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alstry (35.87)

Alstry Revisits The SPF Floridabuilder debate.....

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March 30, 2010 – Comments (3)

When I was debating with Floridabuilder about SPF....it was my position that SPF had a value of at least NEGATIVE one billion dollars.....needless to say, the great FB, who lives, eats, breathes and admittedly one of the smartest chimps in the homebuilding sector disagreed.

Since epic battle, some may call the Slaps on CAPS, and Alstry's gracious defeat to the primate who always tallks straight.....SPF has been injected with over $1.3 BILLION dollars.....much of that came from a private equity fund probably investing pension fund dollars, the rest came from gracious government tax rebates.

Back to the point, since Alstry thought that SPF was worth NEGATIVE $1 Billion dollars......SPF has been given OVER $1.3 Billion IN CASH!!!!!  You would think, after receiving all that money, in cash, and homebuilder stocks have improved since then, SPF would have a market cap MUCH HIGHER than $1.3 billion.

The irony....AFTER receiving all that cash.....SPF's market cap is only $499 million.....and some of you Fools wonder why your pension fund is underfunded?????......just wait a few more months.......you may be in for a really BIG shock on how underfunded pensions really are.........unless Wall Street sets up a distraction before..........

We are all living in exciting times.....now we only have to see how exciting.

3 Comments – Post Your Own

#1) On March 30, 2010 at 10:46 PM, alstry (35.87) wrote:

As our pension funds are pouring money into bankrupt homebuilders....we will soon learn that cities don't have any more to pour into our pension funds.

TOLEDO, Ohio—A Wednesday deadline looms for this former manufacturing hub of about 300,000 to finish filling a $48 million budget gap or risk having the state take over its finances. To tackle that deficit, Mayor Michael Bell has taken on the city's police and firefighters' unions and proposed other controversial measures.

Cities across the U.S. face big deficits, but Toledo's shortfall—roughly equal to that facing Nebraska's state government—is particularly daunting. The city's budget has been hammered by rapid rises in unemployment and home foreclosures, as well as failed development projects that saddled the city with debt payments and legal fees.

http://online.wsj.com/article/SB10001424052702303410404575152062149350800.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsTop

THE PONZI SCHEME CAN ONLY GO ON FOR SO LONG.....

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#2) On March 30, 2010 at 10:52 PM, alstry (35.87) wrote:

THIS IS WHAT HAPPENS WHEN OUR PENSIONS PROP UP HOMEBUILDERS THAT SHOULD BE BANKRUPT!!!!!

The 427-home Willowalk tract, built by developer D.R. Horton, featured eight distinct "villages" within its block walls. Along with spacious homes, Willowalk boasted four lakes, a community pool and clubhouse. Fanciful street names such as Pink Savory Way and Bee Balm Road added to the bucolic image.
...
Home foreclosures have devastated neighborhoods throughout the country, but the transformation from suburban paradise to blighted community has been especially stark in places like Willowalk -- isolated developments on the far fringes of metropolitan areas that found ready buyers when home prices were soaring but then saw an exodus as values crashed.

Vacant homes are sprinkled throughout Willowalk, betrayed by foot-high grass. Others are rented, including some to families that use government Section 8 vouchers to live in homes with granite countertops and vaulted ceilings.
...
The contrast between occupied and empty houses is evident on one block, where high grass in weedy clumps gives way to a neatly mowed lawn with handwritten signs pleading "Please do not let your dog poop on our yard."

http://www.calculatedriskblog.com/2010/03/la-times-gated-ghetto-in-socal.html

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#3) On March 31, 2010 at 12:32 AM, alstry (35.87) wrote:

 

Soon you will understand...the game only keeps going on so long as we feed our pensions with toxic investments....States have $5.17 Trillion in Pension Obligations, Gap is $3.23 Trillion; State Debt as Share of GDP Report this comment

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