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pragmatic t

pragmatic t
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  • Kearny Financial buys back 5% of float; approves additional purchases [View news story]
    These buy backs by Krny are positioning the company to be an attractive acquisition target by another S & L that is partially or fully owned by depositors. ( i.e. Isbc purchase of Roma at a 60% premium )
    Dec 3 07:49 AM | Likes Like |Link to Comment
  • Buy Homebuilders Now: Growth In The Sales Orders And Contract Backlogs Is Strong Enough [View article]
    Mentioning that hov results were good without noting that the improved results were attributable to a gain on the repurchase of it's debt demonstrates an inability to properly review hov results. Without the gain on debt repurchase, hov would have had a loss, which would have been in line with expectations.
    Hov is a goner. It has 600k negative equity and it's leverage and high interest cost makes it virtually impossible to be profitable. It might be able to generate a gain of 100k via repurchasing it's debt but it would then be out of cash.
    It has a huge nol but it would be severely limited if the company was acquired. Frankly I can't imagine how they can survive. Further such bad prospects should discourage any knowledgeable buyer from purchasing one of their homes, as there will be no warranty.
    Jun 13 04:59 PM | Likes Like |Link to Comment
  • In the tax cut extension passed in the House last night, private equity firms and hedge funds win their battle against carried interest provisions that would have taxed their earnings at ordinary income rates rather than as capital gains. But small businesses lose their push for 1099 relief that would have eased the requirement to issue IRS forms to vendors receiving $600 or more in a year.  [View news story]
    I am supporter of lowering tax rates but this provision allowing carried interest to be tax at capital gains rates is a disgrace. In the face of the massive deficits that we have created to allow one generally wealthy group to have this benefit is absurd.
    Dec 17 08:59 AM | 4 Likes Like |Link to Comment
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