Federal Mogul - Was nun? - 500 Beiträge pro Seite
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Hallo, liebe Gemeinde!
Nachdem Gerüchte aufgekommen sind, Federal Mogul stünde vor dem Aus, hat FMO diese postwendend dementiert.
Meine Frage lautet, was passiert, wenn die Firma wirklich zu immensen Schadenserstzzahlungen wegen Asbests verurteilt wird.
Kann es wirklich so weit kommen, dass Federal Mogul von der Bildfläche verschwindet?
Antworten und Kommentare erbeten,
Grüße
slo
Nachdem Gerüchte aufgekommen sind, Federal Mogul stünde vor dem Aus, hat FMO diese postwendend dementiert.
Meine Frage lautet, was passiert, wenn die Firma wirklich zu immensen Schadenserstzzahlungen wegen Asbests verurteilt wird.
Kann es wirklich so weit kommen, dass Federal Mogul von der Bildfläche verschwindet?
Antworten und Kommentare erbeten,
Grüße
slo
Hallo slo,
Federal Mogul geht nicht pleite und die Übertreibung im Kurs wird sich auch wieder relativieren. Am besten Du schaust Dir den Kurs die nächsten sechs Monate nicht mehr an.
===========================================================
Federal-Mogul is Not Filing Bankruptcy
Federal-Mogul Chairman and Chief Executive Officer Steve Miller started his remarks at the company’s quarterly all-employee meeting on Wednesday, October 25, 2000, with a slide that simply read, “We are NOT filing bankruptcy.”
“I have been just stunned and appalled at how one misinformed equity analyst has started a rumor that got repeated,” said Miller. “I’ve seen a lot of problem situations in my business life. I’d rather start with the hand I’ve been dealt here than any of the others. We’ve got great assets. We’ve got great people. We’ve got financial flexibility. And we’ve got plenty of time to deal with our issues (referring to the fact that Federal-Mogul does not have any major debt repayments due until 2004).”
Miller was the executive at Chrysler Corporation who led the financial negotiations with 400 bank lenders and the Federal government resulting in the Loan Guarantee Act bailout package which saved Chrysler. He served as Chrysler’s chief financial officer and later as vice chairman until retiring from the company in1992. Seven times since then, Miller has been called back to active duty as a turnaround executive assisting various companies in difficult times. He has been a member of Federal-Mogul’s Board of Directors since 1993. He served once before as Federal-Mogul’s interim CEO in 1996.
“There are two concerns I’ve seen expressed recently,” said Miller to employees. “One has to do with asbestos liabilities and the other has to do with, quote, ‘defaulting on bank covenants’, unquote.”
“We are presently in compliance with all our debt covenants, and we have over half a billion dollars of unused credit availability on our bank lines,” said Miller, explaining that the debt guidelines were set early in 1999 based on management projections at the time. “(The guidelines) get a notch tougher at the end of this year. We haven’t been making our performance targets so there’s a risk we’ll miss the present fourth quarter guideline.”
Miller said all that means is “go talk with your bankers.” Federal-Mogul`s bank group has been very supportive.
During the company’s third quarter earnings release conference call on October 19, 2000, Miller updated everyone about Federal-Mogul’s asbestos situation.
The major portion of Federal-Mogul’s asbestos liability is associated with the acquisition of T&N in March, 1998. The purchase accounting of that transaction included the recording of an asbestos reserve on our balance sheet of approximately $1.2 billion – the high-end estimate resulting from an actuarial study done in late 1996. Additionally, Federal-Mogul assumed reinsurance coverage of approximately $800 million that T&N had purchased from three top global reinsurers. This insurance layer would take effect when associated claims exhaust their reserve.
“As the total reserves plus insurance coverage for T&N asbestos was over $2 billion at the time of the acquisition, well beyond the actuarial high-end estimate, we have continued to consider our reserve and insurance amounts as adequate coverage for current and future T&N asbestos claims,” said Miller. “While we still believe our reserve plus insurance to be adequate, we have contracted with an econometric firm that specializes in these types of issues to give us a more current estimate of our total asbestos liability. We expect their work to be completed before year-end.”
In addition to the study, Miller said fellow Board member Roderick Hills is leading a review of Federal-Mogul’s asbestos management.
“Rod has begun a review of both our overall strategy and our litigation management approach to ensure that our settling of claims is being handled in the most effective and cost-efficient manner. This is not to imply that we suspect otherwise; rather, just like getting a fresh actuarial reading, periodically reviewing and evaluating our litigation management posture and strategy is simply a prudent and responsible thing to do.”
============================================================
Gruß Substanzsucher
Federal Mogul geht nicht pleite und die Übertreibung im Kurs wird sich auch wieder relativieren. Am besten Du schaust Dir den Kurs die nächsten sechs Monate nicht mehr an.
===========================================================
Federal-Mogul is Not Filing Bankruptcy
Federal-Mogul Chairman and Chief Executive Officer Steve Miller started his remarks at the company’s quarterly all-employee meeting on Wednesday, October 25, 2000, with a slide that simply read, “We are NOT filing bankruptcy.”
“I have been just stunned and appalled at how one misinformed equity analyst has started a rumor that got repeated,” said Miller. “I’ve seen a lot of problem situations in my business life. I’d rather start with the hand I’ve been dealt here than any of the others. We’ve got great assets. We’ve got great people. We’ve got financial flexibility. And we’ve got plenty of time to deal with our issues (referring to the fact that Federal-Mogul does not have any major debt repayments due until 2004).”
Miller was the executive at Chrysler Corporation who led the financial negotiations with 400 bank lenders and the Federal government resulting in the Loan Guarantee Act bailout package which saved Chrysler. He served as Chrysler’s chief financial officer and later as vice chairman until retiring from the company in1992. Seven times since then, Miller has been called back to active duty as a turnaround executive assisting various companies in difficult times. He has been a member of Federal-Mogul’s Board of Directors since 1993. He served once before as Federal-Mogul’s interim CEO in 1996.
“There are two concerns I’ve seen expressed recently,” said Miller to employees. “One has to do with asbestos liabilities and the other has to do with, quote, ‘defaulting on bank covenants’, unquote.”
“We are presently in compliance with all our debt covenants, and we have over half a billion dollars of unused credit availability on our bank lines,” said Miller, explaining that the debt guidelines were set early in 1999 based on management projections at the time. “(The guidelines) get a notch tougher at the end of this year. We haven’t been making our performance targets so there’s a risk we’ll miss the present fourth quarter guideline.”
Miller said all that means is “go talk with your bankers.” Federal-Mogul`s bank group has been very supportive.
During the company’s third quarter earnings release conference call on October 19, 2000, Miller updated everyone about Federal-Mogul’s asbestos situation.
The major portion of Federal-Mogul’s asbestos liability is associated with the acquisition of T&N in March, 1998. The purchase accounting of that transaction included the recording of an asbestos reserve on our balance sheet of approximately $1.2 billion – the high-end estimate resulting from an actuarial study done in late 1996. Additionally, Federal-Mogul assumed reinsurance coverage of approximately $800 million that T&N had purchased from three top global reinsurers. This insurance layer would take effect when associated claims exhaust their reserve.
“As the total reserves plus insurance coverage for T&N asbestos was over $2 billion at the time of the acquisition, well beyond the actuarial high-end estimate, we have continued to consider our reserve and insurance amounts as adequate coverage for current and future T&N asbestos claims,” said Miller. “While we still believe our reserve plus insurance to be adequate, we have contracted with an econometric firm that specializes in these types of issues to give us a more current estimate of our total asbestos liability. We expect their work to be completed before year-end.”
In addition to the study, Miller said fellow Board member Roderick Hills is leading a review of Federal-Mogul’s asbestos management.
“Rod has begun a review of both our overall strategy and our litigation management approach to ensure that our settling of claims is being handled in the most effective and cost-efficient manner. This is not to imply that we suspect otherwise; rather, just like getting a fresh actuarial reading, periodically reviewing and evaluating our litigation management posture and strategy is simply a prudent and responsible thing to do.”
============================================================
Gruß Substanzsucher
Hallo Substanzsucher!
Danke für Deine Antwort. Die Beteuerungen und Kommentare von Firmenseite kenne ich, hoffe, dass sie sich bewahrheiten.
Auf der Homepage von Federal Mogul sind ja die Zahlen auch nachzulesen. (Apropos Zahlen: Ja, das letzte Quartal war schlecht, auch wegen Öls und Euros.)
Was ich aber wirklich nicht weiß (blöde Frage!): Was passiert, wenn die finanziellen Forderungen eines worst-case-Szenarios die Planungen FMOs übertreffen?
Kommt dann der Gerichtsvollzieher und klebt auf alles einen Kuckuck, schickt die Angestellten nach Hause und versteigert sämtliche Betriebsteile? Besteht die Möglichkeit einer Übernahme durch andere? Gibt es in der Kapitalismushochburg USA auch die Möglichkeit eines Eingreifens seitens der (Bundes-)Regierung oder einer Einflussnahme der Gewerkschaften?
Wie gesagt, alles Fragen, die nur im Falle des Unvorstellbaren akut werden würden.
Ansonsten sehe ich nämlich keinen Grund, auf diesem Niveau nicht munter Federal Mogul zu kaufen.
Grüße
slo
Danke für Deine Antwort. Die Beteuerungen und Kommentare von Firmenseite kenne ich, hoffe, dass sie sich bewahrheiten.
Auf der Homepage von Federal Mogul sind ja die Zahlen auch nachzulesen. (Apropos Zahlen: Ja, das letzte Quartal war schlecht, auch wegen Öls und Euros.)
Was ich aber wirklich nicht weiß (blöde Frage!): Was passiert, wenn die finanziellen Forderungen eines worst-case-Szenarios die Planungen FMOs übertreffen?
Kommt dann der Gerichtsvollzieher und klebt auf alles einen Kuckuck, schickt die Angestellten nach Hause und versteigert sämtliche Betriebsteile? Besteht die Möglichkeit einer Übernahme durch andere? Gibt es in der Kapitalismushochburg USA auch die Möglichkeit eines Eingreifens seitens der (Bundes-)Regierung oder einer Einflussnahme der Gewerkschaften?
Wie gesagt, alles Fragen, die nur im Falle des Unvorstellbaren akut werden würden.
Ansonsten sehe ich nämlich keinen Grund, auf diesem Niveau nicht munter Federal Mogul zu kaufen.
Grüße
slo
Hallo slo,
ich bin bei 3,5 Dollar eingestiegen und sehe ganz ruhig zu wie sich der Kurs Momentan so auspendelt. Heute stieg er in Amerika von 2 auf 2,5 Dollar. Wenn die Marktteilnehmer mal wieder klar denken, wird eine technische Reaktion den Kurs sehr schnell wieder auf 6-7 Dollar bringen. Dann werde ich mich vorübergehend verabschieden.
Gruß Substanzsucher
ich bin bei 3,5 Dollar eingestiegen und sehe ganz ruhig zu wie sich der Kurs Momentan so auspendelt. Heute stieg er in Amerika von 2 auf 2,5 Dollar. Wenn die Marktteilnehmer mal wieder klar denken, wird eine technische Reaktion den Kurs sehr schnell wieder auf 6-7 Dollar bringen. Dann werde ich mich vorübergehend verabschieden.
Gruß Substanzsucher
Hallo Substanzsucher!
Wie Du auf 6-7 Dollar kommst, weiß ich zwar nicht, aber auch ich sehe Federal Mogul bei 2-3 Dollar ganz klar als Kaufgelegenheit und Vervielfacher.
