NY Post : Hedgie Paulson seeks new mortgage payday

Famed shortseller John Paulson, who earned one of Wall Street’s biggest paydays betting on the collapse of mortgage-backed bonds, is following that with a bet that he can recoup millions more from lenders that sold the soured securities.
Paulson & Co. has acquired the right through bankrupt mortgage company ResCap to sue banks and others that sold faulty mortgages in the run-up to the financial crisis in 2007 and 2008, The Post has learned.
The hedge fund has amassed a “significant” minority position in ResCap Liquidating Trust, which, since December has filed suits claiming $9 billion in mortgage loan losses, according to sources.
Paulson & Co. also holds one seat on the five-member board of the trust, which is tasked with unwinding what remains of the defunct mortgage company.
Recently. the trust has asked a state court judge to move some of its suits to bankruptcy court. If successful, the trust could get a quicker resolution — and recovery.
The ResCap trust could recover anywhere from 10 percent to 40 percent of the $9 billion in claims — with damages ranging from $900 million to as high as $3.6 billion, sources estimated.
“If I was a betting person, I’d say Paulson will make money,” a source said.
Paulson famously made $4.9 billion by using credit default swaps to short the subprime mortgage market.
Paulson & Co. boosted its position in the trust by acquiring mortgage insurer MBIA’s stake for roughly $8 a share. A 40-percent recovery would be equal to about $32 per share, a source said.
The hedge fund initially acquired much of ResCap’s stake in the liquidating trust in exchange for forgiving unsecured debt. In December, MBIA sold its stake to Paulson to raise cash, sources said.
ResCap filed for bankruptcy in May 2012 under mounting loan losses and a flood of lawsuits from investors demanding that the unit buy back billions in bad mortgages.
ResCap — which bought roughly half the mortgages it serviced from banks and others — has paid out $12 billion to settle claims. In turn, the trust for the defunct company is now suing those that sold it toxic mortgage.
In the suits, ResCap claims that banks and other firms, including PNC Financial Services and SunTrust, promised to cover any mortgage loan losses, sources said.
Paulson, MBIA, PNC and SunTrust declined to comment.

(BFW) Oculus Rift Includes HIMX, INVN, STMicro Chips: IFixit (1)

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BFW 03/26 14:52 Oculus Rift Includes HIMX, INVN, Realtek, STMicro Chips: IFixit

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Oculus Rift Includes HIMX, INVN, STMicro Chips: IFixit (1) 2014-03-26 15:23:44.226 GMT

By Beth Mellor March 26 (Bloomberg) -- (Updates to show teardown refers to developer edition of Oculus Rift) Oculus Rift virtual reality headset developer edition includes Innolux LCD, Himax, STMicroelectronics, InvenSense, Honeywell, Realtek, Winbond, chips, according to iFixit teardown. * NOTE: Earlier, Northland said HIMX is in Oculus Rift * NOTE: Yday after close, Facebook agreed to acquire Oculus VR for ~$2b

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

To contact the reporter on this story: Beth Mellor in New York at +1-212-617-3078 or bmellor@bloomberg.net To contact the editors responsible for this story: Joanna Ossinger at +1-212-617-7789 or jossinger@bloomberg.net

>>> Goldcorp challenges Osisko to find suitor willing to beat its hostile takeov

Goldcorp challenges Osisko to find suitor willing to beat its hostile takeover offer 

Goldcorp Chairman Ian Telfer challenged takeover target Osisko Mining to find a suitor willing to challenge his company's hostile offer worth CAD 3bn (USD 2.692bn), reported The Globe and Mail on 26 March.

Telfer said in an item from the newspaper's Report on Business section not only that Montreal, Quebec-based Osisko has had more than enough time to find a white knight suitor, but also that he doesn't believe that "anyone" will "come in."

According to the report, it has not been north of two months since Goldcorp announced its unsolicited offer, and Osisko is now running out of time. By 1 April, Vancouver, British Columbia-based Goldcorp will be permitted to comb over Osisko's books on its Canadian Malartic gold project in Quebec. Goldcorp, by the middle of April, will be allowed to pick up any stock tendered to its offer.

The report noted that analysts have said that Goldcorp has to table a higher bid if it wants to be successful. Telfer, however, said in a 26 March report from The National Post that it makes no sense to raise the bid since there is no other suitor in the mix. He noted in the report from the newspaper's Financial Post section that there is no "auction" when there is only a single bidder.

