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Daan Everts  

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  • New IRS Rules Could Eliminate SunCoke's MLP Status [View article]
    Hi Richard, nice work. Any sense on timing?
    Jun 16, 2015. 10:51 AM | Likes Like |Link to Comment
  • 21Vianet: No Privatization After All, Speculation Should Not Cover Underlying Weakness [View article]
    The following might change your view on the delisting potential:
    Reuters reported that Chinese premier Li Keqiang said the government would promote domestic listings of startup firms with "special ownership structure", part of China's efforts to encourage innovation and boost funding for productive sectors of the economy. Many Chinese companies, including technology start-ups and internet giants such as BABA, BIDU & Tencent have adopted the so-called variable interest entity (VIE) structure. Because foreign ownership in China's internet sector is blocked, and Chinese internet startups have difficulty meeting profitability requirements to list onshore, the VIE structure was developed to satisfy the ownership requirements of overseas security regulators without technically breaking Chinese law. But China plans to relax rules for domestic listings, and is also vigorously developing over-the-counter equity markets to give start-up firms easier access to funding.
    Jun 8, 2015. 03:01 PM | Likes Like |Link to Comment
  • Merger Arbitrage Forum (PART 2) [View instapost]
    Thanks, did not see your comment. Saw vol seller before it came out, so folks were definitely assuming it. I wonder what the historical averages are of what the options settle to in cash/stock deals. Probably weighted towards the former based on trading action.
    May 29, 2015. 01:52 PM | Likes Like |Link to Comment
  • Merger Arbitrage Forum (PART 2) [View instapost]
    looks like they get the cash option.
    May 29, 2015. 10:26 AM | Likes Like |Link to Comment
  • Merger Arbitrage Forum (PART 2) [View instapost]
    Anyone has an idea what the BRCM non electors are getting? I am trying to get a sense to what the options will deliver right now. It could be the undersubscribed.
    May 28, 2015. 10:34 AM | Likes Like |Link to Comment
  • The Short Case For Dominion Resources Black Warrior Trust [View article]
    It's made some progress, but you are right its been stickier than other trusts. The 5 line and hopefully the 2.5 line should be breached this year, this the most overvalued trust. They sooner or later all converge, especially those with listed options.
    Apr 3, 2015. 05:59 PM | Likes Like |Link to Comment
  • Whiting Oil Trust II Distribution To Go To Zero Next Time [View article]
    The big difference between WHX and WHZ is that WHX screened as a very high div yield, as termination was not considered. WHZ will be the opposite, it will screen very low. So I don't foresee a persistent overvaluation due to yield hunting.
    Feb 12, 2015. 12:56 PM | 1 Like Like |Link to Comment
  • Whiting Oil Trust II Distribution To Go To Zero Next Time [View article]
    at 10% discount rate a little above $3....
    Feb 11, 2015. 01:49 PM | 1 Like Like |Link to Comment
  • Whiting Oil Trust II Distribution To Go To Zero Next Time [View article]
    I'm just saying if WHZ is trading at 80 cents with the current futures curve it would be a steal, it's hard to argue against that. I would have omitted that from your otherwise very accurate article.
    Feb 11, 2015. 08:49 AM | Likes Like |Link to Comment
  • Whiting Oil Trust II Distribution To Go To Zero Next Time [View article]
    Word of caution, just b/c div might go to zero doesn't mean the trust is a zero ("I still don't understand why anyone would pay $8.00 (or even 80 cents) for this trust"). With the current curve the NPV is over $3 using 10% discount rate. Don't load up on those 2.5 puts just yet.
    Feb 10, 2015. 04:28 PM | Likes Like |Link to Comment
  • Whiting Oil Trust II Distribution To Go To Zero Next Time [View article]
    Thanks for the article. I am unclear how you see them borrowing funds as trusts are not allowed to do so. Completely agree with everything else. Have you looked if there is an early termination if profits are below a certain level for a certain period?
    Feb 10, 2015. 11:00 AM | 2 Likes Like |Link to Comment
  • SEC Action Forces RAIT Financial Book Value To Plummet [View article]
    Yes, there is no way an editor can catch that, it takes in depth knowledge of the company. Intuitively there might be something wrong in that a pre-announced sale would cause a price shock when BV will adjust several months later, especially with the pro forma disclosures. The large BV adjustment further implies that the piece sold was an important part of the business, yet there is no mention of what was received. I am also confused as to why the minority interest in IRT is excluded from BV. But I doubt a SA editor should or could be the one to address these prior to publishing.

    So comments serve as a post publishing editorial tool, one that is a lot like closing the barn door after the horse has bolted. A formal correction helps, if there is a clear and proven error, especially one that is the heart of an article.
    Jan 6, 2015. 01:25 PM | 1 Like Like |Link to Comment
  • Pacific Coast Oil Trust: Gauging The Opportunity [View article]
    if I look at the distribution margin over the last couple of years total cost is in the 40-45 USD range. Which is still excellent versus many different alternatives, and still give you a nice IRR with the current oil curve. I think its at a very good price vis a vis the oil curve.
    Dec 11, 2014. 09:26 AM | 1 Like Like |Link to Comment
  • Oil And Gas Trust Value Rankings, Q3 2014 [View article]
    Nice article, really helpful as a trust reference point. Thanks a lot.
    Dec 10, 2014. 02:28 PM | Likes Like |Link to Comment
  • SandRidge Permian Trust: Stress-Testing At $50 Per Barrel [View article]
    ok thanks, that was what I was unable to see from the image.
    Dec 10, 2014. 09:15 AM | Likes Like |Link to Comment
COMMENTS STATS
276 Comments
162 Likes