Also abwarten und schauen,
Gruß
slo
Wie Du auf 6-7 Dollar kommst, weiß ich zwar nicht, aber auch ich sehe Federal Mogul bei 2-3 Dollar ganz klar als Kaufgelegenheit und Vervielfacher.
Also abwarten und schauen,
Gruß
slo
Trading Spotlight
Hallo!
Ist zwar schon zwei Tage alt, aber trotzdem:
Wednesday January 3, 3:56 pm Eastern Time
Federal-Mogul sees larger-than-expected Q4 loss
CHICAGO, Jan 3 (Reuters) - Auto parts maker Federal-Mogul Corp. (NYSE:FMO - news) Wednesday warned its fourth quarter loss would likely be substantially larger than the 25 cent per share guidance it gave Wall Street analysts.
The Southfield, Mich.-based company said the loss could be double its earlier estimate because of declining volume.
In late trading, Federal-Mogul shares were up 13/16 at 3-7/8, the highest since mid-October after the company announced earlier it expanded its credit facility to help work through asbestos-related legal claims and slowing auto sales.
---
Soweit die schlechten Nachrichten...
Ist zwar schon zwei Tage alt, aber trotzdem:
Wednesday January 3, 3:56 pm Eastern Time
Federal-Mogul sees larger-than-expected Q4 loss
CHICAGO, Jan 3 (Reuters) - Auto parts maker Federal-Mogul Corp. (NYSE:FMO - news) Wednesday warned its fourth quarter loss would likely be substantially larger than the 25 cent per share guidance it gave Wall Street analysts.
The Southfield, Mich.-based company said the loss could be double its earlier estimate because of declining volume.
In late trading, Federal-Mogul shares were up 13/16 at 3-7/8, the highest since mid-October after the company announced earlier it expanded its credit facility to help work through asbestos-related legal claims and slowing auto sales.
---
Soweit die schlechten Nachrichten...
...jetzt weitere:
Thursday January 4, 3:09 pm Eastern Time
Press Release
SOURCE: Federal-Mogul Corporation
Federal-Mogul Q&A on Bank Credit Agreement and Asbestos Findings
SOUTHFIELD, Mich., Jan. 4 /PRNewswire/ -- As a follow-up to yesterday`s press release and webcast, Federal-Mogul Corporation (NYSE: FMO - news) clarifies news reports with this Q&A attributable to G. Michael Lynch, executive vice president and chief financial officer. Both the replay of the webcast and the press release are available on the company`s web site, www.federal-mogul.com .
Q: Did Federal-Mogul secure $550 million in additional credit to cover asbestos claims?
A: No. The $550 million largely was secured to provide ample liquidity to cover contingent financial scenarios for the next three years, the life of our credit line. It should provide assurance to our customers, employees and suppliers that we are in this for the long haul.
Q: Was the company at risk of bankruptcy had it not secured the additional $550 million in credit?
A: No. The company needed to alter its financial covenants because of our recent fall off in profitability. The amended agreement achieved that, giving us the time we need to improve our operations, with the help of our six global initiatives.
Q: Is it possible that Federal-Mogul may not use the $550 million of additional credit?
A: Absolutely. We went after this as an extra cushion to provide for a very rainy day and there is a good chance it will not be used in any material way.
Q: Did you need the additional $550 million in order to recalibrate your financial covenants on your pre-existing $1.7 billion credit line?
A: No. These are two completely separate issues. We were able to recalibrate our covenants by providing collateral for the banks. Additionally, we were able to get extra liquidity to cover us for a rainy day. The extra liquidity is there for safety. We could have amended the covenants without getting the extra $550 million credit line.
Q: Are you exiting the Center for Claims Resolution (CCR)?
A: We believe the CCR will be reconstituted to provide its members a variety of elective services including claims processing services and thereby provide its members more latitude in resolving their own claims. Based upon this reconstituted service arrangement, we expect to continue to participate with the CCR.
Q: Are you paying $550 million in asbestos payments in 2004?
A: No. Based on a change in our litigation management strategy, we have estimated our asbestos claim payments to be $350 million in 2001, $250 million in 2002, $150 million in 2003 and $150 million in 2004.
Q: Do you have insurance to cover asbestos payments?
A: We already are collecting insurance on part of our current payments. In addition, we have an approximately $800 million asbestos-only policy that would come into play if payments were to exceed the reserves presently on our balance sheet.
Q: Does the additional credit aid Federal-Mogul with its asbestos issue?
A: No. It`s there to provide assurance to our customers, employees and suppliers that we have financial liquidity for the long haul. We are changing our asbestos management strategy to focus payments only on the impaired and malignant individuals who have been exposed to our subsidiaries` products. We believe this will result in a long-term phase down of our asbestos payments. We are also working toward a legislative solution for our continuing asbestos situation.
Q: Did you get the new credit to stave off a cash shortage caused by slowing auto sales and mounting asbestos litigation?
A: Based on what we`ve seen so far, our pre-existing credit line was sufficient to fund the effects of slowing auto sales. However, the new credit line gives us extra assurance.
Headquartered in Southfield, Michigan, Federal-Mogul is an automotive parts manufacturer providing innovative solutions and systems to global customers in the automotive, light trucks, heavy duty, farm and industrial markets. The company was founded in 1899. For more information on Federal- Mogul, visit the company`s web site at http://www.federal-mogul.com . Federal-Mogul`s press releases are available by fax through Company News On- Call, call 800-758-5804, ext. 306225.
Information in this press release contains forward-looking statements, which are not historical facts and involve risk and uncertainties. Actual results, events and performance could differ materially from those contemplated by these forward-looking statements including, without limitations, the cost and timing of implementing restructuring actions, conditions in the automotive components industry, certain global and regional economic conditions and other factors detailed from time to time in the company`s filings with the Securities and Exchange Commission. Federal-Mogul undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
SOURCE: Federal-Mogul Corporation
----
Das hört sich recht zuversichtlich an, dass die Asbest-Klagen, wie immer sie ausgehen mögen, nicht das Ende des Unternehmens herbeiführen werden.
Zumindest wird der neu gestaltete Kreditrahmen nicht dafür verwandt.
Oder liege ich falsch?
Bitte um Kommentare,
bis dann,
slo
Thursday January 4, 3:09 pm Eastern Time
Press Release
SOURCE: Federal-Mogul Corporation
Federal-Mogul Q&A on Bank Credit Agreement and Asbestos Findings
SOUTHFIELD, Mich., Jan. 4 /PRNewswire/ -- As a follow-up to yesterday`s press release and webcast, Federal-Mogul Corporation (NYSE: FMO - news) clarifies news reports with this Q&A attributable to G. Michael Lynch, executive vice president and chief financial officer. Both the replay of the webcast and the press release are available on the company`s web site, www.federal-mogul.com .
Q: Did Federal-Mogul secure $550 million in additional credit to cover asbestos claims?
A: No. The $550 million largely was secured to provide ample liquidity to cover contingent financial scenarios for the next three years, the life of our credit line. It should provide assurance to our customers, employees and suppliers that we are in this for the long haul.
Q: Was the company at risk of bankruptcy had it not secured the additional $550 million in credit?
A: No. The company needed to alter its financial covenants because of our recent fall off in profitability. The amended agreement achieved that, giving us the time we need to improve our operations, with the help of our six global initiatives.
Q: Is it possible that Federal-Mogul may not use the $550 million of additional credit?
A: Absolutely. We went after this as an extra cushion to provide for a very rainy day and there is a good chance it will not be used in any material way.
Q: Did you need the additional $550 million in order to recalibrate your financial covenants on your pre-existing $1.7 billion credit line?
A: No. These are two completely separate issues. We were able to recalibrate our covenants by providing collateral for the banks. Additionally, we were able to get extra liquidity to cover us for a rainy day. The extra liquidity is there for safety. We could have amended the covenants without getting the extra $550 million credit line.
Q: Are you exiting the Center for Claims Resolution (CCR)?
A: We believe the CCR will be reconstituted to provide its members a variety of elective services including claims processing services and thereby provide its members more latitude in resolving their own claims. Based upon this reconstituted service arrangement, we expect to continue to participate with the CCR.
Q: Are you paying $550 million in asbestos payments in 2004?
A: No. Based on a change in our litigation management strategy, we have estimated our asbestos claim payments to be $350 million in 2001, $250 million in 2002, $150 million in 2003 and $150 million in 2004.
Q: Do you have insurance to cover asbestos payments?
A: We already are collecting insurance on part of our current payments. In addition, we have an approximately $800 million asbestos-only policy that would come into play if payments were to exceed the reserves presently on our balance sheet.
Q: Does the additional credit aid Federal-Mogul with its asbestos issue?
A: No. It`s there to provide assurance to our customers, employees and suppliers that we have financial liquidity for the long haul. We are changing our asbestos management strategy to focus payments only on the impaired and malignant individuals who have been exposed to our subsidiaries` products. We believe this will result in a long-term phase down of our asbestos payments. We are also working toward a legislative solution for our continuing asbestos situation.
Q: Did you get the new credit to stave off a cash shortage caused by slowing auto sales and mounting asbestos litigation?
A: Based on what we`ve seen so far, our pre-existing credit line was sufficient to fund the effects of slowing auto sales. However, the new credit line gives us extra assurance.
Headquartered in Southfield, Michigan, Federal-Mogul is an automotive parts manufacturer providing innovative solutions and systems to global customers in the automotive, light trucks, heavy duty, farm and industrial markets. The company was founded in 1899. For more information on Federal- Mogul, visit the company`s web site at http://www.federal-mogul.com . Federal-Mogul`s press releases are available by fax through Company News On- Call, call 800-758-5804, ext. 306225.
Information in this press release contains forward-looking statements, which are not historical facts and involve risk and uncertainties. Actual results, events and performance could differ materially from those contemplated by these forward-looking statements including, without limitations, the cost and timing of implementing restructuring actions, conditions in the automotive components industry, certain global and regional economic conditions and other factors detailed from time to time in the company`s filings with the Securities and Exchange Commission. Federal-Mogul undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
SOURCE: Federal-Mogul Corporation
----
Das hört sich recht zuversichtlich an, dass die Asbest-Klagen, wie immer sie ausgehen mögen, nicht das Ende des Unternehmens herbeiführen werden.
Zumindest wird der neu gestaltete Kreditrahmen nicht dafür verwandt.
Oder liege ich falsch?
Bitte um Kommentare,
bis dann,
slo
wollte nur nochmal anmerken das federal
den
kredit
bekommen
hat
d.h. 3-7 jahre liegen lassen und bei 40 usd rauswerfen.
hoert sich nach schwachsinnsstrategie an, ist sie auch, geht aber trotzdem auf.
den
kredit
bekommen
hat
d.h. 3-7 jahre liegen lassen und bei 40 usd rauswerfen.
hoert sich nach schwachsinnsstrategie an, ist sie auch, geht aber trotzdem auf.
Naja, Darmspuelung,
Deine Strategie mag zwar recht unspektakulär klingen - hat aber einiges für sich.
Auch wenn`s einen langsam zum Verkauf reizt...
Gruß
slo
Deine Strategie mag zwar recht unspektakulär klingen - hat aber einiges für sich.
Auch wenn`s einen langsam zum Verkauf reizt...
Gruß
slo
Hallo slo,
ein Verkauf reizt mich auch, aber wenn ich auf den 10 Jahres-Chart schau, denke ich, daß in der FMO Aktie noch viel mehr drin steckt.
Gruß Substanzsucher
ein Verkauf reizt mich auch, aber wenn ich auf den 10 Jahres-Chart schau, denke ich, daß in der FMO Aktie noch viel mehr drin steckt.
