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FTNW

FTE Networks

$0.63

0.1 (18.87%)

08:54
10/15/19
10/15
08:54
10/15/19
08:54

FTE Networks consents to foreclosure, mulls business combination

FTE Networks announced that senior lender Lateral Investment Management took possession and ownership of FTE's principal subsidiary Benchmark Builders by means of a strict foreclosure citing certain events of default caused by certain judgements entered into by convertible note holders. As more fully described in the Company's Form 8-K filed with the Securities and Exchange Commission on October 11, 2019, the Company consented to this foreclosure proposal which provided for total debt relief equal to in aggregate more than $80M. This debt relief was an instrumental part of the Company's decision to agree to the proposed foreclosure terms as the Company was determined to be over leveraged.The Company has also received a term sheet concerning a proposed business combination transaction contemplating the contribution of a multi-billion dollar real estate asset portfolio in exchange for a combination of securities issued by the Company to be agreed upon by the asset contribution party. The Company has also been in discussions as to additional real estate assets to be contributed prior to the close of the business combination transaction or after. As part of the proposed transaction, the Company would also acquire a public non-traded REIT with a portfolio of commercial development assets, further to its strategy to both incorporate a REIT structure into the Company and to enter into the independent broker dealer channel alternative asset sector. In addition to the contribution of assets, the proposing company intends to bring an experienced management team to the Company. The total debt relief under the foreclosure proposal would increase to more than $108M if the proposed business combination is not consummated prior to December 31, 2019. The Company is in discussions with board candidates to replace three board members who resigned following the foreclosure proposal. As discussed in the Company's shareholder letter dated September 12, 2019, the Company has been expending significant efforts on many fronts to explore various strategic alternatives that would improve the Company's long-term financial health and operational effectiveness.

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GLD

SPDR Gold Shares

$137.42

0.37 (0.27%)

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PTE

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-0.41 (-12.42%)

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DK

Delek US

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CDLX

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0.17 (0.43%)

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MU

Micron

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0.64 (1.38%)

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WSFS

WSFS Financial

$44.57

0.12 (0.27%)

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REAL

RealReal

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0.08 (0.44%)

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USB

U.S. Bancorp

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IKTSY

Intertek

$0.00

(0.00%)

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CBPX

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PYPL

PayPal

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EADSY

Airbus

$0.00

(0.00%)

, AFLYY

Air France-KLM

$0.00

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CCNE

CNB Financial

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-0.23 (-0.69%)

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BA

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-4.08 (-1.11%)

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BA

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DAL

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UAL

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AAL

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PBR

Petrobras

$15.65

-0.146 (-0.92%)

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YY

YY

$65.12

-0.28 (-0.43%)

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HUYA

Huya

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-1.05 (-4.15%)

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YY

YY

$65.12

-0.28 (-0.43%)

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HUYA

Huya

$24.28

-1.05 (-4.15%)

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YY

YY

$65.12

-0.28 (-0.43%)

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LAZ

Lazard

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-0.03 (-0.08%)

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BA

Boeing

$362.89

-4.08 (-1.11%)

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AVYA

Avaya

$12.53

0.08 (0.64%)

, RNG

RingCentral

$172.89

2.57 (1.51%)

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AVYA

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0.08 (0.64%)

RNG

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2.57 (1.51%)

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General news
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NVTR

Nuvectra

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