Texas Loans – Uncharted 3 Blog http://uncharted3blog.com/ Tue, 28 Jun 2022 22:50:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://uncharted3blog.com/wp-content/uploads/2021/05/default.png Texas Loans – Uncharted 3 Blog http://uncharted3blog.com/ 32 32 National Gallery employees and management reach working agreement https://uncharted3blog.com/national-gallery-employees-and-management-reach-working-agreement/ Tue, 28 Jun 2022 22:50:00 +0000 https://uncharted3blog.com/national-gallery-employees-and-management-reach-working-agreement/ BOSTON (AP) — Employees of the Boston Museum of Fine Arts ratified their first contract on Tuesday, becoming the latest prestigious arts institution to protect workers with a union contract. The collective agreement is the first since museum workers voted to join United Auto Workers Local 2110 in November 2020, the union and management said […]]]>

BOSTON (AP) — Employees of the Boston Museum of Fine Arts ratified their first contract on Tuesday, becoming the latest prestigious arts institution to protect workers with a union contract.

The collective agreement is the first since museum workers voted to join United Auto Workers Local 2110 in November 2020, the union and management said in a joint statement.

“We are pleased to have reached agreement on a union contract with the MFA that will provide a fairer pay structure and a democratic voice for staff,” union president Maida Rosenstein said in the statement. “By establishing collective bargaining rights, MFA staff are helping to bring about the systemic changes needed for museum workers in general.”

The union represents 227 of the museum’s administrative, technical, curatorial and curatorial employees.

The agreement increases wages and minimum wage rates. Workers will get at least a 5% raise on July 1, with some workers getting bigger increases. Salaries will be increased again by 3% on July 1, 2023, and again by 3% on July 1, 2024.

The Museum has estimated the total cost of salary changes at 13.5% over the three-year term of the contract.

New York-based UAW Local 2110 represents workers at dozens of cultural and educational institutions, including the Museum of Modern Art in New York and the Portland Museum of Art in Maine.

When the coronavirus pandemic hit, museums were forced to close and lay off workers, and many employees realized they had few legal protections, said sociology and labor studies professor Tom Juravich. at the University of Massachusetts at Amherst.

The National Gallery cut more than 100 jobs at the start of the pandemic, about half through voluntary early retirements and the other half through layoffs, according to a statement at the time.

Museums have treated their rank-and-file employees as mere servants for years, and more workers have joined unions as attitudes change among younger employees, in particular, Juravich said.

“There’s a new generation coming into the field, and they’re not impressed by the prestige of just working in the best cultural institutions in the world, they have to pay the bills,” he said, pointing out that many likely have advanced degrees and substantial student loans.

Juravich said it’s also hard to justify working for a living wage when museum management is well paid and many museum boards are made up of society’s wealthiest elite.

Unionized MFA workers staged a one-day strike last November to protest what they said was a deadlock in contract negotiations. The museum, which has around 500,000 works of art and attracts more than a million visitors a year, remained open during the strike.

The museum said that in addition to enhanced benefits for unionized workers, it is committed to investing more in compensation and benefits for all employees over the next three years.

“Our employees make MFA what it is; they ensure the utmost care of the treasures we hold in trust for future generations as we strive to be a museum for all of Boston,” said museum director Matthew Teitelbaum.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Titan Lending offers a seamless lending experience for individuals, business clients and investors https://uncharted3blog.com/titan-lending-offers-a-seamless-lending-experience-for-individuals-business-clients-and-investors/ Mon, 27 Jun 2022 11:00:00 +0000 https://uncharted3blog.com/titan-lending-offers-a-seamless-lending-experience-for-individuals-business-clients-and-investors/ Titan Loan Leveraging decades of industry experience and cutting-edge technology, the Titan team helps clients finance their future Titan Lending is pleased to offer client-centric lending services designed to help our clients achieve their home buying or real estate investment aspirations. —Brandon Burgan DALLAS, TEXAS, UNITED STATES, June 27, 2022 /EINPresswire.com/ — Titan Lending, a […]]]>

Titan Loan

Leveraging decades of industry experience and cutting-edge technology, the Titan team helps clients finance their future

Titan Lending is pleased to offer client-centric lending services designed to help our clients achieve their home buying or real estate investment aspirations.

—Brandon Burgan

DALLAS, TEXAS, UNITED STATES, June 27, 2022 /EINPresswire.com/ — Titan Lending, a new home lending company in Dallas, recently opened its virtual doors for businesses, offering its customers lending options focused on solutions to help them achieve their home buying or investment goals.

The Titan Lending team brings over 20 years of collective lending experience to the service of its clients. In addition to its deep industry expertise, Titan Lending is at the forefront of industry trends and technology, leveraging today’s most innovative tools to help clients make business decisions. smart investment.

