Horizon Financial Corp. Announces Quarterly Cash Dividend of $0.05 Per Share; Remains Well-Capitalized and Reiterates No Exposure to Freddie Mac and Fannie Mae Preferred Stock and Schedules Conference Call for FY2Q09 Oct 4, 2008
05 Per Share; Remains Well-Capitalized and Reiterates No Exposure to Freddie Mac and Fannie Mae Preferred Stock and Schedules Conference Call for FY2Q09: Financial News - Yahoo ... 05 Per Share; Remains Well-Capitalized and Reiterates No Exposure to Freddie Mac and Fannie Mae Preferred Stock and Schedules Conference Call for FY2Q09Friday October 3, 4:00 pm ET ... Horizon also reiterated that it has no exposure to Freddie Mac and Fannie Mae preferred stock. (Primezone Releases)
Notice to All Investors of Fannie Mae and Freddie Mac Stock From the Law Firm of Blum & Silver, LLP Oct 4, 2008
Blum & Silver is currently investigating losses incurred from investments in Fannie Mae and Freddie Mac preferred stock. ADVERTISEMENT. (Primezone Releases)
Shirty, until the words sunk in Oct 4, 2008
"Because Buffett is getting preferred stock and using his name to secure very favourable equity terms.". Friday. (Sydney Morning Herald -- Business)
Wells Fargo bids $19b for Wachovia, trumping Citigroup Oct 4, 2008
Wachovia agreed to give Wells Fargo preferred stock that will represent 39. 9% of Wachovia's voting power. (Sydney Morning Herald -- Business)
Wells Fargo to acquire Wachovia Oct 4, 2008
The FDIC agreed to cover any remaining losses in exchange for 12 billion in Citigroup preferred stock and warrants. But the failure of the government s proposed 700 billion bailout for financial institutions Monday afternoon cast doubt on whether Citigroup would be able to rid itself of some of Wachovia s bad debt. (Ontario Argus Observer, OR)
Goldman Execs Can't Sell Shares Oct 4, 2008
The accord prevents the executives, their families and their estates from selling more than 10 percent of the common stock they own until Oct. 1, 2011, or until Berkshire redeems its 5 billion in preferred stock, whichever comes soonest. "The bet he's making is not just on the horse but on the jockeys," said Douglas Ciocca, a managing director at Renaissance Financial Corp. in Leawood, Kansas, which manages 1. (New York Post -- Business)
Mitsubishi UFJ Denies It Plans to Merge Brokerage Unit With Morgan Stanley Oct 3, 2008
Mitsubishi UFJ agreed last month to buy $3 billion of common stock and $6 billion of convertible preferred stock in the Wall Street firm. Nothing concrete has been decided,'' said , a Tokyo-based spokeswoman for Morgan Stanley. (Bloomberg -- Japan)
Six Flags Statement Regarding New York Stock Exchange Listing Standards Oct 3, 2008
Mark Shapiro, President and Chief Executive Officer said: "Many companies are facing challenges in today's volatile economic climate and Six Flags is no exception. As we move closer to the redemption date of our preferred stock instruments in August of next year, uncertainty about the Company's ability to refinance these obligations in light of the overall market conditions has put negative pressure on our stock. We believe that our improved performance and cash flows will be key to... (PR Newswire)
Wachovia insurance unit not part of Citigroup deal Oct 3, 2008
Citigroup has granted the FDIC $12 billion in preferred stock and warrants to compensate the federal agency for taking on the risk of providing the New York bank with this risk ceiling. Wachovia bought St. Louis-based A.G. Edwards Inc., a financial services holding company for $6. (Philadelphia Business Journal, PA)
> A slowing of commerce Oct 3, 2008
Sewell, N.J.-based was forced to write down the value of its preferred stock in Fannie Mae and Freddie Mac, causing it to take an impairment charge of $293,000 after taxes, which lowered its second-quarter earnings to $1 million from $1. 3 million. (Philadelphia Business Journal, PA)
WaMu becomes biggest bank to fail in US history Oct 3, 2008
