Hiding Bear Posted October 31, 2003 Report Share Posted October 31, 2003 MCI Sheds $35 billion in debt. Will any one in the Matrix want to own up to MCI losses except Euro bagholders? Probably not. In coming muti-trillion $ GSE disaster no one will have any losses either - having offloaded them through credit derivitives set up by - well, the GSEs. Bankruptcy Judge OKs MCI's Plan Of Reorganization NEW YORK -- MCI's reorganization plan got a bankruptcy judge's approval Friday, culminating a 15-month process through which the telecommunications giant shed $35 billion in debt. The company, then called WorldCom Inc. (WCOEQ), sought bankruptcy-court protection in July 2002 facing an accounting fraud now tallied at more than $11 billion. The Chapter 11 reorganization plan, unveiled in April and revised several times, returns 36 cents per dollar of debt owed to most of MCI's creditors. Shareholders get nothing. Worldom stock is cancelled but former shareholders share in a $750 milllion SEC fund. Link to comment Share on other sites More sharing options...
wndysrf Posted October 31, 2003 Author Report Share Posted October 31, 2003 I was really pumping for Al to come in with some type of End of Day Ejaculation by one of the Repo Robots to send the VXO down into the 16's. Unfortunately, 17.00 was the exact low print of the day..... Link to comment Share on other sites More sharing options...
dozer Posted October 31, 2003 Report Share Posted October 31, 2003 add PA to the list...of state pension funds bailing on Putnam... altho i'm aware that news isn't what's driving this mkt....like ag, i can't help but wonder what a real 'run' on a big MF might look like... This is just the tip of the iceberg. question: i've seen mentioned numerous times that MF cash is historically low....4% is a commonly cited number. sooo....Putnam had, what?, $270B managed? 4% is roughly $10B. the PA acct. alone was cited as $1B+. With the several states et al who've already declared GMTFO, we must be fast approaching that 10B mark, no? Is this an overly simplistic "apples to oranges" thought-train? Or is it as simple as it seems? Will this first $10B in closed accts be the 4% drawdown that kills Putnam ? If so....we just might be hearing about it tuesday or wednesday.... Link to comment Share on other sites More sharing options...
machinehead Posted October 31, 2003 Report Share Posted October 31, 2003 Once again the SPX was unable to break its 52-week high. Once again the NDX futures closed down from their opening -- 9 points down. The spoos managed only a half-point gain from open to close. Once again, VXO and VIX touched new intraday lows. It's happening in slow motion. But the market seems to be stalling out. One of these days it's gonna crack. Link to comment Share on other sites More sharing options...
wndysrf Posted October 31, 2003 Author Report Share Posted October 31, 2003 Now: China Wants to Buy 100,000 Australian, Canadian Cows (Update1) Oct. 31, 2003 (Bloomberg) -- China's Inner Mongolia province plans to import about 100,000 dairy cows from Canada or Australia, worth at least $100 million, to boost the quality and size of its herd and help local dairies meet rising demand for milk products. 6 Months From Now: China Seeks Future Gold Production Mar. 31, 2004 (Bloomberg) -- China's Finance Ministry plans to purchase all outstanding future production of Newmont Mining (NEM) and AngloGold (AU) for the next three years, to help stock the banking system's gold inventory to meet rising demand for gold coins by Chinese citizens. Demand for gold bullion skyrocketed after the collapse of 3 of the 5 largest commercial banks on Feb. 15, weighed down by non-performing loans to shell corporations masquerading as semiconductor equipment manufacturers. Newmont Mining shares closed at $176/share, up 18% in after hours trading, and AngloGold shares are still halted, due to "order imbalances". Link to comment Share on other sites More sharing options...