Titan Lending is ready to help buyers with a variety of needs achieve their goals, including buying a new home, commercial space, or investment property. The Titan Lending team spends time listening to each client’s needs to match them with the most advantageous financing opportunity and is also ready to assist buyers who may have complicated income histories.

The lender offers a strong portfolio of programs tailored to the unique needs of each client. Programs available through Titan Lending include conventional, FHA, VA, USDA, and non-QM purchase or refinance products and jumbo loans.

“Titan Lending is pleased to offer client-centric lending services designed to help our clients achieve their home buying or real estate investment aspirations,” said Brandon Burgan, CEO. “We relentlessly pursue excellence in everything we do and work diligently to find a solution that meets each client’s unique needs. Whether you’re just starting to look for a loan or have been turned down in the past, we encourage all potential buyers to contact us so we can use our expertise to help you achieve your financing goals.

To learn more about Titan Lending or to apply for funding, visit https://www.titanlending.com/.

Brandon Bourgan
Titan Loan
+1 (832) 315-7072
BBurgan@titanlending.com
Visit us on social media:
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Other

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Pape-Dawson Engineers, Inc. Announces Data Breach | Console and Associates, PC https://uncharted3blog.com/pape-dawson-engineers-inc-announces-data-breach-console-and-associates-pc/ Fri, 24 Jun 2022 20:56:00 +0000 https://uncharted3blog.com/pape-dawson-engineers-inc-announces-data-breach-console-and-associates-pc/ Texas-based engineering firm Pape-Dawson Engineers, Inc. recently filed an official data breach notice with various government entities. Although Pape-Dawson has confirmed unauthorized access to its computer system, the company has not yet made public the types of data compromised as a result of the breach. However, on June 21, 2022, Pape-Dawson began sending data breach […]]]>

Texas-based engineering firm Pape-Dawson Engineers, Inc. recently filed an official data breach notice with various government entities. Although Pape-Dawson has confirmed unauthorized access to its computer system, the company has not yet made public the types of data compromised as a result of the breach. However, on June 21, 2022, Pape-Dawson began sending data breach letters to all affected parties. In these letters, the company provides a detailed list of all personal information disclosed, as well as steps consumers can take to reduce the risk of identity theft or fraud.

If you have received a data breach notification, it is essential that you understand what is at risk and what you can do about it. To learn more about how to protect yourself against fraud or identity theft and what your legal options are following the Pape-Dawson Engineers data breach, please see our recent article on the subject. here.

What We Know About the Pape-Dawson Engineers Data Breach

According to an official notice filed by the company, around February 21, 2022, Pape-Dawson first detected what it acknowledged was suspicious activity on its computer servers. In response, the company took the necessary steps to secure its network and then worked with cybersecurity professionals to limit the impact of the event. Once Pape-Dawson closed the unauthorized user’s access, the company then opened an investigation into the incident. This investigation confirmed that the unauthorized party gained access to certain Pape-Dawson systems on February 21, 2022. The unauthorized access period lasted until February 25, 2022. The company later confirmed that the affected files contained sensitive consumer data.

After discovering that consumer data was accessible to an unauthorized party, Pape-Dawson engineers then reviewed the affected files to determine who was affected by the breach and what specific types of data were affected. Although the company completed this review on April 28, 2022, it has yet to publicly release the types of data that were compromised in the breach. However, Pape-Dawson is offering anyone whose information has been compromised one year of free credit monitoring, suggesting the data breached may have included social security numbers or financial account information.

On June 21, 2022, Pape-Dawson Engineers sent data breach letters to everyone whose information was compromised as a result of the recent data security incident.

More information about Pape-Dawson Engineers, Inc.

Founded in 1965, Pape-Dawson Engineers, Inc. is an engineering company based in San Antonio, Texas. Pape-Dawson provides civil engineering, surveying, GIS, and environmental services for public and private clients across Texas. Some of the projects Pape-Dawson has worked on include theme parks; school campuses; health facilities; transportation improvement projects; hydraulic infrastructure projects; commercial land development projects; and residential projects. Pape-Dawson employs approximately 850 people at seven locations, including Austin, Dallas, Fort Worth, Houston, New Braunfels, North Houston and San Antonio. Pape-Dawson Engineers generates approximately $133 million in annual revenue.

The Importance of Social Security Numbers

Pape-Dawson has not yet confirmed whether the social security numbers of those affected by the recent data security incident have been breached. However, this is a strong possibility based on the type of breach and whether the company offers free credit monitoring services.

Social Security numbers were first introduced by the Social Security Administration (“SSA”) in 1936 as a way for the SSA to track citizens’ incomes. However, since almost every US citizen has their own social security number, over time they have become a way for companies to validate a person’s identity, usually through the last four digits.