JPMorgan Chase said it was not acquiring any senior unsecured debt, subordinated debt, and preferred stock of WaMu's banks, or any assets or liabilities of the holding company, Washington Mutual Inc. JPMorgan also said it will not take on the lawsuits facing the holding company. JPMorgan Chase said the acquisition will give it 5,400 branches in 23 states, and that it plans to close less than 10 percent of the two companies' branches. (Rensselaer Republican, IN)
Goldman to hold stocks in Buffett deal Oct 3, 2008
NEW YORK: Senior Goldman Sachs executives have agreed to keep the majority of their shares in the company for at least three years, or until Warren Buffett's Berkshire Hathaway Inc redeems the Goldman preferred stock it bought last week, whichever comes first, according to a regulatory filing. The executives, Chief Executive Lloyd Blankfein, Ehief Financial Officer David Viniar, and co-chief operating officers Gary Cohn and Jon Winkelried, signed a l 00004000 etter on Sept 28 stating that they,... (India Times)
LaSalle vet John Lynch joins Cole Taylor Oct 3, 2008
7 billion in assets as of June 30, recently raised $120 million in new capital through a private placement of preferred stock to a group led by Chicago banking veteran Harrison Steans, as well as subordinated debt issued by the bank. The infusion is designed to fuel business loan growth, as Cole Taylor has hired more than 40 commercial lenders this year, largely from LaSalle. (Crain's Chicago Business)
Dow's historic drop reflects financial system's challenges Oct 3, 2008
The FDIC agreed to cover any remaining losses and will get $12 billion worth of preferred stock and warrants from Citi, according to the Associated Press. The deal comes days after the FDIC brokered a sale of another large bank, Washington Mutual, to JPMorgan Chase. (Christian Science Monitor -- USA)
Talking Points Oct 3, 2008
To the rescue, Warren Buffet, who is spending billions on GE preferred stock because it is now so cheap. That action might prop up Immelt for a while, but there's no doubt he is a pinhead. (Fox News)
Economic Stabilization act full text Oct 3, 2008
Gain or loss from sale or exchange of certain preferred stock ... 3 stock or preferred stock in such financial insti4 ... 10 a warrant for common or preferred stock, or a. (Gillette News-Record, WY)
Buffett to pump $3 billion into GE Oct 3, 2008
The perpetual preferred stock carries a dividend of 10 percent, similar to the terms Buffett struck with Goldman Sachs. GE, based in Fairfield, Conn. (Albany Times Union)
NASDAQ makes further push into China Oct 3, 2008
Two booming eastern provinces, Zhejiang and Jiangsu, have agreed that NASDAQ will be the preferred stock exchange for their companies when listing in the United States. NASDAQ said the agreement was signed with the Zhejiang Provincial Financial Affairs Office, based in Hangzhou, and the Jiangsu Provincial Economic and Trade Commission, based in Nanjing. (Xinhuanet, China -- Business)
Buffett's bet on GE: Almost as good as a bailout Oct 3, 2008
GE is selling $3 billion of preferred stock in a private offering to Buffett's company, Berkshire Hathaway. The preferred stock pays dividend of 10 percent, and GE can purchase the shares back from Buffett after three years by paying a 10 percent premium, or $3. (International Herald Tribune -- Business)
GE Pays Now For Profit Later Oct 3, 2008
0 billion in preferred stock to 's Bershire Hathaway. (nyse: - - ). (Forbes)
Simtrol raises $1.4M, names CTO Oct 3, 2008
4 million private placement that includes series C preferred stock and warrants to buy stock. The company has now raised a total of $4. (Atlanta Business Chronicle, GA)
Buffett says economy needs immediate help Oct 3, 2008
Morningstar analyst Justin Fuller said Berkshire will receive $800 million a year in dividends on the preferred stock in GE and Goldman for at least the next three years. "The terms for Berkshire are just incredibly attractive," Fuller said. (MSNBC -- Business)
Thornburg forced to make interest payments with notes Oct 3, 2008
