If the debt was all paid why would they have to restate earnings past qtrs. accdg to CNBC? Would it be just a timing issue of the earnings then-where the gains last qtrs would be losses but gains present day would be more? Hope fully a non-event but things like these can cause "bank runs" that snowball
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Refco Account Security
- Thread starter Htrader
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This is a buying opportunity nothing more.
Trader/God
Trader/God
Quote from GATrader:
If the debt was all paid why would they have to restate earnings past qtrs. accdg to CNBC? Would it be just a timing issue of the earnings then-where the gains last qtrs would be losses but gains present day would be more? Hope fully a non-event but things like these can cause "bank runs" that snowball
Personally I believe as a result of the non-disclosure an audit is justified to validate the balance of the existing accounting records. In the mean time I have initated a long position.
w
Quote from GATrader:
If the debt was all paid why would they have to restate earnings past qtrs. accdg to CNBC? Would it be just a timing issue of the earnings then-where the gains last qtrs would be losses but gains present day would be more? Hope fully a non-event but things like these can cause "bank runs" that snowball
Companies are required to designate related-party transactions as such. Thus, prior reports may simply need to be ammended to reflect this, i.e. the numbers don't change.
Bank run type issue is unlikely, unless there are larger accounting, fraud-like issues yet to be identified. That is highly unlikely IMO - Bennett owns 33% of this puppy and we've all learned our lessons from Enron, WCOM etc.
I simply see a very cautious board/CEO covering their asses / getting their shit togethor at the first sign of slip up.
SEC & market are not going to crucify the company for honest mistake, if they move to rectify as they appear to be doing.
Count me a buyer ...
I had a small commodities account at refco and I'm having that money wired out today.
Refco runs a business that requires constant liquidty. If the banks cancel their credit lines and/or counterparties demand cash payment instead of credit then the business is done.
Probably won't happen, but I have enough things to worry about.
Refco runs a business that requires constant liquidty. If the banks cancel their credit lines and/or counterparties demand cash payment instead of credit then the business is done.
Probably won't happen, but I have enough things to worry about.
You hit the nail on the head... they will have a very tough few weeks with their credit lines. An article in the Wallstreet Journal is like a red flag for the credit departments... they might be on DVP terms with a lot of trading partners for the time being, but I don't think this will topple them.
-Neo
-Neo
Quote from Htrader:
I had a small commodities account at refco and I'm having that money wired out today.
Refco runs a business that requires constant liquidty. If the banks cancel their credit lines and/or counterparties demand cash payment instead of credit then the business is done.
Probably won't happen, but I have enough things to worry about.
Interesting situations with options on rfx
15puts is the lowest available.
It was adjusted prior to the reopening just around 3pm.
Good opportunity in the options next few days with all the volitility. Next year Calls are extremely high for value. I am guessing all believe the fall is short term.
I still believe a good opportunity for the long. Have decided to add versus exit as it looks like the market is cleaning house.
Wonder if RFX is doing a buy back of any kind.
See exit around 19-20 dollar by end of month.
any comments
w
15puts is the lowest available.
It was adjusted prior to the reopening just around 3pm.
Good opportunity in the options next few days with all the volitility. Next year Calls are extremely high for value. I am guessing all believe the fall is short term.
I still believe a good opportunity for the long. Have decided to add versus exit as it looks like the market is cleaning house.
Wonder if RFX is doing a buy back of any kind.
See exit around 19-20 dollar by end of month.
any comments
w
Quote from plugger:
Famous last words:
"it can't go any lower"
"all the bad news is out"
"it's a steal at these prices"
Must be even more compelling with the close at $13.85 today?
I'll take door no. 3 please
lower it can and probably will, 12 dollar range seems to be some support. I picked a few thousand in the high 12's.
All stocks give us bad news sooner or later thus the high and lows for the year. RFX still is very stable. What company does not have some sort of scandle. The companies intergrity is still there it is some of the personell in question otherwise what broker would be still open. We all have had questionable transactions with our brokers over the years.
Time will time, I am taking this opportunity that is being given.
Question is who really sold off today. Day traders? or Institutional traders creating a feeding frenzie to buy the day traders?
w
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