While the general practice has moved away from using Social Security numbers for identification, the government still uses them for income tracking purposes. Thus, employers, as well as any financial institution that pays or receives interest, will need a person’s social security number. Moreover, the lack of another viable alternative means that other companies also use this information.

In short, social security numbers are “the unofficial national identifier”. So, if someone with bad intentions gets your social security number, they can cause a lot of trouble. From opening bank accounts to taking out loans to filing taxes to receive your tax refund, criminals can take care of your social security number. Thus, it is essential that anyone whose Social Security number has been leaked during a data breach takes the necessary precautions to prevent identity theft and other fraud wherever possible.

The Federal Trade Commission provides basic guidance for data breach victims whose Social Security numbers have been compromised.

  • If a company offers free credit monitoring, accept the offer;

  • Frequently check your credit report for any unknown or unauthorized charges;

  • Consider freezing credit, which makes it much harder for a criminal to open a loan or account in your name;

  • If you choose not to freeze your credit, consider placing a fraud alert;

  • Try to file your taxes early to avoid tax identity theft;

  • Don’t believe anyone calling claiming to be from the IRS, even if they make threats or have your full Social Security number; and

  • Continue to regularly check your credit report as well as your existing bank and credit card accounts.

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Houston’s first medical marijuana dispensary is now open in The Heights. So how do you qualify? https://uncharted3blog.com/houstons-first-medical-marijuana-dispensary-is-now-open-in-the-heights-so-how-do-you-qualify/ Thu, 23 Jun 2022 18:48:22 +0000 https://uncharted3blog.com/houstons-first-medical-marijuana-dispensary-is-now-open-in-the-heights-so-how-do-you-qualify/ Texas legalized medical marijuana for certain patients years ago, but only on a very restricted basis. Jeff Chiu, STF/Associated Press Houston is finally home to a legal weed dispensary, but don’t get too excited just yet — it’s restricted to people with medical prescriptions, which can only be given to people with specific ailments. So […]]]>

Texas legalized medical marijuana for certain patients years ago, but only on a very restricted basis.

Jeff Chiu, STF/Associated Press

Houston is finally home to a legal weed dispensary, but don’t get too excited just yet — it’s restricted to people with medical prescriptions, which can only be given to people with specific ailments. So who can get a prescription?

Texas Original, a chain of medical marijuana dispensaries across Texas, opened this week at 1714 Houston Ave., offering people with prescriptions an easier way to get a range of legal marijuana products, according to Evan MacDonald of ReNew Houston. The business is the first of its kind in the city of Bayou and the first Texas Original storefront open five days a week, offering next day pickup for customers.

The dispensary is strictly for those authorized under the Lone Star State’s Compassionate Use Program, which requires a diagnosis of a certain disease or condition and a prescription from a physician. The law currently only allows prescriptions for a handful of medical conditions, including: ALS, Alzheimer’s disease, autism, epilepsy, multiple sclerosis, Parkinson’s disease, Huntington’s disease, chronic traumatic encephalopathy, cancer or post-traumatic stress disorder.

There were deliberations in the Texas Legislature last year about adding chronic pain sufferers to the list, but the measure fell through. To complicate matters further, the law only allows low-THC cannabis prescriptions. THC, or tetrahydrocannabinol, is the main psychoactive ingredient in marijuana. The state currently only allows cannabis products that contain 1% or less THC.

The state of Texas requires a specialist to confirm the diagnosis, which means your primary care physician likely won’t be able to complete the script. In addition, a second doctor is needed to corroborate the first specialist’s diagnosis. Both must also be on the Texas State Compassionate Use Registry. According to Timothy Fanning of the San Antonio Express-News, there are currently fewer than 200 doctors certified to write such prescriptions statewide.

The state hosts this online directory to help you find a doctor licensed to help with a diagnosis and obtain a prescription. There are dozens of them in Houston.



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Greystone secures $12.75 million in acquisition financing for Texas SNF; Optalis Healthcare Inks $81M and 7 Community Agreements to Expand Presence in Ohio https://uncharted3blog.com/greystone-secures-12-75-million-in-acquisition-financing-for-texas-snf-optalis-healthcare-inks-81m-and-7-community-agreements-to-expand-presence-in-ohio/ Tue, 21 Jun 2022 21:58:32 +0000 https://uncharted3blog.com/greystone-secures-12-75-million-in-acquisition-financing-for-texas-snf-optalis-healthcare-inks-81m-and-7-community-agreements-to-expand-presence-in-ohio/ Greystone provided $12,750,000 in bridge financing for the acquisition of a skilled nursing facility in Texas. Highland Meadows Health & Rehab, a 120-bed SNF in Rockwall, Texas. Highland Meadows Health & Rehab, a 120-bed SNF in Rockwall, Texas, was acquired on behalf of HACO Properties, LLC. Greystone Vice President DJ Elefant initiated the transaction and […]]]>

Greystone provided $12,750,000 in bridge financing for the acquisition of a skilled nursing facility in Texas. Highland Meadows Health & Rehab, a 120-bed SNF in Rockwall, Texas.

