Ryan Freund
11/05/07

52-week price target: $42, representing a 30% gain (including dividend).

Company and Market:

Citigroup, Inc. (NYSE: C), a multi-bank holding company, provides various financial services to customers in the United States and internationally. The company's Global Consumer segment offers banking, lending, insurance, and investment services. As of March 31, 2007, this segment operated through a network of 8,140 branches, approximately 19,100 automated teller machines, 708 automated lending machines, and the Internet. Its markets and banking segment provides various investment and commercial banking services and products, which comprise investment banking and advisory services, debt and equity trading, institutional brokerage, foreign exchange, structured products, derivatives, and lending.

Citi is off of its 52-week high by more than 40% due to the sub-prime and liquidity crisis that has gripped Wall Street banks. While the concern is more than justified, those who are patient can buy stock in this quality establishment, which has been around since 1812, at levels not seen since early 2003.

Long-term prospects:

While it is true that many banking establishments, including competitors of Citi, face bankruptcy as they are left holding many mortgages which cannot be sold, it is also true that this is, in the long run, good for shareholders of Citigroup. This is especially true if you haven’t bought yet, and are looking to get in.

See, all those banks that compete with Citigroup, those that are going to go bankrupt will forfeit some or their entire market share to the bigger banks. Those that don’t go bankrupt will certainly not be very focused on gaining market share in these troubling times. Citi is one of the largest banking institutions in the world. It might take a while to become apparent, but it is virtually certain that Citi will benefit and in fact grow the bottom line.

Not only will they gain market share in the US, but they also stand to hedge the US economy by increasing operations and investments in foreign markets. The world economy has grown rapidly since the last credit crisis and is able to support the global economy, even if the US is sinking.

Leadership overview:

Citi recently fired its CEO, Charles Prince, who led the company into this mess. Charles Prince had a history of acquisitions that were both reckless and expensive, and rarely acted in the shareholders interest. It is quite comforting to know that the board felt the same way and forced him out. Having a board that acts in the best interest of the shareholders is a mark of a great company.In the interim, Win Bischoff, a chairman of Citi Europe will take the helm. There’s little transition risk here, as he was already accustomed to Citi.





As they begin the hunt for a new CEO, Citi will leverage its name and size to attract the best of the best. They certainly have deep pockets and a vast pool of talent. The new CEO might even shake things up a bit, sell off low margin parts of Citigroup, and reward the shareholders with increased dividends and buybacks. At these depressed levels, buybacks would be a great move.

Financial strength:

With almost $1 trillion in cash – over $210 per share - as of the most recent quarter, Citi will survive and thrive in the new banking world. There will be a few more quarters of write-downs, no doubt, but with changes at the helm, changes in how they measure risk, and regulatory help, Citi will do well.

There’s even a great opportunity to purchase struggling companies with that cash to further increase market share. Consolidation could very well occur.

Dividend record and rate:

Not only do you get Citi at a price that is near record lows, you also get a 6%+ dividend which management has stated, in their most recent conference call, faces no immediate danger of being lowered.

52-week target:

The stock price of Citigroup, in 52-weeks, will be higher than it is today. While it is difficult to predict how much higher, by analyzing their future growth prospects and growing market share, Citi shares could easily approach $42 per share. This represents over a 30% gain from today’s levels, which includes the dividend.

Source: http://www.freundinvesting.com/citigroup.html

Click here: http://www.judicialreports.com/attachments/Jason/PR07_17.pdf

"FIRST JUDICIAL DISTRICT INDEPENDENT JUDICIAL ELECTION QUALIFICATION COMMISSION ANNOUNCES QUALIFIED CANDIDATES.
"HONROABLE GEORGE BUNDY SMITH CHAIR FOR THE FIST JUDICIAL DISTRICT"

"IN FEBRUARY 2007, CHIEF JUSTICE JUDITH KAYE AND THEN CHIEF JUSTICE ADMINISTRATIVE JUDGE JONATHAN LIPPMAN ANNOUNCE THE MEMBERS OF THE INDEPENDENT JUDICIAL ELECTION QUALIFICATION COMMISSION FOR THE 12 JUDICIAL DISTRICTS IN NEW YORK STATE. THE STATEWIDE SCREENING PROCESS WAS APPROVED BY THE NEW YORK STATE COURT OF APPEALS
FOLLOWING RECOMMENDATIONS OF THE COMMMISSION TO PROMOTE PUBLIC CONFIDENCE IN JUDICIAL ELECTIONS..."

