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News: $A Agilent Technologies to Host Webcast of First-Quarter Fiscal Year 2019 Financial Results Conference Call

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Got this from https://marketwirenews.com/news-releases/agilent-technologies-to-host-webcast-of-first-quarter-fiscal-year-2019-financial-results-conference-call-7435010.html

News: $A Klövern AB (publ): Klövern signs two rental contracts in Copenhagen

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Read the whole news https://marketwirenews.com/news-releases/kl-xf6-vern-ab-publ-kl-xf6-vern-signs-two-rental-contracts-in-copenhagen-7305306.html

Hm There hasnt been a post on this board for 2 years...
Earnings should be out any time now. This should be on it;s way to its final destination of 37 bucks. Keeping my fingers crossed.

First Banks Q4 Financial Results (1/27/12)

First Banks, Inc., the holding company of First Bank, today announced a net loss of $15.9 million for the three months ended December 31, 2011 as compared to a net loss of $51.4 million for the three months ended December 31, 2010.

For the year ended December 31, 2011, the Company reported a net loss of $41.2 million as compared to a net loss of $191.7 million for the year ended December 31, 2010. The net loss for the three months and year ended December 31, 2011 includes a provision for loan losses of $17.0 million and $69.0 million, respectively, as compared to $52.0 million and $214.0 million for the three months and year ended December 31, 2010, respectively.

http://www.firstbanks.com/about_us/first_bank_in_the_news/4thQtr11.pdf

First Banks Q3 Financial Results (10/28/11)

First Banks, Inc.,the holding company of First Bank, today announced a net loss of $2.1 million for the three months ended September 30, 2011 as compared to a net loss of $47.8 million for the three months ended September 30, 2010.

For the nine months ended September 30, 2011, the Company reported a net loss of $25.3 million as compared to a net loss of $140.3 million for the nine months ended September 30, 2010. The net loss for the three and nine months ended September 30, 2011 includes a provision for loan losses of $19.0 million and $52.0 million, respectively, as compared to $37.0 million and $162.0 million for the three and nine months ended September 30, 2010, respectively. The Company’s subsidiary bank, First Bank, reported a net profit for the three months ended September 30, 2011 of $1.1 million. This represents First Bank’s first quarterly profit since the first quarter of 2008.

http://www.firstbanks.com/about_us/first_bank_in_the_news/Press_10282011.pdf

Whats happening with this stock.? Sells of quite regularly lately.

First Banks 3Q Financial Results (1/28/11)

First Banks, Inc., the holding company of First Bank, today announced a net loss of $51.4 million for the three months ended December 31, 2010 as compared to a net loss of $153.8 million for the three months ended December 31, 2009.

For the year ended December 31, 2010, First Banks recorded a net loss of $191.7 million compared to a net loss of $427.6 million for the year ended December 31, 2009. The net loss for the three months and year ended December 31, 2010 includes a provision for loan losses of $52.0 million and $214.0 million, respectively, as compared to $63.0 million and $390.0 million for the three months and year ended December 31, 2009, respectively.

http://www.firstbanks.com/About_Us/First_Bank_In_The_News/press_4q10.pdf

Consent Solicitation Successful (1/25/11)

Proposal 1 (Indenture Amendments): 51.62%

Proposal 2 (Trust Agreement Amendments): 51.68%

Proposal 3 (Guarantee Agreement Amendments): 50.79%

No responses were high, varying from 660,458 to 662,918.

http://sec.gov/Archives/edgar/data/710507/000144511611000002/fbi8k012711.htm

Terrance M. McCarthy said, “As a result of the successful completion of the Consent Solicitation, the Company believes it is better positioned to consider certain potential capital planning strategies to improve the First Banks, Inc. regulatory capital ratios and further strengthen the Company’s overall financial position.”

http://sec.gov/Archives/edgar/data/710507/000144511611000003/fbix99012811.htm

First Banks Inc Extends Consent Solicitation Deadline

Extended to 2/04/11 at 5:00.

As of the time of this release, holders of approximately 48% of the outstanding trust preferred securities of the Trust have approved the consent.

