DOCSLIB.ORG

Automotive Supplier Liquidity: Challenges & Strategies

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Automotive Supplier Liquidity: Challenges & Strategies Automotive Supplier Liquidity: Challenges & Strategies February 27, 2009 Presented By: Daljit Doogal, Foley & Lardner LLP Chris Fowler, GE Commercial Finance Steve Hilfinger, Foley & Lardner LLP Judy O’Neill, Foley & Lardner LLP Dave Woodward, FTI Consulting ©2009 Foley & Lardner LLP • Attorney Advertisement • Prior results do not guarantee a similar outcome • 321 North Clark Street, Chicago, IL 60654 • 312.832.4500 1 3 Foley & Lardner Overview Q More than 1,000 attorneys in U.S. and foreign offices (Brussels, Shanghai and Tokyo) Q Nearly 400 attorneys have been awarded Martindale-Hubbell’s highest rating Q 15 practice groups recognized by Chambers USA: America’s Leading Business Lawyers 4 Foley’s Automotive Industry Team Q Foley’s Automotive Industry Team (AIT) represents companies throughout the automotive supply chain, with an emphasis on representing Tier 1 suppliers Q More than 50 attorneys practice in Foley’s Business Reorganizations Practice Group, including in New York, Delaware, Michigan and other jurisdictions Q Foley is the only national law firm with a Detroit office and dedicated Automotive Industry Team, with deep knowledge of dealing with financially troubled customers and suppliers Q We regularly represent suppliers in contract matters with each of the Detroit 3 OEMs ©2009 Foley & Lardner LLP • Attorney Advertisement • Prior results do not guarantee a similar outcome • 321 North Clark Street, Chicago, IL 60654 • 312.832.4500 2 5 GE Commercial Finance Overview Q Smarter Capital for Your Business – With more than $16 billion in assets and 40 locations across North America, GE Commercial Finance - Corporate Lending is a leading provider of asset based, cash flow, and structured financial solutions – Backed by GE's AAA credit rating, our Detroit team combines deep financial expertise and a research-based approach to build innovative solutions tailored to the automotive industry 6 GE Commercial Finance Overview (cont’d) Q Typical Customer Profile – Public and private companies located in North America with: Q Financing needs of $20 million to $2 billion or more Q Annual revenue in excess of $50 million Q EBITDA of $10 million or more Q Strong balance sheet and cash flow Q Asset-intensive industries ©2009 Foley & Lardner LLP • Attorney Advertisement • Prior results do not guarantee a similar outcome • 321 North Clark Street, Chicago, IL 60654 • 312.832.4500 3 7 FTI Consulting Overview Q Who We Are: The Company Behind the Headlines – Founded in 1982 – NYSE listed with $3 billion plus market value – 300+ Senior Managing Directors – 3000+ employees worldwide – 44 offices in 21 countries 8 FTI Consulting Overview (cont’d) Q Automotive Capabilities – Cash Management and Projections – Capital Structure and Liquidity – Analysis of Product Portfolio/OEM Relationships – Vendor, Customer and Other Constituent Relationship Management – Cost Realignment – Asset Redeployment – Strategic Assessment and Business Planning – Bankruptcy Pre-Planning/Administration Q Dedicated team based in Detroit with significant automotive operational and financial experience. Broad, deep and relevant automotive experience located throughout U.S. and Europe ©2009 Foley & Lardner LLP • Attorney Advertisement • Prior results do not guarantee a similar outcome • 321 North Clark Street, Chicago, IL 60654 • 312.832.4500 4 9 Topics for Discussion Q Government Funding Update Q Capital Markets Overview Q Defaults and Forbearance – Market Trends and Drafting Strategies Q Managing and Using Cash Before and After a Bankruptcy Filing Q DIP Issues in Bankruptcy Government Funding Update ©2009 Foley & Lardner LLP • Attorney Advertisement • Prior results do not guarantee a similar outcome • 321 North Clark Street, Chicago, IL 60654 • 312.832.4500 5 11 Government Funding of Suppliers Q TARP (Troubled Asset Relief Program) Q DOE Section 136 Loan Program Q MEMA/OESA Supplier Funding Proposals to U.S. Treasury 12 TARP (Troubled Asset Relief Program) Q Established by the Emergency Economic Stabilization Act of 2008 (EESA), the “TARP” covers “financial institutions” but also “any other institution” that – Has “significant US operations”; – Has a US (federal, state or territorial) charter; and – Is neither a foreign central bank nor owned by a foreign government Q What can the U.S. Treasury buy from such an institution? – Mortgages and mortgage backed securities – “Any other financial instrument” deemed necessary for financial stability Q To date, the U.S. Treasury has made aggregate TARP loans to GM and Chrysler of $17.4 billion, with another $21.6 billion of funding requests from GM and Chrysler pending ©2009 Foley & Lardner LLP • Attorney Advertisement • Prior results do not guarantee a similar outcome • 321 North Clark Street, Chicago, IL 60654 • 312.832.4500 6 13 TARP (cont’d) Q Guidelines for “Automotive Industry Financing Program,” which would include suppliers, issued in late December 2008 – Institution must be “important” – Test: “Whether a major disruption of the institution’s operations would likely have a materially adverse effect on employment and thereby produce negative spillover effects on overall economic performance” (high bar) Q To date, no TARP loans have been made to automotive suppliers 14 TARP Funding of OEMs – Timeline th Q Initial term sheets signed December 19 Q Initial $4 billion loans to GM/Chrysler made last week of December/first week of January Q Additional $9.4 billion of loans made in January and February to GM, for a total of $13.4 billion th Q Viability Plans filed with U.S. Treasury February 17 – GM requested additional $16.6 billion; Chrysler $5 billion – These amounts are in addition to substantial DOE requests ©2009 Foley & Lardner LLP • Attorney Advertisement • Prior results do not guarantee a similar outcome • 321 North Clark Street, Chicago, IL 60654 • 312.832.4500 7 15 TARP Funding of OEMs – Timeline (cont’d) Q Government Task Force reviewing GM/Chrysler submissions Q GM/Chrysler continue to negotiate with UAW, bondholders and others to achieve Loan Agreement restructuring targets Q Viability determinations to be made by March 31st Q Bankruptcy path/DIP funding being planned in parallel 16 DOE Section 136 Loan Program Q “Advanced Technology Vehicles Manufacturing Incentive Program” – Enacted in 2007 – $25 billion of funding in October 2008 – Purpose is to upgrade tooling for better fuel economy – Program covers both OEMs and suppliers Q Requirements – Parts in question must be designed to improve fuel economy – Borrower must be “financially viable”; i.e., “reasonably likely” to make scheduled payments of principal and interest Q Status of Funding – First round of applications submitted by December 31, 2008 – Approximately 75 applications filed, totaling a reported $38 billion – Most applications rejected or additional information requested – Some applications have been approved, and loans made – Substantial DOE funding requests of Detroit 3 are pending – Recently enacted Stimulus Plan also includes alternative energy funding ©2009 Foley & Lardner LLP • Attorney Advertisement • Prior results do not guarantee a similar outcome • 321 North Clark Street, Chicago, IL 60654 • 312.832.4500 8 17 MEMA/OESA Supplier Funding Proposals to U.S. Treasury Q Quick Pay – reduce to 10 day payment terms to provide liquidity Q Government Guaranty of Supplier Receivables – provide a guaranty of OEM receivables to support bank loans Q Government Guaranty of Supplier Loans – provide guaranty of loans from commercial lenders 18 Status of MEMA/OESA Proposals Q Initial submission to U.S. Treasury on February 2nd; formal request submitted on February 13th Q Working group formed by MEMA/OESA Q Ongoing dialog with U.S. Treasury Q To date, no action on these requests has been taken by U.S. Treasury; unclear whether and to what extent these will result in enhanced liquidity for suppliers ©2009 Foley & Lardner LLP • Attorney Advertisement • Prior results do not guarantee a similar outcome • 321 North Clark Street, Chicago, IL 60654 • 312.832.4500 9 Capital Markets Overview 20 2008: An Economic Year to Forget…as Loan Issuance Plummets Q 2008/2009 Economic Lowlights: E Retail Holiday Sales – weakest in GDP – down 3.8% in Q4 2008 C four decades Unemployment –7.5%, rising O Vehicle Sales –down 37% in N Consumer Confidence –record Jan/09 O low in Jan/09 M Housing Starts, Permits –record Y low in Jan/09 Q New issue volume down dramatically in full year 2008 and dries up completely in the fourth quarter Secondary Loan Prices, DJIA New Issue Volume 12,000 100 New Total $200B The equity and loan markets declined in 2007 $535.16 $535.16 unison in 2008. However, they have begun to 2008 $126.89 $153.17 11,000 diverge in 2009 as the loan markets stage a 90 Change -76% -71% modest recovery and the equity markets plummet further $150B 10,000 Vintage 2008 '07 Block Sales 78.58 80 9,000 SMi $100B 71.93 70 8,000 DJIA $50B 7365 7,000 60 8-Jan-09 6-Feb-09 $0B 9-Dec-08 13-Oct-08 27-Oct-08 23-Jan-09 12-Sep-08 26-Sep-08 10-Nov-08 24-Nov-08 23-Dec-08 Dow SMi100 Vintage 2008 1Q07 1Q08 2Q07 2Q08 3Q07 3Q08 4Q07 4Q08 Source: Yahoo Finance, SMi Source: Standard & Poors LCD ©2009 Foley & Lardner LLP • Attorney Advertisement • Prior results do not guarantee a similar outcome • 321 North Clark Street, Chicago, IL 60654 • 312.832.4500 10 21 Loan Defaults Trending Higher, Likely Leading to Future Losses Q With the U.S. economy in a severe recession, rating agencies forecast defaults to be 10-13% by year end, with possibility of 15% – The forecasted default rate is expected to increase