SCHOTTENSTEIN V SCHOTTENSTEIN FIRST DEPT. JILL SCHOTTENSTEIN V GEORGE BUNDY SMITH. IS THERE A CONFLICT OF INTEREST? WHY IS GEORGE BUNDY SMITH ADVOCATING AGAINST THE CHIEF JUSTICE JUDITH KAYE COMMISSION? WHY ISN'T HE HELD ACCOUNTABLE FOR HIS ACTIONS?


Click here: http://www.nycla.org/siteFiles/Publications/Publications709_0.pdf SPEECHES BY HON. GEORGE BUNDY SMITH AND HON FRANCIS T MURPHY AT JUNE 14,2007 CONFERENCE-PRACTICING JUDICIAL INDEPENDENCE: WHAT JUDGES AND THE BAR ASSOCIATION CAN DO.....



September 13, 2007, 12:22 pm
Former Judge Sues Governor on Behalf of Current Judges

"With this decision, this Court supports a public policy that says a man should never take on a parental role unless he wants to be unconditionally responsible for the child's financial support," Judge Bundy Smith wrote."

N.Y. High Court Says Mistaken Avowal of Fatherhood Imposes an 'Equitable Paternity'
John Caher
New York Law Journal

On August 6, 2007 George Bundy Smith signed a brief submitted for Respondent Steven Schottenstein. On that day he swore on his 14 years as an experienced Judge,lawyer for the lawfirm of Chadbourne & Parke LLP. his entire career as a Judge of the highest court of the states.
He had a relationship with the chief Justice the Hon. Chief Justice Judith Kaye, of the States highest court.(exhibit Q)
It could be questioned why George Bundy Smith took this case was it for political gain or just the paycheck?
It cannot be questioned that he broke the rules of the First Appellate Dept. when he approached the esteemed panel of Judges including none other the Head Judge Jonathan Lippman to speak to the Judges in his own language.(exhibit Q)
He did so unquestionably to sway and distort the outcome of a young girls life that now suffers from SLE LUPUS.
The total improper behavior and appearance of impropriety that existed when George Bundy Smith walked to the podium and introduced pro hac vice attorney Barry Wolinetz, had the same affect as the speech that Chief Justice Judith Kaye gave the day of December 13, 2005. There is no mistake he had MOTIVE, INTENT, and acted to PREJUDICE my case!
New York county Lawyer Outstanding Women of the bar. NYCLA launches new initiatives 2005 (exhibit Q)
The Hon Hiliary Rodham Clinton US Senator from NY was the evenings keynote speaker, the Hon, Judith S. Kaye, Chief Judge of the State of the NY received the William Nelson Cromwell Award for her unselfish service to profession and community.” (exhibit Q)
Click here: http://www.nycla.org/siteFiles/Publicati…
Defendant’s attorney George Bundy Smith(exhibit H) signed a reply brief on August 6, 2007 stating he swore under penalty of perjury all statements were true. He knew there was no support order. He also knew as a partner at Chadbourne & Parks LLP, that his associates Jennifer P. Wilson and Thomas E. Riley, had entered a Memorandum in support of defendant M/I Homes .Inc’s motion to dismiss on August 23, 2004(exhibit I). In this memorandum is stated “Mr. Schottenstein’s purported “confinement: of Plaintiff was “solely to cause both mother and daughter anxiety over plaintiff’s disappearance in furtherance of a litigation tactic to punish plaintiff mother for leaving Mr. Schottenstein and challenging him in court.” Plaintiff’s so-called confinement was not related to any conduct by or on behalf of M/I Homes, but to conduct her father allegedly undertook soley for personal reasons.” “ Under both New York and Ohio law a plaintiff asserting a common-law claim for false imprisonment must establish that the defendant intended to confine the plaintiff that the plaintiff was conscious of the confinement and did not consent to the confinement, and that the confinement was not otherwise privileged.” Martinez v City of Schenectady, 97 N.Y. 2d 7B, 85, 735 N.Y.S.2d 868 (2001); Fryverson v Ohio Dept. of Rehab. And Corr. 120 Ohio Mics. 2d 50, 52 778 N.E. 2d 153, 155 (Ohio Ct. Cl.2002) “ The offense of false imprisonment occurs when a defendant acts to confine one intentionally without lawful privilege and against his consent within a limited area for any appreciable time, however short” aff’d No. 02AP-1216. 2003 WL 21234932 (Ohio App. 2003)
9. Page 9 of Defendant’s Reply brief state the following; (exhibit J )
“The reasons Sarah gave for moving to New York should be taken as a complete list of all her reasons.” Here are the reasons she gave:
1) She could not bear to live with her father.
2) Her father said he was going to hurt her.
3) Her father said he would never pay child support.
4) Her father said she would never see her mother again.
5) Her father interfered with her medical treatment.