Highland Meadows Health & Rehab, a 120-bed SNF in Rockwall, Texas, was acquired on behalf of HACO Properties, LLC.

Greystone Vice President DJ Elefant initiated the transaction and Helios Healthcare Advisors served as debt broker in the transaction.

Interest-only financing has a 24-month term with a 12-month extension option.

The facility, operated by HACO Health Solutions, LLC, includes private and semi-private rooms, as well as a lounge, common room, library, and “comprehensive” therapy services.

Optalis Healthcare expands in Ohio with $81 million purchase

An Ohio-based elder care company — which included seven communities comprising about 750 dual-certified SNF beds and 200 senior housing units — recently sold its portfolio for $81 million, or about $130,000 per bed / unit.

The regional owner-operator sold five of the assets and sublet the other two, citing a desire to exit the NFC industry, Blueprint said in a press release.

The buyer, Optalis Healthcare, a Novi, Michigan-based owner-operator, was looking to expand its Midwest platform, according to Blueprint.

Non-recourse financing for the acquisition was provided by VIUM Capital.

After historically operating at near-stabilized levels with consistent revenue of over $70 million per year, portfolio performance has declined during the Covid-19 pandemic.

Blueprint received seven offers and ultimately selected Optalis.

VIUM uses bridge loan for $36,267,000 refinance

VIUM Capital announced that it has secured $36,267,000 in refinancing for five skilled nursing facilities in Louisiana for a nonprofit borrower.

The loans will be used to refinance various tax-exempt bond issues and term bank loans and will be refinanced next year with loans from the US Department of Housing and Urban Development.

VIUM and a local bank provided the loans.

Structuring the transaction into a single loan allows the company to reallocate debt between the five facilities based on performance, according to VIUM Executive Managing Director Steve Kennedy.

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Fiscal 2023 EPS estimates for UWM Holdings Co. cut by analyst (NYSE:UWMC) https://uncharted3blog.com/fiscal-2023-eps-estimates-for-uwm-holdings-co-cut-by-analyst-nyseuwmc/ Mon, 20 Jun 2022 05:51:20 +0000 https://uncharted3blog.com/fiscal-2023-eps-estimates-for-uwm-holdings-co-cut-by-analyst-nyseuwmc/ UWM Holdings Co. (NYSE:UWMC – Get Rating) – Wedbush lowered its FY2023 EPS estimates for UWM shares in a report released Friday, June 17. Wedbush analyst H. Coffey now expects the company to post earnings of $0.41 per share for the year, down from its previous estimate of $0.50. Wedbush currently has a “Neutral” rating […]]]>

UWM Holdings Co. (NYSE:UWMC – Get Rating) – Wedbush lowered its FY2023 EPS estimates for UWM shares in a report released Friday, June 17. Wedbush analyst H. Coffey now expects the company to post earnings of $0.41 per share for the year, down from its previous estimate of $0.50. Wedbush currently has a “Neutral” rating and a target price of $5.00 on the stock. The consensus estimate of UWM’s current annual earnings is $0.20 per share.

UWMC has been the subject of several other reports. JMP Securities reaffirmed a “buy” rating and issued a target price of $5.00 (vs. $6.00) on UWM shares in a Thursday, May 26 report. UBS Group reduced UWM shares from a “buy” rating to a “neutral” rating and set a target price of $5.00 for the company. in a report from Wednesday, February 23. Credit Suisse Group lowered its price target on UWM shares to $4.00 and set a “neutral” rating for the company in a Thursday, May 19 report. Argus reduced UWM’s shares from a “buy” rating to a “hold” rating in a Thursday, June 2 report. Finally, Piper Sandler cut UWM shares from a “neutral” rating to an “underweight” rating and lowered her target price for the company from $5.00 to $3.00 in a Thursday report. May 19. One research analyst rated the stock with a sell rating, ten gave a hold rating and one issued a buy rating for the company’s shares. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $5.56.

NYSE: UWMC opened at $3.22 on Monday. UWM has a 1-year low of $3.14 and a 1-year high of $10.02. The company has a debt ratio of 0.64, a current ratio of 1.85 and a quick ratio of 1.85. The company’s 50-day simple moving average is $3.82 and its 200-day simple moving average is $4.70. The company has a market capitalization of $297.95 million, a P/E ratio of 5.75 and a beta of 1.01.

