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American Home Mortgage Delays Dividend
Press Release: American Home Mortgage Investment Corp. Delays Payment Dividends (hat tip barely)
'American Home Mortgage Investment Corp. announced today that its Board of Directors has decided to delay payment of its quarterly cash dividend ... in order to preserve liquidity until it obtains a better understanding of the impact that current market conditions in the mortgage industry and the broader credit market will have on the Company's balance sheet and overall liquidity. The disruption in the credit markets in the past few weeks has been unprecedented in the Company's experience and has caused major write-downs of its loan and security portfolios and consequently has caused significant margin calls with respect to its credit facilities.
The quarterly cash dividend of $0.70 per share on the Company's common stock had been declared on June 15, 2007 and was to be paid on July 27, 2007 to all shareholders of record as of July 9, 2007. The Series A Preferred Stock dividend and Series B Preferred Stock dividend had been declared on June 15, 2007 and are payable on July 31, 2007, to shareholders of record as of July 9, 2007. '
emphasis added
I can't recall a declared dividend being "delayed". This can't be good.
Utdelningar är i USA en ganska helig sak, det är en enorm prestigeförlust för ett bolag om de bara tvingas att sänka utdelningen, GM t ex vägrade in i det sista att sänka sin utdelning men till slut blev de tvingade att halvera den för att klara sig
I det här fallet är det en redan deklarerad utdelning som nu hastigt och lustigt helt tas bort, och det av ett av USA's största huslåneföretag
En till kommentar i ämnet från en person:
"No, I'm not kidding.
We're in deep shit guys.
AHM pulled a declared and paid divvy today. At 10:00 PM. That was paid today.
Yes, for real. And not just on the common - the preferred as well.
This is going to assrape the entire mortgage sector Monday - no exceptions. CFC, IMB, DSL, all of them. Anyone with a warehouse line is gonna get roached.
This is more serious than you can imagine. I've never heard of a company pulling a dividend past the ex-date or record date, and I'm not even sure its legal. In fact, I'm reasonably sure its not; it would be viewed, I suspect, as a pure act of default, which means all their warehouse lines are defunct and the company is fucked.
There have been rumors these guys were in trouble and laying off people, but this isn't just "in trouble", this is "we're completely out of money."
AHM.PK, here you go.
If this spreads it will kick off some UGLY shit in the markets!
The evening ticker talked about the possibility of a credit market trigger. I don't know if this would do it or not, but I have to rate this one as having a pucker factor of about 9.5.
http://biz.yahoo.com/bw/070727/20070727005793.html?.v=1"
Diskussionerna nu kring detta går i stil med att AHM är helt rökta, de har indirekt meddelat att de är bankrutt
Dessutom så var utdelningen redan utbetalad i fredags (plus att de som låg korta hade fått motsvarande summa avdragen från depån), sen kl 22 på kvällen kom pressmeddelandet att de drar tillbaka utdelningen! Detta påverkar inte bara AHM det kan indirekt påverka förtroendet för vartenda bolag, en deklarerad och utbetald utdelning som dras tillbaka är helt sanslöst och förmodligen är det inte ens lagligt så man kan fråga varför de väljer att göra på detta sätt, alternativen måste ha varit ännu värre då.
Kredit och husmarknads-relaterad artikel!
Mvh naxos
#5
naxos, när du lägger in såna extremt långa länkar i namnet så måste du fylla i ett förkortat namn innan du lägger in länken annars får hela tråden "breddfnatt" eftersom länkar inte byter rad , så måste man sitta och scrolla i sidled då
Även second-life drabbas av lånemarknadskraschen!
http://www.unconfirmedsources.com/?itemid=2696
Mvh naxos
The New York Stock Exchange halted trading in shares of American Home Mortgage Investment Corp. Monday morning pending an announcement from the struggling mortgage lender, which on Friday froze its dividend.
An NYSE spokesman said the exchange expects ... an announcement during trading hours Monday.
"Bankruptcy is not out of the question," said Matt Howlett, an analyst at Fox-Pitt Kelton Inc. in New York. "It needs to find a partner with alternative funding and hope the market turns around. It's going to be tough."
He added, "It's clear now we're in a liquidity crisis. Any loans that aren't pure prime are falling in value."
Aktien är fortfarande stoppad och INGA nyheter har kommit sedan det extremt märkliga pressmeddelandet sent i fredags kväll
Dom måste ha sett något i sina interna siffror som gett dom total panik, för så där agerar man inte om det inte är total kris.
Snacka om att det måste vara totalkaos, panikmöten och ren hysteri internt ;-)
ryktena går nu i stil med att de antingen gått i kk eller att de blir uppköpta, iofs är det just de 2 sorters rykten man kunde förväntat sig
fantastiskt, aktien stoppad hela dagen utan ett pip från bolaget, många glada aktieägare där just nu....
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Neither can I and no it can't.
Banker | 07.28.07 - 2:20 am | #
Banker, I'm speechless.
Have a great weekend.
Calculated Risk | Homepage | 07.28.07 - 2:30 am | #
I've served on the board of a public company, and I can't imagine declaring a dividend and then delaying it. That is simply incredible ... but I've also never had to put out a press release worded like that one: "major write-downs" and "significant margin calls".
And I've never been with a Company that felt compelled to put out a press release in the evening on a Friday either. That had to be an ugly BOD meeting.
Best Wishes.
Calculated Risk | Homepage | 07.28.07 - 2:52 am | #
By my calculations, that's a $ 35m dividend payment. Which shouldn't be problematic for a company with $ 18bn of assets one would have thought.
Wow. In 6 weeks.
Puntino | 07.28.07 - 3:55 am | #