6) Her father grabbed her once when she was 15.

7) Her father yelled a lot.
8) She did not feel safe.
9) She was not treated like a daughter or a person.
10) Her father sent her to a delinquent camp.

10. George Bundy Smith states clearly that Steven placed Sarah in a delinquent camp. His partners at Chadbourne agree with him that he took her to this delinquent place against Sarah’s will and state this is a crime. (exhibit I)
Sarah herself testified to the following:
11. Sarah Schottenstein’s sworn testimony on November 16, 2005, included the following:
“In 2001 my father . . . locked me up. He sent me to a delinquent camp and psych ward where in the delinquency camp they ship people off to Mexico and the people are in handcuffs and if I was sent there I’m sure no one would have ever found me.” (A. 253 lines 16-24)

“I left Ohio because I couldn’t bear another day living there. I was afraid to stay. Before I left my father said he was going to hurt me. He said actually- I know we’re here today for child support but he told me he’ll never pay child support and he told me he never wanted me to see my mother again and he wanted her locked up in jail.” (A. 243 lines 17-23)

(This case is now up for Appeal & reargument)



July 11, 2006

http://www.judicialreports.com/attachments/Jason/PR07_17.pdf

"FIRST JUDICIAL DISTRICT INDEPENDENT JUDICIAL ELECTION QUALIFICATION
COMMISSION ANNOUNCES QUALIFIED CANDIDATES.
"HONROABLE GEORGE BUNDY SMITH CHAIR FOR THE FIST JUDICIAL DISTRICT"

"IN FEBRUARY 2007, CHIEF JUSTICE JUDITH KAYE AND THEN CHIEF JUSTICE
ADMINISTRATIVE JUDGE JONATHAN LIPPMAN ANNOUNCE THE MEMBERS OF THE
INDEPENDENT JUDICIAL ELECTION QUALIFICATION COMMISSION FOR THE 12
JUDICIAL DISTRICTS IN NEW YORK STATE. THE STATEWIDE SCREENING PROCESS
WAS APPROVED BY THE NEW YORK STATE COURT OF APPEALS
FOLLOWING RECOMMENDATIONS OF THE COMMMISSION TO PROMOTE PUBLIC
CONFIDENCE IN JUDICIAL ELECTIONS..."

SCHOTTENSTEIN V SCHOTTENSTEIN FIRST DEPT. JILL SCHOTTENSTEIN V GEORGE
BUNDY SMITH. IS THERE A CONFLICT OF INTEREST? WHY IS GEORGE BUNDY
SMITH ADVOCATING AGAINST THE CHIEF JUSTICE JUDITH KAYE COMMISSION?
WHY ISN'T HE HELD ACCOUNTABLE FOR HIS ACTIONS?


Click here:
http://www.nycla.org/siteFiles/Publications/Publications709_0.pdf
SPEECHES BY HON. GEORGE BUNDY SMITH AND HON FRANCIS T MURPHY AT JUNE
14,2007 CONFERENCE-PRACTICING JUDICIAL INDEPENDENCE: WHAT JUDGES AND
THE BAR ASSOCIATION CAN DO.....



September 13, 2007, 12:22 pm
Former Judge Sues Governor on Behalf of Current Judges

Miramar Announces Suit Against American Eagle Resources Inc.
From:
PR
August 3, 1999
miramar resources inc 1999 PR Newswire Association, Inc. .