Gruß Substanzsucher
Und ich beiße mich in den Hintern wegen meiner ewigen Abstauber Limits. Hab heute wieder die Auftragsbestätigung gesehen: 1000 FMO zu 2,6 Euro; der Kurs kam aber nur bis auf 2,75. GRRRRRRRR! Ging mir letztens schon bei Stora Enso so.
Herr Bernecker vom Aktionärsbrief hat die Aktie seit 2 Jahren im Depot. Ich bin mit 50% im minus.
Neue Empfehlung von Ihm - Aktie nachkaufen und auf lange sicht sehen. Er sieht die Aktie als konserativ an.
Gurß lauderdale
Neue Empfehlung von Ihm - Aktie nachkaufen und auf lange sicht sehen. Er sieht die Aktie als konserativ an.
Gurß lauderdale
Hallo zusammen,
was war denn da in den letzten 10 Minuten los?
Gruß Substanzsucher
was war denn da in den letzten 10 Minuten los?
Gruß Substanzsucher
Hallo Substanzsucher!
Hatte ich auch gesehen, falls Du das Hochschnellen auf bis zu 4 USD kurz vor Handelsschluss meintest.
Im Yahoo! Message Board sprachen einige Leute von einem Short Squeeze. Selbst weiß ich es aber auch nicht.
Die gestrigen Quartalszahlen waren schlecht, aber nicht ganz so katastrophal wie erwartet (60 Cent statt erwartete 65 Cent Verlust), für`s nächste Quartal werden zwar bessere Ergebnisse erwartet, jedoch noch nicht die Rückkehr in die Gewinnzone.
Sehe ich das in Kurzform so richtig?
Gruß
slo
Hatte ich auch gesehen, falls Du das Hochschnellen auf bis zu 4 USD kurz vor Handelsschluss meintest.
Im Yahoo! Message Board sprachen einige Leute von einem Short Squeeze. Selbst weiß ich es aber auch nicht.
Die gestrigen Quartalszahlen waren schlecht, aber nicht ganz so katastrophal wie erwartet (60 Cent statt erwartete 65 Cent Verlust), für`s nächste Quartal werden zwar bessere Ergebnisse erwartet, jedoch noch nicht die Rückkehr in die Gewinnzone.
Sehe ich das in Kurzform so richtig?
Gruß
slo
Ich bin jetzt doch mit einer ersten Position eingestiegen, werde aber zur Streuung des Einkaufspreises noch 1-2 mal kaufen.
Ich denke bei einem Buchwert von 21 $ und einem KUV von 0,04 (!!!) kann man nicht viel falsch machen - vorausgesetzt das Unternehmen überlebt.
Ich denke bei einem Buchwert von 21 $ und einem KUV von 0,04 (!!!) kann man nicht viel falsch machen - vorausgesetzt das Unternehmen überlebt.
Hallo valueinvestor,
bist Du also doch eingestiegen! Kaufst Du amerikanische Werte in USA, oder in Deutschland?
Wenn ich die Entwicklung des Kurses der letzten Tage betrachte, so gibt es immer gegen Ende des Handels steigende Kurse. Diese Tagesschwankungen gehen sehr oft über 10 % des Kurses hinaus und könnten sehr gut zum Traden genutzt werden.
Du als Charttechniker könntest vielleicht mal eine kurze charttechnische Bewertung hier einstellen. Mein Gefühl sagt mir, daß die Dümpelei nicht mehr allzulange andauern wird.
Gruß Substanzsucher
bist Du also doch eingestiegen! Kaufst Du amerikanische Werte in USA, oder in Deutschland?
Wenn ich die Entwicklung des Kurses der letzten Tage betrachte, so gibt es immer gegen Ende des Handels steigende Kurse. Diese Tagesschwankungen gehen sehr oft über 10 % des Kurses hinaus und könnten sehr gut zum Traden genutzt werden.
Du als Charttechniker könntest vielleicht mal eine kurze charttechnische Bewertung hier einstellen. Mein Gefühl sagt mir, daß die Dümpelei nicht mehr allzulange andauern wird.
Gruß Substanzsucher
Ich kaufe in D, weil die broker alle kein apple können...
Der Chart selber ist noch nicht überzeugend, allerdings ist die letzte Abwärtswelle deutlich flacher und dauert länger. Zudem wurden die alten Tiefs nicht durchbrochen.
Bei verprügelten US-Werten schaue ich mir immer das 25-Wochenmomentum an und dieses gibt ein Kaufsignal: Ein positives Momentum auf ein halbes Jahr heißt nämlich nichts anderes, als das die shorties seit einem halben Jahr per saldo kein Geld mehr verdienen. ( bei federal mogul mehr als die Hälfte des freefloats) Sie müssen sich also entweder eine andere Spielwiese suchen oder auf die longseite wechseln. Wenn positive Unternehmensmeldungen kommen und die shorties sich eindecken müssen kann es sehr schnell gehen. Zusätzlich gibt der MACD auf Wochenbasis mit verdoppelter Einstellung auch ein Kaufsignal. T.Theuerzeit hat diese Indikatorenkombination im vorletzten Technical Investor für antizyklisches Vorgehen empfohlen.
Der Chart selber ist noch nicht überzeugend, allerdings ist die letzte Abwärtswelle deutlich flacher und dauert länger. Zudem wurden die alten Tiefs nicht durchbrochen.
Bei verprügelten US-Werten schaue ich mir immer das 25-Wochenmomentum an und dieses gibt ein Kaufsignal: Ein positives Momentum auf ein halbes Jahr heißt nämlich nichts anderes, als das die shorties seit einem halben Jahr per saldo kein Geld mehr verdienen. ( bei federal mogul mehr als die Hälfte des freefloats) Sie müssen sich also entweder eine andere Spielwiese suchen oder auf die longseite wechseln. Wenn positive Unternehmensmeldungen kommen und die shorties sich eindecken müssen kann es sehr schnell gehen. Zusätzlich gibt der MACD auf Wochenbasis mit verdoppelter Einstellung auch ein Kaufsignal. T.Theuerzeit hat diese Indikatorenkombination im vorletzten Technical Investor für antizyklisches Vorgehen empfohlen.
Hallo zusammen!
Ich tippe, der Grund für die hohen Umsätze dürfte diese Meldung sein.
------------------------------------------------------------
GKN mulls U.S. acquisition -- newspaper
(UPDATE: inserts paragraph 4 with Textron comment)
LONDON, May 27 (Reuters) - British engineering group GKN Plc (quote from Yahoo! UK & Ireland: GKN.L) is considering a bid for U.S.-based auto parts maker Federal-Mogul Corp. (NYSE: FMO - news), which cut more than 1,000 jobs in February in response to falling demand from U.S. and German automakers, Sunday Business said.
The paper said GKN -- in the process of merging its industrial services operations with Australian group Brambles (Australia:BIL.AX - news) -- could afford to spend at least 2.0 billion pounds ($2.84 billion) on acquisitions because of its strong balance sheet.
In an unsourced report, the paper added that GKN was also considering the possibility of merging with U.S. rivals Textron Inc.(NYSE: TXT - news) or Dana Corp. (NYSE: DCN - news) as it plots its future following the Brambles deal.
A spokeswoman for Textron declined to comment on the matter. A source close to Textron, however, said rumors about a merger with GKN were ``untrue``.
Efforts on Sunday to reach representatives for Federal Mogul and Dana Corp. were unsuccessful.
In April, Federal-Mogul posted first-quarter sales of $1.45 billion, though its loss from operations was $42.1 million, or 60 cents per share. The company attributed the loss to significantly lower North American demand from its aftermarket and original equipment customers.
(Additional reporting in New York by Daniel Sorid)
http://biz.yahoo.com/rf/010527/n27393890_2.html
------------------------------------------------------------
Durch die geschlossene Börse in den USA tippe ich `mal auf Käufer aus Übersee. (Man achte auf die Zeiten.)
Was haltet Ihr davon?
Gruß
slo
Ich tippe, der Grund für die hohen Umsätze dürfte diese Meldung sein.
------------------------------------------------------------
GKN mulls U.S. acquisition -- newspaper
(UPDATE: inserts paragraph 4 with Textron comment)
LONDON, May 27 (Reuters) - British engineering group GKN Plc (quote from Yahoo! UK & Ireland: GKN.L) is considering a bid for U.S.-based auto parts maker Federal-Mogul Corp. (NYSE: FMO - news), which cut more than 1,000 jobs in February in response to falling demand from U.S. and German automakers, Sunday Business said.
The paper said GKN -- in the process of merging its industrial services operations with Australian group Brambles (Australia:BIL.AX - news) -- could afford to spend at least 2.0 billion pounds ($2.84 billion) on acquisitions because of its strong balance sheet.
In an unsourced report, the paper added that GKN was also considering the possibility of merging with U.S. rivals Textron Inc.(NYSE: TXT - news) or Dana Corp. (NYSE: DCN - news) as it plots its future following the Brambles deal.
A spokeswoman for Textron declined to comment on the matter. A source close to Textron, however, said rumors about a merger with GKN were ``untrue``.
Efforts on Sunday to reach representatives for Federal Mogul and Dana Corp. were unsuccessful.
In April, Federal-Mogul posted first-quarter sales of $1.45 billion, though its loss from operations was $42.1 million, or 60 cents per share. The company attributed the loss to significantly lower North American demand from its aftermarket and original equipment customers.
(Additional reporting in New York by Daniel Sorid)
http://biz.yahoo.com/rf/010527/n27393890_2.html
------------------------------------------------------------
Durch die geschlossene Börse in den USA tippe ich `mal auf Käufer aus Übersee. (Man achte auf die Zeiten.)
Was haltet Ihr davon?
Gruß
slo
FMO wird aktuell mit 4,30 gehandelt. Das sind 3,67 Dollar und mithin 20% Aufgeld gegen US-Schlußkurs am Freitag.
Eventuell kommt vor Börseneröffnung ein Angebot zu 6 Dollar
bzw. 7 Euro. Das wären 63% Kurschance.
Interessant ist die Shortposition in FMO, die bei ca. 18 Mio. Aktien liegt, immerhin knapp 50% des free float.
Spannend wird es zur Eröffnung!
Keine Ahnung wie der Wahrheitsgehalt einer englischen Tageszeitung einzuschätzen ist.
Eventuell kommt vor Börseneröffnung ein Angebot zu 6 Dollar
bzw. 7 Euro. Das wären 63% Kurschance.
Interessant ist die Shortposition in FMO, die bei ca. 18 Mio. Aktien liegt, immerhin knapp 50% des free float.
Spannend wird es zur Eröffnung!
Keine Ahnung wie der Wahrheitsgehalt einer englischen Tageszeitung einzuschätzen ist.
Tja, bei mir herrscht Ratlosigkeit bzgl. der gestrigen Käufe hier in D.
Schwarzer Chart New York, blauer Berlin
Gruß
slo
Schwarzer Chart New York, blauer Berlin
Gruß
slo
@slo
Das waren Leute, die die Diskussion über den Artikel in der
Sunday Business am Wochenende verfolgt haben.
Vor allem bei Yahoo wurde viel diskutiert.
Man konnte tatsächlich einiges erwarten zur Eröffnung in
New York. Leider war das nichts.
Allerdings sollte man die 1,4 Mio.Stück Umsatz beachten.
Die gab es schon lange nicht mehr.
Das waren Leute, die die Diskussion über den Artikel in der
Sunday Business am Wochenende verfolgt haben.
Vor allem bei Yahoo wurde viel diskutiert.
Man konnte tatsächlich einiges erwarten zur Eröffnung in
New York. Leider war das nichts.
Allerdings sollte man die 1,4 Mio.Stück Umsatz beachten.
