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06/28/2016 press release - Sanborn now CEO, cut 179 jobs, etc etc

Started by Peter, June 27, 2016, 11:00:00 PM

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From the SEC filing:

(I legitimately laughed at this one)


There's no way to spin any of these announcements as good news. The last two points look particularly bad for RL. Borrowing $1mn on the LC platform so they can presumably hit some loan growth target? LCA buying loans that are about to expire to also hit growth targets? We've certainly learned a lot about RL's character over the past few months. I wouldn't trust him with a dime.


Call was pretty unexciting.  Nothing really new or detailed over what was said above.




Too many thought the sky was falling, again,  when shareholder meeting pushed back.   Guess I am not so pessimistic.

Rob L

The fact that they "outed" this 2009 thing appears to me as a strong positive. Narrative:
"Look, we hired the best auditors and bloodhounds, gave them free reign, and this is what they found. You be the judge."
If the bloodhounds found nothing then who knows; but they found a flea on a flea from a bygone era.
So, they either really looked hard and found almost nothing, or they were set up with a nothing finding to make the case there is almost nothing to find. Personally I'll go with the former but when this much money is involved who knows ...


I didn't bother, either... figured it'd be a locked-down PR event.  That said, the only surprising thing I saw was the 58% of LCA funds redemption number.  That's huge.  I expected maybe 30%.  I have no idea what their funding mix is going to look like, ongoing, now.

ETA:  Wow - per WSJ, "exploring winding down the fund"...  That would reduce a great deal of principal/agent conflict and level the field...  Now they need a BRV.
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