UWM (NYSE:UWMC – Get Rating) last released its quarterly earnings data on Tuesday, May 10. The company reported EPS of $0.43 for the quarter, beating the consensus estimate of $0.08 by $0.35. UWM had a net margin of 2.78% and a return on equity of 13.31%. The company posted revenue of $821.79 million for the quarter, versus analyst estimates of $526.47 million. In the same quarter a year earlier, the company posted earnings per share of $0.71.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 11. Investors of record on Tuesday, June 21 will receive a dividend of $0.10. This represents a dividend of $0.40 on an annualized basis and a dividend yield of 12.42%. The ex-dividend date is Friday, June 17. UWM’s dividend payout ratio (DPR) is 71.43%.

A number of large investors have recently changed their stock holdings. Cetera Investment Advisers increased its position in UWM shares by 9.0% during the third quarter. Cetera Investment Advisers now owns 26,050 shares of the company valued at $181,000 after acquiring an additional 2,160 shares during the period. Amalgamated Bank increased its position in UWM shares by 15.7% in the fourth quarter. Amalgamated Bank now owns 17,609 shares of the company worth $104,000 after buying 2,396 additional shares during the period. Rafferty Asset Management LLC increased its position in UWM shares by 7.5% in the fourth quarter. Rafferty Asset Management LLC now owns 47,845 shares of the company worth $283,000 after purchasing 3,347 additional shares during the period. Truist Financial Corp increased its stake in UWM by 13.2% in the first quarter. Truist Financial Corp now owns 30,227 shares of the company valued at $137,000 after buying 3,516 more shares last quarter. Finally, Teacher Retirement System of Texas increased its stake in UWM by 23.8% in the 4th quarter. Teacher Retirement System of Texas now owns 18,520 shares of the company valued at $110,000 after buying 3,561 additional shares in the last quarter. Hedge funds and other institutional investors hold 33.06% of the company’s shares.

UWM Company Profile (Get a rating)

UWM Holdings Corporation is engaged in residential mortgage lending business in the United States. The company issues mortgages through the wholesale channel. It is primarily the originator of conforming loans and government loans. UWM Holdings Corporation was founded in 1986 and is headquartered in Pontiac, Michigan.

See also

Earnings history and estimates for UWM (NYSE: UWMC)



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Why You Shouldn’t Worry If Texas and Tesla Can’t Get Along https://uncharted3blog.com/why-you-shouldnt-worry-if-texas-and-tesla-cant-get-along/ Sat, 18 Jun 2022 11:55:00 +0000 https://uncharted3blog.com/why-you-shouldnt-worry-if-texas-and-tesla-cant-get-along/ The serial soap opera that is Elon Musk and You’re here (TSLA 1.72%) took another turn last December, when the billionaire entrepreneur thumbed his nose at California and said he was moving Tesla’s headquarters to the huge factory he was building in Texas. Tesla said the move would create 5,000 jobs in Texas with an […]]]>

The serial soap opera that is Elon Musk and You’re here (TSLA 1.72%) took another turn last December, when the billionaire entrepreneur thumbed his nose at California and said he was moving Tesla’s headquarters to the huge factory he was building in Texas. Tesla said the move would create 5,000 jobs in Texas with an average annual salary of $47,000. Tesla, on the other hand, would be freed from costly California regulations and receive tax breaks of up to $64.7 million.

It seemed like a good deal for both parties, but rather than say thank you, Texas recently barred Tesla from a rebate plan that rewards electric vehicle (EV) buyers, and it continues to make it difficult to buy. of Teslas by Texans. Here’s why investors shouldn’t worry too much about this seemingly soured relationship.

No refunds in Texas for Tesla buyers

The Texas EV rebate program gives a $2,500 rebate to buyers of electric vehicles produced by all major automakers except Tesla. A total of 142 different models are eligible for the rebate, but not the best-selling electric vehicles in the world: those of Tesla.

When asked why Tesla was excluded from the Texas rebate program, Laura Lopez, the spokeswoman for the Texas department that administers the rebate program, said: “Under Texas law, vehicles purchased directly from the manufacturer or from an outside or state dealer not licensed to sell or lease new vehicles in Texas, are not eligible for rebate.”

While many states that offer franchise new-car dealerships protection from competition from direct sales have made concessions to Tesla, Texas has not. State law requires all new auto buyers to purchase through a franchised dealership. If you’re a Texan and you fancy a Tesla, you have to go to another state to buy one, or have the sales paperwork processed in another state.

Texas first passed protectionist dealer laws in the 1930s. The regulations prohibited the sale of cars to consumers by anyone other than a franchised dealer. In the wild and woolly early days of the auto industry, the laws may have offered some protection to consumers against the possibility of buying a car that was counterfeit or could not be repaired. But these laws have long since lost their usefulness and now only serve to protect a monopoly which, no doubt, defrauds consumers. The National Automobile Dealers Association champions these regulations, and in support of them, its PACs have paid more than $45 million nationwide to political candidates and organizations, Democratic and Republican, since 1990, and have spent more than $68 million dollars in additional lobbying efforts.