Die gab es schon lange nicht mehr.
Der short interest ist von Mitte April bis Mitte Juni um fast 7% gesunken. Allerdings bräuchten die shorties bei den durchschnittlichen Umsätzen des letzten Monats 42 Tage um sich einzudecken. Also: Es kann sehr schnell nach oben gehen!
@tin, valueinvestor
Danke für die Kommentare.
Na ja, wenigstens scheint die 2 vor`m Komma der Vergangenheit anzugehören.
Danke für die Kommentare.
Na ja, wenigstens scheint die 2 vor`m Komma der Vergangenheit anzugehören.
Hallo zusammen,
wollte eigentlich nur anmerken, daß ich noch voll dabei bin.
Gruß Substanzsucher
wollte eigentlich nur anmerken, daß ich noch voll dabei bin.
Gruß Substanzsucher
Hallo zusammen,
langsam kommt Bewegung in den Kurs.
In der Spitze bei 3,75 $ und geschlossen mit ca. 12 % Gewinn! Charttechnisch wird es mit diesem Anstieg auch sehr spannend.
Gruß Substanzsucher
langsam kommt Bewegung in den Kurs.
In der Spitze bei 3,75 $ und geschlossen mit ca. 12 % Gewinn! Charttechnisch wird es mit diesem Anstieg auch sehr spannend.
Gruß Substanzsucher
Der New Yorker Kurs hat sich in den letzten Tagen kaum bewegt, die Bollinger Bänder haben sich stark zusammengezogen, was immer ein Zeichen ist, daß in irgendeine Richtung Bewegung kommen wird. Ich habe den Artikel aus der englischen Zeitung bei fool.com reingestellt, weil die Amis bekanntlich keine englischen Zeitungen lesen.
Vielleicht hat das den Kursaufschwung bewirkt
?
12% sind natürlich ein Wort. Shorties sind in solchen Fällen gute Verbündete, denn sie müssen sich eindecken, koste es was es wolle. Die in dem Artikel kolportierte Kaufsumme bedeutet einen Kurs von 5;8 $, die beiden Gesellschaften haben dementiert und es soll auch kartellrechtliche Probleme geben. Denkbar wäre aber weiterhin, daß ein Teil von fmo verkauft wird, um bei fmo Geld in die Kassen zu bringen.
Jetzt ist meine Freude natürlich groß, denn morgen eröffnen wir über 4!!!
Grüße an alle Mitinvestierten,
value
Vielleicht hat das den Kursaufschwung bewirkt
?12% sind natürlich ein Wort. Shorties sind in solchen Fällen gute Verbündete, denn sie müssen sich eindecken, koste es was es wolle. Die in dem Artikel kolportierte Kaufsumme bedeutet einen Kurs von 5;8 $, die beiden Gesellschaften haben dementiert und es soll auch kartellrechtliche Probleme geben. Denkbar wäre aber weiterhin, daß ein Teil von fmo verkauft wird, um bei fmo Geld in die Kassen zu bringen.
Jetzt ist meine Freude natürlich groß, denn morgen eröffnen wir über 4!!!
Grüße an alle Mitinvestierten,
value
Hallo valueinvestor,
wenn auch die Umsätze wesentlich geringer, sind sehen wir doch nochmals die Tiefstkurse vom Dezember. Wie beurteilst Du die aktuelle Situation charttechnisch?
Gruß Substanzsucher
wenn auch die Umsätze wesentlich geringer, sind sehen wir doch nochmals die Tiefstkurse vom Dezember. Wie beurteilst Du die aktuelle Situation charttechnisch?
Gruß Substanzsucher
Abend,
wer weiss etwas konrektes über die asbest geschichte?
links?
danke!
wer weiss etwas konrektes über die asbest geschichte?
links?
danke!
Na ja, die Tiefs aus dem letzten Jahr sind der einzige Rettungsanker, den der Chart noch hat. Auf jeden Fall hatten wir kürzlich einen klassischen false break out - ein deutlicher trend kam dann ja auch.
Wie fahrt ihr eigentlich eure Position?
Ich bin nur mit 2% Depotvolumen drin und habe mir vorgenommen, ohne Stop zu arbeiten. Es ist sicher mein riskantestes Papier im Depot, das einzige, bei dem ein Totalverlust nicht auszuschließen ist, aber mit geringem Depotanteil und den Chancen auf einen Tenbagger bleib ich (nötigenfalls) bis zum Chapter 7.
Hat jemand aktuelle Daten zu den Shortpositionen? - ich kaufe nicht jede Woche den Barrons. Shorties wären mir als Ursache am liebsten, den die haben ihre Eigendynamik, die sich genausoschnell auch wieder drehen kann.
Wie fahrt ihr eigentlich eure Position?
Ich bin nur mit 2% Depotvolumen drin und habe mir vorgenommen, ohne Stop zu arbeiten. Es ist sicher mein riskantestes Papier im Depot, das einzige, bei dem ein Totalverlust nicht auszuschließen ist, aber mit geringem Depotanteil und den Chancen auf einen Tenbagger bleib ich (nötigenfalls) bis zum Chapter 7.
Hat jemand aktuelle Daten zu den Shortpositionen? - ich kaufe nicht jede Woche den Barrons. Shorties wären mir als Ursache am liebsten, den die haben ihre Eigendynamik, die sich genausoschnell auch wieder drehen kann.
Und genau bei den alten Tiefsständen sind wir jetzt...
Ist der Absturz vielleicht hiermit zu begründen?
http://dailynews.yahoo.com/h/nm/20010625/bs/manufacturing_us…
Jedenfalls begann der Kursrutsch von USG nur etwas vor dem FMOs.
@valueinvestor
Mein Depotanteil von FMO ist auch sehr gering, und irgendwie glaube ich, dass die Gefahr, dass es zu einem Totalverlust kommt, etwas größer geworden ist.
Gruß
slo
Ist der Absturz vielleicht hiermit zu begründen?
http://dailynews.yahoo.com/h/nm/20010625/bs/manufacturing_us…
Jedenfalls begann der Kursrutsch von USG nur etwas vor dem FMOs.
@valueinvestor
Mein Depotanteil von FMO ist auch sehr gering, und irgendwie glaube ich, dass die Gefahr, dass es zu einem Totalverlust kommt, etwas größer geworden ist.
Gruß
slo
Hallo valueinvestor,
mein Depotanteil war mal 5 % und beträgt momentan nur noch 2,5 %. Wollte heute eigentlich nachkaufen und habe es dann doch wieder verpaßt.
Gruß Substanzsucher
mein Depotanteil war mal 5 % und beträgt momentan nur noch 2,5 %. Wollte heute eigentlich nachkaufen und habe es dann doch wieder verpaßt.
Gruß Substanzsucher
USG geht momentan ab, soweit ich weiß, hat sich Warren Buffet da reingemischt.Bin gespannt, wie weit USG noch steigt, auch, ob FMO die Richtung nach NO mitmacht. Immerhin hat FMO kürzlich einen Industriepreis gewonnen.
Leider bringen irgendwelche Preise die Asbestklagen nicht zum Stillstand und die maue Konjunktur nicht zum Laufen.
----------
Thursday July 19, 10:26 am Eastern Time
Federal-Mogul posts loss, hit by asbestos
(UPDATE: Adds details; updates stock activity)
NEW YORK, July 19 (Reuters) - Automotive parts maker Federal-Mogul Corp. (NYSE:FMO - news)on Thursday posted a second-quarter loss, as asbestos-related payments totalled $82 million during the period.
The Southfield, Michigan-based company said it continues to receive a high volume of new asbestos claims, and the recent bankruptcies of several companies due to asbestos litigation are putting further financial pressure on the company.
It also said it continues to face ``increasing trial pressure`` from a variety of state jurisdictions, and foresees more difficulty in enacting laws to control asbestos suits due to the recent shift to a Democratic majority in the U.S. Senate.
Federal-Mogul posted a loss of 44 cents a share, excluding charges, compared with a profit of 65 cents a share last year. Including items, the loss came to 25 cents per share. Including items, the company reported a loss of 25 cents a share, compared with a profit of 65 cents a share a year ago.
Second-quarter sales fell to $1.4 billion from $1.6 billion last year. Federal-Mogul said the original equipment market strengthened overall in North America due to product offerings by European and Japanese car makers, but those manufacturers do not represent a strong market for Federal-Mogul.
The company said it reduced its inventory by $26 million and reduced its debt by $29 million in the period, while free cash flow from operations was about breakeven.
Eight companies, including building materials manufacturer USG Corp. (NYSE:USG - news), have filed for Chapter 11 bankruptcy protection in the last year and a half. Federal-Mogul is one of the few remaining companies plagued by asbestos lawsuits that has not filed for Chapter 11.
The company`s shares lost 3 cents to $1.66 in early trade on the New York Stock Exchange, near the 52-week low of $1.45. The stock has fallen 28 percent since the beginning of the year.
----------
Gruß
slo
----------
Thursday July 19, 10:26 am Eastern Time
Federal-Mogul posts loss, hit by asbestos
(UPDATE: Adds details; updates stock activity)
NEW YORK, July 19 (Reuters) - Automotive parts maker Federal-Mogul Corp. (NYSE:FMO - news)on Thursday posted a second-quarter loss, as asbestos-related payments totalled $82 million during the period.
The Southfield, Michigan-based company said it continues to receive a high volume of new asbestos claims, and the recent bankruptcies of several companies due to asbestos litigation are putting further financial pressure on the company.
It also said it continues to face ``increasing trial pressure`` from a variety of state jurisdictions, and foresees more difficulty in enacting laws to control asbestos suits due to the recent shift to a Democratic majority in the U.S. Senate.
Federal-Mogul posted a loss of 44 cents a share, excluding charges, compared with a profit of 65 cents a share last year. Including items, the loss came to 25 cents per share. Including items, the company reported a loss of 25 cents a share, compared with a profit of 65 cents a share a year ago.
Second-quarter sales fell to $1.4 billion from $1.6 billion last year. Federal-Mogul said the original equipment market strengthened overall in North America due to product offerings by European and Japanese car makers, but those manufacturers do not represent a strong market for Federal-Mogul.
The company said it reduced its inventory by $26 million and reduced its debt by $29 million in the period, while free cash flow from operations was about breakeven.
Eight companies, including building materials manufacturer USG Corp. (NYSE:USG - news), have filed for Chapter 11 bankruptcy protection in the last year and a half. Federal-Mogul is one of the few remaining companies plagued by asbestos lawsuits that has not filed for Chapter 11.
The company`s shares lost 3 cents to $1.66 in early trade on the New York Stock Exchange, near the 52-week low of $1.45. The stock has fallen 28 percent since the beginning of the year.
----------
Gruß
slo
Hallo zusammen,
kann mir jemand den gestrigen Handelsverlauf in Frankfurt erklären?
Weshalb kamen diese Kurse zustande?
Würde mich freuen, wenn einer der 65-Cent-Käufer sich meldete. (Glückwunsch!)
Gruß
slo
kann mir jemand den gestrigen Handelsverlauf in Frankfurt erklären?
Weshalb kamen diese Kurse zustande?
Würde mich freuen, wenn einer der 65-Cent-Käufer sich meldete. (Glückwunsch!)
Gruß
slo
Monday October 1 2:40 PM ET
Federal-Mogul Files for Bankruptcy
SOUTHFIELD, Mich. (Reuters) - Auto parts maker Federal-Mogul Corp. (NYSE:FMO - news) filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code on Monday, after being hit with a deluge of asbestos-related litigation.
