News / Stocks
Obsidian Financial’s Morning Market News for Friday October 21, 2011: Cambrian Systems, Bank of America Corp., Bank of New York Mellon Corp., Uranium Resources Inc., China Metro-Rural Holdings Limited
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Cambrian Systems (OTC: CAMS) has signed a Letter of Intent to acquire 84 acre lease in the Green County, Kentucky. Cambrian has begun the required due diligence and project evaluations with the current owner in anticipation of the acquisition, including proposed Work Programs. Our new 84 acre lease is in Green County and lies in the heart of this older oil producing region. Green County, Kentucky experienced an oil drilling boom from 1958 to 1969. During this time over 20 million barrels of oil were produced from the 289 square miles that the county is comprised of. The property has 7 open hole wells on it. The proposed operator is evaluating potentials for a rework program on these seven oil wells. The final acquisition will be subject to final negotiations, documentation and requisite approvals.
To view the full press release for Cambrian Systems (OTC: CAMS), visit OFinancialinc.com
Other stocks highlighted include:
Bank of America Corp. (NYSE: BAC) and Bank of New York Mellon Corp. (NYSE: BK) - A federal judge has ruled the massive $8.5 billion settlement between Bank of America Corp. and several important investors who lost billions on mortgage-backed securities will be heard in federal court. The ruling goes against Bank of America Corp. and Bank of New York Mellon Corp., the trustee in the case, which had both wanted the settlement to remain in New York state court where they had initially filed it. The settlement, reached in late June, needs a judge to rule whether or not the $8.5 billion is a fair and reasonable amount of money to settle claims over mortgages that originally totaled $424 billion. Investors with household names like BlackRock Inc. and the Federal Reserve Bank of New York had pushed Bank of America to the deal, using Bank of New York Mellon as their legal trustee, and also wanted the case to remain in state court. But since the pact was announced, it has come under fire from other investors and some law enforcers. The group of bond holders that moved the settlement to federal court, known only as Walnut Place LLC, have been joined by dozens of other investors who may be impacted by the settlement in seeking a voice in the proceedings. The Federal Deposit Insurance Corp., banks like Goldman Sachs Group Inc. and the New York attorney general have all filed to be a party. New York, acting on behalf of pension funds for public workers, has also sued Bank of New York Mellon over its role in the settlement. For Bank of America, the settlement was supposed to mark a watershed moment in its battle to put mortgage issues behind it. The questions and complaints by others have raised concerns what little certainty the bank had created with the deal may be washing away. "We believe there are compelling reasons why the agreement should receive judicial approval in the court with appropriate jurisdiction," a Bank of America spokesman said. A Bank of New York Mellon spokesman wasn't immediately available for comment. Judge William H. Pauley concluded Wednesday 10/19/11, that the agreement has federal interests because of the parties involved, rejecting the banks' legal claims. At a hearing last month on the matter, Pauley had peppered the lawyers for Bank of New York Mellon and the investors with questions that looked to determine how the settlement was reached and how some investors were part of the deal. "The Bank of New York Mellon, as trustee for hundreds of trusts, seeks to dispose of billions of dollars in toxic mortgage claims through an arcane summary procedure," Pauley wrote in his ruling. "A controversy touching on these paramount federal interests should proceed in federal court."
Uranium Resources Inc. (NASDAQ: URRE) - Hydro Resources Inc. is one step closer to beginning its uranium mining operations in western New Mexico, announcing on Wednesday, 10/19/11. The company says the Nuclear Regulatory Commission has reactivated its license for in-situ leach mining on 10 claims near Churchrock, N.M. The process involves injecting chemicals into the ground to release uranium. Environmentalists and some residents of the neighboring Navajo reservation have been critical of the proposal. A spokesman for Hydro Resource's parent firm, Texas-based Uranium Resources Inc., says the license is an important step but the company still needs approval from the state Environment Department. The company is also conducting a feasibility study. The fate of the project will ultimately depend on the market for the natural resource. Spokesman Mat Lueras says Hydro Resources is aiming to be in production in 2013.
China Metro-Rural Holdings Limited (AMEX: CNR) announced yesterday 10/20/11, that it expects to file its interim results for the six months ended September 30, 2011 on Monday, November 28, 2011 after the market closes. "With a global recession touted as being around the corner and China's monetary tightening hampering the Chinese economy, our management is working hard in delivering results. Increasing shareholder value is, and has always been, our number one goal and what we strive to deliver. The 2011 interim results will give investors more insights to our business and our operations," stated Arthur Lee, CFO of the Company.
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