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Andrew Shapiro  

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  • Important Events In Front Of Reading International Q2 Report [View article]
    The 'margin of safety' discount to RDI's growing NAV more than reflects the valid points your raise.
    Aug 6, 2014. 09:14 AM | Likes Like |Link to Comment
  • Update: Amazon's Losses Widen [View article]
    When a company grows its revenues by $3.6 billion y/y you would think there would be SOME growth in Income. But with $AMZN Income DROPPED by more than $100 million.
    Jul 24, 2014. 09:09 PM | 1 Like Like |Link to Comment
  • Update: Amazon Earnings [View article]
    Usually when a company grows its revenues by $3.6 billion y/y you would think there would be SOME growth in Income. But with $AMZN Income DROPPED by more than $100 million.
    Jul 24, 2014. 09:08 PM | 2 Likes Like |Link to Comment
  • Cinemark Launches New Chairman’s Advisory Committee [View article]
    Sounds like a cheap and (possibly younger less experienced version) of a CNK's board of directors but selected and serving at the leisure of the Chairman.
    Jul 1, 2014. 10:56 AM | Likes Like |Link to Comment
  • Lawndale Capital Mgmt To Conditionally Vote For Equal Energy Sale [View instapost]
    The likelihood of a credible higher alternative bid diminishes every day but we are prepared to reverse our vote it there remains time to do so.
    Jul 1, 2014. 01:09 AM | Likes Like |Link to Comment
  • Is This Hidden Advantage To Generate Outsize Gains Fair? [View article]
    The "making" of any money by Icahn has not occurred just by the price being bid up following announcement of his large ownership and investors, believing higher returns, to follow make purchases at ever increasing prices. It only would be made if Icahn then were to turn around and be able to sell all those options or shares to incremental buyers. (BTW, at some higher price, its folly for these purchasers to expect or obtain higher returns and this is no fault of Icahn, just greed by the buyers.)

    Now if Sir Carl were to turn and quickly, instead of what he regularly does, which is spend great resources and clout to bring about change in his targets, then there would not be the cavalcade of money following him and buying shares after his next announcement. Right now Carl is perceived to be smart money and people follow smart money. If he dumped on shareholders or even were perceived to have lost his 'touch,' then there would be less of a bidding frenzy following announcement of an Icahn position.

    Right now you can purchase and accumulate no different than Icahn can. He has no advantage whatsoever over you or any other investor. He just has more fame, which is something investors and the media voluntarily choose to provide him - and believe me - will quickly move to take away from him, should he deserve it. Given his age and wealth and all he has achieved in life, frankly, I think all he has left is his legacy. So follow away.
    Jun 24, 2014. 11:54 AM | 4 Likes Like |Link to Comment
  • Although Small, New Source Energy Partners LP Worth A Look [View article]
    I am not sure why you feel PETROFLOW was "favored" by the soon to be departing Canadian Based CEO, Klapko. He collects his sizable golden parachute regardless of who buys the company. Furthermore, he was given so many shares in the past, I don't feel his interests for obtaining the highest price are all that misaligned from shareholders. Though I do think he favors a transaction that pays him the severance vs one (leveraged recap) that does not. Similarly I think the Canadian directors of EQU are burnt out and want to be done with this company via a complete sale vs. some other, albeit higher value added alternative.