The widely expected move by Federal-Mogul -- which triggered alarm bells in July when it halted all employee retirement fund contributions to its own common stock fund -- comes amid a sharp slowdown in auto sales and the automotive parts business that was exacerbated by the Sept. 11 attacks on New York and Washington.
But the Southfield, Michigan-based firm said its business would continue to operate without interruption and that it sees no job losses or facility closures directly resulting from the voluntary filing, which it said was aimed at separating its asbestos liabilities from its true operating potential.
Federal-Mogul`s subsidiaries in the United Kingdom have also filed jointly for Chapter 11 and for administration under the UK Insolvency Act of 1986. Outside the United States and United Kingdom units, which held the most asbestos liability, no other subsidiaries were included in the filings.
``Today`s action does not mean that Federal-Mogul is going out of business or undergoing liquidation,`` the company`s Chief Executive Officer Frank Macher said in a conference call. Macher said the company`s operations were fundamentally sound, but the decision was ``the only way we can effectively structure payments for claimants without financially crippling the operations of Federal-Mogul.``
CLAIMS PILING HIGH
The pressures of claims against Federal-Mogul had intensified over the past year as other companies named as co-defendants in asbestos litigation filed for bankruptcy, leaving Federal-Mogul more vulnerable.
``This dramatically increased our exposure in asbestos settlements to the point where our costs were truly out of proportion with our legitimate liability,`` Macher said.
Once a company files for Chapter 11 protection, claims against it are halted until a deadline is set by which all claims must be filed. The claims are then handled by a fund set up for that purpose, shielding the company from new lawsuits.
Federal-Mogul had hoped the U.S. Government would help combat asbestos suits by passing laws regulating the issue, but it simply ran out of time as claim demands escalated.
The asbestos-related bankruptcies of building material maker USG Corp. (NYSE:USG - news) and specialty chemical company W.R. Grace & Co. (NYSE:GRA - news) ``put another so-called nail in the coffin,`` Macher said.
Federal-Mogul`s asbestos problems stem from its purchase in the late 1990s of smaller companies with asbestos liabilities. The company said it was ``impossible to predict`` how long its restructuring under Chapter 11 could take.
Federal-Mogul noted that it is one of more than 30 companies involved in asbestos-related litigation to voluntarily file for Chapter 11 since 1982. Asbestos is a cancer-causing mineral formerly used as insulation and in brake linings.
SEEKING FINANCING TO SOOTHE SUPPLIERS
A company spokesman said Federal-Mogul, which is about the 30th largest auto parts company worldwide, listed assets totaling $10.2 billion as of June 30, and non-asbestos liabilities totaling more than $8.9 billion. The spokesman had no immediate comment on the asbestos-related claims pending against the company.
The Bank of New York (NYSE:BK - news) is the trustee for many of Federal-Mogul`s bond holders, who together hold more than $2 billion in non-secured debt.
According to stock tracking firm Thomson Financial, Boston-based State Street Corp.(NYSE:STT - news) is Federal-Mogul`s single largest equity holder, with more than 18 percent of outstanding shares as of June 30. Investor Carl Ichan is also among major equity holders.
Federal-Mogul also said its board elected its CEO, Macher, to the additional post of chairman, effective Monday. Macher replaces Robert Miller Jr., who had been serving as non-executive chairman and will remain on the company`s board.
Federal-Mogul said the bankruptcy filings were made on Monday in the U.S. Bankruptcy Court in Wilmington, Delaware, and in the High Court of Justice, Chancery Division, London.
The company said it has obtained commitments of up to $675 million in a new loan through debtor-in-possession financing from a group of banks led by J.P. Morgan Chase & Co.
Following the U.S. Court`s approval, Federal-Mogul can use the funds to meet the future needs and obligations associated with normal business operations. Macher said the company would seek immediate access to $400 million to ensure payment to its suppliers going forward.
Shares of Federal-Mogul fell 7 cents, or 9.72 percent, to a 52-week low of 65 cents on Friday on the New York Stock Exchange (news - web sites). The shares, which were suspended from early morning trading in New York on Monday, have been on a steady decline in recent months and last tapped a 52-week high of $6.00 early last October.
Ok, war eigentlich zu erwarten. Aber wie geht es jetzt weiter, was können die Aktionäre noch erwarten? Kann FMO `auferstehen`? Ich zumindest bin sehr skeptisch.
Viele Grüße
wpp
Federal-Mogul Files for Bankruptcy
SOUTHFIELD, Mich. (Reuters) - Auto parts maker Federal-Mogul Corp. (NYSE:FMO - news) filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code on Monday, after being hit with a deluge of asbestos-related litigation.
The widely expected move by Federal-Mogul -- which triggered alarm bells in July when it halted all employee retirement fund contributions to its own common stock fund -- comes amid a sharp slowdown in auto sales and the automotive parts business that was exacerbated by the Sept. 11 attacks on New York and Washington.
But the Southfield, Michigan-based firm said its business would continue to operate without interruption and that it sees no job losses or facility closures directly resulting from the voluntary filing, which it said was aimed at separating its asbestos liabilities from its true operating potential.
Federal-Mogul`s subsidiaries in the United Kingdom have also filed jointly for Chapter 11 and for administration under the UK Insolvency Act of 1986. Outside the United States and United Kingdom units, which held the most asbestos liability, no other subsidiaries were included in the filings.
``Today`s action does not mean that Federal-Mogul is going out of business or undergoing liquidation,`` the company`s Chief Executive Officer Frank Macher said in a conference call. Macher said the company`s operations were fundamentally sound, but the decision was ``the only way we can effectively structure payments for claimants without financially crippling the operations of Federal-Mogul.``
CLAIMS PILING HIGH
The pressures of claims against Federal-Mogul had intensified over the past year as other companies named as co-defendants in asbestos litigation filed for bankruptcy, leaving Federal-Mogul more vulnerable.
``This dramatically increased our exposure in asbestos settlements to the point where our costs were truly out of proportion with our legitimate liability,`` Macher said.
Once a company files for Chapter 11 protection, claims against it are halted until a deadline is set by which all claims must be filed. The claims are then handled by a fund set up for that purpose, shielding the company from new lawsuits.
Federal-Mogul had hoped the U.S. Government would help combat asbestos suits by passing laws regulating the issue, but it simply ran out of time as claim demands escalated.
The asbestos-related bankruptcies of building material maker USG Corp. (NYSE:USG - news) and specialty chemical company W.R. Grace & Co. (NYSE:GRA - news) ``put another so-called nail in the coffin,`` Macher said.
Federal-Mogul`s asbestos problems stem from its purchase in the late 1990s of smaller companies with asbestos liabilities. The company said it was ``impossible to predict`` how long its restructuring under Chapter 11 could take.
Federal-Mogul noted that it is one of more than 30 companies involved in asbestos-related litigation to voluntarily file for Chapter 11 since 1982. Asbestos is a cancer-causing mineral formerly used as insulation and in brake linings.
SEEKING FINANCING TO SOOTHE SUPPLIERS
A company spokesman said Federal-Mogul, which is about the 30th largest auto parts company worldwide, listed assets totaling $10.2 billion as of June 30, and non-asbestos liabilities totaling more than $8.9 billion. The spokesman had no immediate comment on the asbestos-related claims pending against the company.
The Bank of New York (NYSE:BK - news) is the trustee for many of Federal-Mogul`s bond holders, who together hold more than $2 billion in non-secured debt.
According to stock tracking firm Thomson Financial, Boston-based State Street Corp.(NYSE:STT - news) is Federal-Mogul`s single largest equity holder, with more than 18 percent of outstanding shares as of June 30. Investor Carl Ichan is also among major equity holders.
Federal-Mogul also said its board elected its CEO, Macher, to the additional post of chairman, effective Monday. Macher replaces Robert Miller Jr., who had been serving as non-executive chairman and will remain on the company`s board.
Federal-Mogul said the bankruptcy filings were made on Monday in the U.S. Bankruptcy Court in Wilmington, Delaware, and in the High Court of Justice, Chancery Division, London.
The company said it has obtained commitments of up to $675 million in a new loan through debtor-in-possession financing from a group of banks led by J.P. Morgan Chase & Co.
Following the U.S. Court`s approval, Federal-Mogul can use the funds to meet the future needs and obligations associated with normal business operations. Macher said the company would seek immediate access to $400 million to ensure payment to its suppliers going forward.
Shares of Federal-Mogul fell 7 cents, or 9.72 percent, to a 52-week low of 65 cents on Friday on the New York Stock Exchange (news - web sites). The shares, which were suspended from early morning trading in New York on Monday, have been on a steady decline in recent months and last tapped a 52-week high of $6.00 early last October.
Ok, war eigentlich zu erwarten. Aber wie geht es jetzt weiter, was können die Aktionäre noch erwarten? Kann FMO `auferstehen`? Ich zumindest bin sehr skeptisch.
Viele Grüße
wpp
Schade. Aber irgendwie war das ja dann doch abzusehen.
Und selbst einige Amis hinterfragen die eigene Rechtsprechung.
(Wohl eher aus Frust.)
-----
Lawyers did it again
by: maverixon 10/01/01 11:56 pm
Msg: 18871 of 18879
No, not even the fact that the economy is crumbling, unemployment is soaring and enemies have declared war on the US - none of these would stop our good ol` lawyers from destroying company after company by inundating them with lawsuits. Bin Laden couldn`t hope for better allies than our tort lawyers...
-----
Naja, so kann man`s auch sehen...
Gruß
slo
PS: Wie`s weitergeht mit FMO? Ich habe keine Ahnung!
Und selbst einige Amis hinterfragen die eigene Rechtsprechung.
(Wohl eher aus Frust.)
-----
Lawyers did it again
by: maverixon 10/01/01 11:56 pm
Msg: 18871 of 18879
No, not even the fact that the economy is crumbling, unemployment is soaring and enemies have declared war on the US - none of these would stop our good ol` lawyers from destroying company after company by inundating them with lawsuits. Bin Laden couldn`t hope for better allies than our tort lawyers...
-----
Naja, so kann man`s auch sehen...
Gruß
slo
PS: Wie`s weitergeht mit FMO? Ich habe keine Ahnung!
Laut Yahoo waren am 8. August noch 21 Mio. Aktien short. Wo kann man diese Zahl verifizieren, bzw. eine aktuellere Zahl bekommen?
Falls diese Zahl (=46 % of Float) noch stimmt, was passiert dann, wenn es tatsächlich zu einem Short-Sqeeze kommen sollte? - Die könnten doch gar nicht alle bedient werden.
Auf der anderen Seite stellt sich die Frage, wer bereit ist noch 1,05 € in Frankfurt (3.10.) auf den Tisch zu legen.
Fazit: Federal Mogul ist z.Zt. lediglich ein Zocker-Wert
Für Substanz/Value-Investoren ist FMO m.E. z.Zt. tabu.
Viele Grüsse,
wpp
Falls diese Zahl (=46 % of Float) noch stimmt, was passiert dann, wenn es tatsächlich zu einem Short-Sqeeze kommen sollte? - Die könnten doch gar nicht alle bedient werden.
Auf der anderen Seite stellt sich die Frage, wer bereit ist noch 1,05 € in Frankfurt (3.10.) auf den Tisch zu legen.
Fazit: Federal Mogul ist z.Zt. lediglich ein Zocker-Wert
Für Substanz/Value-Investoren ist FMO m.E. z.Zt. tabu.
Viele Grüsse,
wpp
??
Müssen Shortpositionen im Falle des bevorstehenden Aus einer Firma glattgestellt werden?
Nicht ganz ernst gemeint.
Aber ich habe leider keine Ahnung, was zu tun ist, wenn man investiert ist.