Load more

Recommended publications
  • During the Past Two Decades, the U.S. Housing Finance System Experienced Changes of a Magnitude Unseen Since the New Deal Era
    FOREWORD During the past two decades, the U.S. housing finance system experienced changes of a magnitude unseen since the New Deal era. In the 1980s, the primary mortgage market restructured and consolidated as a result of the savings and loan crisis, adjustable-rate mortgages became widely available, and the secondary mortgage market grew rapidly. The 1990s saw continued industry consolidation, as well as significant technological de- velopments in mortgage finance. In addition, the past decade was a time of considerable innovation in affordable mortgage lending, part of a growing movement to connect his- torically underserved households and communities to the mainstream housing finance system. This volume examines this movement through case studies of organizations recognized by their peers as leaders in expanding homeownership opportunities. In an extension of their earlier research for the U.S. Department of Housing and Urban Development, the authors describe the efforts of a broad cross section of industry participants, including small and large lenders, nonprofit community-based organizations (CBOs), and lending consortia. They document a wide range of strategies—in the areas of management, out- reach, borrower qualification, and homeowner retention—designed to expand and sus- tain homeownership among lower-income and minority households. The case studies illustrate three notable aspects of recent efforts to extend the reach of homeownership. First, they demonstrate that leaders in the mortgage finance industry view historically underserved populations and communities as viable business markets rather than regulatory burdens, and back this perspective with action. Second, the stud- ies show the vital role that partnership plays in expanding opportunity.
    [Show full text]
  • 1985 0101 NSCCAR.Pdf
    National Securities Clearing Corporation Corporate Office 55 Water Street New York, New York 10041 (212) 510-0400 Boston One Boston Place Boston, Massachusetts 02108 Chicago 135 South LaSalle Street Chicago, Illinois 60603 Cleveland 900 Euclid Avenue Cleveland, Ohio 44101 Dallas Plaza of the Americas TCBTower Dallas, Texas 75201 Denver Dominion Plaza Table of Contents 600 17th Street Denver, Colorado 80202 To NSCC Participants 2 Detroit NSCC Board of Directors 4 3153 Penobscot Building Detroit, Michigan 48226 NSCC Officers 8 Jersey City Introduction 9 One Exchange Place Jersey City, New Jersey 07302 The Year in Review 10 Los Angeles Municipal Bond Program 12 615 South Flower Street Los Angeles, California 9001.7 Fund/SERV 14 Milwaukee Automated Customer Account Transfer Service 16 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 International Securities Clearing Corporation 18 Minneapolis Audited Financial Statements 20 IDS Center 80 South 8th Street Participating Organizations 26 Minneapolis, Minnesota 55402 New York 55 Water Street New York, New York 10041 St. Louis One Mercantile Tower Cover: 1985 was a year during which NSCC anticipated and St. Louis, Missouri 63101 responded to the expanding needs of the financial services San Francisco industry ... 50 California Street • As marketplace self-regulatory organizations, represented San Francisco, California 94111 here by a New York Stock Exchange Guide/Constitution Toronto and Rules, proposed new rules on broker-dealers' transfer Two First Canadian Place of client accounts, NSCC implemented the Automated Toronto, Ontario, Canada M5X lA9 Customer Account Transfer Service. • While continuing to serve its traditional equity, corporate bond and municipal bond marketplaces, represented by volume charts on the computer screen, NSCC expanded its comparison services to include municipal bond syndi­ cates, when-issued and extended-settlement trades.
