OT - SEC (not that SEC) proceeding against OSU
The SEC (not that SEC) issued a press release yesterday announcing charges brought against 71 municipal bond issuers for violations of Section 17(a)(2) of the Securities Act of 1933. One of those issuers is The Ohio State University. It is a settled administrative proceeding (part of a much larger sweep / cooperation program). So it is not something that will go into litigation, and it looks like OSU is walking away without having to pay a fine.
While this is a pretty mild offense as far as securities law violations go, it is now technically true to say that the SEC has charged OSU with violating the federal securities laws by making materially false statements to investors.
August 25th, 2016 at 5:58 PM ^
Edit: nm, stupid joke is stupid. I need to go to bed.
August 25th, 2016 at 5:40 PM ^
Bees on the what now?
August 25th, 2016 at 5:42 PM ^
August 25th, 2016 at 5:42 PM ^
The SEC determined THAT was a lie!
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August 25th, 2016 at 5:47 PM ^
August 25th, 2016 at 5:51 PM ^
is a bitch, man. The violation is that they said they were in compliance but in fact they weren't because they filed disclosures a month or two late for four or five years in a row. The kicker is tOSU "self-reported" the violation. So, again we see that the football team informs the rest of the school on code of conduct.
August 26th, 2016 at 1:51 AM ^
August 25th, 2016 at 5:52 PM ^
Am I the only one who has no clue what OP meant by SEC if not relating to football? Not a common water-cooler topic I'd say.
August 25th, 2016 at 6:26 PM ^
August 25th, 2016 at 5:52 PM ^
Now how do I turn this revelation into an insult?
August 25th, 2016 at 9:34 PM ^
August 26th, 2016 at 1:33 AM ^
is 0-1
August 25th, 2016 at 5:55 PM ^
wonder what the yield was at issuance. this day and age, it's nearly impossible to find a muni with a moderate duration and a 3-4% yield unless grandma and grandpa die and their kids sell their inventory.
August 25th, 2016 at 6:02 PM ^
Offering document is on the MSRB website. It was 4.8%.
August 25th, 2016 at 6:21 PM ^
The price at issuance was 98.993, so the yield was actually a bit higher. It's federally taxable, too, for what it's worth. The most unusual thing about it is that it's a 100-year bond: maturing 6/1/2111.
August 25th, 2016 at 7:52 PM ^
4.85 net spendable and state tax-free isn't bad in this yield environment.
But what is the debt-financing paid on? 100yr callable bond based on having a century to offset coupon payments with AD revenue?
Or are the bonds being floated for a speicific project?
[edit] - looks like osu made a materially false statement in 2011 representing that it had reported in a timely manner in the past, but in fact was lying -
(Sorry, didn't see leftrare's reply before posting the same)
Respondent knew or should have known that this statement was untrue
August 25th, 2016 at 7:43 PM ^
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August 25th, 2016 at 6:52 PM ^
is really boring.
maybe we can have a special board for fiduciary matters as well, or advice on filing tax returns in the tri-state area.
August 25th, 2016 at 6:54 PM ^
What he is trying to say is..lets kick OSU's ass this year !!
August 25th, 2016 at 9:27 PM ^
So since the SEC (NTSEC) is involved, what's the strike price for November 30, 2016 wins column total for Michigan, and at that strike, are you buying puts or calls?
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August 26th, 2016 at 1:18 AM ^
August 26th, 2016 at 1:45 AM ^
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