Momentan schaue ich meiner 100%-Abschreibung einfach zu.
Gruß
slo
Ideen oder Vorschläge für untenstehenden Kurs vorhanden?
Falls überhaupt noch jemand hier mitliest..
Falls überhaupt noch jemand hier mitliest..
sorry wpp, bin kein Zocker, aber habe sie noch im Depot, bilanztechnisch aber sind sie bei mir schon zu 100% abgeschrieben...
also zurücklehnen und geniessen...
also zurücklehnen und geniessen...
Hallo zusammen!
Sagt `mal bitte, hat einer von Euch irgendeine plausible Erklärung für die Verdreifachung (!!) binnen kürzester Zeit?
Ich finde nämlich nix, was dafür herhalten könnte.
Gruß
slo
Sagt `mal bitte, hat einer von Euch irgendeine plausible Erklärung für die Verdreifachung (!!) binnen kürzester Zeit?
Ich finde nämlich nix, was dafür herhalten könnte.
Gruß
slo
Nachtrag:
SOUTHFIELD, Mich., Nov 14 (Reuters) - Auto parts maker Federal-Mogul Corp. (NYSE:FMO - news) posted a wider third-quarter loss on Wednesday on lower sales and increased employee benefit costs.
The Southfield, Michigan-based company had a net loss of $810.1 million, or $10.31 a share, compared with a net loss of $7.6 million, or 12 cents a share a year earlier. Sales fell to $1.29 billion from $1.43 billion a year ago.
Excluding one-time items in both periods, Federal-Mogul had an operating loss of $1.46 a share, versus a year-earlier profit of $1 million, or 1 cent a share.
Federal-Mogul filed for Chapter 11 bankruptcy reorganization on Oct. 1 after being hit with a deluge of asbestos-related lawsuits. More than 30 companies facing asbestos litigation, including USG Corp. (NYSE:USG - news) and W.R. Grace & Co. (NYSE:GRA - news), have now gone to bankruptcy court as asbestos claims have mounted.
The company`s shares, which have fallen almost 40 percent so far this year, fell 20 cents to $1.13 early Wednesday.
----------------------------------
OK, das war der Grund für den Kursanstieg -
und den Einbruch!
Gruß
slo
The Southfield, Michigan-based company had a net loss of $810.1 million, or $10.31 a share, compared with a net loss of $7.6 million, or 12 cents a share a year earlier. Sales fell to $1.29 billion from $1.43 billion a year ago.
Excluding one-time items in both periods, Federal-Mogul had an operating loss of $1.46 a share, versus a year-earlier profit of $1 million, or 1 cent a share.
Federal-Mogul filed for Chapter 11 bankruptcy reorganization on Oct. 1 after being hit with a deluge of asbestos-related lawsuits. More than 30 companies facing asbestos litigation, including USG Corp. (NYSE:USG - news) and W.R. Grace & Co. (NYSE:GRA - news), have now gone to bankruptcy court as asbestos claims have mounted.
The company`s shares, which have fallen almost 40 percent so far this year, fell 20 cents to $1.13 early Wednesday.
----------------------------------
OK, das war der Grund für den Kursanstieg -
und den Einbruch!
Gruß
slo
... aber trotzdem will der Kurs nach oben? 
Guten Morgen, liebe FMO-Interessierte!
Nachdem wahrscheinlich alle vor Jahreswechsel ihre Aktien verkauft und somit ihren Abschreibungswillen bestätigt haben, frage ich:
Gibt`s trotzdem noch FMO-Aktionäre an Board?
Wie sieht Eure Erwartung aus?
Welcher Umstand bewirkt schon wieder diesen Kurs?
(Ich finde nix! Noch nicht einmal Gerüchte!)
Gruß
slo
Nachdem wahrscheinlich alle vor Jahreswechsel ihre Aktien verkauft und somit ihren Abschreibungswillen bestätigt haben, frage ich:
Gibt`s trotzdem noch FMO-Aktionäre an Board?
Wie sieht Eure Erwartung aus?
Welcher Umstand bewirkt schon wieder diesen Kurs?
(Ich finde nix! Noch nicht einmal Gerüchte!)
Gruß
slo
Friday January 25, 3:00 pm Eastern Time
U.S. automakers aim to blunt asbestos liabilities
(UPDATE: adds comment from Ford spokeswoman in paragraph 16)
By Julie MacIntosh and Justin Hyde
NEW YORK, Jan 25 (Reuters) - The Big Three U.S. automakers have asked a federal judge to gather most of the asbestos claims pending against them in one court, in an attempt to thwart the kind of crippling liabilities the lawsuits have spawned in other industries.
In a hearing set for Feb. 8, lawyers for General Motors Corp., (NYSE:GM - news) Ford Motor Co. (NYSE: F - news) and DaimlerChrysler AG (NYSE: DCX - news) will argue that some 15,000 to 20,000 asbestos cases pending against them should be bundled together as part of the bankruptcy case of auto parts maker Federal-Mogul Corp. (NYSE: FMO - news)
If they`re allowed to move their cases from state court to Delaware bankruptcy court under U.S. District Judge Alfred M. Wolin, automakers will then argue the lawsuits should be dismissed for lack of scientific evidence linking their products to any illnesses, a lawyer for the automakers said.
Investor concerns over the magnitude of claims related to asbestos have bludgeoned the stocks of many of the largest U.S. companies over the past few months, including Dow Chemical Co. (NYSE: DOW - news), Halliburton Co. (NYSE: HAL - news) and Georgia-Pacific Corp (NYSE: GP - news).
The rapidly growing number of lawsuits filed -- many by claimants who are not injured but were exposed to asbestos -- have sent about 30 U.S. companies into bankruptcy, nine of them filing for Chapter 11 since January 2000.
Speculation the administration of President George W. Bush might push for limits on asbestos liability during his State of the Union address on Tuesday spurred the Dow Jones Industrial Average higher on Friday.
White House officials declined to discuss details of Bush`s speech, but they said it is expected to focus broadly on the war on terrorism, homeland security and ways to boost the economy out of recession
BRAKE PADS AND CANCER
The inhalation of fine fibers of asbestos, a mineral used for decades by the construction and manufacturing industries for insulation and fireproofing, has been linked to lung cancer and other diseases.
The automotive sector felt the heat firsthand in October, when Federal-Mogul filed for bankruptcy after asbestos claims piled up against smaller companies it acquired in the 1990s.
Hundreds of thousands of cases against the primary makers and users of asbestos played out when those firms filed for bankruptcy, so plaintiffs launched new claims against periphery companies that had a lesser degree of asbestos exposure.
Along with companies that made protective products or wrapped heat-generating machines in asbestos, the companies include automakers and many of their suppliers, which have used asbestos as a brake lining for decades.
The claims against automakers come mainly from service station workers who say chronic exposure to asbestos dust from brakes created health problems, sometimes decades after the exposure.
David M. Bernick, an attorney who represents the automakers, said the request to gather the cases together came only after a rapid increase in asbestos lawsuits against the Big Three over the past 18 months. He said the Federal Mogul case presented the best opportunity to handle the Big Three`s cases as a whole, although a ``modest`` but unspecified number would not be covered by the motion.
``The purpose would be to have that judge address the issue of whether there`s reliable science to support the claims,`` Bernick said. ``There is no real scientific debate ... Every single study that has been done has found no increased risk of disease among auto mechanics.``
LOOPHOLES
But in June 1996, a jury ordered Ford to pay more than $14 million to the widows of two Baltimore auto mechanics who died of a rare cancer, in what was thought to be the first time Ford was found responsible for asbestos exposure from its brakes.
An $8 million award to one of the plaintiffs was upheld on appeal in June 1998, while $6 million in damages granted to the second plaintiff were reversed, a spokeswoman for Ford said.
The Big Three`s chances of having the cases moved are about 20 percent, and the chances they`ll get the cases thrown out for lack of scientific evidence are even smaller, said Robert Jacobs, an attorney representing about 100 claimants with asbestos-related lawsuits pending against brake users and manufacturers.
``They`ve been trying to do that for the last 15 years in state courts, and they`ve failed,`` he said. ``They just want a new venue.``
``This particular move was very ingenious,`` Jacobs said. ``The (automakers) aren`t in bankruptcy, and they have nothing to do with the Federal-Mogul bankruptcy. They`re just trying to get it decided by one federal judge somewhere who will overturn all of the state decisions.``
A Federal-Mogul spokeswoman said the company had no comment outside of its bankruptcy court filings.
U.S. automakers aim to blunt asbestos liabilities
(UPDATE: adds comment from Ford spokeswoman in paragraph 16)
By Julie MacIntosh and Justin Hyde
NEW YORK, Jan 25 (Reuters) - The Big Three U.S. automakers have asked a federal judge to gather most of the asbestos claims pending against them in one court, in an attempt to thwart the kind of crippling liabilities the lawsuits have spawned in other industries.
In a hearing set for Feb. 8, lawyers for General Motors Corp., (NYSE:GM - news) Ford Motor Co. (NYSE: F - news) and DaimlerChrysler AG (NYSE: DCX - news) will argue that some 15,000 to 20,000 asbestos cases pending against them should be bundled together as part of the bankruptcy case of auto parts maker Federal-Mogul Corp. (NYSE: FMO - news)
If they`re allowed to move their cases from state court to Delaware bankruptcy court under U.S. District Judge Alfred M. Wolin, automakers will then argue the lawsuits should be dismissed for lack of scientific evidence linking their products to any illnesses, a lawyer for the automakers said.
Investor concerns over the magnitude of claims related to asbestos have bludgeoned the stocks of many of the largest U.S. companies over the past few months, including Dow Chemical Co. (NYSE: DOW - news), Halliburton Co. (NYSE: HAL - news) and Georgia-Pacific Corp (NYSE: GP - news).
The rapidly growing number of lawsuits filed -- many by claimants who are not injured but were exposed to asbestos -- have sent about 30 U.S. companies into bankruptcy, nine of them filing for Chapter 11 since January 2000.
Speculation the administration of President George W. Bush might push for limits on asbestos liability during his State of the Union address on Tuesday spurred the Dow Jones Industrial Average higher on Friday.
White House officials declined to discuss details of Bush`s speech, but they said it is expected to focus broadly on the war on terrorism, homeland security and ways to boost the economy out of recession
BRAKE PADS AND CANCER
The inhalation of fine fibers of asbestos, a mineral used for decades by the construction and manufacturing industries for insulation and fireproofing, has been linked to lung cancer and other diseases.
The automotive sector felt the heat firsthand in October, when Federal-Mogul filed for bankruptcy after asbestos claims piled up against smaller companies it acquired in the 1990s.
Hundreds of thousands of cases against the primary makers and users of asbestos played out when those firms filed for bankruptcy, so plaintiffs launched new claims against periphery companies that had a lesser degree of asbestos exposure.
Along with companies that made protective products or wrapped heat-generating machines in asbestos, the companies include automakers and many of their suppliers, which have used asbestos as a brake lining for decades.
The claims against automakers come mainly from service station workers who say chronic exposure to asbestos dust from brakes created health problems, sometimes decades after the exposure.
David M. Bernick, an attorney who represents the automakers, said the request to gather the cases together came only after a rapid increase in asbestos lawsuits against the Big Three over the past 18 months. He said the Federal Mogul case presented the best opportunity to handle the Big Three`s cases as a whole, although a ``modest`` but unspecified number would not be covered by the motion.