The consent solicitation was previously scheduled to expire on 1/21/11 at 5:00.

http://sec.gov/Archives/edgar/data/710507/000144511611000002/fbiex991012711.htm

The broker may have been the issue.

I often get notices the day after the deadline.

Based on what I read, all holders would need to consent.

Try this. could be old info ??

http://ipoportal.edgar-online.com/ipo/displayFundamentals.asp?cikid=398880&fnid=32857&IPO=1&coname=FIRST+PREFERRED+CAPITAL+TRUST+IV

I need a phone number for this company.. I have never received any voting materials..My broker thinks ive been precluded. Im not sure as I have owned this since Oct. 12. Thanks in Advance

Ok understood. In that case sure if a company is 100% healthy I'd expect full recovery with dividends in tow. But would it sell above par? highly doubtful. For the same reasons you wouldn't buy one only to make a buck. Perhaps if it's considered so safe it commands a small premium above par ???

Chev thanks for the info.. However my question was meant to be generic in nature. Back to your statement. I wouldnt buy stock that only had the potential to move up a buck or so..

Well never say never right!

Not gonna happen though (unless of course these bankers have been playing the lottery). The bank was hemorraging at a fatal rate and even though that bleeding has slowed some they must get these dealt with asap. The "glass" didn't start half full here and I think it's a mistake for anyone to convince themselves it's on it's way to being full. Recovery hopes should remain at 40% which is $11.22. If you get above that consider it pure lucky gravy.

Question-- Is it possible for this stock to sell above 25? Thats assuming it was no longer distressed,and owed divi's in arrears???

Fewer Bank Failures? Chapter 11 Sale Offers a New Way (1/06/11)

This is huge! Great find.

Fewer Bank Failures? Chapter 11 Sale Offers a New Way (1/06/11)

By ERIC MORATH
The recent sale of a Washington state bank out of Chapter 11 created a new tool that potentially could rescue hundreds of similarly troubled institutions and save the Federal Deposit Insurance Corp. billions of dollars, according to a number of banking experts.

An investment vehicle backed by a Goldman Sachs Group Inc. fund and Oaktree Capital Management LP late last month purchased AmericanWest Bank, of Spokane, Wash., out of bankruptcy from its holding company, without the need for regulators to seize the bank and shore up its deposits.

The deal could open up options to save other banks teetering on the edge of failure, particularly those whose holding companies are saddled with so-called trust-preferred securities, and make it easier for hungry investors to acquire undercapitalized banks.

State banking regulators said the sale, which they believe to be the first transaction of its kind, could have a wide-ranging impact. "We are encouraged to find another way to skin the cat," said Brad Williamson, director of banks for the Washington State Department of Financial Institutions. The sale "allowed the bank to be recapitalized and addressed the TruPS conundrum."

Trust-preferred securities, commonly called TruPS, have weighed down many banks struggling to remain afloat. The securities were issued frequently in the 1990s as a way for bank holding companies to raise capital cheaply and without diluting their shareholders' equity.

However, as the financial crisis took hold, those securities often stood in the way of private investors willing to step in to rescue banks stung by bad loans and faltering real-estate markets. The reason so many bank holding companies, including AmericanWest Bancorp., couldn't persuade investors to come forward was because the ultimate holders of the trust-preferred securities are entitled to payment before any capital infusion can occur.

Trustees representing the debtholders often were unwilling or unable to negotiate a settlement that could allow a bank to be recapitalized without government intervention.

The result: Some banks that could have been rescued were seized and billions of dollars have been drained from the FDIC's insurance fund.

More than 150 banks failed last year, costing the FDIC more than $20 billion. AmericanWest's failure alone would have cost the FDIC $330 million, according to papers filed with the U.S. Bankruptcy Court in Spokane.

Instead, the bankruptcy sale allowed the 58-branch bank, which became insolvent in the first half of last year, to find its way to new owners without government assistance. SKBHC Holding LLC, the Goldman-Oaktree vehicle, paid $6.5 million for AmericanWest and pledged up to $200 million in additional capital.

