Anonymous ID: a86a46 June 22, 2020, 11:35 a.m. No.9708365   🗄️.is đź”—kun   >>8640 >>8818 >>8918

R50338 US Army Dash 8 done over Bridgewater Airpark, VA the tracks line up just over this location (see Cap#2) and has been here several times recently.

Home of Dynamic Aviation: https://www.dynamicaviation.com/

 

MAGMA89 Dornier C-146A from Ft. Bragg, NC on descent for Homestead ARB, FL

Anonymous ID: a86a46 June 22, 2020, 11:50 a.m. No.9708505   🗄️.is đź”—kun

Wirecard shares crash again after payments firm says missing $2 billion likely doesn’t exist

 

Wirecard shares are once again in free fall on Monday after the German payments firm said it was likely that 1.9 billion euros ($2.1 billion) of cash missing from its balance sheet doesn’t exist. The Munich-based company said it was assessing the “prevailing likelihood” that unaccounted cash balances flagged by auditors at EY last week “do not exist.” The lost funds represent roughly a quarter of Wirecard’s balance sheet. Shares of Wirecard crashed about 45% shortly after the opening bell. Its stock price was last trading down by 36%.

 

The search for the missing cash appeared to hit a dead-end after two Asian banks alleged to be holding the missing cash — the Philippines’ BDO and BPI — both denied having Wirecard as a client. Further compounding those fears, the Philippines’ central bank said Sunday that the money hadn’t even entered the country’s financial system. “The initial report is that no money entered the Philippines,” Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday, adding that the names of BDO and BPI were used “in an attempt to cover the perpetrators’ track.” Both BDO and BPI said that rogue employees falsified documents to indicate the existence of the funds.

 

When contacted by CNBC Monday, a spokesperson for Wirecard said it was “currently not making any further statements.”

 

The admission that the money may not exist is yet another troubling revelation from Wirecard, which is fighting for survival amid the accounting scandal.

 

Wirecard CEO Markus Braun abruptly resigned on Friday a day after the company said EY had refused to sign off its 2019 accounts. Before his exit, Braun suggested that it was Wirecard that may have been the victim of “considerable” fraud. The saga has put Wirecard’s future in doubt. The payments processor, once seen as one of Germany’s top tech companies, said Monday that it had withdrawn its assessment of preliminary, unaudited results for 2019 and the first quarter of 2020, as well as profit forecasts for the current year. It added that “potential effects on the annual financial accounts of previous years cannot be excluded.”

 

Wirecard said it is in “constructive discussions” with lenders about continued access to credit and that it was working with investment bank Houlihan Lokey in “assessing options for a sustainable financing strategy.” The company is also looking at potentially reducing costs by restructuring and disposing or terminating some business units.

https://www.wsj.com/articles/wirecards-missing-2-billion-probably-doesnt-exist-board-says-11592802732

Anonymous ID: a86a46 June 22, 2020, 12:15 p.m. No.9708723   🗄️.is đź”—kun   >>8818 >>8918

NYSE makes new push with the SEC for IPO alternative

 

The New York Stock Exchange (NYSE) submitted an amended rule change with the U.S. Securities and Exchange Commission (SEC) on Monday in a bid to enable companies that debut on the stock market through a direct listing to raise capital. The move has the potential to transform the market for initial public offerings (IPOs), which are arranged by investment banks acting as underwriters rather than allowing companies to sell shares directly to investors.

 

The SEC declined an earlier request by NYSE in December to allow companies going public through direct listings to sell stock. It did not disclose the reasons for its decision at the time.

 

“We want to provide (companies) what is arguably a more efficient pricing mechanism for their IPO,” NYSE Vice Chairman and Chief Commercial Officer John Tuttle said in an interview. “While the current IPO works for many companies, we want to create an additional option that could arguably allow for more efficient pricing,” Tuttle added.

 

The SEC did not immediately respond to a request for comment.

 

In its latest submission, NYSE laid out in detail a mechanism for the first trade under a capital-raising direct listing, including how a floor price for the shares would be set. NYSE also dropped a proposal for the SEC to waive a requirement that companies have at least 400 shareholders of so-called round lots at the time of the listing.

 

“With the IPO market surging as it is right now, the time is ripe to further advance this option,” Tuttle said. Some 56 companies have gone public in the United States so far this year, raising $18.4 billion, compared to 160 companies raising $46.3 billion in all of 2019, according to Renaissance Capital. The IPO market was largely subdued for two months earlier this year due to the coronavirus outbreak but activity has rebounded in recent weeks.

 

Several venture capital investors, including Benchmark’s Bill Gurley, have criticized the traditional IPO structure, arguing it allows banks to sell stock at a discount to their clients, who can then reap large gains when the stock begins trading.

 

The SEC already allows direct listings for companies that do not raise capital in the process. In 2018, music streaming business Spotify Technology SA (SPOT.N) was the first major company to go public through a direct listing.

https://www.reuters.com/article/us-nyse-direct-listing/nyse-makes-new-push-with-the-sec-for-ipo-alternative-idUSKBN23T2MZ

 

the "traditional" model is not working for them, as witness to the We Work fiasco (which would have went off until the tires got kicked in public)…so let's just allow them to sell it directly to retail. Wall Street is shoving out moar and moar debt-American Air and United to put up about $8b this week because they see the share price rising. Lather, Rinse….repeat.