    [Show full text]
  • School of Economics & Business Administration Master of Science in Management “MERGERS and ACQUISITIONS in the GREEK BANKI
    School of Economics & Business Administration Master of Science in Management “MERGERS AND ACQUISITIONS IN THE GREEK BANKING SECTOR.” Panolis Dimitrios 1102100134 Teti Kondyliana Iliana 1102100002 30th September 2010 Acknowledgements We would like to thank our families for their continuous economic and psychological support and our colleagues in EFG Eurobank Ergasias Bank and Marfin Egnatia Bank for their noteworthy contribution to our research. Last but not least, we would like to thank our academic advisor Dr. Lida Kyrgidou, for her significant assistance and contribution. Panolis Dimitrios Teti Kondyliana Iliana ii Abstract M&As is a phenomenon that first appeared in the beginning of the 20th century, increased during the first decade of the 21st century and is expected to expand in the foreseeable future. The current global crisis is one of the most determining factors affecting M&As‟ expansion. The scope of this dissertation is to examine the M&As that occurred in the Greek banking context, focusing primarily on the managerial dimension associated with the phenomenon, taking employees‟ perspective with regard to M&As into consideration. Two of the largest banks in Greece, EFG EUROBANK ERGASIAS and MARFIN EGNATIA BANK, which have both experienced M&As, serve as the platform for the current study. Our results generate important theoretical and managerial implications and contribute to the applicability of the phenomenon, while providing insight with regard to M&As‟ future within the next years. Keywords: Mergers &Acquisitions, Greek banking sector iii Contents 1. Introduction ................................................................................................................ 1 2. Literature Review .......................................................................................................... 4 2.1 Streams of Research in M&As ................................................................................ 4 2.1.1 The Effect of M&As on banks‟ performance ..................................................
    [Show full text]
  • A Guide to Enforcing the Community Reinvestment Act Richard Marisco New York Law School
    Fordham Urban Law Journal Volume 20 | Number 2 Article 2 1993 A Guide to Enforcing the Community Reinvestment Act Richard Marisco New York Law School Follow this and additional works at: https://ir.lawnet.fordham.edu/ulj Part of the Property Law and Real Estate Commons Recommended Citation Richard Marisco, A Guide to Enforcing the Community Reinvestment Act, 20 Fordham Urb. L.J. 165 (1993). Available at: https://ir.lawnet.fordham.edu/ulj/vol20/iss2/2 This Article is brought to you for free and open access by FLASH: The orF dham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Urban Law Journal by an authorized editor of FLASH: The orF dham Law Archive of Scholarship and History. For more information, please contact [email protected]. A GUIDE TO ENFORCING THE COMMUNITY REINVESTMENT ACT Richard Marsico* TABLE OF CONTENTS I. Introduction ........................................... 170 II. Step One: Assessing Community Credit Needs .......... 180 A. Defining the Community ........................... 180 B. Gathering Socioeconomic Data about the Community's Residents ............................. 180 1. Demographic Data ............................. 181 2. Income and Employment Data .................. 181 3. Business D ata .................................. 181 4. Housing Data .................................. 182 5. Quality of Life Data ............................ 182 6. Community Outreach Data ..................... 182 C. Preparing a Community Credit Needs Statement .... 182 1. Socioeconomic Profile ........................... 183 2. Credit Needs Statement ......................... 184 III. Step Two: Gathering Information about a Bank's CRA R ecord ................................................ 185 A. Choosing a Bank to Evaluate ....................... 185 B. Locating Information about the Bank's CRA Record ... ......................................... 186 1. The Bank ...................................... 186 a. CRA Disclosure Requirements .............. 186 b. The Home Mortgage Disclosure Act .......
