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Glen Bradford

 
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  • Buffett Agrees - Doing Nothing Is The Path To Investment Success [View article]
    100 to 1 in the stock market is a book.
    http://amzn.to/Rt6CDO

    buy and read.
    Oct 31 04:41 PM | Likes Like |Link to Comment
  • Checking 'Under The Hood' Of The Great Repeatable Dividend Machine [View article]
    tldr;

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
    Oct 29 06:48 PM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    LEE is trading at an EV/EBITDA valuation of about 7x and an EV/FCF valuation of about 14.8X.

    that's why i think that LEE is reasonably valued. that said, as they pay down their debt, yes the market cap should rise slowly.
    Oct 28 07:21 PM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    yeah, i think lee is reasonably valued given that the newspaper industry is trading at a discount to intrinsic value in aggregate... but I don't really see LEE as a value play right now.. i sold out to buy into phone book securities.. the upside for dex one and supermedia is around 50x right now, but i'll settle for 25x. if we get a prepackaged chapter 11 per the company's guidance i would love nothing more than to gobble up tens of thousands of shares.
    Oct 28 07:10 PM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    i think that this is going to be better than lee.
    Oct 28 03:30 PM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    I think that paying off all of the 2012 debt obligations is in line with these expectations. they paid off the minimum for 2012 and now are letting cash build.
    Oct 27 12:00 AM | Likes Like |Link to Comment
  • Dex One Management Discusses Q3 2012 Results - Earnings Call Transcript [View article]
    It's funny that we agree on the fact that end-game panics are nearly always the same but that you're conclusion is far different from what supermedia put out in their form 425 today. In the form 425 it's fairly apparent that they are pursuing an option of 0 dilution that amounts to a refinancing. Meanwhile, you allege a debt write down restructuring/recapita... I like how you cite that you've been involved with this many times but fail to point out specific instances. I can show you that I ACTUALLY have been involved in these and won. Below is evidence that this isn't my first rodeo and that I got in ahead of Warren Buffett.
    http://bit.ly/TL9QiK
    http://seekingalpha.co...
    http://seekingalpha.co...

    Below is from the 425 of SPMD
    http://bit.ly/UOkGuf

    It continues to be our goal to implement the terms of the merger agreement as previously announced. The merger agreement requires that we obtain approval of 100 percent of both companies’ lenders to the proposed credit agreement amendments. A “prepackaged” or “pre-pack” Chapter 11 bankruptcy is one alternative under consideration to effect the merger and not impair any other creditors (including employees) in the event we cannot obtain 100 percent support for the proposed credit agreement amendments. Under this alternative, each company would seek support for the proposed amendments, merger and reorganization (the “plan”) from all lenders, who would then have the opportunity to vote on the plan in advance of either company filing a Chapter 11 case. To qualify as a pre-pack, at least a majority of lenders holding 2/3 of the debt in each credit agreement who cast



    votes would need to vote in favor of the plan. Immediately upon filing a pre-pack case, the company would seek court approval of the plan over the objections, if any, of lenders not supporting the plan or other interested parties. The pre-pack process would enable the companies to seek approval of the plan on an expedited basis relative to a “traditional” Chapter 11. At this time, the company has made no decisions with respect to potential alternative strategies, including a pre-pack strategy. It would be our intention, if a pre-pack were pursued, to treat all stockholders as contemplated by the merger agreement and otherwise to leave all company constituencies (including employees, retirees, vendors, customers and other creditors) unaffected.
    Oct 26 07:43 PM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    Guillermoleon - good news is that my opinion is irrelevant.

    That said, I am still of the opinion that there is more upside risk than downside risk. I intend to be buying more shortly. Hopefully the price goes lower... even though this is a 30% portfolio position for me I would like to take it to 40%+ in the next month or two. I'll be going higher if there is a prepackaged bankruptcy or agreement with creditors.
    Oct 25 08:09 PM | 1 Like Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    why not, i'll talk to anyone, especially those who want me to sell.
    Oct 25 04:53 PM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    Jason, take a look at their Bank Loan Amortization Schedules:

    Page 10:
    http://bit.ly/VrFkMc

    Page 11:
    http://bit.ly/PtWzjg

    It's clear to me the the company is choosing to pay down their debt at par in advance as opposed to at a discount. They don't have their debts due 12/31/2012 anymore.
    Oct 25 04:52 PM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    jason, give me a call 7655434175 if you'd like. i might not answer but i'll call back or whatever. i concur with your perspective on this.. i like the prepackaged chatper 11. it'll be a lot like lee eneterprises except with less dilution it sounds. can't makea ll the creditors ahppy.
    Oct 25 01:09 PM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    the conference call went well. might file a prepackaged bankruptcy to get full participation in the deal. that's not new to me, i did this stuff for lee enterprises before buffett bought it:
    http://seekingalpha.co...

    http://bit.ly/P4Z8Hb
    Oct 25 08:56 AM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    Dex One SuperMedia Merger Update
    Following the announcement of the proposed merger between Dex One and SuperMedia, a joint steering committee of the senior secured lenders for both companies was formed to evaluate the proposed amendments to the parties' respective credit agreements as set forth in the merger agreement. The consent of the lenders to the proposed amendments is a condition to closing the merger.
    Dex One and SuperMedia continue to negotiate with the steering committee to reach agreement on amendments to the parties' respective credit agreements. The parties are also considering alternatives to the current transaction structure to obtain the necessary lender consents.
    Additional information about the proposed merger is included in a Form 8-K filed with the U.S. Securities and Exchange Commission today.
    Oct 25 08:49 AM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    ahh yellow media and their ridiculousness. it'll be interesting to see how it pans out. the only thing that i am sure of is that it amounts to a default on their equity obligations.
    Oct 24 07:48 PM | Likes Like |Link to Comment
  • Dex Media: Likelihood Of Successful Merger Increases [View article]
    the bonds in my opinion should be trading at par because the entity is solvent. the fact that they are not spells opportunity for the company to retire them cheap.
    Oct 24 03:33 PM | Likes Like |Link to Comment
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