Elon Musk has tried several times to get the Texas legislature to authorize the direct sale of automobiles. In 2015, while courting the legislature, he indicated that Tesla might build a factory in Texas. He built that factory and moved his headquarters to Texas, but the state legislature did nothing. None of that seems to have deterred Musk so far.

The Tesla Gigafactory in Austin, Texas now houses the company’s headquarters. Source: Tesla.

Car buyers still love Tesla

Neither the lack of discounts nor the barriers to buying a Tesla in the Lone Star State are likely to significantly affect the company’s sales in the state. The rebate program is limited to 2,000 electric vehicle buyers, a limited number for an automaker that will likely sell well over a million vehicles worldwide in 2022. At least one analyst predicts Tesla sales of 2 million for the calendar year. Tesla is also on track for strong U.S. numbers this year, racking up domestic sales of around 150,000 cars in the first quarter.

Apparently, quite a few Tesla buyers reside in Texas, even if their vehicle purchase was registered in another state. As of April 2022, 52,190 Teslas were registered in Texas. Only California and Florida can claim more Tesla registrations.

Wall Street jitters sent Tesla stock price crashing

While car buyers love Tesla, Wall Street has, at least for now, fallen in love with the company. Tesla stock has fallen about 35% since Musk announced his deal to buy Twitter. Musk’s vast holdings of Tesla stock were used as collateral to back up loans he took out to fund the recurring purchase of Twitter. This apparently makes investors nervous.

But the company’s cars continue to sell in Texas and elsewhere, and Tesla’s stock price appears to have stabilized in recent weeks. Tesla posted record first-quarter sales despite rising raw material costs, and the company delivered 68% more vehicles year-over-year. With 46% of the automaker’s revenue spent on research and development in the first quarter, its continued progress looks likely, raising the odds that shares will rebound going forward.

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EXCLUSIVE State securities regulators investigate freezing of Celsius accounts https://uncharted3blog.com/exclusive-state-securities-regulators-investigate-freezing-of-celsius-accounts/ Thu, 16 Jun 2022 21:20:00 +0000 https://uncharted3blog.com/exclusive-state-securities-regulators-investigate-freezing-of-celsius-accounts/ WASHINGTON, June 16 (Reuters) – Securities regulators in the states of Alabama, Kentucky, New Jersey, Texas and Washington are this week investigating crypto lender Celsius Network’s decision to suspend customer buyouts , Joseph Rotunda, director of enforcement at the Texas State Securities Board, told Reuters. Thursday. Officials met and began investigating the case on Monday […]]]>

WASHINGTON, June 16 (Reuters) – Securities regulators in the states of Alabama, Kentucky, New Jersey, Texas and Washington are this week investigating crypto lender Celsius Network’s decision to suspend customer buyouts , Joseph Rotunda, director of enforcement at the Texas State Securities Board, told Reuters. Thursday.

Officials met and began investigating the case on Monday morning, Rotunda said, adding that he considered the investigation a “priority”.

Celsius said that due to the extreme market conditions, it was suspending withdrawals, trades and transfers between accounts. The company said this would put it “in a better position to meet, over time, its withdrawal obligations.” Read more

Join now for FREE unlimited access to Reuters.com

“I am very concerned that clients – including many retail investors – may need immediate access to their assets but may not be able to withdraw from their accounts. The inability to access their investment can have significant financial consequences,” he said.

Alabama Securities Commission Director Joseph Borg also told Reuters that securities regulators in Alabama, Texas, New Jersey and Kentucky were investigating the matter. Celsius has responded to questions from regulators, but the investigation is still in its early stages, he said.

Borg added that the United States Securities and Exchange Commission was also in communication with Celsius.

The SEC declined to comment. Securities regulators in the states of New Jersey and Washington did not immediately respond to requests for comment. A spokesperson for the Kentucky Department of Financial Institutions said its policy is not to comment on ongoing enforcement actions and investigations.

Celsius and CEO Alex Mashinsky did not immediately respond to a request for comment.

Rotunda said he and his team learned of New Jersey-based Celsius’s decision to freeze user withdrawals from the company’s blog and Twitter announcement on Sunday night, which said the company should take measures to “stabilize liquidity”.

In September, regulators in Kentucky, New Jersey and Texas hit Celsius with a cease and desist order, arguing that its interest-bearing products should be registered as a security. In February, the SEC and those same state regulators fined BlockFi $100 million for failing to register its crypto lending product.