``The purpose would be to have that judge address the issue of whether there`s reliable science to support the claims,`` Bernick said. ``There is no real scientific debate ... Every single study that has been done has found no increased risk of disease among auto mechanics.``
LOOPHOLES
But in June 1996, a jury ordered Ford to pay more than $14 million to the widows of two Baltimore auto mechanics who died of a rare cancer, in what was thought to be the first time Ford was found responsible for asbestos exposure from its brakes.
An $8 million award to one of the plaintiffs was upheld on appeal in June 1998, while $6 million in damages granted to the second plaintiff were reversed, a spokeswoman for Ford said.
The Big Three`s chances of having the cases moved are about 20 percent, and the chances they`ll get the cases thrown out for lack of scientific evidence are even smaller, said Robert Jacobs, an attorney representing about 100 claimants with asbestos-related lawsuits pending against brake users and manufacturers.
``They`ve been trying to do that for the last 15 years in state courts, and they`ve failed,`` he said. ``They just want a new venue.``
``This particular move was very ingenious,`` Jacobs said. ``The (automakers) aren`t in bankruptcy, and they have nothing to do with the Federal-Mogul bankruptcy. They`re just trying to get it decided by one federal judge somewhere who will overturn all of the state decisions.``
A Federal-Mogul spokeswoman said the company had no comment outside of its bankruptcy court filings.
US automakers lost bid to combine asbestos cases
February 08, 2002 1:56:00 PM ET
WILMINGTON, Del., Feb 8 (Reuters) - U.S. automakers fighting asbestos liability claims lost a battle on Friday when a federal judge rejected their bid to transfer thousands of lawsuits from state courts nationwide into a single court.
General Motors Corp. (GM), Ford Motor Co. (F) and the Chrysler arm of DaimlerChrysler AG (DCX) had asked for some 15,000 to 20,000 brake-related asbestos claims to be consolidated into the bankruptcy proceedings of auto parts maker Federal Mogul Corp. (FMO)
Those claims represent the majority of asbestos-related lawsuits against the automakers. If the order had been granted, automakers were poised to argue the claims should be dismissed as a group, on grounds the claims lack scientific evidence linking products to asbestos-related illnesses.
But U.S. District Court Judge Alfred Wolin ruled that he did not have jurisdiction to make such a move, that it would hurt Federal Mogul`s bankruptcy case and it would disrupt many asbestos claims in state courts that are nearing trial.
David Bernick, an attorney for the automakers, said Wolin`s ruling would be appealed. REUTERS
© 2002 Reuters
February 08, 2002 1:56:00 PM ET
WILMINGTON, Del., Feb 8 (Reuters) - U.S. automakers fighting asbestos liability claims lost a battle on Friday when a federal judge rejected their bid to transfer thousands of lawsuits from state courts nationwide into a single court.
General Motors Corp. (GM), Ford Motor Co. (F) and the Chrysler arm of DaimlerChrysler AG (DCX) had asked for some 15,000 to 20,000 brake-related asbestos claims to be consolidated into the bankruptcy proceedings of auto parts maker Federal Mogul Corp. (FMO)
Those claims represent the majority of asbestos-related lawsuits against the automakers. If the order had been granted, automakers were poised to argue the claims should be dismissed as a group, on grounds the claims lack scientific evidence linking products to asbestos-related illnesses.
But U.S. District Court Judge Alfred Wolin ruled that he did not have jurisdiction to make such a move, that it would hurt Federal Mogul`s bankruptcy case and it would disrupt many asbestos claims in state courts that are nearing trial.
David Bernick, an attorney for the automakers, said Wolin`s ruling would be appealed. REUTERS
© 2002 Reuters
Federal-Mogul Q4 loss narrows
February 22, 2002 12:00:00 PM ET
SOUTHFIELD, Mich., Feb 22 (Reuters) - Automotive parts maker Federal-Mogul Corp. (FMO) reported a shallower net loss for its fourth-quarter, as it cut down on asbestos-related charges through its bankruptcy filing in October.
The Southfield, Michigan-based company reported a net loss of $111.7 million, or $1.37 per share, including charges for divestitures, impairment, and costs related to its bankruptcy. Federal-Mogul posted a loss of $337.7 million, or $4.80 per share a year earlier.
It reported a quarterly operating loss of 36 cents per share, compared with an operating loss of 99 cents per share a year ago.
Federal-Mogul filed for Chapter 11 bankruptcy protection on October 1, 2001 due to a flood of asbestos-related litigation against the company. It took a $184.4 million asbestos-related charge in the fourth-quarter last year, and no such quarter in its most recent fourth quarter.
Sales slid four percent to $1.29 billion from $1.35 billion a year ago. The company said its global employment total slid by four percent in 2001 to 49,000 employees, including an acquisition that added 2,500 jobs. REUTERS
© 2002 Reuters
February 22, 2002 12:00:00 PM ET
SOUTHFIELD, Mich., Feb 22 (Reuters) - Automotive parts maker Federal-Mogul Corp. (FMO) reported a shallower net loss for its fourth-quarter, as it cut down on asbestos-related charges through its bankruptcy filing in October.
The Southfield, Michigan-based company reported a net loss of $111.7 million, or $1.37 per share, including charges for divestitures, impairment, and costs related to its bankruptcy. Federal-Mogul posted a loss of $337.7 million, or $4.80 per share a year earlier.
It reported a quarterly operating loss of 36 cents per share, compared with an operating loss of 99 cents per share a year ago.
Federal-Mogul filed for Chapter 11 bankruptcy protection on October 1, 2001 due to a flood of asbestos-related litigation against the company. It took a $184.4 million asbestos-related charge in the fourth-quarter last year, and no such quarter in its most recent fourth quarter.
Sales slid four percent to $1.29 billion from $1.35 billion a year ago. The company said its global employment total slid by four percent in 2001 to 49,000 employees, including an acquisition that added 2,500 jobs. REUTERS
© 2002 Reuters
Federal-Mogul Plans Major Expansion in Japan
February 22, 2002 2:20:00 PM ET
SOUTHFIELD, Mich., Feb. 22 /PRNewswire-FirstCall/ -- Federal-Mogul Corporation FMO today announced that its board of directors has approved a three-year capital spending program to establish a technical center in Japan complete with applications engineering, computer- aided design with 24-hour online capabilities between Japan, Europe and North America, engine test cells and sales engineering.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000525/DETH025LOGO )
"We are committed to improving our position with the Japanese transplants in Europe and North America," said Chip McClure, president and chief operating officer. "We have talked with our customers and our joint venture partners throughout Asia about this commitment and they are very supportive of us enhancing our sales and engineering presence in Japan."
The technical center, which is scheduled to open in early 2003, is expected to employ application engineers, designers, analysts and lab technicians. Site selection is expected to be finalized soon.
Federal-Mogul`s present facilities and staff are in Yokohama, Japan. In the Asia Pacific area, Federal-Mogul operates 30 entities in 11 countries, including 13 joint ventures. Approximately 85% of the company`s Asia Pacific sales are with powertrain products.
"There are many new powertrain transplant opportunities over the next five to 10 years and the engineering and sourcing decisions are still centralized in Japan," said McClure. "We want to leverage our existing relationships with our Japanese strategic partners for all of our products and offer the automakers in Japan at least the same level of service they receive from their Japanese suppliers."
Federal-Mogul is a global supplier of automotive components and sub- systems serving the world`s original equipment manufacturers and the aftermarket. The company utilizes its engineering and materials expertise, proprietary technology, manufacturing skill, distribution flexibility and marketing power to deliver products, brands and services of value to its customers. Federal-Mogul is focused on the globalization of its teams, products and processes to bring greater opportunities for its customers and employees, and value to its constituents. Headquartered in Southfield, Michigan, Federal-Mogul was founded in Detroit in 1899 and today employs 49,000 people in 24 countries. For more information on Federal-Mogul, visit the company`s web site at http://www.federal-mogul.com .
February 22, 2002 2:20:00 PM ET
SOUTHFIELD, Mich., Feb. 22 /PRNewswire-FirstCall/ -- Federal-Mogul Corporation FMO today announced that its board of directors has approved a three-year capital spending program to establish a technical center in Japan complete with applications engineering, computer- aided design with 24-hour online capabilities between Japan, Europe and North America, engine test cells and sales engineering.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000525/DETH025LOGO )
"We are committed to improving our position with the Japanese transplants in Europe and North America," said Chip McClure, president and chief operating officer. "We have talked with our customers and our joint venture partners throughout Asia about this commitment and they are very supportive of us enhancing our sales and engineering presence in Japan."
The technical center, which is scheduled to open in early 2003, is expected to employ application engineers, designers, analysts and lab technicians. Site selection is expected to be finalized soon.
Federal-Mogul`s present facilities and staff are in Yokohama, Japan. In the Asia Pacific area, Federal-Mogul operates 30 entities in 11 countries, including 13 joint ventures. Approximately 85% of the company`s Asia Pacific sales are with powertrain products.
"There are many new powertrain transplant opportunities over the next five to 10 years and the engineering and sourcing decisions are still centralized in Japan," said McClure. "We want to leverage our existing relationships with our Japanese strategic partners for all of our products and offer the automakers in Japan at least the same level of service they receive from their Japanese suppliers."
Federal-Mogul is a global supplier of automotive components and sub- systems serving the world`s original equipment manufacturers and the aftermarket. The company utilizes its engineering and materials expertise, proprietary technology, manufacturing skill, distribution flexibility and marketing power to deliver products, brands and services of value to its customers. Federal-Mogul is focused on the globalization of its teams, products and processes to bring greater opportunities for its customers and employees, and value to its constituents. Headquartered in Southfield, Michigan, Federal-Mogul was founded in Detroit in 1899 and today employs 49,000 people in 24 countries. For more information on Federal-Mogul, visit the company`s web site at http://www.federal-mogul.com .
Federal-Mogul says bankruptcy deal not reached
April 09, 2002 4:06:00 PM ET
SOUTHFIELD, Mich., April 9 (Reuters) - Automotive parts maker Federal-Mogul Corp. (FMO), which filed for bankruptcy last October due to a surge in asbestos-related litigation, said on Tuesday it has not agreed to any plan to emerge from its bankruptcy.
The statement contradicted reports from CNBC television, which quoted sources who said a deal with the company`s bondholders and asbestos claimants had been reached that would allow Federal-Mogul to rise out of its Chapter 11 reorganization.
Frank Macher, Federal-Mogul`s chairman and chief executive, said in a statement that the company was still working on its restructuring, and that it was optimistic it would reach a resolution involving all parties. REUTERS
© 2002 Reuters
April 09, 2002 4:06:00 PM ET
SOUTHFIELD, Mich., April 9 (Reuters) - Automotive parts maker Federal-Mogul Corp. (FMO), which filed for bankruptcy last October due to a surge in asbestos-related litigation, said on Tuesday it has not agreed to any plan to emerge from its bankruptcy.
The statement contradicted reports from CNBC television, which quoted sources who said a deal with the company`s bondholders and asbestos claimants had been reached that would allow Federal-Mogul to rise out of its Chapter 11 reorganization.
Frank Macher, Federal-Mogul`s chairman and chief executive, said in a statement that the company was still working on its restructuring, and that it was optimistic it would reach a resolution involving all parties. REUTERS
© 2002 Reuters
Danaher gives little detail about asbestos suits
April 12, 2002 11:59:00 AM ET
By Arindam Nag
NEW YORK, April 12 (Reuters) - When Danaher Corp. (DHR) earlier this year pulled out of a deal to buy Cooper Industries (CBE), it blamed its smaller rival`s asbestos liabilities. But the engineering company isn`t so outspoken about its own potential exposure.
Danaher has been named in dozens of asbestos-related lawsuits in Mississippi, Texas, California and New York, but the Washington-based company hasn`t disclosed details of the legal proceedings to investors, according to lawyers and people close to the matter.