SKBHC said it was attracted to AmericanWest because the investment vehicle feels the Pacific Northwest economy is poised to rebound and was impressed with the AmericanWest's operation. While AmericanWest was closely watched by regulators, it was never seized, in part because banking executives kept regulators closely informed of their plans to recapitalize.

"We made a strong business case to regulators that this could be a bit of a game changer," said Scott Kisting, SKBHC's chairman and chief executive.

Bankruptcy sales are commonplace in manufacturing and other industries, but they aren't in banking. Typically, bank holding companies file for bankruptcy after their bank is seized.

Mr. Kisting credited former AmericanWest Bank President Patrick Rusnak for developing the idea of using a bankruptcy sale to complete the transaction.

With a Chapter 11 sale, SKBHC acquired the bank free and clear of liens, including amounts owed to the trust-preferred securities holders.

AmericanWest Bancorporation raised capital years ago through the issuance of roughly $40 million in debt through trusts, which was then repackaged into several different collateralized debt obligations that held about $2 billion of securities. Those CDOs, in turn, issued bonds to investors.

That complicated investment structure meant it wasn't possible to trace individual holders of the holding company's debt—making it nearly impossible to negotiate with the debtholders.

"In cases like this, there is simply no one to negotiate with," said Van C. Durrer, an attorney for SKBHC. Durrer is a bankruptcy attorney with Skadden, Arps, Slate, Meagher & Flom.

"It would be very hard to do this transaction out of court and out of receivership," he said.

The sale drew the attention of others in the industry.

"AmericanWest very well could be an example to follow," said Frank Bonaventure, chairman of the financial-institutions group at law firm Ober Kaler.

This isn't to say that waves of holding companies will file for Chapter 11 protection in order to execute sales, he said, but even the threat of bankruptcy could be enough to bring trust-preferred securities trustees to the table for more serious negotiations.

Mr. Williamson, the state regulator, said he hopes that is the case.

"The AmericanWest recap shows that trust-preferred securities holders need to start being a little more flexible," he said.

Mr. Williamson said the outcome of the AmericanWest case was preferable to that of other holding companies weighed down by trust-preferred securities.

For example, when Troubled Asset Relief Program recipient Sterling Savings Bank, also based in Spokane, was recapitalized last year, TruPS holders received full payment while the U.S. Treasury took a significant loss, he said.

With private-equity firms, such as SKBHC, ready to recapitalize troubled banks, Chapter 11 proceedings could open the door to needed investment without government assistance, said banking analyst Brett Rabatin.

Many investors, including affiliates of billionaire Wilbur Ross, have purchased banks after the FDIC became a receiver. Mr. Rabatin, a senior analyst at Sterne, Agee & Leach Inc., said the AmericanWest deal could pave the way for a new model.

"The FDIC is realizing that they don't have to fail more banks," he said. "They can use private equity as a vehicle for institutions that need capital."

Write to Eric Morath at eric.morath@dowjones.com

FBS needs to raise equity capital.

Total equity was $393.7 million at 9/30/10. The preferred stock balance is $314.3 million.

Legacy PCBC common shareholders received rights to buy shares at $.20, but they got hammered well in advance of any reverse split.

In my mind, many compounded their problem by not subscribing.

The tenders for PCBC subordinated debt ($650.00 per $1,000) were mostly successful. Holders of $50 million in aggregate principal amount of the Subordinated Debenture due 2014, representing 100% of such securities, and $18 million in aggregate principal amount of the 9.22% Subordinated Bank Notes due 2011, representing 50%, tendered.

PCBC did not receive any valid tenders from holders of any other trust preferred securities ($400.00 per $1,000 liquidation) or subordinated debt securities. Those holders played "chicken" and were lucky to survive - thanks to an investor group more interested in putting $500 million to work rather than wasting time on a tender offer.

Maybe I am missing something with this one regarding potential outcomes.