Similar to a bank, Celsius gathers crypto deposits from retail customers and invests them in the wholesale crypto market equivalent, including “decentralized finance” or DeFi, sites that use blockchain technology to offer services. ranging from loans to insurance outside the traditional financial sector. . Read more

Celsius promises retail clients huge returns, sometimes as high as 18.6% per year. The lure of big profits has led individual investors to pour assets into Celsius and similar platforms.

Mashinsky said in October that Celsius had $25 billion in assets. That figure had fallen to around $11.8 billion last month, according to the Celsius website.

Celsius appears to have stumbled on some of its wholesale crypto investments, according to public blockchain information and analysts who track this data. As those investments deteriorated, the company was unable to meet redemptions from fleeing customers amid the broader crypto market crisis, analysts said. Read more

Cryptocurrencies have lost more than $400 billion since TerraUSD, a major US dollar-pegged stablecoin, crashed in May. Bitcoin fell to an 18-month low on Wednesday at $20,079.72. It has fallen around 70% from its record high of $69,000 in November. Read more

Join now for FREE unlimited access to Reuters.com

Reporting by Hannah Lang; Editing by Richard Chang, Nick Zieminski, Michelle Price and Diane Craft

Our standards: The Thomson Reuters Trust Principles.

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Four CU liquidations cause $3.3 million in NCUA stock insurance losses https://uncharted3blog.com/four-cu-liquidations-cause-3-3-million-in-ncua-stock-insurance-losses/ Tue, 14 Jun 2022 20:25:33 +0000 https://uncharted3blog.com/four-cu-liquidations-cause-3-3-million-in-ncua-stock-insurance-losses/ Official NCUA seal. (Source: NCUA) Four credit union liquidations resulted in losses estimated at $3,312,779 for the NCUA equity insurance fund. According to the NCUA Office of Inspector General’s semi-annual report to Congress from October 1, 2021 through March 31, 2022, posted on the federal agency’s website in late May, liquidated credit unions included Indianapolis […]]]>
Official NCUA seal. (Source: NCUA)

Four credit union liquidations resulted in losses estimated at $3,312,779 for the NCUA equity insurance fund.

According to the NCUA Office of Inspector General’s semi-annual report to Congress from October 1, 2021 through March 31, 2022, posted on the federal agency’s website in late May, liquidated credit unions included Indianapolis Newspaper Federal Credit Union ( loss of $2.29 million), Portsmouth Schools Federal Credit Union (loss of $806,089); Prairie View Federal Credit Union ($200,000 loss) and Empire Financial Federal Credit Union ($16,690 loss).

The INFCU failed due to alleged fraud by the former CEO, former Chairman of the Board and employees who were allegedly involved in a loan collection scheme that included forgery internal loan records to conceal embezzled money, according to an OIG Material Loss Review published last December.

Cash proceeds from fake loans, or suspected fraudulent advances on loans, were used to make payments on existing loans, which masked the credit union’s default levels. Approximately $1.3 million in suspected fake loans were identified under the loan recovery program from July to September 2020. By the end of that year, the credit union had a loss of nearly $1 million. dollars, according to NCUA financial performance reports. The federal agency determined that the INFCU was insolvent and liquidated it on March 31, 2021.

The INFCU, established in 1961, held $6.2 million in assets and had 1,143 members.

While the OIG primarily blamed fraud losses on management and the board, it also blamed NCUA reviewers, noting they may have identified the alleged fraud sooner and mitigated the losses. if they had addressed in greater depth certain lending and credit concentration risks identified during the completion of the investigation. Small Credit Union Examination Program (SCUEP) and performed additional suggested procedures in response to identified risks.

For example, the OIG stated that INFCU consistently provided loans to a member or household that exceeded 25% of the credit union’s equity. Interestingly, NCUA examiners noted during a review the level of loan concentration to one member who accounted for 47% of INFCU’s net worth, according to the OIG.

Additionally, INFCU has not measured unsecured debt against income to manage credit risk. Although reviewers flagged the issues as cause for concern, the credit union did not implement adequate credit risk management policies addressing high concentration risk or unsecured lending risks.

The OIG recommended that the NCUA improve its annual SCUEP training related to concentration risk.

The semi-annual report also found that the NCUA failed to implement a recommendation from a February 2020 material loss review regarding the $40 million CBS Employees Federal Credit Union fraud case. The OIG recommended that the NCUA change the guidelines to require a reconciliation between the print processor and stock and loan affiliates when an audit of statements is performed.

The OIG also alleged that the fraud contributed to the liquidation of the $2.3 million Portsmouth Schools Federal Credit Union in Portsmouth, Virginia in December 2021 and the $3.1 million Prairie View Federal Credit Union. dollars in Prairie View, Texas in February 2022.

