The company which has seen nearly 97 percent of its marketvalue being wiped out in the last
The company, which has seen nearly 97 percent of its marketvalue being wiped out in the last 12 months, also continued itsloss-making streak with a $285 million first-quarter loss. Continued growth in problem loans and concerns about loanquality prompted the company to record a provision of $193.3million for loan losses on a preliminary basis, it said. “The company’s interest income was not enough to offset itsinterest expense during the first quarter of 2009,” Corus saidin its latest regulatory filing with the U.S Securities andExchange Commission. The company said net interest loss for the first quarterwas $6.4 million, compared with an income of $46.9 million inthe prior-year period Total noninterest expense was $88.2million. “Noninterest expense increased primarily due to costsassociated with the company’s foreclosed real estate, includingpreliminary impairment charges of nearly $45 million,” thecompany said. Additionally, the company said it has experiencedsignificant increases in its expenses associated withregulatory compliance and audits, FDIC insurance, as well aslegal and consulting fees. The company also said in the filing that its strategicplanning committee hired an investment banking firm to seekstrategic alternatives, including a capital investment, sale,strategic merger or some form of restructuring.
The company had been put under special oversight by itsprimary federal regulators in February, after the lender washit hard by losses on condominium loans. In April, the company’s Chief Executive Robert Glickmanresigned, following a going concern warning by the auditors. Shares of the Chicago, Illinois-based company closed at 21cents Thursday on Nasdaq. They traded as high as $10.58 lastSeptember, Reuters Data showed.
(Reporting by Anurag Kotoky in Bangalore; Editing by AnilD’Silva) Stocks Regulatory News Bonds Global Markets. (Reuters) – Berkshire Hathaway Inc (BRKa.N) (BRKb.N), the insurance and investment company run by billionaire Warren Buffett, will hold its annual shareholder meeting on Saturday in Omaha, Nebraska.The meeting attracted 32,000 people last year. Along with the annual meeting for Wal-Mart Stores Inc (WMT.N), it is perhaps one of the most heavily anticipated shareholder galas.Buffett, 78, took over Berkshire in 1965 when it was a struggling textile mill. Accounting treatment usually required when ownership tops 20 percent.(Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Lisa Von Ahn). LONDON (Reuters) – April pension deficit figures for Britain’s largest 200 firms could overlook 120 billion pounds needed to make up for losses on investments, consulting firm Aon Corporation said on Friday.Pension deficit figures for April calculated according to FRS 17 accounting standards show a 28.3 billion pound improvement from March to 7.6 billion pounds.FRS 17 is used for pension accounting on corporate balance sheets and is based on the assumption that investment returns will be in line with yields on corporate bonds.Pension fund trustees’ valuations, however, use a more prudent measure based on government bond yields or swaps. UNITED UTILITIES GROUP PLC TOTAL VOTING RIGHTS Month end – 30 April 2009 In accordance with the Disclosure and Transparency Rule 5.6.1 United UtilitiesGroup PLC hereby notifies the market that on 30 April 2009 the total number ofvoting rights in the company is 681,485,632 and the total shares in issue are681,485,632 No shares are held in Treasury. _____________________________________________ Notification of major interests in shares should be emailed to and faxed to 01925 237073.Further information can be obtained from Jane Gilmore, Deputy Company Secretary+ 44 1 925 237052.United Utilities Group’s ordinary shares trade on the London Stock Exchange andits ADRs, each equal to two ordinary shares, trade over the counter under theTrading Symbol “UUGRY”.END.