All Senior Subordinated Secured Notes will continue to bear interest at a rate of 18 percent per annum until Thornburg can close a tender offer for two-thirds of its oustanding preferred stock. The interest rate on the notes will then go down to 12 percent. (New Mexico Business Weekly, NM)
Wells Fargo Snatches Wachovia From Citi Oct 3, 2008
(Updates throughout, including preferred stock details in sixth paragraph ... Wells Fargo will assume Wachovia's preferred stock and debt ... As part of the deal, Wachovia is issuing Wells Fargo preferred stock that votes with Wachovia's common stock and gives Wells votes equal to 39. (SmartMoney)
What Bank Acquisitions Mean for Customers Oct 3, 2008
The FDIC has agreed to absorb any further losses, in exchange for $12 billion in preferred stock. It will not need to use. (SmartMoney)
Aozora Bank Cuts Estimate on Retained Earnings Oct 3, 2008
said Friday it has revised down its estimate for retained earnings, which are used to repay the public funds the bank received in the past (JCN Network, Japan)
Studio featured on 'Queer Eye' ready to sell its shares Oct 3, 2008
Its filing with the Securities and Exchange Commission placed the authorized share volume at 30 million shares of common stock and 10 million shares of preferred stock at undisclosed values. The planned IPO "is something we've been working toward. We're excited about our potential," Chief Financial Officer David Barnard said. (Yahoo News -- Queer Eye for the Straight Guy)
Paulson Fashions `Powell Doctrine' for Markets: Caroline Baum Oct 3, 2008
The FDIC absorbs the rest in return for $12 billion of preferred stock and warrants ... The government can then inject capital into those institutions in exchange for senior preferred stock, as outlined in a Sept. 26 Wall Street Journal op-ed by (no relation to Hank), president of Paulson & Co., an investment management company in New York. (Bloomberg -- Columnists)
New York City's Fate Depends on the Bailout Plan: Amity Shlaes Oct 3, 2008
If preferred stock had been injected, then the assets would stay in New York, and whether the banks had kept them or sold them to vulture firms, the workout process, and all the employees engaged in it, would have remained in New York,'' Calomiris says. The taxpayer would be spared, too, as he would be paid back before holders of common stock. (Bloomberg -- Columnists)
Shirty, until the words sunk in Oct 3, 2008
"Because Buffett is getting preferred stock and using his name to secure very favourable equity terms.". Friday. (Sydney Morning Herald -- Business)
Penn National Gaming Revises Third Quarter Financial Guidance Oct 3, 2008
Meaningful factors which could cause actual results to differ from expectations include, but are not limited to, risks related to the following: the impact of market conditions or applicable legal restrictions on the Companys intention to repurchase shares of its common stock; that the conditions to closing the transactions contemplated by the preferred stock purchase agreement entered into by the Company, pursuant to which the Company will issue preferred stock to affiliates of Fortress... (Yahoo! Wire -- Entertainment News)
GE offering prices at $22.25 per share Oct 3, 2008
The Fairfield, Connecticut-based company is also selling $3 billion of preferred stock to Warren Buffett's Berkshire Hathaway Inc.. GE shares closed at $24. (San Diego Union-Tribune -- Business)
FDIC backs Citi-Wachovia deal over Wells Fargo Oct 3, 2008
Citigroup (NYSE:C) would grant the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing this risk. The FDIC stands behind its previously announced agreement with Citigroup, the agency says in a written statement. (Washington Business Journal, DC)
Virginia Commerce Bancorp gets $25M to weather storm Oct 3, 2008
The bank aims to raise another $25 million in common stock or noncumulative convertible perpetual preferred stock by the end of the month, company officials said. It s been a tough year for Arlington-based Virginia Commerce, the fourth-largest local bank with $2. (Washington Business Journal, DC)