Looking at the most recent 10k it appears that they are doing better but they still have a way to get out of this. When their deposits are earning 4% paying to borrow at 8.25% in this environment is suicide so I understand why they would want to retire these. I also can see where current holders would want a return of partial capital instead of worrying about a return on capital.

Looking at PCBC the holders there received 20% on the dollar but that does not seem to be the main investment opportunity. Wasn't/Isn't the opportunity in PCBC the availability to buy common stock near $.20 after the warrants were exercised(which is now) or even waiting until after a RM is one thinks the stock is going to get hammered after a RM like many do. (This is my opinion - I had a nice gain in YRCW lost after shorts hammered the RM purely on the reason of a RM.

Did Trust holders get to buy warrants @ $.20 or something else in PCBC that I am missing? I guess I don't see the upside at this current juncture to purchase FBS-A when its sitting in a 20-40% recovery range.

Also, do you have any idea why they are only asking these holders (Capital Trust IV) and not of Capital Trust I (9.25% due 2027), Capital Trust II (10.24% due 2030) and Trust III (9% due 2031)? I would expect them to try and extinguish all of these if possible.

There is a range of potential outcomes.

Par plus accrued dividends ($28.06) would be a home run. However, I expect an initial exchange offer resulting in values offered in a range from $5.61 to $11.22 (20 to 40 percent of par) similar to PCBC. The final value could be higher.

EI-

followed you over here. So if I have it right they are offering the right to propose a buyout of some sort for holders of FBS-A. The devil is in the details of at what % and when. For a bank to be paying 8.5% I can understand why they want to eliminate this. Any idea on what its worth. I've tried to figure out where they pay for their dividend payment as they should be able to reduce their costs considerably at this lower interest rate environment but I have no idea on what they will offer to preffered holders.

By the deadline,, they will be 6 divi;s in arrears. Over 3 bucks.

First Banks Inc Extends Consent Solicitation Deadline

Extended to 1/21/11 at 5:00.

Approximately 663,000 of the 1,840,000 outstanding trust preferred securities of the Trust, representing over 36 percent, have responded to the solicitation, and of the total amount, nearly 73 percent have approved the consent.

The consent solicitation was previously scheduled to expire on 11/19/10 at 5:00.

http://www.firstbanks.com/About_Us/First_Bank_In_The_News/press_11222010.pdf

FSB is losing money at a decreasing rate.

Decreasing losses are good, but accumulated losses will require raising additional capital.

Expect an exchange or tender offer for FSB-A shortly after the required number of consents are obtained. The value will be discounted from par, somewhere in the range of 20 to 40 percent of par.

FSB can then exchange capital trust securities acquired for an equal principal amount of corresponding junior subordinated debentures and then cancel the debt. This creates equity.

Consents due 11/19/10 at 5:00.

I would call your broker today.

Working on the answer to your other question.

EI What is the most you would pay for this stock , based on what we know so far?? I did not get solicitation papers for this stock nor MMPIQ.. Have these been voted on already?? I bought both about 6 weeks ago...

Dear E/I
Thanks for directing me to this board for FSB. The solicitation is a little confusing to me. Do you understand what they are trying to do?
Thanks

Open market purchases or tender offer highly likely.

Consent Solicitation Details

Dear Trust Preferred Securities Holder Letter

http://sec.gov/Archives/edgar/data/710507/000144511610000035/ex99_1.htm

Proposal 1: To amend Sections 4.3 and 5.6 of the Indenture, each of which sets forth various restrictions on the Company’s activities during a Deferral Period, to:

(i) allow the Company or a subsidiary or affiliate of the Company to issue its capital stock in exchange for or upon conversion of outstanding capital stock of the Company or any subsidiary or affiliate or for outstanding indebtedness of the Company ranking pari passu with or junior to the Debentures (which would include any tranche of junior subordinated debentures relating to trust preferred securities) during a Deferral Period;

(ii) permit the Company to exchange any trust preferred securities that it beneficially owns for an equal principal amount of corresponding junior subordinated debentures and then cancel such indebtedness during a Deferral Period; and

(iii) permit the Company to acquire less than all of any outstanding Debentures or any of the Trust Preferred Securities during a Deferral Period.