    [Show full text]
  • Staff Study 174
    Board of Governors of the Federal Reserve System Staff Study 174 Bank Mergers and Banking Structure in the United States, 1980–98 Stephen A. Rhoades August 2000 The following list includes all the staff studies published 171. The Cost of Bank Regulation: A Review of the Evidence, since November 1995. Single copies are available free of by Gregory Elliehausen. April 1998. 35 pp. charge from Publications Services, Board of Governors of 172. Using Subordinated Debt as an Instrument of Market the Federal Reserve System, Washington, DC 20551. To be Discipline, by Federal Reserve System Study Group on added to the mailing list or to obtain a list of earlier staff Subordinated Notes and Debentures. December 1999. studies, please contact Publications Services. 69 pp. 168. The Economics of the Private Equity Market, by 173. Improving Public Disclosure in Banking, by Federal George W. Fenn, Nellie Liang, and Stephen Prowse. Reserve System Study Group on Disclosure. November 1995. 69 pp. March 2000. 35 pp. 169. Bank Mergers and Industrywide Structure, 1980–94, 174. Bank Mergers and Banking Structure in the United States, by Stephen A. Rhoades. January 1996. 29 pp. 1980–98, by Stephen A. Rhoades. August 2000. 33 pp. 170. The Cost of Implementing Consumer Financial Regula- tions: An Analysis of Experience with the Truth in Savings Act, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. The staff members of the Board of Governors of the The following paper is summarized in the Bulletin Federal Reserve System and of the Federal Reserve Banks for September 2000. The analyses and conclusions set forth undertake studies that cover a wide range of economic and are those of the author and do not necessarily indicate financial subjects.
    [Show full text]
  • SECURITIES and EXCHANGE COMMISSION Washington, D.C. 20549
    SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 26, 1994 or Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______________ to _____________. Commission file number 1-6961 GANNETT CO., INC. (Exact name of registrant as specified in its charter) Delaware 16-0442930 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 1100 Wilson Boulevard, Arlington, Virginia 22234 (Address of principal executive offices) (Zip Code) (703) 284-6000 (Registrant's telephone number, including area code) _________________________________________________________________ (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ____ The number of shares outstanding of the issuer's Common Stock, Par Value $1.00, as of June 26, 1994 was 147,139,039. PART I. FINANCIAL INFORMATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS 1994 Acquisition On May 3, 1994, the Company purchased Nursing Spectrum, which publishes a group of biweekly periodicals specializing in advertising for nursing employment. The acquisition did not materially affect results of operations or financial condition.
    [Show full text]
  • H.2 Actions of the Board, Its Staff, and The
    ANNOUNCEMENT H.2, 1990, NO. 50 Actions of the Board, its Staff, and BOARD OF GOVERNORS RESEARCH LIBRARY the Federal Reserve Banks; OF THE Applications and Reports Received FEDERAL RESERVE SYSTJ||i g jg DjL|j:ag'jg the Week Ending December 15, 1990 FEDERAL RESERVE BANK ACTIONS TAKEN BY THE BOAftP (Q£v$QXBBNORS I M K H0LPIN6 COMPANIES Firstar Corporation# Milwaukee# Wisconsin — to acquire Banks of Iowa# Inc.# Des Moines# Iowa# and B0ITs subsidiary banks and nonbanking subsidiaries. Approved# December 14# 1990. Mitsui Bank# Limited# Tokyo# Japan# and The Taiyo Kobe Bank# Limited# Kobe# Japan — order for public meeting concerning application to convert Taiyo Kobe Bank and Trust Company# New York# New York into a commercial bank. Authorized# December 14# 1990. Mitsui Taiyo Kobe Bank# Limited# Tokyo# Japan — to engage in interest rate and currency swaps# options on swaps# and private placement activities through Mitsui Taiyo Kobe Global Capital# Inc.# New York# New York. Approved# December 10# 1990. NCNB Corporation# Charlotte# North Carolina — to acquire De Novo NCNB Florida Federal Savings Bank# IV# Tampa# Florida# which was formed to acquire the assets and assume the liabilities of two branches of American Savings and Loan Association# Miami# Florida# and for NCNB to merge De Novo Savings into NCNB National Bank of Florida# Tampa# Florida. Approved# December 10# 1990. ISMS Annual and Quarterly Reports of Repurchase Agreements on U.S. Government and Federal Agency Securities with Specified Holders CFR 2090a and FR 2090q) — extension. Proposed# December 11# 1990. Application for Membership in the Federal Reserve System (FR 2083 through FR 2083E) — extension with revision.
