Tag Archives: Dan Radovsky

Business, Finance, Occupation & Industry

HSBC Selling Piece of U.S. Loan Portfolio for $3.2 Billion

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By Dan Radovsky, The Motley Fool

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British bank HSBC Holdings has agreed to sell a portfolio of U.S. mortgages and unsecured loans held by its subsidiary HSBC Finance, the company announced today.

The buyer of the loans is SpringCastle Acquisition, a Delaware-based company owned by Springleaf Finance and Newcastle Investment . Springleaf is also buying the HSBC Finance loan servicing facility and other assets in London, Ky. The total payment from SpringCastle and Springleaf is $3.2 billion in cash.

Most of the HSBC employees at the Kentucky facility will become employees of Springleaf when the transaction is completed in the fourth quarter of 2013, the company said.

“These agreements accelerate the run-off of the legacy consumer mortgage and lending business and are a continuation of HSBC‘s strategy to reposition its U.S. operations,” said Patrick Burke, CEO of HSBC Finance.

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The article HSBC Selling Piece of U.S. Loan Portfolio for $3.2 Billion originally appeared on Fool.com.

Fool contributor Dan Radovsky has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Business, Finance, Occupation & Industry

The White House and FCC's Genachowski Say Owners Should Decide on Unlocked Cell Phones

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By Dan Radovsky, The Motley Fool

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Wireless carriers such as Verizon and AT&T probably won’t be too crazy about FCC Chairman Julius Genachowski’s remarks regarding the recent ban on unlocking cell phones.

At a recent TechCrunch CrunchGov event last week, Genachowski said it “raises competition concerns; it raises innovation concerns.”

The ban makes it illegal for cell-phone owners to unlock their phones to be used on a wireless network different from which it was originally used. Since carriers need to keep subscriber churn to a minimum, making it difficult (or more expensive) to change providers would be to their advantage.

The carrier-friendly ban became effective on Jan. 26, when the Librarian of Congress removed the unlocked-cell-phone exemption from the Digital Millennium Copyright Act, or DMCA. The legislation, enacted by Congress in 1998, was meant to make illegal any technology designed to bypass copyright protections. However, since the language of the DMCA was so broad, Congress gave the Librarian of Congress the discretion to issue exemptions to the law.

Obviously, this ban on modifying one’s own cell phone to use it on a different carrier’s network has led to some consumer outrage, enough so that a We the People petition was started that has gone over the signature threshold of 100,000 and now warrants an official administration response.

And the White House did respond with this from R. David Edelman, senior advisor for Internet, innovation, and privacy:

“The White House agrees with the 114,000+ of you who believe that consumers should be able to unlock their cell phones without risking criminal or other penalties. … It’s common sense, crucial for protecting consumer choice, and important for ensuring we continue to have the vibrant, competitive wireless market that delivers innovative products and solid service to meet consumers’ needs.”

In addition, the FCC released a statement from Genachowski, which included this statement:

“From a communications policy perspective, this raises serious competition and innovation concerns, and for wireless consumers, it doesn’t pass the common sense test. The FCC is examining this issue, looking into whether the agency, wireless providers, or others should take action to preserve consumers’ ability to unlock their mobile phones. I also encourage Congress to take a close look and consider a legislative solution.”
 
There will probably soon come a WeTheLobbyists petition pushing the wireless industry’s view. So, we will probably be hearing more on the unlocking question before it’s settled.

The Motley Fool’s chief investment officer has selected his No. 1 stock for the next year. Find out which stock it is in the brand-new free report: “The Motley Fool’s Top Stock for 2013.” Just click here to access the report and find out the name of this under-the-radar company.

The article The White House and FCC’s Genachowski Say Owners Should Decide on Unlocked Cell Phones originally appeared on Fool.com.

Fool contributor Dan Radovsky owns shares of AT&T. The Motley Fool has no position in any …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Tesla Delays Filing Annual Report

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By Dan Radovsky, The Motley Fool

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Tesla says it was unable to meet the March 1 deadline for filing its 10-K full-year earnings report because of an error in classifying some unpaid capital expenditures.

In a filing today with the SEC, Tesla attributed the delay to “a probable error in the presentation of certain non-cash items relating to capital expenditures on its consolidated statements of cash flows,” which it had found during a final review of its 10-K.

Tesla said some unpaid capital expenditures in 2011 and 2012 would be more accurately classified as operating activities, rather than investing activities.

The company said it would likely revise its consolidated statements of cash flow for both 2011 and 2012. The cash flow adjustments could include a reclassification of $31 million in 2012 and $15 million in 2011, from “cash flows used in investing activities to cash flows used in operating activities.

It said the matter will have no impact on previously reported total cash and cash equivalents, consolidated income statements, consolidated balance sheets, or free cash flows.

Tesla said its 10-K  for 2012 would be filed no later than Monday.

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The article Tesla Delays Filing Annual Report originally appeared on Fool.com.

Fool contributor Dan Radovsky has no position in any stocks mentioned. The Motley Fool recommends Tesla Motors . The Motley Fool owns shares of Tesla Motors . Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Business, Finance, Occupation & Industry

MetroPCS Moves Merger Vote Back and Faces Another Challenge

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By Dan Radovsky, The Motley Fool

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MetroPCS yesterday announced that it’s moving the date back for the special stockholders’ meeting it called to vote on the company’s proposed merger with T-Mobile USA.

The new date for the meeting will be April 11. The original date of March 28 was changed to correct an administrative error, according to the company.

At that meeting, MetroPCS will have to contend with yet another major stockholder that has stated its opposition to the merger.

Paulson & Co., the largest holder of MetroPCS common stock with a 9.9% share, on Friday filed with the Securities and Exchange Commission its intent “to vote against the MetroPCS/T-Mobile transaction.”

Paulson joins P. Schoenfield Asset Management as the second large stockholder to voice unhappiness with the deal. Schoenfield holds 2% of MetroPCS common stock.

The article MetroPCS Moves Merger Vote Back and Faces Another Challenge originally appeared on Fool.com.

Fool contributor Dan Radovsky and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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