mjkst27 Posted October 31, 2003 Report Share Posted October 31, 2003 MCI Sheds $35 billion in debt. Will any one in the Matrix want to own up to MCI losses except Euro bagholders? Probably not. In coming muti-trillion $ GSE disaster no one will have any losses either - having offloaded them through credit derivitives set up by - well, the GSEs. Bankruptcy Judge OKs MCI's Plan Of Reorganization NEW YORK -- MCI's reorganization plan got a bankruptcy judge's approval Friday, culminating a 15-month process through which the telecommunications giant shed $35 billion in debt. The company, then called WorldCom Inc. (WCOEQ), sought bankruptcy-court protection in July 2002 facing an accounting fraud now tallied at more than $11 billion. The Chapter 11 reorganization plan, unveiled in April and revised several times, returns 36 cents per dollar of debt owed to most of MCI's creditors. Shareholders get nothing. Worldom stock is cancelled but former shareholders share in a $750 milllion SEC fund. Do yhou have a link for this? I'm looking for some data on what existing shareholders will receive per share form the SEC.... Link to comment Share on other sites More sharing options...
Guest Icky Twerp Posted October 31, 2003 Report Share Posted October 31, 2003 Dozer! Love your math! The fine invisible hand of the Matrix will surely show itself here. I bought 3 of those new shirts...don't know that they'll last unworn until xmas, but that's what I'm telling my wife I'm doing... I predict, a huge seller. Link to comment Share on other sites More sharing options...
FauxCaster Posted October 31, 2003 Report Share Posted October 31, 2003 Will this first $10B in closed accts be the 4% drawdown that kills Putnam ? If so....we just might be hearing about it tuesday or wednesday.... Nice try, but no. All the fundies have extended lines of credit to pay out bailers without having to sell stock on demand. Could a bank suddenly find a fund unworthy of credit? That'd be interesting. But in this world of loose morals and credit, I doubt it. Link to comment Share on other sites More sharing options...
Ned38 Posted October 31, 2003 Report Share Posted October 31, 2003 Unbelievable chart http://stockcharts.com/def/servlet/SC.web?c=FNIX,uu[l,a]mhcayiay[pb50!b200!i!f][vc60][iUb14!Uh14,3!Ll14!Lc20!Lm19]&pref=G Link to comment Share on other sites More sharing options...
dozer Posted October 31, 2003 Report Share Posted October 31, 2003 Now: China Wants to Buy 100,000 Australian, Canadian Cows (Update1) Oct. 31, 2003 (Bloomberg) -- China's Inner Mongolia province plans to import about 100,000 dairy cows from Canada or Australia, worth at least $100 million, to boost the quality and size of its herd and help local dairies meet rising demand for milk products. 6 Months From Now: China Seeks Future Gold Production Mar. 31, 2004 (Bloomberg) -- China's Finance Ministry plans to purchase all outstanding future production of Newmont Mining (NEM) and AngloGold (AU) for the next three years, to help stock the banking system's gold inventory to meet rising demand for gold coins by Chinese citizens. Demand for gold bullion skyrocketed after the collapse of 3 of the 5 largest commercial banks on Feb. 15, weighed down by non-performing loans to shell corporations masquerading as semiconductor equipment manufacturers. Newmont Mining shares closed at $176/share, up 18% in after hours trading, and AngloGold shares are still halted, due to "order imbalances". Link to comment Share on other sites More sharing options...
The brown one Posted October 31, 2003 Report Share Posted October 31, 2003 "weighed down by non-performing loans to shell corporations masquerading as semiconductor equipment manufacturers" Love it Mark! Link to comment Share on other sites More sharing options...
