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Below is a list of today's twenty-five most distressed stocks (according to their Altman Z-Score or Z''-Score, respectively) with a share price of $5 or higher. For details on how this ranking list is compiled, please click here.
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BBX - Guilty of Securities Fraud
From Reuters ( http://www.reuters.com... ):
"
Thu Nov 18, 2010 7:40pm EST
* Jury finds BankAtlantic Bancorp misled investors
* Court case centered on troubled real estate loans
* Verdict draws attention to legal risks for banks (Updates with lawyer quotes)
By Kevin Gray
MIAMI, Nov 18 (Reuters) - Executives at Florida-based lender BankAtlantic Bancorp Inc (BBX.N) failed to alert investors about risks in its real estate loan portfolio as the U.S. housing market collapsed, a Miami federal jury ruled on Thursday in a rare securities fraud class action verdict.
The jury found BankAtlantic Bancorp officials misled shareholders on conference calls and failed to comply with proper lending procedures. The jury awarded $2.41 a share to investors who bought the company's stock between April 26 and Oct. 26, 2007.
"It's a great day for shareholders and a bad day for banks who lie to the public," said Mark Arisohn, an attorney representing the investors.
"In none of the warnings did they say we have hundreds of millions of dollars in risky loans," said Arisohn. "They never said that to the public."
The case is the first securities class action stemming from the financial crisis to reach a jury verdict, according to the plaintiffs' lawyers. Most of these kinds of cases have been settled out of court, Arisohn said.
Fort Lauderdale-based BankAtlantic Bancorp, one of the biggest banks headquartered in the state, has run up heavy losses in recent years because of bad real estate loans."
Recall we bought puts on this one back in September: http://shortscreen.com...
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Nice to see you can correctly pick turds for shorting LOL. Every once in awhile a turd will be so obviously rotten that it only takes a short whiff to turn the face pale and realize to stay far away or else short the... Uh, poo.
Thanks. This one was sort of obvious, but the 'pari-mutuel' nature of the stock market (to borrow Charlie Munger's description, http://can-turtles-fly... ) means that it's not enough to know if a stock is a dog or not -- you have to figure out whether its 'dogness' is already priced in to the stock.
When buying puts in lieu of shorting, you have additional variables to consider, e.g., the direction of volatility and whether the crap will fully hit the fan before time decay kicks in on the options.