread? ;)
I will revive it on it gets is put up for the blue light special (below 8) ;D
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Charlotte, NC
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Excellent article!!! Thanks for posting
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I'm just as happy with either (also own both stocks).
Same here
BRK tried to buy ResCap before bankruptcy: report
in Berkshire Hathaway
Posted
Hope BAC is taking good notes.