In China, the tiger is considered the king of all beasts (not the lion) and represents powerful energy. Further, the tiger is associated with Tsai Shen Yeh, the Chinese God of Wealth, and this god is usually seen sitting on a tiger in Asian art.
It is so they can have plausible deniability in case something untoward happens, like finding Al Tawqa bank accounts in RBC-Finco. The shiite would hit the fan and they would suffer censure. Hence, an arm-length independence for the optics.
In the next few weeks, there will be more and more backing off from the original statement as things don't happen according to schedule. What did you expect from a serial liar prevaricator and a cognitively-impaired, dyed-wool, demi/sub-hominis?
See my note above. RBC-Finco is not a subsidiary of RBC Canada. It is owned by a Bajan holding company that is owned by RBC Canada, and operates as an independent entity with its shares trading locally on BISX while RBC Canada shares trade on the major markets. As such, RBC Finco has about 4,000 shareholders, which for a bank with close to a billion in assets on the books, isn't very much. But my note above outlines their delinquent loan portfolio.
RBC technically doesn't own RBC Finco. They incorporated a holding company called RBC Holdings (Bahamas) Ltd in ironically, Barbados. And they sold all of their shares in RBC Finco to this holding company in 2011. In addition, RBC-Finco shares are traded on BISX, where RBC shares are traded on the major exchanges.
RBC-Finco operates as an independent entity from RBC and still has a non-performing mortgage loan portfolio in the neighbourhood of $100 million dollars, which is why dividends were suspended two years ago. It's core business is still profitable (until they take the write-down for their non-performing loans). They will still be in fairly good shape with a billion in assets (again with the non-performing loans still on the books).
The numbers aren't there to warrant its rescue. The figure for net equity is about $63.5 million. If you subtract the paper bond for the Resolve bailout, the bank's real net equity is -$36.5 million. It needs $40 million to bring it to zero, and then they will use the Resolve bond of $100 million to maintain adequate capitalisation.
But here is the rub. First, Resolve has indicated that without some sort of taxpayer relief, they are going to default on the bond. James Smith has publicly stated that they have picked all of the low-hanging fruit (in the case of the PLP -- fruits) and with their burn rate of available funds, they will run out of money in a few months time. So in effect the $100 million bond from Resolve is not worth the paper that it is printed on. (Still don't understand why Wendy Craigg, John Rolle and Paul McWeeney are not in jail for white collar crimes).
The second fly in the ointment (or pepper in the vaseline) is BISX and the actual valuation of their shares. It seems like the BISX shareholders of the bank are totally screwed. The exchange is quoting one price, while the offering is hugely discounted, and the exchange is so moribund, that existing shareholders cannot dump their worthless shares. So how much should the price of the shares be. In a free, unfettered market, you take the net equity and divide it by the outstanding shares, and when you get a base, you multiply that times a factor to get a suitable P/E ratio (Price to Earnings) for a fair market value of a share. Then you let the markets take it from there and determine the trading value. In this case, both the net equity, and Earnings are negative when you cut through the BS of the bailout. The assets of the bank are smoke and mirrors, and they still have a crapload of toxic loans that are still on the books as assets.
The bank is a total disaster, and a whole pile of people need to go to jail -- everyone from the bankers, to the regulators.
Apparently the Chinese workers, instead of traversing all the way down to the Porta-potties would just find an empty room and do a squat. Saved them from going down a few floors and going outside.
If you have ever been to China, you will understand that this is a cultural thing. Saw people squatting all of the time, in the weirdest (and most open) places.
BISX is a criminal con game. It should be dismantled. It is no more a securities market than the Straw Market. The Straw Market behaves more like a market. This crony-driven facade called BISX is just a ponzi scheme made to defraud the unsophisticated Bahamian investor.
banker says...
In China, the tiger is considered the king of all beasts (not the lion) and represents powerful energy. Further, the tiger is associated with Tsai Shen Yeh, the Chinese God of Wealth, and this god is usually seen sitting on a tiger in Asian art.
On Anger at CCA appointee to committee
Posted 30 August 2016, 2:08 p.m. Suggest removal
banker says...
It is so they can have plausible deniability in case something untoward happens, like finding Al Tawqa bank accounts in RBC-Finco. The shiite would hit the fan and they would suffer censure. Hence, an arm-length independence for the optics.
On BoB rocked by new $24m loss
Posted 30 August 2016, 12:07 p.m. Suggest removal
banker says...
In the next few weeks, there will be more and more backing off from the original statement as things don't happen according to schedule. What did you expect from a serial liar prevaricator and a cognitively-impaired, dyed-wool, demi/sub-hominis?
On Baha Mar buyer 'not yet known'
Posted 30 August 2016, 12:02 p.m. Suggest removal
banker says...