    [Show full text]
  • The Preservation and Adaptation of a Financial Architectural Heritage
    University of Pennsylvania ScholarlyCommons Theses (Historic Preservation) Graduate Program in Historic Preservation 1998 The Preservation and Adaptation of a Financial Architectural Heritage William Brenner University of Pennsylvania Follow this and additional works at: https://repository.upenn.edu/hp_theses Part of the Historic Preservation and Conservation Commons Brenner, William, "The Preservation and Adaptation of a Financial Architectural Heritage" (1998). Theses (Historic Preservation). 488. https://repository.upenn.edu/hp_theses/488 Copyright note: Penn School of Design permits distribution and display of this student work by University of Pennsylvania Libraries. Suggested Citation: Brenner, William (1998). The Preservation and Adaptation of a Financial Architectural Heritage. (Masters Thesis). University of Pennsylvania, Philadelphia, PA. This paper is posted at ScholarlyCommons. https://repository.upenn.edu/hp_theses/488 For more information, please contact [email protected]. The Preservation and Adaptation of a Financial Architectural Heritage Disciplines Historic Preservation and Conservation Comments Copyright note: Penn School of Design permits distribution and display of this student work by University of Pennsylvania Libraries. Suggested Citation: Brenner, William (1998). The Preservation and Adaptation of a Financial Architectural Heritage. (Masters Thesis). University of Pennsylvania, Philadelphia, PA. This thesis or dissertation is available at ScholarlyCommons: https://repository.upenn.edu/hp_theses/488 UNIVERSITY^ PENN5YLV^NIA. UBKARIE5 The Preservation and Adaptation of a Financial Architectural Heritage William Brenner A THESIS in Historic Preservation Presented to the Faculties of the University of Pennsylvania in Partial Fulfillment of the Requirements for the Degree of MASTER OF SCIENCE 1998 George E. 'Thomas, Advisor Eric Wm. Allison, Reader Lecturer in Historic Preservation President, Historic District ouncil University of Pennsylvania New York City iuatg) Group Chair Frank G.
    [Show full text]
  • H.2 Actions of the Board, Its Staff, and The
    ANNOUNCEMENT H.2, 1989, No. 34 Actions of the Board, its Staff, and BOARD OF GOVERNORS the Federal Reserve Banks; OF THE Applications and Reports Received FEDERAL RESERVE SYSTEM During the Week Ending August 26, 1989 ACTIONS TAKEN BY THE BOARD OF GOVERNORS BANK HOLDING COMPANIES Compagnie Financiere de Suez and Banque Indosuez, Paris, France — to provide investment advisory activities through a partnership interest in Daniel Breen & Co., L.P., Houston, Texas. Approved, August 24, 1989. FORMS Bank holding company reporting requirements (FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-11Q, and FR Y-11AS) — e xtension. Proposed, August 23, 1989. REGULATIONS AND POLICIES Foreign government treatment of U.S. companies operating in government debt markets abroad — determination under the Primary Dealers Act of 1988 pertaining to the United Kingdom and Japan. Approved, August 21, 1989. Regulation Y — amendment to allow the acquisition of savings associations by bank holding companies, in accordance with the Financial Institutions Reform, Recovery and Enforcement Act of 1989. Approved, August 24, 1989. Tandem operations — requests by Citicorp, New York, New York, and Michigan National Corporation, Farmington Hills, Michigan, for relief from conditions imposed on the acquisition of savings associations by bank holding companies. Approved, August 21, 1989. RESERVE BANK OPERATIONS Federal Reserve Bank of New York — to purchase mainframe processors. Approved, August 21, 1989. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
    [Show full text]
  • Vacant Building Registry List for June 2013 (PDF)
