FDIC finds buyer for IndyMac
The News Review:
- FDIC finds buyer for IndyMac
- Investors sue Sunwest Portland Business Journal
- Ballmer Blasted for Linux Stance
- Greenlight Capital Re: Strong Downside Protection Due to Einhorn’s …
- Rich claim 95% of tax credits for investing in Hawaii tech industry
- Bank of America: What to Expect When You’re Expecting Merrill Lynch
- Lloyd’s Analyzes Madoff’s Impact on Professional Liability Coverage
FDIC finds buyer for IndyMac
Bizjournals.com NC
“The current economic climate is challenging for selling assets but this agreement achieves the goals that were set out by the (FDIC) chairman and board when the FDIC was named conservator of IndyMac in July” James Wigand FDIC deputy director said in a press release. He was the regulator’s negotiator for the transaction. “Unfortunately as expected IndyMac’s liability structure combined with aggressive real estate lending in California had a significant impact on losses. ”An FDIC release said there was “considerable” interest from potential bidders. The IMB Management Holdings bid was deemed the least costly to the FDIC’s Deposit Insurance Fund according to an FDIC release. The FDIC estimates its cost to resolve the failure of the thrift to be between $8.
Investors sue Sunwest Portland Business Journal
Bizjournals.com NC
Sunwest Management controls more than 400 limited liability companies and 250 nursing homes serving 18000 residents. In his bankruptcy petition Harder valued the company at $2 billion and said it has $1. 8 billion in debt and annual revenue of about $500 millionIn their suit the Doyles who incorporated in regon as Doyle’s Carolina 7 LLC said they were deceived into investing the profits from recreational real estate in Sunwest properties. The couple invested under Section 1031 of the Internal Revenue Code which shelters real estate gains if they are reinvested in comparable property. The couple through their attorneys Burg Simpson Eldredge Hersh & Jardine PC called Sunwest a “Ponzi scheme” in which funds from new investors were used to pay returns to more senior investors creating an “illusion of profitability while (the defendants) skim large profits from operations.
Ballmer Blasted for Linux Stance
Computerworld MA
objecting to Ballmer’s characterization of its recent patent deal with Microsoft and some users accusing him of trying to sow fears about using Linux. At a SQL Server user group conference in Seattle on Nov. 16 Ballmer asserted that every Linux user “basically has an undisclosed balance sheet liability” related to the use of Microsoft’s intellectual property. He also said that as part of a joint development and patent licensing agreement announced earlier this month Novell had paid Microsoft for the right to tell users of its SUSE Linux software that they are “appropriately covered. ” But Russ Donnan CI at Kroll Inc. ’s Kroll Factual Data subsidiary in Loveland Colo. said via e-mail last week that he thinks Ballmer was “posturing for mind share to enterprise executives knowing it will have little to no impact on IT executives.
Greenlight Capital Re: Strong Downside Protection Due to Einhorn’s …
Seeking Alpha NY
22 Change (y-y) 14% 23% 16% -10% 1 Retrocessional contracts related to frequency reinsurance had gross ceded premiums of $26 million in 2007 (no retrocessional coverage in 2006). 2 Includes commercial lines and personal lines. 3 Includes General liability marine motor liability and professional liability. 4 Includes health and medical malpractice. 5 Worldwide risk comprises policies that insure risks on a worldwide basis. 6 The composite ratio of frequency and severity business was 94% and 42% respectively in 2007 (compared to 97% and 45% respectively in 2006). 7 Investment return was -13% in ctober and +3% in November 2008.
Rich claim 95% of tax credits for investing in Hawaii tech industry
Honolulu Advertiser HI
That means an investor has to have cash up front and be able to wait five years for the full tax benefit. nly 35 percent of the credits can be claimed in the first year. A person with a state tax liability of $10000 in one year would need to invest about $29000 into a qualified high-tech business to erase that liability. The credits are geared toward wealthy investors who typically invest at levels allowing them to substantially reduce or eliminate their state income tax liability. In addition to the high ante to get into the game many qualified high-tech businesses won’t accept small investments or investments from individuals that don’t have high incomes or high net worth. Those benefiting from the tax credits tend to be wealthy because securities laws restrict such private equity sales to high-net-worth individuals said Jeff Au managing director for Honolulu venture capital firm PacifiCap Management Inc. The idea is to prevent small non-savvy investors from getting burned through private equity.
Bank of America: What to Expect When You’re Expecting Merrill Lynch
Wall Street Journal Blogs NY
In addition market observers wonder if Bank of America’s eyes have been bigger than its stomach with the bank simultaneously integrating both Merrill Lynch and Countrywide Financial which it bought in February. Most of all many wonder if Bank of America is jumping into the investment-banking business at the most painful possible time. Bank of America CE Ken Lewis certainly is saying all the right things: “We created this new organization because we believe that wealth management and corporate and investment banking represent significant growth opportunities especially when combined with our leading capabilities in consumer and commercial banking. We are now uniquely positioned to win market share and expand our leadership position in markets around the world.
Related from Alternativemonster: Allied offers an “alternative” to the same ol’ lesson
Lloyd’s Analyzes Madoff’s Impact on Professional Liability Coverage
Insurance Journal CA
“Investors will be seeking redress from fund managers on the basis that they failed in their duty of care and failed to carry out adequate due diligence. People have lost so much money; the lawyers will have a field day. Not only are fund management firms exposed but so potentially are their directors. ” As a result he believes that the sheer scale of the fallout from Madoff could seriously affect the financial institutions insurance market’s dynamics affecting the availability and cost of both professional indemnity and directors & officers insurance. Challenging environmentThe worry now is whether investment businesses will be able to obtain sufficient limits and the right type of insurance to protect themselves and their clients Towler continued. “This reinsurance renewal season was already proving very challenging for financial institutions business because of existing concerns about the health of the financial sector. Madoff could be the last straw for some reinsurers and if they withdraw that has a big impact on primary insurers” he explained.
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