    There aren't really any more non-core assets for Equal to sell. Petroflow's acquisition multiple is so low and prospects for the industry are favorable that there is no reason for them to have to sell any assets as well. Cash flow will easily cover all debt requirements. That is why a leveraged recap could be structured to provide for at least $6/share of value in my opinion.
    Jun 18, 2014. 12:59 PM | Likes Like |Link to Comment
  • Papa Murphy's: Franchisee Relief Plea Portends Imminent EBITDA Decline - Shares Could Fall 80+% [View article]
    I think the quick rise followed by sharp decline associated with Russell measurement day supports the argument that Russell measurement day had a great influence in both the institutional investor and the sell side enthusiasm
    Jun 11, 2014. 03:01 PM | Likes Like |Link to Comment
  • Papa Murphy's: Franchisee Relief Plea Portends Imminent EBITDA Decline - Shares Could Fall 80+% [View article]
    I think the huge run-up of the stock price on last trading day in May was sufficient to boost FRSH into list of additions to the Russell 2000 when it reconstitutes at the end of this month. That will be millions of shares purchased by index funds who don't give a rats @#s about your good fundamental research above. - Beware!
    Jun 11, 2014. 09:29 AM | 3 Likes Like |Link to Comment
  • Is Carmike Cinemas Climbing Too Fast? [View article]
    acquiring goodwill and intangibles or creating it via acquisition price is a function of payment vs prior book value. Under GAAP, Assets have to be marked at the lower of market or book value, not marked up. If low book value assets generated a boatload of cash flow, an accretive and good acquisition could still be made by paying a low multiple for that cash flow and with cheap capital. It remains to be seen what cash flow really is to come from DCIN's acquisitions.
    Jun 11, 2014. 01:45 AM | Likes Like |Link to Comment
  • Is Carmike Cinemas Climbing Too Fast? [View article]
    I don't think all the words this author has redundantly written in an attempt to support imputing past price movements per 100 screens acquired will equate to new price movement per 100 screen acquired is worthy of an SA "Pro" designation and paywall treatment.

    1) Many Muvico auditoriums were big state-of-the-art in size and attendance
    2) The DCIN acquisition involves millions of newly issued shares. All future acquisition impacts are now to be divided over a much larger share base and have far lower per share impacts.
    3) The assumed debt of the acquisitions increases not only gearing on upside but also on downside and this increased risk is an argument for reduced valuation multiple on more volatile stream.
    4) What matters is whether an acquisition is made but whether its accretive and accretiveness is based on EV/EBITDA less Cap Ex paid and the cost of financing to buy it.

    I think Carmike's CEO is outstanding and has a good strategy. That he is using his highly valued shares to acquire DCIN only further reinforces my views on his skills. That being said, the high valuation is an impediment for CKEC itself to be acquired for a further premium.

    All and all - a very frustrating and verbose article to read
    Jun 10, 2014. 07:18 PM | 1 Like Like |Link to Comment
  • Real Estate Progress & Strong Q3 Results For Reading International [View article]
    Australand $AUAOF ups pressure with $65m land purchase from Reading Int'l $RDI
    http://bit.ly/1nUDDuL
    Jun 6, 2014. 12:34 AM | Likes Like |Link to Comment
  • Shareholder Activism: Unlocking The Door To Good Governance And Higher Returns [View article]
    all good points. Congrats on this campaign's success so far. Couldn't agree with you more of the opportunities and value to be created via small- and micro-cap activist investing, our focus for over 21 years now.

    To see the possibilities of what value might get created here in the next few years, take a look at the results of our successful 2008 proxy contest at Sparton Corp. Operating performance and $SPA shares have taken off from a low in 2009 below $2/share to over $30/share early in 2014.

    My articles on Sparton can be found at http://bit.ly/1nRZ6V9
    Jun 5, 2014. 09:41 AM | 1 Like Like |Link to Comment
  • Has Premier Exhibitions' Titanic Sale Sunk? [View article]
    This will be a tourist attraction- A Chinese co is rebuilding a $160MM full-scale replica of the RMS #Titanic, http://ow.ly/xBeBQ $PRXI
    Jun 4, 2014. 01:20 AM | Likes Like |Link to Comment
  • Has Premier Exhibitions' Titanic Sale Sunk? [View article]
    Violin played on #Titanic auctioned for $1.46MM; Should play role in appraisers assessment of what 1000's of artifacts recovered from the wreck by $PRXI now worth. http://ow.ly/xBcXb
    Jun 4, 2014. 12:57 AM | Likes Like |Link to Comment
COMMENTS STATS
1,920 Comments
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