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HousingWire is reporting that researchers question whether Opteum can continue to operate as a going concern, a claim that the company vehemently denies. Although, it seems in line with my recent post about management meetings with employees about their chances of closing down.
From HousingWire:
Taking issue with a research report issued today by Friedman, Billings, Ramsey Group, Inc. analyst Merrill Ross that questioned whether Opteum Inc. (NYSE:OPX) faces issues as a going concern, the Florida-based REIT has gone on the offensive to counter allegations regarding the companyâ??s future.
The FBR report questions whether the Company will continue to be able to secure covenant waivers on its warehouse lines of credit, a claim Opteum disputed by noting that is â??has secured all waivers needed to date.â?? The company did not, however, comment on potential warehouse liabilities it may face going forward, but disclosed that it has incurred $8 million in margin calls on its warehouse lines during 2007.
Last 3 posts by Morgan
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