Abraham, Fruchter & Twersky, LLP Announces Filing of Class Action Lawsuit Against Bank of America Corporation and Certain of Its Officers and Directors
excerpted:
...the Complaint alleges that the Proxy Statement failed to disclose that Bank America had not conducted adequate due diligence on Merrill Lynch and that, as a result, the Bank America directors lacked a reasonable basis for their recommending that the Company's shareholders vote in favor of the Acquisition.
Thursday, January 22, 2009
More Painful Surprises at BAC
Thain resigns from Bank of America - MarketWatch
Today the stock was pummelled again down to nearly a 20 YEAR LOW as Ken Lewis and John Thain realized that "it was not working out". Thain resigned or was fired, whatever...
These guys are supposed to be season professional businessmen. They struck a quick deal which in hindsight looks like a great deal for Merrill who was about to go down and a sucker bet for Ken Lewis. Where is the due diligence? Were there any reps and warranties? Merrill employees got millions in bonuses just before they report losing millions? Thain asks for a $10M bonus from the BAC board? Thank God they at least denied that. Nice Temple!
I swear these CEOs lose there common horse sense the more they get PAID. Get ready for the shareholder lawsuits. I want my hard earned and mistakenly invested money back from these shizters.
Today the stock was pummelled again down to nearly a 20 YEAR LOW as Ken Lewis and John Thain realized that "it was not working out". Thain resigned or was fired, whatever...
These guys are supposed to be season professional businessmen. They struck a quick deal which in hindsight looks like a great deal for Merrill who was about to go down and a sucker bet for Ken Lewis. Where is the due diligence? Were there any reps and warranties? Merrill employees got millions in bonuses just before they report losing millions? Thain asks for a $10M bonus from the BAC board? Thank God they at least denied that. Nice Temple!
I swear these CEOs lose there common horse sense the more they get PAID. Get ready for the shareholder lawsuits. I want my hard earned and mistakenly invested money back from these shizters.
Friday, January 16, 2009
BAC cuts dividend to 1 cent...
Bank of America posts first loss in 17 years - Yahoo! News
...and thus eliminates the reason many retirees, investors and mutual funds owned the stock in the first place. Once a reliable dividend payer and long term growth stock, the former stalwart is off over 80% from its 52 week high despite taking $45B in TARP money.
The Merrill Lynch takeover cost $19.4M, so you could say the taxpayers covered that one. The exposure to mortgages is still dragging BAC down...
"It is difficult to focus on what is going right at this time," a clearly downbeat Chief Executive Kenneth Lewis said on a conference call.
...and thus eliminates the reason many retirees, investors and mutual funds owned the stock in the first place. Once a reliable dividend payer and long term growth stock, the former stalwart is off over 80% from its 52 week high despite taking $45B in TARP money.
The Merrill Lynch takeover cost $19.4M, so you could say the taxpayers covered that one. The exposure to mortgages is still dragging BAC down...
"It is difficult to focus on what is going right at this time," a clearly downbeat Chief Executive Kenneth Lewis said on a conference call.
Thursday, January 08, 2009
Dilweg Turns Mold into Gold
Pantry buys instead of renting - Business - News & Observer
Here's the follow up to an earlier blog about the Merisel building that Dilweg bought twice. First for $3M then again for $1.2M. AD put about $5.5M in renovations according to the N&O then sold it to the Pantry for $8.5M recently.
It sold for $138/SF or 13% below the average office building sale in 2008.
Address: 305 Gregson Drive, Cary
Here's the follow up to an earlier blog about the Merisel building that Dilweg bought twice. First for $3M then again for $1.2M. AD put about $5.5M in renovations according to the N&O then sold it to the Pantry for $8.5M recently.
It sold for $138/SF or 13% below the average office building sale in 2008.
Address: 305 Gregson Drive, Cary
Monday, January 05, 2009
G&E: DC #1, Raleigh #8 Best Place for Commercial Real Estate Investment in 2009
DC's Best for Commercial Real Estate Investment | NBC Washington
excerpted:
Following Washington, D.C., on the top 10 list are Portland, Ore.; Los Angeles; San Francisco; Austin, Texas; Dallas-Fort Worth; Houston; Raleigh-Durham, N.C.; Boston; and Oakland, Calif. The Texas markets offer strong population growth, while the others offer strong population growth as well as natural barriers to entry.
excerpted:
Following Washington, D.C., on the top 10 list are Portland, Ore.; Los Angeles; San Francisco; Austin, Texas; Dallas-Fort Worth; Houston; Raleigh-Durham, N.C.; Boston; and Oakland, Calif. The Texas markets offer strong population growth, while the others offer strong population growth as well as natural barriers to entry.
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