PSFCU was involuntarily liquidated by an emergency purchase and assumption agreement with the Newport News Shipbuilding Employees Credit Union for $2.3 billion in Newport News, Va. (dba, Bayport CU). The PSFCU was insolvent with a net worth that continued to deteriorate due to record keeping losses and alleged fraud perpetrated by a former chairman of the oversight committee, according to the OIG.

NCUA liquidated PVFCU and completed emergency assisted merger with Cy-fair Federal Credit Union for $346 million in Houston due to PVFCU’s declining net worth, which was compounded by alleged fraud committed by a former director of PVFCU, the OIG reported.

The NCUA retained the $5.1 million Empire Financial Federal Credit Union, then it was involuntarily liquidated via an emergency purchase and takeover agreement with the 3.9 million Jovia Financial Federal Credit Union. billion in Westbury, NY, in March.

The OIG declared the New York-based EFFCU insolvent due to its alleged failure to have an adequate Bank Secrecy/Anti-Money Laundering Act compliance program, which included the alleged failure to file numerous required related regulatory reports.

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DeFi lending giant Celsius halts withdrawals https://uncharted3blog.com/defi-lending-giant-celsius-halts-withdrawals/ Mon, 13 Jun 2022 05:09:57 +0000 https://uncharted3blog.com/defi-lending-giant-celsius-halts-withdrawals/ The Celsius Network, a decentralized finance (DeFi) platform and one of the largest crypto lenders, announced late Sunday that it was “suspending all withdrawals, trades and transfers between accounts.” It has 1.7 million customers. The company’s token, CEL, is trading at 23 cents at the time of this writing, according to CoinMarketCap. That’s a 92% […]]]>

The Celsius Network, a decentralized finance (DeFi) platform and one of the largest crypto lenders, announced late Sunday that it was “suspending all withdrawals, trades and transfers between accounts.” It has 1.7 million customers.

The company’s token, CEL, is trading at 23 cents at the time of this writing, according to CoinMarketCap. That’s a 92% decrease from April 8, when CEL was worth $3. The token was worth nearly $7 a year ago.

There have been questions about Celsius Networks’ high returns, its links to the failed stablecoin Terra, and its reserves. The value of assets on its platform halved to $12 billion in May from $24 billion in December 2021. Between March and May, $1 billion exited the system, The Financial Times reported.

In a June 7 blog post titled “Damn the torpedoes,” the company said, “Celsius has the reserves (and more than enough ETH) to meet the obligations, as dictated by our comprehensive risk management framework. liquidity.”

That was then. On June 12, an email to all customers started like this:

Due to extreme market conditions, today we are announcing that Celsius is suspending all withdrawals, trades and transfers between accounts. We are taking this step today to put Celsius in a better position to meet its withdrawal obligations over time.

In theory, Celsius works much the same as a regular bank, except in cryptocurrency. It collects deposits and then lends them. An advertisement on the Celsius site at the time of writing offered an 18.63 percent annual return on crypto deposits. Unlike a bank, Celsius does not have government FDIC insurance that protects people in the event of a bank failure.

Skeptics have repeatedly warned that Celsius Network is doomed. Some have even argued that Celsius is a Ponzi scheme.

Due to its size, Celsius touches many other parts of the cryptocurrency markets. For example, Celsius Network borrowed $500 million from Tether, the dollar-pegged stablecoin. (The loan was originally for $1 billion, Bloomberg reported.) The loan is collateralized in Bitcoin. “If Bitcoin goes down, they give us a margin call [and then] we need to give them more bitcoin,” Celsius CEO Alex Mashinsky said. The Financial Times Last year.

Even investors who are not directly involved in cryptocurrency are exposed to Celsius. Canada’s second-largest pension fund, Caisse de depot et placement du Quebec (CDPQ), has invested in a $400 million funding round for the company.

Regulators have expressed interest in Celsius Network’s operations. On September 17, 2021 alone, New Jersey issued a cease and desist order to Celsius Network, Texas scheduled a hearing to determine whether to issue a cease and desist, and Alabama has asked Celsius why it shouldn’t be banned. within one month. In October 2021, New York Attorney General Letitia James included the company as one of the platforms invited to provide information about its business and products, and Celsius said it was working with regulators. State.

There is more. Celsius’ chief financial officer was arrested in Israel in November on suspicion of money laundering, fraud and sexual assault. (These allegations related to his behavior in his previous job; he was suspended from Celsius after the arrest.) When the DeFi platform BadgerDAO was hacked in December, blockchain activity showed that the Celsius network had lost $54 million worth of crypto. Celsius claimed customer and user assets have not been affected.

In its note to clients, Celsius said “the company’s ultimate goal is to stabilize liquidity.” He did not give a date when customers could expect to be able to opt out again, warning that “this process will take time and there may be delays”.

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