The plaintiffs haven`t singled out Danaher, but have named the company along with dozens of others whose exposure to potential asbestos liabilities is widely known, including now-bankrupt tool maker Federal-Mogul Corp. (FMO) and car company General Motors Corp. (GM)
Many corporate icons, from industrial companies Dow Chemical Co. (DOW) and Halliburton Co. (HAL) to media conglomerate Viacom Inc. (VIA), are facing thousands of claims from people suffering cancer linked to asbestos. In some cases, the share price of these companies went into free fall.
"Danaher should follow the lead of other industrial companies facing these issues, and disclose the number of claims outstanding at the end of each fiscal year," said a fund manager who holds Danaher shares and who requested anonymity. "They should say how many new claims were filed and how many claims were settled each fiscal year, the average cost of settling these claims, and how much was covered by insurance."
Danaher, which makes everything from machine tools to car parts, said it has not disclosed any details because it faces relatively few claims and does not think the lawsuits will have a material effect on its financial performance.
"Danaher believes asbestos is a nonissue for the company and its disclosure has been appropriate. Almost any industrial company can be theoretically linked to some level of asbestos exposure, and Danaher is no exception," the company said in a statement to Reuters.
Danaher does not appear to have broken any securities laws, because the Securities and Exchange Commission requires companies to disclose liabilities only if they are material. And the company and its auditors decide what is material and what is not.
"The (U.S.) disclosure system gives a company a lot of discretion. But one must keep a close eye when it goes out of hand. You must notify shareholders when that`s the case," says Todd Roberts, a lawyer at Dickstein, Shapiro, Morin & Oshinsky. "It is up to the company and its auditors to do those tests."
AMMCO TOOLS
Asbestos claims against Danaher focus on its Ammco Tools unit, a maker of machines used to repair car brakes. Mechanics were exposed to asbestos fibers during brake repairs and installations, which continued until the early 1980s, according to plaintiffs` lawyers. Ammco stopped making the products before being bought by Danaher in 1987.
"These defendants had as their purpose the intentional misrepresentation of the true dangers of exposure to asbestos-containing products, such as the danger of developing cancer," alleges a suit filed against Ammco and others in the circuit court of Copiah County, Mississippi on Aug. 22, 2001
Another Danaher unit, Delevan Corp., maker of brake clutches and assemblies, also has been named as a defendant in an asbestos case, according to legal documents. So far, plaintiffs are claiming punitive damages, but have not named a dollar amount.
"A lot of these cases are pretty new. The claims could eventually run to several hundreds of thousands of dollars (each)," said Patrick Malouf, a lawyer for a group of plaintiffs in cases against Danaher and others.
DANAHER PLAYS DOWN EXPOSURE
Danaher officials play down the company`s potential exposure to asbestos claims.
"Danaher`s total costs from asbestos litigation over time, including legal defense fees, are less than one cent per Danaher share," a company statement said. "Over time, Danaher and its subsidiaries have had fewer than 100 asbestos-related claims filed against them," its statement added.
To be sure, the figure is low compared with 274,000 cases faced by Halliburton, which reserved $650 million last year to meet potential claims.
The number of claims against companies like Halliburton, which actually made asbestos products, are declining, but cases against more peripheral companies like Danaher are rising, according to a recent study by the Rand Institute for Civil Justice.
Danaher has been sensitive to the issue, especially after it pulled out of a deal to buy Cooper Industries (CBE) in February. Danaher cited Cooper`s undisclosed number of asbestos claims as a major reason for not going ahead with the $5.5 billion acquisition.
The closest Danaher has come to acknowledging potential asbestos liabilities is a reference in a July 7, 2001, bank credit agreement filed with the Securities and Exchange Commission.
"A subsidiary of the borrower at one time manufactured brake grinding equipment for use in automobile and truck repair facilities," Danaher said in the filing. "Certain older-style brake shoe equipment contained asbestos and during the grinding process brake dust may have been emitted; such brake dust has been linked by certain claimants to alleged asbestos-related illnesses."
Asbestos claims are rippling through Corporate America, leaving a trail of bankruptcies.
A jury in Brazoria County, Texas, ordered Niagara, New York-based Carborundum Corp. in 1998 to pay a total of $115.6 million to 21 plaintiffs claiming injuries from using Carborundum grinding wheels. Danaher`s Ammco made similar products, plaintiffs lawyers said.
Nearly all the companies that fought swelling asbestos litigation said they were financially prepared for the battle -- including most of the nearly 20 large companies that have filed for bankruptcy protection since 2000.
"Most, if not all, of the companies that have filed for bankruptcy protection had previously believed that their liabilities would not be material," said Patricia Lee, a credit analyst with CreditSights. REUTERS
© 2002 Reuters
April 12, 2002 11:59:00 AM ET
By Arindam Nag
NEW YORK, April 12 (Reuters) - When Danaher Corp. (DHR) earlier this year pulled out of a deal to buy Cooper Industries (CBE), it blamed its smaller rival`s asbestos liabilities. But the engineering company isn`t so outspoken about its own potential exposure.
Danaher has been named in dozens of asbestos-related lawsuits in Mississippi, Texas, California and New York, but the Washington-based company hasn`t disclosed details of the legal proceedings to investors, according to lawyers and people close to the matter.
The plaintiffs haven`t singled out Danaher, but have named the company along with dozens of others whose exposure to potential asbestos liabilities is widely known, including now-bankrupt tool maker Federal-Mogul Corp. (FMO) and car company General Motors Corp. (GM)
Many corporate icons, from industrial companies Dow Chemical Co. (DOW) and Halliburton Co. (HAL) to media conglomerate Viacom Inc. (VIA), are facing thousands of claims from people suffering cancer linked to asbestos. In some cases, the share price of these companies went into free fall.
"Danaher should follow the lead of other industrial companies facing these issues, and disclose the number of claims outstanding at the end of each fiscal year," said a fund manager who holds Danaher shares and who requested anonymity. "They should say how many new claims were filed and how many claims were settled each fiscal year, the average cost of settling these claims, and how much was covered by insurance."
Danaher, which makes everything from machine tools to car parts, said it has not disclosed any details because it faces relatively few claims and does not think the lawsuits will have a material effect on its financial performance.
"Danaher believes asbestos is a nonissue for the company and its disclosure has been appropriate. Almost any industrial company can be theoretically linked to some level of asbestos exposure, and Danaher is no exception," the company said in a statement to Reuters.
Danaher does not appear to have broken any securities laws, because the Securities and Exchange Commission requires companies to disclose liabilities only if they are material. And the company and its auditors decide what is material and what is not.
"The (U.S.) disclosure system gives a company a lot of discretion. But one must keep a close eye when it goes out of hand. You must notify shareholders when that`s the case," says Todd Roberts, a lawyer at Dickstein, Shapiro, Morin & Oshinsky. "It is up to the company and its auditors to do those tests."
AMMCO TOOLS
Asbestos claims against Danaher focus on its Ammco Tools unit, a maker of machines used to repair car brakes. Mechanics were exposed to asbestos fibers during brake repairs and installations, which continued until the early 1980s, according to plaintiffs` lawyers. Ammco stopped making the products before being bought by Danaher in 1987.
"These defendants had as their purpose the intentional misrepresentation of the true dangers of exposure to asbestos-containing products, such as the danger of developing cancer," alleges a suit filed against Ammco and others in the circuit court of Copiah County, Mississippi on Aug. 22, 2001
Another Danaher unit, Delevan Corp., maker of brake clutches and assemblies, also has been named as a defendant in an asbestos case, according to legal documents. So far, plaintiffs are claiming punitive damages, but have not named a dollar amount.
"A lot of these cases are pretty new. The claims could eventually run to several hundreds of thousands of dollars (each)," said Patrick Malouf, a lawyer for a group of plaintiffs in cases against Danaher and others.
DANAHER PLAYS DOWN EXPOSURE
Danaher officials play down the company`s potential exposure to asbestos claims.
"Danaher`s total costs from asbestos litigation over time, including legal defense fees, are less than one cent per Danaher share," a company statement said. "Over time, Danaher and its subsidiaries have had fewer than 100 asbestos-related claims filed against them," its statement added.
To be sure, the figure is low compared with 274,000 cases faced by Halliburton, which reserved $650 million last year to meet potential claims.
The number of claims against companies like Halliburton, which actually made asbestos products, are declining, but cases against more peripheral companies like Danaher are rising, according to a recent study by the Rand Institute for Civil Justice.
Danaher has been sensitive to the issue, especially after it pulled out of a deal to buy Cooper Industries (CBE) in February. Danaher cited Cooper`s undisclosed number of asbestos claims as a major reason for not going ahead with the $5.5 billion acquisition.
The closest Danaher has come to acknowledging potential asbestos liabilities is a reference in a July 7, 2001, bank credit agreement filed with the Securities and Exchange Commission.
"A subsidiary of the borrower at one time manufactured brake grinding equipment for use in automobile and truck repair facilities," Danaher said in the filing. "Certain older-style brake shoe equipment contained asbestos and during the grinding process brake dust may have been emitted; such brake dust has been linked by certain claimants to alleged asbestos-related illnesses."
Asbestos claims are rippling through Corporate America, leaving a trail of bankruptcies.
A jury in Brazoria County, Texas, ordered Niagara, New York-based Carborundum Corp. in 1998 to pay a total of $115.6 million to 21 plaintiffs claiming injuries from using Carborundum grinding wheels. Danaher`s Ammco made similar products, plaintiffs lawyers said.
Nearly all the companies that fought swelling asbestos litigation said they were financially prepared for the battle -- including most of the nearly 20 large companies that have filed for bankruptcy protection since 2000.
"Most, if not all, of the companies that have filed for bankruptcy protection had previously believed that their liabilities would not be material," said Patricia Lee, a credit analyst with CreditSights. REUTERS
© 2002 Reuters
Und tschüss!
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Federal-Mogul says NYSE delisting stock
April 22, 2002 4:50:00 PM ET
SOUTHFIELD, Mich., April 22 (Reuters) - The New York Stock Exchange is delisting auto parts maker Federal-Mogul Corp.(FMO) because its share price has fallen below the $1 minimum for more than 30 consecutive days, the company said on Monday.
Shares of Federal-Mogul will begin trading on the NASD over-the-counter bulletin board on Wednesday under a new ticker symbol to be determined that day, according to the company.
"The delisting from the Nwe York Stock Exchange does not affect Federal-Mogul`s normal business operations," said Frank Macher, chairman and chief executive, in a statement.
In October, the company and its United States subsidiaries filed for financial restructuring under Chapter 11 bankruptcy protection. The company`s United Kingdom subsidiaries had also filed jointly for bankruptcy protection. REUTERS
© 2002 Reuters
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Federal-Mogul says NYSE delisting stock
April 22, 2002 4:50:00 PM ET
SOUTHFIELD, Mich., April 22 (Reuters) - The New York Stock Exchange is delisting auto parts maker Federal-Mogul Corp.(FMO) because its share price has fallen below the $1 minimum for more than 30 consecutive days, the company said on Monday.
Shares of Federal-Mogul will begin trading on the NASD over-the-counter bulletin board on Wednesday under a new ticker symbol to be determined that day, according to the company.
"The delisting from the Nwe York Stock Exchange does not affect Federal-Mogul`s normal business operations," said Frank Macher, chairman and chief executive, in a statement.
In October, the company and its United States subsidiaries filed for financial restructuring under Chapter 11 bankruptcy protection. The company`s United Kingdom subsidiaries had also filed jointly for bankruptcy protection. REUTERS
© 2002 Reuters
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