- Synalloy (SYNL): Director Murray Wright bought 25,000 shares in December, an investment exceeding $400,000. These were Wright’s first purchases since selling 35,000 shares at over $40 last year. Like Wright, I am long Synalloy.
- Torch Energy Royalty Trust (TRU): Robert O’ Shea’s Trust Ventures just keeps buying TRU shares ahead of the liquidation vote. O’Shea, who has obviously crunched the numbers, must believe that a dissolution will yield substantially more than current prices.
- Comsys IT Partners (CITP): Texas investor Geoffrey Raynor increased his investment in Comsys, an IT staffing company, purchasing over 500,000 shares in December. Oops! CITP shares lost over 15% in the first week of 2008.
- Georgia Gulf (GGC): Do you think only retail investors are guilty of doubling down? Look no further than Georgia Gulf, where Rodger Krouse’s Sun Capital funds increased their underwater bet by over a million dollars in December.
- Crescent Banking Co. (CSNT): Director Michael Lowe bought over $2 million worth of this Georgia bank holding company in December. By my back-of-the-envelope calculations, he now owns over a quarter of outstanding shares.
- XCorporeal (XCR): A fund controlled by director Marc Cummins bought over 100,000 shares in December. XCorporeal is a medical device company developing a “wearable kidney.” Why can’t they just call it portable dialysis?
DISCLOSURE: Long SYNL as of Jan. 7. No position in other stocks mentioned.