    June 2013 Vacant Building List Vacant Address Current Owner Name Owner Address City State Zip Code 0 1/2 E MARSHALL ST PAW'S PROPERTIES LLC 1804 STAPLES MILL RD RICHMOND VA 23230 1000 WOODSTOCK ROAD EMORY MICHAEL D ESTATE C/O12505 RACHEL WOODSTOCK & JORDAN ROAD SCHNAIER GLEN ALLEN VA 23059 1001 BELT BLVD RAMGARHIA CHARANJIT S 3520 ROBIOUS FOREST WAY MIDLTOHIAN VA 23113 1001 JEFFERSON DAVIS HWYBLUE REAL ESTATE LLC 2 SAN RAMON WAY RICHMOND VA 23231 1001 N 29TH ST CITY OF RICHMOND RECREATION900 E & BROAD PARKS ST RM 409 RICHMOND VA 23219 1002 GARBER ST CURRY-ROBERTS LAWANDA 1002 GARBER ST RICHMOND VA 23231 1002 N 36TH ST AVULA DANNY T K & MARY KATHRYN1110 OAKWOOD AVE RICHMOND VA 23223 1003 JEFFERSON DAVIS HWYBLUE REAL ESTATE LLC 2 SAN RAMON WAY RICHMOND VA 23231 1003 N 20TH ST 20TH ST QUAD LLC 3801 WESTERRE PKWY RICHMOND VA 23233 1006 N 3RD ST ACP 1 LLC 1112 PRICE AVE COLUMBIA SC 29201 1006 PERRY ST SHEPPARD C H JR & BARBARA10631 G AND ROSEWELL G E GHOLSON CT AND C RICHMOND H BRANCH VA 2323500000 1006 W FRANKLIN ST MODJESKI CHARLES P 1006 W FRANKLIN ST RICHMOND VA 2322000000 1007 N 27TH ST BANKS SONYA L 4613 WATCHSPRING DR RICHMOND VA 23234 1007 N 33RD ST BAKER ELMER & JOSEPHINE RBA 1007 RIDGECLIFF DR COOPER DOROTHY A 1007 RIDGECLIFF DRIVE RICHMOND VA 23224 1008 ALTHEA PKWY RB CONTRACTORS INC 10 E WASHINGTON ST HIGHLAND SPRINGSVA 23075 1008 MCDONOUGH ST OVERNITE TRANSPORTATIONPO CO BOX C/O 28606CORP REAL ESTATE DEPTATLANTA GA 30358 1008 N 35TH ST WALDEN W L, A A, MORRIS SARAH,2912 MATISSE PARKER LANEM L & WOODLEY RICHMOND R W VA 23224 1009
    [Show full text]
  • Merrill Lynch Mortgage Investors Trust Series 2006-HE1
    SECURITIES AND EXCHANGE COMMISSION FORM 10-K Annual report pursuant to section 13 and 15(d) Filing Date: 2007-03-30 | Period of Report: 2006-12-31 SEC Accession No. 0001056404-07-001295 (HTML Version on secdatabase.com) FILER Merrill Lynch Mortgage Investors Trust Series 2006-HE1 Mailing Address Business Address WORLD FINANCIAL CTR N 4LD FINANCIAL CENTER CIK:1352502| State of Incorp.:DE | Fiscal Year End: 1228 TOWER FLOOR 10 Type: 10-K | Act: 34 | File No.: 333-127233-29 | Film No.: 07731130 250 VESEY ST 10TH FL NEW YORK NY 10281-1310 SIC: 6189 Asset-backed securities NEW YORK NY 10281-1310 2124491000 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2006 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 333-127233-29 Merrill Lynch Mortgage Investors Trust, Series 2006-HE1 (exact name of issuing entity as specified in its charter) Merrill Lynch Mortgage Investors, Inc. (exact name of the depositor as specified in its charter) Merrill Lynch Mortgage Lending, Inc. (exact name of the sponsor as specified in its charter) New York 54-2195501 (State or other jurisdiction of 54-2195502 incorporation or organization) 54-6703529 54-6703530 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A.
    [Show full text]
  • Bank of America 1 Bank of America
    Bank of America 1 Bank of America Bank of America Corporation Type Public [1] [2] Traded as NYSE: BAC , TYO: 8648 Dow Jones Component S&P 500 Component Industry Banking, Financial services Predecessor Bank of America NationsBank [3] Founded 1904 Headquarters Bank of America Corporate Center, Uptown Charlotte, Charlotte, North Carolina, U.S. Area served Worldwide Key people Brian Moynihan (President & CEO) Charles Holliday (Chairman) Products Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management [4] Revenue US$ 134.194 billion (2010) [4] Net income US$ 2.238 billion (2010) [4] Total assets US$ 2.264 trillion (2010) [4] Total equity US$ 228.248 billion (2010) [4] Employees 288,000 (2010) Subsidiaries Bank of America Home Loans, Bank of America Merrill Lynch, Merrill Lynch, U.S. Trust Corporation [5] Website BankofAmerica.com [6] References: Bank of America 2 Bank of America Corporation (NYSE: BAC [1]) is an American multinational banking and financial services corporation, the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization.[7] [8] [9] [10] Bank of America serves clients in more than 150 countries and has a relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average.[11] [12] [13] As of 2010, Bank of America is the 5th largest company in the United States by total revenue,[14] as well as the second largest non-oil company in the U.S.
    [Show full text]