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Christopher Wallace

 
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  • Does Ivanhoe Energy Have A Future? [View article]
    I don't think HTL is a crock nor Friedland a crook. I think that not all development stage technologies turn into home runs. I think this is one that, despite the honest efforts of management and its Chair, is one destined to wipe out their and your investment. It happens. Sometimes bad things happen to good people.
    Jul 22 01:32 AM | Likes Like |Link to Comment
  • How To Think About The Apple/IBM Deal And BlackBerry [View article]
    A good, punchy and to the point article. The Apple/IBM partnership will certainly provide competition for BBRY. Does that mean game over for BBRY? Hardly. BBRY has faced extremely intense competition throughout all of its ups and downs. Will this just formed partnership stop the turnaround that was evidenced in BBRY's most recent quarterly report? I doubt it; but it is certainly too early to form a definitive view. The drop in BBRY stock seems hasty to me, given all of the other considerations affecting it: valuation, turnaround in numbers, software focus, etc. Time will tell just how much competition AAPL will provide. No doubt it will provide some, but the commenters here who have made definitive statements of BBRY's demise based upon scant information are playing into the whole fear/greed aspect of investor psychology. The prevalence of that view had me buying BBRY calls at the open as a contrary bet.
    Jul 18 10:00 AM | 8 Likes Like |Link to Comment
  • BlackBerry Is Now An Obvious Buyout Target, And 4 Other Reasons Not To Worry About The Apple/IBM Deal [View article]
    I think the chances are much better than that. Don't you remember Prem Watsa's bid from last year? Canada has, to my knowledge, only blocked takeovers of resource companies. Potash comes to mind.
    Jul 16 02:37 PM | Likes Like |Link to Comment
  • BlackBerry Is Now An Obvious Buyout Target, And 4 Other Reasons Not To Worry About The Apple/IBM Deal [View article]
    I am also keeping some powder dry for additional purchases as I suspect the selling may last a few days.
    Jul 16 02:34 PM | Likes Like |Link to Comment
  • BlackBerry Is Now An Obvious Buyout Target, And 4 Other Reasons Not To Worry About The Apple/IBM Deal [View article]
    While I think the takeover thesis is a long shot, I do think BBRY will continue on its improvement path, notwithstanding the increased competition in the enterprise space. I have been buying September and November calls this morning.
    Jul 16 02:31 PM | Likes Like |Link to Comment
  • Does Ivanhoe Energy Have A Future? [View article]
    I agree with the above, another good article. It is a sad situation. But I agree with your conclusion. Long term, those converts are looking very shaky. Any idea if there is a price quoted for their debt?
    Jul 16 10:30 AM | Likes Like |Link to Comment
  • Plug Power jumps following after-hours analyst initiation [View news story]
    I did not see the FBR research note. Did they indicate when or why PLUG might produce a positive gross margin?
    Jul 15 09:56 AM | 2 Likes Like |Link to Comment
  • Plug Power: Worth $1.76 Per Share [View article]
    One should NEVER assume a lack of bias when reading any research report, here or elsewhere. Bias is fine. Opinion is fine. The only obligation of the editors should be to ensure fact. The obligation is upon the reader to read broadly enough that they may form their own, educated, fact-based opinion, and thereby develop their own bias. The market is merely a collection of different biases. Don't fight it, celebrate it.
    Jul 8 10:16 AM | 1 Like Like |Link to Comment
  • N. American Palladium says senior secured term loan interest rate reduced [View news story]
    Not really since it is fully drawn at $31 mil based on margin availability. It is there for working capital which they will need it or.
    Jul 7 02:55 PM | Likes Like |Link to Comment
  • Palladium Bull Market Is Here To Stay; Is North American Palladium? [View article]
    Today’s announcement of repaying principal on the BAM loan is certainly a positive. However it is marred by the fact they incurred another $7.2 million pre-payment penalty. But, expensive as that is, it does suggest that management sees the future ability to generate cash to make the payments. That suggests to me that the anticipated second half cost reductions will likely be achieved. The big question remains is how much cash will be left over after this short life mine is depleted for the equity holders? The current trading values the equity at around $120 million. With nearly 400 million shares out, and substantial warrants, I don’t think the per share upside could be too great from here. This is a stock for traders, not investors.
    Jul 7 02:22 PM | 1 Like Like |Link to Comment
  • N. American Palladium says senior secured term loan interest rate reduced [View news story]
    That is good news. Second half cost reductions would be additional good news, if they come in as the company has predicted. Still, a higher Pd price is needed to give the equity any real value.
    Jul 7 10:10 AM | Likes Like |Link to Comment
  • USEC Inc. - Stock Price Disconnected From Reality [View article]
    Irrational indeed. With the bonds trading at $0.28, the story is told right there that the equity is worthless. Too bad there are no shares to short.
    Jul 2 03:00 PM | 1 Like Like |Link to Comment
  • Let's Talk About SAEX, Baby: Bull Vs. Bear Debate On SAExploration [View article]
    Current EV is 270 mil, so $50mm EBITDA is 5.5 times, not 4.
    Jul 2 02:34 PM | Likes Like |Link to Comment
  • Let's Talk About SAEX, Baby: Bull Vs. Bear Debate On SAExploration [View article]
    Pick a different EBITDA then, and what do you get? 7x? 6x? it still strikes me as rich given the leverage and comp table valuations.
    Jul 2 12:53 PM | Likes Like |Link to Comment
  • Let's Talk About SAEX, Baby: Bull Vs. Bear Debate On SAExploration [View article]
    The market is tying to find a direction to follow with SAEX. It wants to take this stock higher on improved operating results but wants to take it lower on over-levered balance sheet. Me, I have no position but I would not own a stock with this balance sheet unless it had been excessively beaten down and was very under-valued. At almost 8 x trailing EBITDA, I find this rich given the balance sheet risk.
    Jul 2 12:41 PM | 1 Like Like |Link to Comment
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