What Buffett's Bet Says About GE Oct 3, 2008
Berkshire Hathaway's chairman opened his $31 billion checkbook and agreed to pay $3 billion for a slug of GE (nyse: - - ) preferred stock that pays 10% interest--the same rate he extracted from Goldman Sachs (nyse: - - ) earlier this week and well above the 5. 5% GE debt yielded in May. (Forbes -- Business)
Interstate Bakeries gets capital commitment from Ripplewood Oct 3, 2008
IBC also will have 1 million shares of preferred stock, with none issued or outstanding. IBC s board will be dissolved immediately before the closing. (Cincinnati Business Courier, OH)
Warren Buffett, Goldman's White Knight Oct 3, 2008
He is taking $5 billion worth of perpetual preferred stock and getting a 10% dividend and warrants to buy $5 billion of common stock with a strike price of 115 a share. He'll be able to exercise the warrants at any time over five years. (BusinessWeek)
AG Edwards Inc. Oct 3, 2008
Citigroup (NYSE:C) has granted the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing this risk. This morning s decision was made under extraordinary circumstances with significant consultation among the regulators and Treasury, says FDIC Chairman Sheila Bair. (Charlotte Business Journal, NC)
Warren Buffett may buy AIG assets Sep 25, 2008
" Working with what was a year-end cash pile of $44.33 billion at Berkshire, Buffett spent $5 billion on Tuesday 00004000 to buy Goldman Sachs Group Inc preferred stock. In the CNBC interview, Buffett said he prefers acquisitions to holding cash, saying the latter is like "saving sex for your old age. " Font Size: More Intl Business My Times , My Voice Horoscope lect> ePaper: Print Edition Get the replica of your favourite edition of Times of India Feel at home.. Shop Travel: Holidays Mobile... (India Times, India)
Some banks may need to raise funds Sep 25, 2008
The losses result from the banks buying shares of preferred stock from Fannie and Freddie, which are equity shares that carry a higher priority than a company's common stock in distributing dividends or in the case of a dissolution. As part of their plan to preserve billions of dollars for Fannie's and Freddie's operations, federal regulators this month said they would suspend dividend payments on the companies' common and preferred shares. (Boston Globe)
Media Sciences Reports Annual Financial Results, Cost Reduction Plan, Litigation Settlement and Debt Financing Sep 25, 2008
MEDIA SCIENCES INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS As of June 30, 2008 2007 CURRENT ASSETS: Cash and cash equivalents $236,571 $1,808,285 Accounts receivable, net 3,082,516 2,164,826 Inventories, net 9,216,439 5,801,526 Taxes receivable 70,282 566,967 Deferred tax assets 772,288 727,349 Prepaid expenses and other current assets 285,241 253,387 Total Current Assets 13,663,337 11,322,340 PROPERTY AND EQUIPMENT, NET 2,472,570 2,752,223 OTHER ASSETS: Goodwill and... (PR Newswire)
Local advisers, bankers to customers: Don’t panic Sep 25, 2008
According to Mallory, Cadence doesn t deal in sub-prime loans nor does it have preferred stock in Fannie Mae or Freddie Mac. And the bank this year received a well-capitalized designation, which is the highest possible rating, from the federal Office of the Comptroller of the Currency. (Columbus Commercial Dispatch, MS)
PolyMedix raises $4M in private stock sale Sep 25, 2008
biotechnology company sold about 600,000 preferred stock units for $7 each. Each unit consisted of one share of PolyMedix (OTCBB: YMX) convertible preferred stock and a five-year warrant exercisable for one share of PolyMedix convertible preferred stock at $10 per share. (Philadelphia Business Journal, PA)
Buffett considering purchase of AIG assets Sep 25, 2008
" Working with what was a year-end cash pile of $44.33 billion at Berkshire, Buffett spent $5 billion Tuesday to buy Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) preferred stock. In the CNBC interview, Buffett said he prefers acquisitions to holding cash, saying the latter is like "saving sex for your old age. " To read business stories in Bookmark / Share Related Stories Other stories in this section Other News Market | Corporate Announcement The ASK Group announced the... (India Times)