See my note above. RBC-Finco is not a subsidiary of RBC Canada. It is owned by a Bajan holding company that is owned by RBC Canada, and operates as an independent entity with its shares trading locally on BISX while RBC Canada shares trade on the major markets. As such, RBC Finco has about 4,000 shareholders, which for a bank with close to a billion in assets on the books, isn't very much. But my note above outlines their delinquent loan portfolio.
On BoB rocked by new $24m loss
Posted 30 August 2016, 11:37 a.m. Suggest removal
banker says...
RBC technically doesn't own RBC Finco. They incorporated a holding company called RBC Holdings (Bahamas) Ltd in ironically, Barbados. And they sold all of their shares in RBC Finco to this holding company in 2011. In addition, RBC-Finco shares are traded on BISX, where RBC shares are traded on the major exchanges.
RBC-Finco operates as an independent entity from RBC and still has a non-performing mortgage loan portfolio in the neighbourhood of $100 million dollars, which is why dividends were suspended two years ago. It's core business is still profitable (until they take the write-down for their non-performing loans). They will still be in fairly good shape with a billion in assets (again with the non-performing loans still on the books).
On BoB rocked by new $24m loss
Posted 30 August 2016, 11:32 a.m. Suggest removal
banker says...
The numbers aren't there to warrant its rescue. The figure for net equity is about $63.5 million. If you subtract the paper bond for the Resolve bailout, the bank's real net equity is -$36.5 million. It needs $40 million to bring it to zero, and then they will use the Resolve bond of $100 million to maintain adequate capitalisation.
But here is the rub. First, Resolve has indicated that without some sort of taxpayer relief, they are going to default on the bond. James Smith has publicly stated that they have picked all of the low-hanging fruit (in the case of the PLP -- fruits) and with their burn rate of available funds, they will run out of money in a few months time. So in effect the $100 million bond from Resolve is not worth the paper that it is printed on. (Still don't understand why Wendy Craigg, John Rolle and Paul McWeeney are not in jail for white collar crimes).
The second fly in the ointment (or pepper in the vaseline) is BISX and the actual valuation of their shares. It seems like the BISX shareholders of the bank are totally screwed. The exchange is quoting one price, while the offering is hugely discounted, and the exchange is so moribund, that existing shareholders cannot dump their worthless shares. So how much should the price of the shares be. In a free, unfettered market, you take the net equity and divide it by the outstanding shares, and when you get a base, you multiply that times a factor to get a suitable P/E ratio (Price to Earnings) for a fair market value of a share. Then you let the markets take it from there and determine the trading value. In this case, both the net equity, and Earnings are negative when you cut through the BS of the bailout. The assets of the bank are smoke and mirrors, and they still have a crapload of toxic loans that are still on the books as assets.
The bank is a total disaster, and a whole pile of people need to go to jail -- everyone from the bankers, to the regulators.
On BoB rocked by new $24m loss
Posted 30 August 2016, 11:12 a.m. Suggest removal
banker says...
Apparently the Chinese workers, instead of traversing all the way down to the Porta-potties would just find an empty room and do a squat. Saved them from going down a few floors and going outside.
If you have ever been to China, you will understand that this is a cultural thing. Saw people squatting all of the time, in the weirdest (and most open) places.
On Government hopes Baha Mar workers will be paid by end of September
Posted 30 August 2016, 10:34 a.m. Suggest removal
banker says...
Three dividends so far for 2016
Dividend History For Common Shares
Record Dates Payment Dates C$ Amount
>2016
July 26, 2016 August 24, 2016 0.81
April 25, 2016 May 24, 2016 0.81
January 26, 2016 February 24, 2016 0.79
>2015
October 26, 2015 November 24, 2015 0.79
July 27, 2015 August 24, 2015 0.77
April 23, 2015 May 22, 2015 0.77
January 26, 2015 February 24 2015 0.75
>2014
October 27, 2014 November 24, 2014 0.75
July 24, 2014 August 22, 2014 0.71
April 24, 2014 May 23, 2014 0.71
January 27, 2014 February 24, 2014 0.67
On BoB rocked by new $24m loss
Posted 30 August 2016, 6:02 a.m. Suggest removal
banker says...
Hope that the Chinese bring in the one child rule.
On Anger at CCA appointee to committee
Posted 29 August 2016, 5:25 p.m. Suggest removal
banker says...
BISX is a criminal con game. It should be dismantled. It is no more a securities market than the Straw Market. The Straw Market behaves more like a market. This crony-driven facade called BISX is just a ponzi scheme made to defraud the unsophisticated Bahamian investor.
On BoB ‘can’t be serious’ over $40m rights offer
Posted 29 August 2016, 5:23 p.m. Suggest removal