tag:blogger.com,1999:blog-4863014635257598503.post8573025346132336074..comments2024-02-27T22:18:53.706-05:00Comments on Zero Hedge: National Rural Obtains Reduced Credit FacilityTyler Durdenhttp://www.blogger.com/profile/00165439451205639523noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-4863014635257598503.post-31653380880160350342009-04-18T01:45:00.000-04:002009-04-18T01:45:00.000-04:00with the obligations at ICC approaching $185mm, an...with the obligations at ICC approaching $185mm, and EBITDA of the companies at about $45mm, th value of ICC"s shares are worth $0 in today's market. The problem is how does ICC work wtih Vetelco (read: all value) to not put Vitelco into BK?<br /><br />THis is a crappy situation as all the other stakeholders (read: customers) will get screwed over the next 5 or more years to work this mess out. Maybe even longer if CFC has issues.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-7586675792537927062009-04-18T01:40:00.000-04:002009-04-18T01:40:00.000-04:00WHATWHATAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-85270655786048933982009-04-18T01:36:00.000-04:002009-04-18T01:36:00.000-04:00real answer is net book value of distressed writeo...real answer is net book value of distressed writeoff of theI CC loans are 100% geiven preferredstock and and RUS at he operatining companh of Vitelco<br /><br />However,more mindblowing is the fact that the RTFC and RUS has carried on this intrmixing of accounts betweene RTFC and the CTC. Bottom line: ICC loan is close to $500B, yet debt closest bid was be at $150B. Problem is their are another $150 senior positions, including taxes, corp. savings plans,and other., in front of ICC's senior debt at Vitelco. This rusults in Obout $0 value or RTFC debt.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-27378325049307854552009-03-16T11:57:00.000-04:002009-03-16T11:57:00.000-04:00According to Court documents and press stories RTF...According to Court documents and press stories RTFC turned down 422M net to itself in 2007. The highest bid according to reports was gross of 185M. Because of internal debt and pref. stk. at VITELCO RTFC would net zero. In reality RTFC should charge off the full 475M loan but they can't because it would eliminate most of it's equity and put it in default of all of it's loans. So that is why they have credit bid last Friday for 250M. This is the same type of accounting fraud they used in reporting CO<BR/>SERV a Texas electric coop. In that case COSERV's audit reports the loan to CFC 300M less than CFC carries it on their books. According to Court Doc's ICC had a firm binding commitment from Silver Point that could have been closed in Dec. 2007. The commitment was for 620M. Also troubling the same law firms from Texas that represented ENRON are involved in this case. The same people are attacking Egan Jones. Arthur Andersen was CFC's auditor also. Maybe we now see why they want to keep Prosser's mouth shut.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-65046411673462746232009-03-16T11:09:00.000-04:002009-03-16T11:09:00.000-04:00NRUC poised to game the system again, credit bid f...NRUC poised to game the system again, credit bid for ICC, and not be forced to take further writedowns on worthless ICC assets:<BR/><BR/>http://www.onepaper.com/stthomasvi/?v=d&i=&s=News:Local&p=1223616266<BR/><BR/>this is appalingAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-31653393790379415612009-03-15T00:20:00.000-04:002009-03-15T00:20:00.000-04:00Be careful my man. You're doing some fine work he...Be careful my man. You're doing some fine work here, but its not above these people to sue bloggers....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-20581227247963141772009-03-14T18:07:00.000-04:002009-03-14T18:07:00.000-04:00Best Blog ever!Best Blog ever!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-17943446560418814822009-03-14T15:58:00.000-04:002009-03-14T15:58:00.000-04:00Good work mate, keep it up...shine a light on thes...Good work mate, keep it up...shine a light on these bastards, but watch out for retribution, they are not good people.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-21432526367254634032009-03-14T15:16:00.000-04:002009-03-14T15:16:00.000-04:00If one looks closer at the bankruptcy court docume...If one looks closer at the bankruptcy court documents the trustee suit against Prosser is odd. For 10 years he never took a salary but a draw through a contra-equity account which shows up on the audits of ICC as a negative equity account. So he is bing sued for all draws/compensation he took for a 10 year period. It's even stranger since according to documents filed he and his wife owned 100% of ICC. The trustee has not even alleged that the amounts weren't recorded properly in the books of ICC and audited by BDO yearly. RTFC the only lender sued ICC and Prosser in 2004 for 31 alleged non monetary defaults' which 26 of them were dismissed on summary judgement, and never sued for misuse of corporate funds. In fact signed a release in 2003 with ICC and Prosser. Seems like a smoke screen. The RICO claims are all backed up by CFC public documents. Let us not forget that while attacking prosser so far the trustee and his advisors and lawyers have been paid 29M and are still owed 15M. At the same time RTFC turned down in 2007 422M from Prosser net to them. The Court records tell a story of CFC costing itself 450M to destroy Prosser. He must know what could bring them down. I look forward to the next move. Maybe the SEC will be ahead of a complete loss if it moves in time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-41251256519348892162009-03-14T14:48:00.000-04:002009-03-14T14:48:00.000-04:00more waves:http://www.businessinsider.com/pseudony...more waves:<BR/><BR/>http://www.businessinsider.com/pseudonymous-blogger-prompts-financial-firm-to-freak-out-2009-3Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-6225771518005206152009-03-14T13:09:00.000-04:002009-03-14T13:09:00.000-04:00http://www.nrucfc.coop/solutions/bulletin/2009/200...http://www.nrucfc.coop/solutions/bulletin/2009/2009-03-13/story3.htm<BR/><BR/>making wavesAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-85333234787439438982009-03-13T21:15:00.000-04:002009-03-13T21:15:00.000-04:00its crazy what innocently searching the IG constit...its crazy what innocently searching the IG constituents on a sunday afternoon can turn into.<BR/><BR/>its like you're a credit bloodhoundAnonymousnoreply@blogger.com