MARKETS: TENSE... Sep 25, 2008
Besides buying $5 billion in preferred stock, Berkshire also got warrants to buy another $5 billion in Goldman's common stock. Goldman also said it will sell $5 billion worth of common stock to the public; the company and Morgan Stanley earlier this week were granted approval to become bank holding companies, which would help them strengthen their balance sheets. (The Drudge Report)
What exactly is McCain up to? Sep 25, 2008
Note that Buffett is buying preferred stock so he has a substantial safety net if Goldman goes belly-up. I don t think we can really say he is putting his money on the line. (Atlanta Journal-Constitution -- Opinion)
Buffett invests $5 billion in Goldman Sep 25, 2008
In addition to buying $5 billion in preferred stock, Berkshire also got warrants to buy another $5 billion in Goldmans common stock ... Berkshires preferred stock in Goldman will pay 10 percent and can be bought back any time at a 10 percent premium. (MSNBC -- Business)
Vintage Buffett Sep 25, 2008
In a statement, Buffett hailed Goldman's "global franchise and deep management team." Buffett's Berkshire Hathaway will buy $5 billion of perpetual preferred stock, which pays out a fat 10% dividend. Berkshire also gets the right to buy in the next five years another $5 billion in Goldman common stock at $115 a share. (USA Today -- Money)
Goldman sells $6b stock, doubling planned offer Sep 25, 2008
The preferred stock purchase by Buffett will pay a dividend of 10% annually and can be repurchased by Goldman at anytime for a 10% premium. The warrants to buy common shares are exercisable by Buffett at anytime in the next five years at a price of $US115 per share. (Sydney Morning Herald -- Business)
The Big Picture Sep 25, 2008
Late Tuesday, Warren Buffett's Berkshire Hathaway () said it's investing at least $5 billion in Goldman Sachs () through a preferred stock purchase. Berkshire said it might buy up to $5 billion in common stock over the next five years. (Investors Business Daily)
US stocks end little changed amid debate over bailout Sep 25, 2008
"I think you're seeing a lot of tough talk from politicians who don't want to seem like they're rolling over for Wall Street and, normally, people would see that for what it is. But right now investors are exceptionally nervous,'' said Stephen Massocca, co-chief executive of Pacific Growth Equities in San Francisco. The Dow Jones industrial average fell 29.00, or 0.27 percent, to 10,825.17 after moving in and out of positive territory. The decline leaves the Dow down more than 560 points, or... (The Star Online, Malaysia -- Business)
Tycoon's $5bn bet brings sigh of relief to stressed markets Sep 25, 2008
Berkshire will buy $5 billion of Goldman perpetual preferred stock, which carries a 10 percent dividend. It will also receive warrants to buy $5 billion of common stock at $115 a share within five years, which could give it 9 percent of Goldman. (Business Report, South Africa)
Interests clash in city's finance sector Sep 24, 2008
Frank, for example, wants institutions that sell such assets to the government to give the government an ownership stake in the company via either equity or preferred stock ... The government takeover of Fannie Mae and Freddie Mac wipes out dividend payments on the mortgage giants' preferred stock, which also made the value of those shares worth less ... More than a quarter of the country's banks hold these preferred shares, a survey by the American Bankers Association found yesterday, with the... (Boston Globe)
Buffett's firm invests in Goldman Sachs Sep 24, 2008
Berkshire Hathaway is buying $5bn of preferred stock bearing a 10% annual interest rate. It could increase its holding of Goldman shares as under the terms of the deal, it has the option of buying $5bn of common stock for $115 per share at any time in the next five years. (BBC News)
