Deutsche Bank to pay $1-million to end long-runnin https://www.theglobeandmail.com/globe-investor/deutsche-bank-to-pay-1-million-to-end-long-running-abcp-dispute/article8375731/
Why am I posting? I think it is material to Xceed that the ABCP issues are being worked out and things are being cleared up. I believe this is how it worked in layman’s terms….
Xceed issued mortgages to sub prime lenders.
Xceed then securitized a block of mortgages and sold them.
Coventree was the recipient of some (don’t know the % volume) of these securitizations.
Coventree then dissected and repackaged these securitized blocks of loans making a range of products (again, layman’s terms (I’m no expert)).
Coventree then sold product to whoever would buy it.
Coventree if I understand correctly was a hub point for receipt and redistribution of debt structures.
Xceed in providing some of the debt structures to Coventree became tied to whatever happened to Coventree. As the ABCP issues became more and more bound up in legal issues, the debt structures were bound up as well. Now, as the ABCP issues become more resolved, the binding up of issues that started in 2007 become unbound now in 2013. Time heals all wounds and if I understand correctly this Deutsche Bank closure and other such issues coming to closure leads to Xceeds difficulties coming to an end?
All above In My Humble Opinion. I’m not an expert. I do own XMC common. I’m waiting for an end to this IMHO nothingness XMC has become.