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Notable Bankruptcies of 2008: Final Tally

Mon, 05 Jan 2009 23:35:00 GMT

In mid-August I predicted that “major” bankruptcies for 2008 would reach 225 (see Bankruptcies Revisited). Through October there had been 172 such bankruptcies, as reported by Bankrupctydata.com. That implied a pace of around 210 bankruptcies, well short of my prediction. At the time however, I suggested that the filing pace was likely to quicken in November and December as the economy deteriorated at a more rapid clip. Sure enough, the final numbers bear out my prediction. According to Bankruptcydata.com, “major” filings reached 231 in 2008. 231 bankruptcies falls far short of the 289 “major” bankruptcies in 2000 and 383 in 2001[More...]

Bankruptcies Revisited

Thu, 06 Nov 2008 04:34:00 GMT

In mid-August I predicted that bankruptcies for 2008 would reach 225 (see my post Bankruptcy Update). There had been 120 total bankruptcies at the time. The 120 bankruptcies as of August 15th implied a pace of about 195 bankruptcies, well shy of my prediction. But much has changed since mid-August, so let’s revisit that prediction. According to Bankrupctydata.com, there have been 172 bankruptcies through October. If we assume that bankruptcies continue to accumulate at 17 per month for the rest of the year (the monthly average), the implied total for 2008 would be 206. However, we know that the bankruptcy pace has quickened since August. In fact, since mid-August, bankruptcies have been averaging about 21 per month. If we use 21 per month instead[More...]

OECD Estimate of Sub-Prime Losses

Thu, 05 Jun 2008 19:03:28 GMT

The OECD has published a paper by Adrian Blundell-Wignall, The Subprime Crisis: Size, Deleveraging and Some Policy Options … it was actually published in April, but I missed it … the numbers weren’t scary enough, I suppose, so it was ignored by bloggers and the media.The abstract reads:The paper revises our previous USD 300 bn estimate for mortgage related losses to a range of USD 350-420 bn. In doing this the paper explicitly rejects the previous approach based on implied defaults from ABX pricing, because these prices are affected by illiquidity and extreme volatility; they will likely lead to misleading estimates of losses. Instead it builds a proper default model approach and allows for recovery of collateral via house sales over time. The paper separates out the losses due to commercial banks in the US, and goes on to look at the implied d[More...]

Awaiting Paulson

Thu, 13 Mar 2008 14:33:24 GMT

Good morning. News that Caryle Capital is on the verge of collapse and big selloffs in Asia have cast a negative tone. [More...]

PRE OPEN

Mon, 10 Mar 2008 13:24:37 GMT

Some...[More...]

NASDAQ Technical Picture - Lowest Close Since Oct. 2006 - Mar 7 2008 10:05AM

Fri, 07 Mar 2008 14:00:27 GMT

NASDAQ Technical Picture - Lowest Close Since Oct. 2006 - Mar 2 2008 11:12PM

Mon, 03 Mar 2008 03:06:42 GMT

Friday's close was the lowest since October 2006. The NASDAQ has been carving a symmetrical triangle for 5 weeks. Symmetrical triangles are generally continuation patterns, so Friday's action was no surprise, and probably a welcome relief after all the narrow range trade as price moved closer to the apex. Prices gapped some 20 points lower and continued lower on higher volume in afternoon to end the session off by 60 pts. or 2.6%. All major sectors participated in the drubbing.The Feb. low is less than 20 pts. away, followed by a retest of the J[More...]

But is Subprime Really the Problem?

Wed, 29 Aug 2007 23:16:20 GMT

At this point, the word "subprime" has practically become a four letter word. Mention that word, or any of the companies like New Century, Accredited Home Lenders (Nasdaq: LEND), and Fremont General (NYSE: FMT) that were at the forefront of subprime lending over the past few years and you're likely to draw disgusted looks from people on the street. But I think all the derision begs a question: is there something inherently wrong with subprime lending?In short, my answer is no.The broad definition of subprime loans are loans that are made to borrowers that have less-than-perfect credit. These are people that perhaps have a high level of debt already, have a habit of missing payments on other loans, and perhaps even have defaults or bankruptcy in their past.Lendi[More...]

NASDAQ Technical Picture - Trendline Breach - Bullish Bias Intact

Sun, 26 Aug 2007 06:13:35 GMT

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Fairmount announces strategic review process and corporate update.

