Steve Eisman, who disclosed owning Fannie Mae
prefs in smalls, implied on TV this week that the DTAs could prove to be a catalyst for action, implying the US Treasury would be called upon to make the GSEs whole on the potential DTA value impairment due to the proposed Federal corporate tax cut.
Not exact matches
In yet another email exchange, Parrott notes that «all the investors will get this very quickly» in response to a message from Mary Goodman, a managing director at James Caird Asset Management (and a former Senior Advisor to Treasury Secretary Tim Geithner who later served as Special Assistant to the President for Financial Markets at the National Economic Council), who stated that the Net Worth Sweep «should lay to rest permanently the idea that the outstanding privately held pref will ever get turned back on.&raqu
In yet another email exchange, Parrott notes that «all the investors will get this very quickly»
in response to a message from Mary Goodman, a managing director at James Caird Asset Management (and a former Senior Advisor to Treasury Secretary Tim Geithner who later served as Special Assistant to the President for Financial Markets at the National Economic Council), who stated that the Net Worth Sweep «should lay to rest permanently the idea that the outstanding privately held pref will ever get turned back on.&raqu
in response to a message from Mary Goodman, a managing director at James Caird Asset Management (and a former Senior Advisor to Treasury Secretary Tim Geithner who later served as Special Assistant to the President for Financial Markets at the National Economic Council), who stated that the Net Worth Sweep «should lay to rest permanently the idea that the outstanding privately held
pref will ever get turned back on.»
Bill Ackman's Pershing Square is much less committed,
in terms of size of position at least (but still a sizeable swing at 9 %), and has chosen to purchase the common shares of both Fannie and Freddie (although he has been rumoured to be selling common
in favor of the
prefs).
This video series describes the Rosen Light
Pref Angel Term Sheet developed by Dan Rosen, Chair of the Alliance of Angels
in Seattle.
my 1st
pref for RW wouldve been ox, but other than that we have our best players
in.
We meet
in a whirlwind as I got ready for
pref night and her parents moved her
in.
Theoretically, mercury should
pref - erentially rain down
in areas near to power plants.
(Age
pref around 25 - 35) But anyway what I'm looking
in a girl is mainly a...
I am currently going through the process of enlisting as a medical technician, but haven't decided where I would be interested
in being posted for base
pref.
I do agree it is may be better to be
in rate reset
prefs now over bonds with rates rising but they will not have the same negative correlation when the next major bust happens.
Currently we're at 15 %
in prefs, 23 %
in bonds and 2 % cash.
We tilt those accounts more towards equities, usually with 70 - 80 %
in equities, and a smaller weight
in prefs and bonds.
I agree... the
Pref line is no better than any other number
in my opinion.
and some long term investments,
in this case) +
pref (zero) + minority interest (zero)»
So now I put about 20 % down and borrow the rest to invest
in REITS,
pref shares, high yield bonds, and then a few smaller amounts
in broad indexes for emerging markets, U.S., International, Canada.
Or I can transfer to a Citi Dividend
Pref, and go hog - wild on MS
in a special category (up to $ 6K spend)
in only one out of the four quarters (or divided across quarters).
Japan «Made
in Japan (Turning) «Bankside Gallery, London «Arts of paper «Nakatomi Museum of contemporary Fine Craft, Shizuoka
pref.Japan «The Wonderland of paper» Guma Museum Art, Tatebayashi, Gunma
pref.
Japan «Group Show» Don Soker Contemporary Art, San Francisco «Art Fair
in Chicago» < Perimeter Gallery >, Chicago «Group Show» Gallery Ueda Warehouse - Yugawara, Kanagawa
pref.
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pref result
in better client relations or employee action?»
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pref result
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pref result
in better client relations or employee action?
As an example, if I'm putting together an offering with an 8 %
pref, an acquisition is more desirable to me as a sponsor if the CCR close to or more than 8 % because I know that I'll accumulate less
pref to future years and I'll start participating
in the promote sooner.
Given where we are
in the cycle we think that's a better play from an investment perspective right now, but we'd also like to start raising a fund, and I would like to have the flexibility to make those
pref equity investments
in deals that we like, because we see a lot of deal flow
in the New York and San Francisco markets, but we don't necessarily like the cost basis.
In most cases it's cumulative, meaning that if you don't pay the full
pref one year, you have to make up the deficit before you can participate.
@Brian Burke Hey Brian even I could follow your last reply... kind of like first money
in first money out... investors get
pref and you split whats left
in the bank account...
If a sponsor is offering an 8 %
pref, which is fairly common, they want the property to perform very close to that
pref because,
in most syndications, any undistributed
pref accumulates which ultimately reduces the sponsor's promote.
It's fairly common to see an 8 %
pref (
in our case its also cumulative), with an 80/20 or 70/30 split after
pref.
But you're unlikely to see it for 3 - 4 years because accrued
pref usually sucks up the cash
in the early period as income is increased from renovations or churning the rent roll.
What this means is you'll have a negative IRR each period until the cash
in = the cash out (all investor capital has been returned) So a
pref based on IRR won't pay off annual promote to the sponsor until cash
in = cash out... which is essentially the problem (for the sponsor) I highlighted
in my original question.
In my view, if the deal is lower on cash flow but has higher upside (IRR), go with the 8 %
pref and the higher split.