Are any former FNLC'ers still holding on to their FBR stocks? Might as well claim them as a loss for tax purposes:
FBR Group intends to cure the deficiency and is exploring alternatives for curing the deficiency and restoring compliance with this continued listing standard. Under NYSE rules, FBR Group has six months from the date of the NYSE notice to do so.
FBR Group's common stock remains listed on the NYSE under the symbol FBR, but will be assigned a ".BC" indicator by the NYSE until compliance has been restored.
ARLINGTON, Va., Nov. 7 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. (FBR Group) (NYSE: FBR ) today announced that on November 4, 2008, it was notified by the New York Stock Exchange (NYSE) that it was not in compliance with an NYSE continued listing standard in that the average price of its stock had fallen below $1.00 per share for a consecutive 30 trading-day period.
FBR Group intends to cure the deficiency and is exploring alternatives for curing the deficiency and restoring compliance with this continued listing standard. Under NYSE rules, FBR Group has six months from the date of the NYSE notice to do so.
FBR Group's common stock remains listed on the NYSE under the symbol FBR, but will be assigned a ".BC" indicator by the NYSE until compliance has been restored.
FBR Group's business operations, Securities and Exchange Commission reporting requirements, credit agreements, other debt obligations and its subsidiaries, including FBR Capital Markets Corporation (FBR Capital Markets) (Nasdaq: FBCM), are unaffected by this notification. FBR Capital Markets is a separately traded and managed public company.
Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) invests in mortgage-related assets and merchant banking opportunities. FBR is headquartered in the Washington, D.C. metropolitan area. For more information, please visit http://www.fbr.com/.
Wow - I wonder how money much Daddy and the Juniors lost thanks to their former corporate parents!
4 comments:
Eric Billings, chairman and CEO of Friedman Billings Ramsey Group Inc. and its majority-owned subsidiary investment bank FBR Capital Markets, received $13.8 million in total compensation in 2008 — more than triple his compensation from 2007, according to a Tuesday securities filing. That’s despite the company losing $417.5 million last year, its fourth year of consecutive annual losses.
Billings’ 2008 compensation broke down this way: $1.76 million in salary, $2 million in bonuses, $8.33 million in stock awards, $1.7 million in option awards and $10,186 in all other compensation. He received increases in every class of compensation compared to 2007, when he was paid a total of $4.19 million. He was paid $2.04 million in 2006.
Billings’ $2 million 2008 bonus was a retention payment, rather than a performance-based bonus. He agreed to forego annual performance-based bonuses for 2008, 2009 and 2010.
FBR Group (NYSE: FBR), which is in the process of changing its name to Arlington Asset Investment Corp., has posted consecutive annual losses since 2005 totaling $1.32 billion. The company has contracted dramatically since 2006, shedding 81 percent of its staff and with revenue falling to negative $111.8 million in 2008 from positive $1 billion in 2006.
If $100 had been invested in FBR Group Dec. 31, 2003, it would’ve been worth 17 cents on Dec. 31, 2008. The same investment made in the Standard & Poor's 500 index would’ve been worth $89.56.
Previous executive bonuses are the subject of a shareholder lawsuit against Billings and several other FBR officers and board members for approving fat performance-based executive bonuses while the company’s stock price and earnings were tanking.
The shareholders are demanding that executives disgorge the bonuses earned in 2006 and 2007 and give the money back to the company.
No big surprise about the greed and corruption from the executive crew at FBR. As long as they get their big fat paycheck, why should they care about their shareholders? I'm amazed this company is still publicly listed. In fact, aren't they scheduled to be delisted from the NYSE for having their share price below $1 for so long???
It IS amazing that these clowns continue to operate as a publicly-traded entity. At this point, they are nothing more than buzzards picking apart a formerly bloated carcass.
I found this in FBR's recent Form 10K filing under the section "Other litigation:"
"...On May 9, 2008, First NLC voluntarily converted its bankruptcy case from a case under Chapter 11 to a case under Chapter 7 of the U.S. Bankruptcy Code. .. In December 2008, the Trustee sent a letter to certain officers and employees of the Company, who served on the board of managers of First NLC, alleging certain wrongful acts by First NLC's board of managers. The Company has entered into a settlement agreement with the Trustee to obtain a release of all claims that the Trustee or the bankruptcy estate of First NLC may have against the Company and its officer, directors, employees and affiliates... in exchange for the payment of the Company of approximately $4.0 million which the Company has accrued for as of December 31, 2008.... The release claims include a general unsecured claim for subrogation/reimbursement based on the payment of certain of First NLC's lease obligations under a guaranty by an affiliate of the Company to First NLC's primary landlord."
Alleging certain wrongful acts?? What do you suppose that means?? At least the owners of T-Rex got some money back....
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