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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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PhilGD

From the SEC filing:

(I legitimately laughed at this one)
Quote

LonghornSF

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.


jheizer

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

TravelingPennies


TravelingPennies


fliphusker

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 ...



Peter

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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