Unnamed sources cited in The Globe and Mail report, meanwhile, indicated that Goldcorp, in a bid to win over Osisko shareholders, is mulling over the possibility of holding on to the Canadian Malartic mine and spinning off Osisko's exploration holdings into a separate corporate entity.

However, Osisko CEO Sean Roosen scoffed at the notion of spinning off Osisko's exploration assets, arguing that it would be akin to exchanging "a Ferrari" for "a Buick."

Telfer, whose company has attempted to acquire the Canadian Malartic asset for over five years, said in the report that Goldcorp will probably opt to extend its offer through to 15 April if it's satisfied after the due diligence stage. He said Goldcorp's current bid fully reflects the "value we" currently "see."

According to the report, Goldcorp will benefit from the fact that a lot of the bigger mining companies are not at this time in the position to pursue a large acquisition. For example, Barrick Gold and Kinross Gold, both of which have had to take substantial asset writedowns for previous acquisitions, are unlikely to step forward. Furthermore, analysts said in the report that Agnico Eagle Mines, which previously considered potentially buying Osisko, would find it difficult to go toe-to-toe with bigger rival Goldcorp.

Telfer said in the report that Goldcorp very much covets the Canadian Malartic project, but the company will only pay as much as "makes sense." He added that Goldcorp is open to walking away if need be.



Source The Globe and Mail, National Post

(BFW) *FINK SAYS HE EXPECTS TO SEE MORE STIMULUS FROM ECB

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BN 03/26 13:49 *FINK SAYS HE EXPECTS TO SEE MORE STIMULUS FROM ECB BFW 03/26 13:48 *FINK SAYS EUROPE IS MUCH IMPROVED POSITON; DRAGHI OUTSTANDING BN 03/26 13:47 *BLACKROCK'S FINK SEES IMPROVEMENTS IN PERIPHERAL EUROPE BN 03/26 13:47 *FINK SAYS EUROPE IS MUCH IMPROVED POSITON; DRAGHI OUTSTANDING BN 03/26 13:41 *FINK SAYS MORE VOLATILITY AHEAD; MORE RELIANCE ON GOVT. POLICY BN 03/26 13:36 *FINK SAYS MEXICO IS DOING FINE; LEADERSHIP IS HELPING ECONOMY BN 03/26 13:24 *FINK SAYS REGULATION WILL MAKES BANKS BETTER; SOUNDER SAFER BN 03/26 13:24 *FINK SAYS BANKS SHOULD BE TRADING AT HIGHER PE MULTIPLES BN 03/26 13:13 *FINK SAYS WASHINGTON GUILTY OF NOT PROVIDING LONG-TERM THINKING BN 03/26 13:11 *FINK SAYS COMPANIES COULD REINVEST MORE; FOCUS ON LONG-TERM BN 03/26 13:09 *BLACKROCK'S FINK TALKS ABOUT LETTER SENT TO S&P 500 COMPANIES BN 03/26 13:08 *BLACKROCK'S FINK SPEAKS ON FOX BUSINESS WITH BARTIROMO

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*FINK SAYS HE EXPECTS TO SEE MORE STIMULUS FROM ECB 2014-03-26 13:49:43.840 GMT

--JULIE ALNWICK

-0- Mar/26/2014 13:49 GMT

>>> SAP AG Agres to Acquire Fieldglass, the Global Cloud Technology Leader in Co


SAP AG Agres to Acquire Fieldglass, the Global Cloud Technology Leader in Contingent Workforce Management
- The addition of Fieldglass' cloud-based Vendor Management System (VMS) solution meets the growing demand among employers to manage flexible workforces that can be quickly engaged and on-boarded to support rapidly changing business and customer needs.
- . Together, SAP and Fieldglass will provide companies with the software, collaboration tools and networks needed to engage permanent and temporary staff out of the gate and on the fly in new and innovative ways to ensure they have the right people in the right roles at the right times.

- Headquartered in Chicago, Illinois, with approximately 350 employees, Fieldglass' cloud-based solution is used in more than 100 countries and 16 languages. According to Staffing Industry Analysts, Fieldglass is the current VMS market leader in total spend and global footprint.