To settle the FHFA's suit against the firm, Goldman (NYSE:GS) has agreed to pay $3.15B to buy back residential MBS purchased by Fannie and Freddie from 2005-2007. The costs of doing so are "substantially covered" by Goldman's reserves as of the end of Q2.
The WSJreported in July Goldman could pay $800M-$1.25B to settle. The FHFA has now reached deals with 15 of the 18 banks its sued in 2011.
The 140-room hotel in Stone Mountain, GA was sold for $1.5M, with the proceeds used to pay off the mortgage. Supertel (SPPR +12.6%) closed on the sale of the Savannah Suites in Jonesboro last month for $1.4M, and has the remaining 5 Savannah Suites on the block.
YTD, the company has now sold eight non-core assets for combined gross proceeds of $13.1M, with said proceeds used to pay down debt.
"A lot of blue sky in this name," tweets Citron Research today of China Finance Online (JRJC +8.5%).
The stock has more than doubled in the past few sessions following a deal to launch China's first online stock trading platform, and Citron temporarily dented the run yesterday after pointing out this is hardly the case. Citron forwards investors to JRJC's annual report where it says well-heeled competitors like Alibaba, Tencent, and Baidu have all recently launched Web-based financial platforms.
"Doral (DRL +3.3%) has not left negotiations," says the bank's attorney, noting Treasury's new outside counsel - Foley & Lardner - has a conflict of interest, having represented Doral in a related matter.
The judge presiding over the case says negotiations are to continue under her supervision without the participation of Foley & Lardner.
Hong Kong-based Arkkan Capital Management was started by Jason Brown, a former head of Goldman Sachs' Special Situation Group. If Blackstone (BX -0.9%) gets involved, it would be the P-E firm's 2nd backing of an Asia-based hedge fund since 2008, and the previous deal - with Senrigan Capital - allowed that fund to grow AUM to more than $1B in less than two years.
Brown ran Goldman's Special Situations Group - known as SSG - between 2011 and his departure last year.
The sales agents - Jefferies, Morgan Stanley, SunTrust, and UBS - will receive a brokerage fee of up to 2% as Duke Realty (DRE -0.1%) sells up to $175M of stock from time to time. At the current price, it would be about 9.4M shares/
Citibank Japan had net income of $12.9M last year - that's less than the total compensation of CEO Michael Corbat, and it helps explain why C has reportedly put the unit on the block.
“It is very difficult to make money from lending in Japan unless you’re in higher-margin consumer lending or if you’ve got a very large scale of operations like the megabanks have,” says analyst David Marshall. “In an environment in which interest rates are very low and investors are still somewhat risk adverse despite economics, it is hard to make money.”
Among the possible buyers are Shinsei Bank and Mitsubishi UJF (NYSE:MTU), according to the Nikkei.
Princess City Plaza has about 178.5K square feet of retail space and is 99% leased to retailers like Dick's, Old Navy, PetSmart, and others. Inland's (NYSE:IRC) JV with PGGM acquired the asset for $28.6M in cash subject to future earnout payments.
The mall is located less than three miles from Notre Dame.
Due to Citigroup's (NYSE:C) $285M fraud settlement earlier this month, the bank will no longer be able to sell investments in hedge funds and private-equity funds to private clients.
The restriction is the result of the "bad actor" rule adopted by the SEC in July of last year, which bars companies or individuals with a criminal conviction that occurred after September 2013 from participating in private offerings.
Citigroup's private bank manages $310B, with clients being required to have a net worth of at least $25M.