tyb
Mortgage Massacre Latest Casualty: $10 Billion m-REIT MFA Can't Meet Margin Calls
First, its was Invesco, then ED&F Man Capital and now the mortgage mayhem that erupted as a daisy-chain of mortgage REITs suddenly imploded, has taken down MFA Financial, whose crashing stock was halted after the company reported that "due to the turmoil in the financial markets resulting from the global pandemic of the COVID-19 virus, the Company and its subsidiaries have received an unusually high number of margin calls from financing counterparties, and have also experienced higher funding costs in respect of its repurchase agreements." As a result of this liquidity run, at the close of business on March 23, 2020, "the Company did not meet its margin calls."
Further, on March 23, 2020, the Company notified its financing counterparties that it does not expect to be in a position to fund the anticipated volume of future margin calls under its financing arrangements in the near term as a result of market disruptions created by the Chinavirus pandemic.
How much money are we talking about here? Approximately $10 billion: "The company’s aggregate obligations under its various financing arrangements is about $9.5 billion."
And since its only other alternative is immediate Chapter 7, the company said that it is in discussions with its financing counterparties with regard to entering into forbearance agreements.
https://www.zerohedge.com/markets/mortgage-massacre-latest-casualty-10-billion-m-reit-mfa-cant-meet-margin-calls
https://finance.yahoo.com/quote/MFA?p=MFA&.tsrc=fin-srch
Coast Guard confirmed.
I miss it but not too much. They all moved to the EB from the city and then I bailed as all the props were driven up in places I did not want to live. Last place I lived their was on 19th by the park.
Safe travels rb
o7
Docusign, Inc sold by Bain Capital Ventures: $29.26m-Mar 19
Also sold $108.56m january 6-8 2020. See link at bottom
DocuSign, Inc. automates manual, paper-based processes with the open, independent, standards-based digital transaction management (DTM) platform for managing all aspects of documented business transactions. Customers can open new accounts and start loans in minutes. The Company helps banks give customers the convenience of anywhere, anytime access for completing forms, contracts or lending documents. The Company works simply on any Internet connected device including all mobile devices. The Company offers a he following product editions with varying combinations of functionality: trial, single-user, multi-user, business pro, enterprise pro, standards-based signatures, ehanko, DocuSign transaction rooms for real estate, DocuSign payments, and enotary. In Trial user can send documents for signature, basic fields, such as signature, date, name, and text, mobile app, basic workflows, real-time audit trail, integration with Dropbox, Google Drive, and more, and multiple languages.
>https://www.marketscreener.com/DOCUSIGN-INC-43180302/company/
Enrique Salem
Enrique joined Bain Capital Ventures in 2014, where he focuses on infrastructure software and services. Previously, he was CEO of Symantec, the global leader in cybersecurity. and brings more than 27 years of executive experience in technology and security to Bain Capital Ventures. Through his 19 years at the global leader for security, backup, and availability solutions, Enrique also served as the executive vice president of worldwide sales and marketing and president of consumer products. Before Symantec, he was president and CEO of Brightmail, the leading anti-spam software company acquired by Symantec in 2004.
In March 2011, Enrique was appointed to President Barack Obama’s Management Advisory Board.
He currently serves on the boards of several portfolio companies, including DocuSign, and serves independently on the boards of FireEye, Atlassian and ForeScout.
Bain Capital (stylized as BainCapital) is an American private investment firm based in Boston, Massachusetts. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, and real estate. Bain Capital invests across a range of industry sectors and geographic regions. As of 2018, the firm managed more than $105 billion of investor capital. The firm was founded in 1984 by partners from the consulting firm Bain & Company. Since inception it has invested in or acquired hundreds of companies including AMC Theatres, Artisan Entertainment, Aspen Education Group, Brookstone, Burger King, Burlington Coat Factory, Canada Goose, DIC Entertainment, Domino's Pizza, DoubleClick, Dunkin' Donuts, D&M Holdings, Guitar Center, Hospital Corporation of America (HCA), iHeartMedia, KB Toys, Sealy, Sports Authority, Staples, Toys "R" Us, Warner Music Group, Fingerhut, The Weather Channel, and Apple Leisure Group, which includes AMResorts and Apple Vacations. As of 2018, Bain Capital employed more than 1,000 people. Bain Capital is headquartered at 200 Clarendon Street in Boston, Massachusetts with offices in North America, Europe, Asia, and Australia. The company, and its actions during its first 15 years, became the subject of political and media scrutiny as a result of co-founder Mitt Romney's later political career, especially his 2012 presidential campaign
>https://www.baincapitalventures.com/team/enrique/
https://www.finviz.com/insidertrading.ashx?oc=1295402&tc=7&b=2
you mean it wasn't a good idea to go play in a bridge tournament while bear was being carved up? Imagine that.
kek