Wed, 21 Jan 2009 20:19:00 GMT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./ CALGARY, Jan. 21 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the "Company") (TSX-V - FMT) announced today that the Board of Directors has initiated a process to review the Company's business plan and to identify, examine and consider a range of strategic alternatives available to Fairmount for enhancing shareholder value. This may include, among other things, exploring a corporate sale or business combination, potential asset divestments, adoption of a dividend policy, making a substantial issuer bid or other alternatives to increase shareholder value.[More...]

Fairmount announces net income of $42,713 and filing of quarterly financial statements

Wed, 26 Nov 2008 22:52:00 GMT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./ CALGARY, Nov. 26 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the "Company") (TSX-V - FMT) is pleased to present a summary of its operating and financial results for the three and six months ended September 30, 2008. For a complete copy of Fairmount's quarterly financial statements and management's discussion and analysis ("MD&A") please visit www.sedar.com. Certain information contained in this news release, including reserves and present value of future net revenues, development plans, drilling locations, and anticipated production from Gold Creek and Thorsby constitute forward-looking ...[More...]

Fairmount Energy Inc. announces change to normal course issuer bid

Thu, 30 Oct 2008 17:12:00 GMT

CALGARY, Oct. 30 /CNW/ - Fairmount Energy Inc. ("Fairmount") (FMT - TSX Venture Exchange) announces that it has requested and received a modification to the terms of its Normal Course Issuer Bid from the TSX Venture Exchange in accordance with the normal course issuer bid procedures under Canadian securities laws.[More...]

Fairmount closes sale of non-core Harmattan property

Tue, 30 Sep 2008 22:12:00 GMT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, Sept. 30 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the "Company") (TSX-V - FMT) is pleased to announce it has closed the previously announced sale of its working interests in the Harmattan area of Alberta to Pengrowth Energy Trust for aggregate gross proceeds of $12,000,000 before closing adjustments.[More...]

Fairmount announces record quarterly cash flow and filing of quarterly financial statements

Wed, 27 Aug 2008 21:47:00 GMT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, Aug. 27 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the "Company") (TSX-V - FMT) is pleased to present a summary of its operating and financial results for the three months ended June 30, 2008. For a complete copy of Fairmount's quarterly financial statements and management's discussion and analysis ("MD & A") please visit www.sedar.com. Certain information contained in this news release, including reserves and present value of future net revenues, development plans, drilling locations, anticipated production from Gold Creek, and the sale of the Harmattan property, constitute ...[More...]

Fairmount announces the sale of non-core Harmattan and Crossfield properties

Fri, 22 Aug 2008 23:17:00 GMT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, Aug. 22 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the "Company") (TSX-V - FMT) is pleased to announce the sale of its working interests in the Harmattan and Crossfield areas of Alberta for aggregate gross proceeds of $14,250,000. The Company's share of production from these properties was approximately 210 barrels of oil equivalent per day.[More...]

Fairmount announces filing of annual financial statements and NI 51-101 Reserves Data for the year ended March 31, 2008.

Fri, 27 Jun 2008 20:07:00 GMT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./ CALGARY, June 27 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the "Company") (TSX-V - FMT) is pleased to present a summary of its operating and financial results for the year ended March 31, 2008. For a complete copy of Fairmount's annual financial statements and management's discussion and analysis ("MD & A") and Fairmount's Statement of Reserves Data in accordance with NI 51-101 with the related reports please visit www.sedar.com. Certain information contained in this news release, including reserves and present value of future net revenues, development plans, drilling locations, and ...[More...]

Fairmount announces the commencement of its summer drilling program

Thu, 12 Jun 2008 10:55:00 GMT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, June 12 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the "Company") (TSX-V - FMT) is pleased to announce the commencement of its 5 well summer drilling program.[More...]

Fairmount announces substantial increase in oil and gas reserves

Mon, 02 Jun 2008 10:55:00 GMT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./ CALGARY, June 2 /CNW/ - Fairmount Energy Inc. ("Fairmount" or the "Company") (TSX-V - FMT) is pleased to announce a 43% increase in the before income tax value of Proved plus Probable oil and natural gas reserves as determined by GLJ Petroleum Consultants Ltd. ("GLJ") as at March 31, 2008. Fairmount has received its updated independent reserve evaluation report, compliant with National Instrument 51-101 ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH") from GLJ. Under NI 51-101 and COGEH, Proved reserve assignments are based on a 90 percent probability that total ...[More...]