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Clint Edgington

 
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  • MCG Capital +14.5% on tender offer; more on Q3 results [View news story]
    Interesting thoughts. Their comments were something to the effect that they view current pricing as being indicative of a market peak- so it seems like they want to liquidate their holdings in some way or the other. Perhaps hang on to the shell for the NOL's if they can...
    Oct 30 10:24 AM | Likes Like |Link to Comment
  • MCG Capital +14.5% on tender offer; more on Q3 results [View news story]
    Toby, how much would you think wind down costs will be? I'm estimating $4m for employee costs (1 year of current quarter costs), $4m for executive severance/termination (could be $5m), $5m for professional helpers, $7m for G&A.
    Oct 29 11:39 AM | Likes Like |Link to Comment
  • Q&A: Awilco Drilling Lost More Than 30%, What To Do Next? [View article]
    A reasonable and straightforward valuation from one of the earlier people I got the Awilco idea from: http://bit.ly/1yJYq8j
    Oct 17 10:12 AM | 1 Like Like |Link to Comment
  • Q&A: Awilco Drilling Lost More Than 30%, What To Do Next? [View article]
    So, let's assume Hess and Awilco both wish to extend the contract. As mentioned on the last CC the option terms will need to be negotiated. It is a little confusing, but I gather that they have until the end of October to come up with rough terms, and then until February to hammer out details. I'd love to hear others' thoughts on the timing/details of the contract.

    WH will be on contract at $385k/day before the yard time. As of Awilco's last presentation it looked like leading edge dayrates were a bit less than $350k.

    While oil prices have dropped and likely tilted things in Hess's favor, demand/supply seems relatively balanced in the North Sea for the past year (http://bit.ly/1xLERJu). However, new supply is on order and it appears will be coming online towards end of 2015 and beginning of 2016. On latest CC and presentation they alluded to short term softness and contracts getting shorter.

    Competition: From last presentation, I imagine that Hess will also talk with Transocean (GSF Artic III), Diamond Offshore (Ocean Princess), and Seadrill (West Phoenix) as they appear to have openings in their schedule as well.

    My wild guess is that there is better than a 50/50 chance that a deal gets done; and I'd guess it'll be around $250k-300k/day.

    Others?
    fd: long
    Oct 13 05:21 PM | Likes Like |Link to Comment
  • Gramercy Property Trust: A 7.125% Yield For Income Investors [View article]
    Good research note.

    Not to troll you; but to be clear, the cumulative feature simply means that if they have not paid dividends on the preferred stock in the past, they would have to repay all the back dividends before restoring dividends on the common. So, it's actually a bit stronger than how I read your language.

    fd: long
    Oct 3 05:52 PM | Likes Like |Link to Comment
  • Quartet Merger Rights: 40% Upside For A Short-Term Event Driven Investment [View article]
    still a nice spread on the rights
    fd: long QTETR
    Oct 2 10:33 AM | 1 Like Like |Link to Comment
  • Gramercy closes on $9.4M office building purchase [View news story]
    interesting transaction that moves them out of the NNN industrial space that they're looking to make their niche. 8.2% cap doesn't seem like enough to make it an opportunistic play...
    Oct 1 09:33 AM | Likes Like |Link to Comment
  • Whiting Trust I: Overpriced Till It Falls Below $1.75 [View article]
    I made the mistake of thinking just that; assuming just because I would never be long WHX that I should somewhow figure out a way to be short. Lesson learned.
    Oct 1 08:52 AM | 1 Like Like |Link to Comment
  • Quartet: Joel Greenblatt Writes A Blank Check For Pangaea Logistics [View article]
    prob worth a source read: http://1.usa.gov/1wUUf5K

    I'd review The Merger Agreement- Termination. Starts on page 89.
    Sep 30 01:22 PM | 1 Like Like |Link to Comment
  • Quartet: Joel Greenblatt Writes A Blank Check For Pangaea Logistics [View article]
    There are other requirements in order for the deal to go through. Although my math & gut disagrees with the spread on QTETR to QTET- there are some valid reasons for a spread. For example, if there's not a min. of $25m after the conversions then the deal won't go through. I believe there's not much of a chance of an issue there once you do the math on those that have agreed not to convert though, but there is a small chance.

    just my $.02
    fd: long QTETR
    Sep 30 11:17 AM | 2 Likes Like |Link to Comment
  • Quartet: Joel Greenblatt Writes A Blank Check For Pangaea Logistics [View article]
    what am I missing, why is there still a 14% spread on the rights? Am I overlooking some sort of issue with the conversion rights having some sort of record date prior to the vote?
    Sep 29 03:37 PM | 1 Like Like |Link to Comment
  • Q&A: Awilco Drilling Lost More Than 30%, What To Do Next? [View article]
    Yeah, I know there is a concern that with reduced oil/gas pricing deepwater drilling may become less economical and some may migrate to the midwater area. I'd love to know whether it can be economical to operate deepwater drills in midwater areas; in other words, if the variable cost to operate a deepwater drill in midwater is higher than the current midwater dayrates...
    Sep 25 03:22 PM | Likes Like |Link to Comment
  • Q&A: Awilco Drilling Lost More Than 30%, What To Do Next? [View article]
    Does anyone have any good resources for data/commentary on potential additional midwater rig supply coming online? Also, does anyone have any info on variable cost differences between operating midwater vs. deepwater rigs? Anything appreciated.
    Sep 25 01:37 PM | Likes Like |Link to Comment
  • Whiting USA Trust Is Comically Overvalued And Should Get Cut In Half [View article]
    data point Special Sit- that just happened to me. touche - live'n learn
    Sep 3 10:30 AM | Likes Like |Link to Comment
  • Yellow Media: Not Pretty, But Pretty Darn Cheap [View article]
    I think I agree on all your points except for being interested in the next quarterly :). I'd guess EBITDA decline for the 2nd half of 2014 isn't going to be much fun as they've signaled some spending on the "return to growth plan".

    fd: long
    Aug 29 03:25 PM | Likes Like |Link to Comment
COMMENTS STATS
221 Comments
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