Author Topic: IEG Holdings (IEGH) Makes Tender Offer For Up To 4.99% of LC  (Read 151 times)

Rob L

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IEG Holdings (IEGH) Makes Tender Offer For Up To 4.99% of LC
« on: January 10, 2018, 01:13:38 PM »
IEGH believes it will be able to transform LC from a broker of loans to a balance sheet lender.
See the article from Zachs research and Edgar for more:

http://scr.zacks.com/News/Press-Releases/Press-Release-Details/2018/IEG-Holdings-IEGH-Launches-Tender-Offer-for-up-to-499-of-LendingClub-LC/default.aspx

https://www.sec.gov/Archives/edgar/data/1409970/000149315218000305/scto-ta.htm

LC continues to caution investors against:

http://markets.businessinsider.com/news/stocks/LendingClub-Continues-to-Caution-Investors-Against-Unsolicited-Exchange-Offer-from-IEG-Holdings-1012755201

LC stock is up 7.14% from $3.99 to $4.28 at this time (1:30pm EDT 1/10/2018).
No idea if this story has anything to do with the stock price move. Agree with LC that the offer makes no sense for its shareholders, but hey, what do I know?

« Last Edit: January 10, 2018, 01:38:04 PM by Rob L »

rawraw

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Re: IEG Holdings (IEGH) Makes Tender Offer For Up To 4.99% of LC
« Reply #1 on: January 13, 2018, 07:53:36 PM »
This is weird

Fred93

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Re: IEG Holdings (IEGH) Makes Tender Offer For Up To 4.99% of LC
« Reply #2 on: January 13, 2018, 08:22:55 PM »
IEGH is a tiny company, who does strange things.  I've seen this sort of behavior before.  Anything to hype their stock while they actually accomplish nothing worthwhile.

Latest news out of these bozos, for example...
http://www.marketwired.com/press-release/ieg-holdings-plans-create-its-own-iegh-crypto-blockchain-currency-backed-gold-metal-otcqb-iegh-2244362.htm

I can understand tenders for cash, or for the stock of an established money-making company, but an exchange for stock of this little piece of ####?  Maybe they figure some people are just stupid, and will go for it?  (Same theory spammers successfully rely upon.)

I just looked at IEGH's 10K.  Anybody wanna guess how many people are on their board of directors? 

Part III item 10 of the 10K lists officers and directors.  THERE IS ONLY ONE DIRECTOR LISTED!  He's also the CEO.  (May also be the chief of police.)


Rob L

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Re: IEG Holdings (IEGH) Makes Tender Offer For Up To 4.99% of LC
« Reply #3 on: January 14, 2018, 10:19:33 AM »
I stumbled upon this after noticing the bump in the stock price and thinking Mr. Chen might be acquiring more shares. He wasn't or it would be in Edgar by now. Sure don't think this crazy IEGH thing had anything to do with it. The trading volume that day was about 2.5 times the daily average so somebody was buying. There was this story in Yahoo finance about high options implied volatility that day:

https://finance.yahoo.com/news/options-traders-expect-huge-moves-133601974.html

But in $12 calls expiring this coming Friday; really?? That would be one super gigantic move.
The stock closed last Friday at $4.27 on less than average daily volume.

rawraw

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Re: IEG Holdings (IEGH) Makes Tender Offer For Up To 4.99% of LC
« Reply #4 on: January 15, 2018, 06:07:01 PM »
I read somewhere they recently were banned in Australia for doing similar stuff (can't recall if this was in LC reply or somewhere else)

Rob L

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Re: IEG Holdings (IEGH) Makes Tender Offer For Up To 4.99% of LC
« Reply #5 on: January 16, 2018, 10:14:12 AM »
I read somewhere they recently were banned in Australia for doing similar stuff (can't recall if this was in LC reply or somewhere else)

Yeah, I saw the same thing.