Recent Comments:
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 29th 2008 9:49PM Radom thoughts & updates:
1) Not much has been discussed regarding the companies that are stuck in these securities. There must be hundreds (if not thousands) of companies that are involved in ARS. Many have had to restate their financials to include ARS as long-term assets vs. cash equivalents. Others have taken write-offs. These companies have much more financial, probably more political pull than us. Need to think of a way to get them involved……
2) The next steps from a political standpoint is to request a congressional hearing on ARPS. As you will recall, they have already had a hearing for the municipals ARS (March 2008). Its time to get industry, SEC, investors, IRS, issuers, and brokers all in the same room with the goal of finding an acceptable solution. When I last spoke with Barney Frank’s office, they mentioned that this was a possibility. If you write/call Frank’s office, this should be requested.
3) Ad in the NYTs – this is pretty much dead as I did not receive enough financial contributions from everyone to place the ad.
4) Finally, I own two Nuveen JPC ARPS….I did manage to have 1 out of 2 redeemed yesterday. Given some of the reports on this blog, I should feel pretty lucky. Hopefully the 2nd security will get redeemed in May. I still have many more to go, but it does feel good to have a little cash back.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 25th 2008 4:34PM Just heard that the fund companies should be receiving their letters from Barney Frank. I did confirm that Allianz was on the list.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 25th 2008 4:24PM Angela: I just read your post. I heard from Allianz the same 'stuff' that they have been spewing all along. The person I spoke with sounded a little upbeat, but couldn't provide any specifics. Thanks for the contacts. The CEO will be hearing from me.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 25th 2008 4:13PM After quite some time, I finally got a valid contact at Allianz (PIMCO). The person I spoke with provided the same platitudes that we keep hearing (“we’re working on it”; “this is unprecedented”, “working on a new solution” etc, etc). I told her the lack of communication is unacceptable given the circumstances and that they must announce a redemption in the very near future. She did say that they are getting close and should announce something very soon. I directed her to the Barney Frank letter and mentioned that she should bring this letter to her senior management. She downloaded the letter while we were on the phone and mentioned that she will bring it to the team that is working on this.
Allianz contact information:
1 212 739-3371 ask for Martha (didn’t get a last name…but mention ARPSs) or Christoph Hoffmann
Let them know what you think of their redemption plans to date.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 24th 2008 10:48PM Lisa, yes I am in daily/weekly contact with Barney Frank’s office. I know they have been aware of the situation from the very beginning. Their perception of this has evolved over the past few months from a “rich person’s” issue to a problem they can’t solve to a major liquidity crisis facing thousands of individuals and corporations. The common vs. preferred shareholder rights has been a focal issue for him and, I believe, it’s why it has taken this long to hear from his office [Personally, I think the common shareholders should be of no consideration…as they were over compensated all long at our expense]
Barney Frank is a must-have advocate that we don’t want to loose or turn off. I agree with you Lisa that anyone contacting him should first say “thank you”.
Do NOT mail him…its best to send a fax: (202) 225-6952
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 24th 2008 2:06PM I just received an email from Barney Frank's office with a copy of this letter. I was told that a similar letter will also be delivered to the Fund companies. I knew Barney wouldn't stay out of this for long.
This IS a result of all our pressure....and it didn't hurt that a few congressmen are trapped in this mess as well =)
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 23rd 2008 3:03PM The Bloomberg news regarding the VRDP & SEC is the rumor I heard from my contact last week. Its good to see some PR about it.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 23rd 2008 11:46AM I called the Allianz/PIMPCO Close End fund 1800 number listed on their website to get a redemption update. The rep said that they have set up a new 800 number to field questions. Great. I called the number and I got placed right into some person’s voicemail. So, much for being able to speak to a live person.
For what its worth, the phone number I have for Allianz is 800-285-4086.
Allianz is a real piece of “work”.
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 23rd 2008 10:20AM Eaton Vance is the second Issuer to use tender option bonds for tax-exempted.....BlackRock was first.
Still great news....
When the collapsed Auction Rate Securities (ARS) market gets personal
BloggingStocks
Apr 23rd 2008 8:54AM If you are new to this board, there are two things you MUST do right now:
1) contact the SEC to file a complaint against your broker & the issuer. Explain how you purchased these, what was explained/not explained to you about the risks, when you found out, how this impacts you, etc.
a. Phone: Ken Lench: 202 551 4938 or Bonnie Kartzman: 202 551 4824
b. Email: ENF-ARScomplaints@sec.gov
c. Write: SEC Complaint Center, 100 F Street NE, Washington, D.C. 20549-0213.
2). Take the same complaint as above and contact your State’s securities division. The easiest way to find contact names is to use Google. Serge’s website may also have some contacts as well. Or post a request to the board and someone will probably respond.
If you have the time (and the anger!) continue to call your broker and Fund company and ask when you will be redeemed and what they are doing to make you whole. They must feel the pressure from all sites. They are the one’s that got you in this mess, and they need to be the ones to get you out.