Hiding Bear Posted October 31, 2003 Report Share Posted October 31, 2003 MCI Sheds $35 billion in debt. ?Will any one in the Matrix want to own up to MCI losses except Euro bagholders? ?Probably not. In coming muti-trillion $ GSE disaster no one will have any losses either - having offloaded them through credit derivitives set up by - well, the GSEs. Bankruptcy Judge OKs MCI's Plan Of Reorganization NEW YORK -- MCI's reorganization plan got a bankruptcy judge's approval Friday, culminating a 15-month process through which the telecommunications giant shed $35 billion in debt. The company, then called WorldCom Inc. (WCOEQ), sought bankruptcy-court protection in July 2002 facing an accounting fraud now tallied at more than $11 billion. The Chapter 11 reorganization plan, unveiled in April and revised several times, returns 36 cents per dollar of debt owed to most of MCI's creditors. Shareholders get nothing. Worldom stock is cancelled but former shareholders share in a $750 milllion SEC fund. Do yhou have a link for this? I'm looking for some data on what existing shareholders will receive per share form the SEC.... Try these: Dow Jones Story SEC Worldcom Report SEC Summary of Plan Not sure if they have contacted former shareholders and sent claim forms yet. Link to comment Share on other sites More sharing options...
The brown one Posted October 31, 2003 Report Share Posted October 31, 2003 Ned: It used to be Fo'nix but it ain't anymore. Link to comment Share on other sites More sharing options...
mjkst27 Posted October 31, 2003 Report Share Posted October 31, 2003 MCI Sheds $35 billion in debt. ?Will any one in the Matrix want to own up to MCI losses except Euro bagholders? ?Probably not. In coming muti-trillion $ GSE disaster no one will have any losses either - having offloaded them through credit derivitives set up by - well, the GSEs. Bankruptcy Judge OKs MCI's Plan Of Reorganization NEW YORK -- MCI's reorganization plan got a bankruptcy judge's approval Friday, culminating a 15-month process through which the telecommunications giant shed $35 billion in debt. The company, then called WorldCom Inc. (WCOEQ), sought bankruptcy-court protection in July 2002 facing an accounting fraud now tallied at more than $11 billion. The Chapter 11 reorganization plan, unveiled in April and revised several times, returns 36 cents per dollar of debt owed to most of MCI's creditors. Shareholders get nothing. Worldom stock is cancelled but former shareholders share in a $750 milllion SEC fund. Do yhou have a link for this? I'm looking for some data on what existing shareholders will receive per share form the SEC.... Try these: Dow Jones Story SEC Worldcom Report SEC Summary of Plan Not sure if they have contacted former shareholders and sent claim forms yet. Thanks, HB. BTW I'm specifically interested in the fate of the current holders of WCOEQ.PK stock. Sounds like they get zero, and the $750MM is for the folks who got burned in spring 2002 - but that's speculation and I'm looking for confirmation. Link to comment Share on other sites More sharing options...
wndysrf Posted October 31, 2003 Author Report Share Posted October 31, 2003 Will this first $10B in closed accts be the 4% drawdown that kills Putnam ? If so....we just might be hearing about it tuesday or wednesday.... Nice try, but no. All the fundies have extended lines of credit to pay out bailers without having to sell stock on demand. Could a bank suddenly find a fund unworthy of credit? That'd be interesting. But in this world of loose morals and credit, I doubt it. Precisely. In fact, the Fumble Managers were meeting redemptions via Credit Lines during the collapse of the Summer of 2002. All the way to the Art Cashin "Rather Put Your Gun to Your Head Than Miss the Rally" July lows. In retrospect, it was stunning victory. No run on the funds, and the Fumble Managers were able to emerge unscathed. Now, with renewed and expanded credit availability, I guarantee that these Fumble Managers have been leveraging their positions the entire way up during the rally, emboldened by the Greenspan Put, which has essentially placed a AAA-rating on the QQQ, SPY, and DIA ETF's. So, if the Fumble Managers and the Pension Fund "Institutions" have been using borrowed funds during this rally, and the Borkers and Banks have been using borrowed funds on the SpreadTrade, things could unravel with lightening speed. The problem now is that there have been too many HedgeHogs also using extreme leverage attempting to short the market, and until these guys get blown out and margin called, we won't see any meaningful decline yet. Link to comment Share on other sites More sharing options...
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