Joseph Campanelli Sep 24, 2008
But it s just the latest blow to Sovereign, which also faces writing down much of the value of its $623 million preferred stock investment in troubled mortgage giants and. Sovereign s portfolio of 15 CDOs, which were securities tied to investment grade corporate bonds, was trading at about 45 cents on the dollar, Kirk Walters, the bank s chief financial officer, said during a presentation earlier this month. (Boston Business Journal, MA)
Buffett to Invest $5 Billion in Goldman Sep 24, 2008
Berkshire will buy $5 billion of Goldman perpetual preferred stock that carries a 10 percent dividend. 1. (ABC News -- Wire)
Buffett's Golden Goldman Buy Sep 24, 2008
Goldman can buy the preferred stock back for a 10% premium, but Berkshire is getting warrants to buy $5 billion of common shares for $115 each, which would be an 18. 3% profit at the current price. (Forbes)
Berkshire Hathaway To Buy Stake In Ailing Financial Sep 24, 2008
The announcement Tuesday from Goldman involves preferred stock that carries a dividend of 10 percent. Berkshire also will receive warrants to purchase $5 billion of Goldman's common stock with a strike price of $115 per share. (7 KETV Omaha)
Thornburg extends tender offer Sep 24, 2008
35 billion Override Agreement that rescued the company in March, has once again extended the expiration of a tender offer for preferred stock ... Part of that Override Agreement calls for more than two thirds of preferred stock holders to tender their shares in exchange for more favorable financing terms for the company ... The preferred stock holders have met this requirement, but the company cannot pay for the shares until disagreements about the larger plan are resolved and financing begins... (New Mexico Business Weekly, NM)
AIG Exhausts Options, Accepts Fed's Terms Sep 24, 2008
And indeed, as part of the credit line, AIG said on Tuesday it will issue preferred stock to a trust that will hold the stock on behalf of the U.S. Treasury. AIG will hold a special shareholders meeting to amend its certificate of incorporation, giving the U.S. Treasury the ability to convert the preferred stock it controls into common shares ... AIG will pay dividends on the preferred stock. (SmartMoney)
Stocks Higher on Buffett's Buy Sep 24, 2008
Berkshire Hathaway (), Buffett's Omaha-based holding firm, acquired $5 billion worth of preferred stock in Goldman, as well as the rights to buy an additional $5 billion in common stock. "We view it as a strong validation of our client franchise and future prospects," Lloyd C. Blankfein, Chairman and chief executive of Goldman, said in a. (SmartMoney)
Buffett's boost Sep 24, 2008
Under the agreement, Goldman will sell $5 billion of preferred stock to Buffett's company, Berkshire Hathaway, giving it 10% of total shareholders' equity ... Berkshire's preferred stock carries a dividend of 10. (USA Today -- Money)
Second-time round for Buffett Sep 24, 2008
In his deal with Goldman, the employer of Mr Buffetts favourite banker, Byron Trott, Mr Buffett will receive perpetual preferred stock. Goldman Sachs is an exceptional institution, Mr Buffett said yesterday in a statement. (FT.com -- Markets)
Buffett to take $5bn stake in Goldman Sep 24, 2008
Goldman said late on Tuesday that Mr Buffetts had reached an agreement to buy $5bn of preferred stock in a private placement and to receive warrants enabling it to purchase another $5bn of common stock ... The preferred stock will pay a dividend of 10 per cent. Although it can be bought back by Goldman at any time, the bank would have to pay Berkshire a 10 per cent premium to do so. (FT.com -- Markets)
Goldman plans $5-billion stock offer Sep 24, 2008
Warren Buffett's Berkshire Hathaway is buying $5-billion in preferred stock and will receive warrants to purchase an additional $5-billion worth of common shares over five years. Goldman Sachs. (Globe and Mail -- Business)