"NORTH VANCOUVER, Aug. 3 /CNW-PRN/ - Miramar Mining Corporation has commenced an action against American Eagle Resources claiming repayment of $3.8 million. "

"American Eagle and Miramar operated the Golden Eagle Mine in Nevada as a joint venture from 1989 to 1996. The mine is currently in reclamation. "

"Over several years Miramar advanced working capital to the joint venture on American Eagle's behalf. Miramar has called" ...

President, Tribeca Lending Corporation
Richard W. Payne III

"Richard W. Payne III has served as President of Tribeca Lending Corporation, Franklin Credit Management Corporation's wholly-owned mortgage banking subsidiary, since February 2007. From March 2005 until his engagement by the Company, Mr. Payne served as President, Wholesale Division of The New York Mortgage Company. From March 2004 until March 2005, Mr. Payne served as Managing Director and Director of Wholesale Development - Aurora Loan Services of Lehman Brothers. From October 1997 until March 2004, Mr. Payne served as President and CEO of SIB Mortgage Corp. "



"The undersigned, FRANKLIN CREDIT MANAGEMENT CORPORATION (the “Corporation”), a corporation existing under the laws of the State of Delaware, hereby certifies as follows:"

"The name of the Corporation is FRANKLIN CREDIT MANAGEMENT CORPORATION."

"The original Certificate of Incorporation of the Corporation (previously named “Miramar Resources, Inc.”) was filed with the Secretary of State of the State of Delaware on February 24, 1988."

"The Amended and Restated Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on December 30, 1994."

"filed with the Secretary of State of the State of Delaware on December 6, 1996."

"filed with the Secretary of State of the State of Delaware on October 8, 1997."



"Huntington shares slip as it predicts fourth-quarter loss"
Friday, November 16, 2007
The Columbus-based bank said it will take a charge against earnings of up to $300 million, or 81 cents per common share, to build its reserves against loan and lease losses."

"It said the action was necessary because Franklin Credit Management Corp, with which Sky had a longstanding relationship, said it expects more delinquencies and defaults ahead for its mortgage portfolio."

“As a result of this new information, we needed to reassess the collectibility of the Franklin loans,”


"Value City Arena at the Jerome Schottenstein Center
... Huntington Banks, after which the venue's luxurious 2nd level The Huntington ... Schottenstein Center Insider"
Lead Corporate Sponsor
... "through the 2004 Annual Mel Schottenstein Birthday Celebration. ... Huntington Bank. 2004 Corporate Superstars $25,000 and above. American Electric Power "...


Franklin Credit Announces Purchase of $310 Million Subprime Mortgage Portfolio


02/23/07
Franklin Credit's Origination Subsidiary Acquires Certain Assets of New York Mortgage Company's Wholesale Lending Division

02/15/07
New York Mortgage Trust Enters Into Definitive Agreement to Sell Its Wholesale Lending Assets to Tribeca Lending Corp.

02/15/07
Franklin Credit's Origination Subsidiary to Acquire Wholesale Lending Division of New York Mortgage Company

01/09/07
Franklin Credit Comments on Recently Announced Merger of Sky Financial and Huntington Bancshares


09/06/06
Franklin Credit Announces Hedge Agreements

08/21/06
Franklin Credit Announces New $40 Million Warehouse Credit Facility

04/24/06
Franklin Credit Management Filed Annual Report on Form 10-K on April 24, 2006; Delinquency Notice Received From NASDAQ

04/06/06
Franklin Credit Subsidiary Enters Into $100 Million Credit Facility With Bank of Scotland Affiliate

01/17/06
Franklin Credit Management Corporation Announces the Resignation of Its President, CEO and Director Jeffrey R. Johnson and the Appointment of Thomas J. Axon as President and CEO
Franklin Credit Management Corporation Announces Exercise of Over-Allotment Option

07/19/05
Franklin Credit Management Corporation Announces the Public Offering of Common Stock and Listing on Nasdaq


10/20/04
Franklin Credit Announces Purchase of $99 Million Subprime Mortgage Portfolio

10/20/04
Jeff Johnson Joins Franklin Credit Management Team as Chief Executive Officer

07/19/04
Franklin Credit Announces Purchase of $310 Million Subprime Mortgage Portfolio