Proposal 2: To add a new Section 8.20 to the Trust Agreement to direct the Property Trustee to cancel any Trust Preferred Securities held and surrendered to it by the Company, which would then permit the Trustee under the Indenture to cancel the corresponding indebtedness.

Proposal 3: To amend Section 6.1 of the Guarantee Agreement, which sets forth the same restrictions on the Company’s activities during a Deferral Period as are listed in Sections 4.3 and 5.6 of the Indenture, to conform to the Proposed Amendments set forth in Proposal 1 above.

First Banks 3Q Financial Results

http://www.firstbanks.com/About_Us/First_Bank_In_The_News/press_10292010.pdf

First Banks Inc Announces Consent Solicitation

St. Louis, Missouri, October 15, 2010. First Banks, Inc. (“First Banks” or the “Company”), the holding company of First Bank and the holder of 100% of the common stock of First Preferred Capital Trust IV (the “Trust”), today announced that it is soliciting consents from the holders of its 8.15% cumulative trust preferred securities of the Trust (the “Trust Preferred Securities”). The Company is seeking consents (the “Consent Solicitation”) to amend: (a) the Indenture, dated April 1, 2003 (the “Indenture”), relating to the 8.15% Subordinated Debentures due 2033 issued by the Company to the Trust (the “Debentures”); (b) the Amended and Restated Trust Agreement, dated April 1, 2003, relating to the Trust (the “Trust Agreement”); and (c) the Preferred Securities Guarantee, dated April 1, 2003 (the “Guarantee Agreement”), relating to the Trust Preferred Securities (collectively, the “Proposed Amendments”).

The terms and conditions of the Consent Solicitation are described in the Consent Solicitation Statement, dated October 15, 2010 (the “Consent Solicitation Statement”). The Company is soliciting the consents to the Indenture, Trust Agreement and Guarantee Agreement in order to increase its capital planning flexibility under the terms of those documents and the provisions of the indentures, guarantee agreements and trust agreements relating to its other tranches of trust preferred securities. The Proposed Amendments would provide an opportunity for the Company to improve its capital position and decrease its level of indebtedness during a period in which it is deferring interest payments in accordance with the terms of the Indenture.
The Consent Solicitation is scheduled to expire at 5:00 p.m., New York City time, on November 19, 2010 (the “Consent Date”), unless otherwise extended. If validly executed consents from holders, or their duly designated proxies, of a majority in aggregate liquidation amount of the outstanding Trust Preferred Securities (the “Requisite Consents”) are received on or prior to the Consent Date and not properly revoked, the Proposed Amendments will be approved. Consents delivered may be revoked at any time prior to the earlier of the date on which the Proposed Amendments are approved or the Consent Date. The Company intends to execute the Proposed Amendments promptly following the receipt of the Requisite Consents.

The Company has engaged D.F. King & Co., Inc. as its solicitation agent (the “Solicitation Agent”). Questions and requests for assistance and/or documents regarding the Consent Solicitation should be directed to the Solicitation Agent at (800) 290-6426 (toll free) or (212) 269-5550 (banks and brokerage firms).

Further details of the Consent Solicitation are included in the Consent Solicitation Statement, which is to be filed on a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”) and which will be available at the SEC’s internet site.

None of the representatives or employees of the Company or any of its subsidiaries, the Solicitation Agent or The Bank of New York Mellon, N.A., as trustee under the Indenture, the Trust Agreement and the Guarantee Agreement, make any recommendations as to whether or not holders should deliver consents in response to the Consent Solicitation, and no one has been authorized by any of them to make such recommendations.

This press release does not constitute a solicitation of consents of holders of the Trust Preferred Securities and shall not be deemed a solicitation of consents with respect to any other securities of the Company. The Consent Solicitation will be made solely by the Consent Solicitation Statement and the accompanying letter of consent.


http://www.firstbanks.com/About_Us/First_Bank_In_The_News/PressRelease-ConsentSolicitation-10-15-10.pdf