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Glen Bradford

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  • Dex Media: Less Risk Together Than Separate [View article]
    1. Tax loss carryforwards. Correct
    2. Higher depreciation expense. Correct
    3. Faster Digital growth. Correct

    All things considered, however, I think that you and I both can agree that if anyone got the better end of the deal it would have to be Dex One.

    Regardless, I think we both agree that it is mutually beneficial to both parties involved.

    I'd like to see more of the Dex One type leadership style of increased transparency going forward (breaking out digital from print, etc.) that you never saw over at SuperMedia.

    When you break them down independently, both had debt trading at a discount to par and were facing a liquidity crunch, I think that this just further establishes my belief that Dex One's management's ability to negotiate and work for investors is definitely the best of all of the phone book companies.

    I love the merger.
    Sep 18 03:22 AM | Likes Like |Link to Comment
  • Patient Investors: An Interesting Dividend Approach Using Your Home Equity [View article]
    Respect. For some reason I wasn't getting comment updates on this article.

    I like the idea of leveraging your home mortgage to invest in higher rate dividends. Unfortunately, I have no home to leverage because I'm not taking an equity position in real estate. I rent instead and simply invest. Maybe I'm a purist.
    Sep 16 10:30 AM | Likes Like |Link to Comment
  • Morgan Stanley Helps Shorts Crowded In Skullcandy, Creates Buying Opportunity [View article]
    the company misrepresenting the facts on their financial statements
    Sep 14 03:13 PM | Likes Like |Link to Comment
  • More on Stifel's downgrades of AT&T (T -1.9%) and Verizon (VZ -2.4%): While expecting the carriers will continue to "dominate the U.S. telecom sector," analyst Christopher King expects margins to get hit by iPhone 5 sales, which should carry higher subsidies than sales of rival devices. King also suggests AT&T and Verizon "could be used as a near-term source of funds ... as the QE3/risk-on trade becomes more prevalent." (VZ CFO comments[View news story]
    "AT&T and Verizon "could be used as a near-term source of funds ... as the QE3/risk-on trade becomes more "

    intrinsic valuation driver? this is not related to intrinsic value at all.
    Sep 14 11:22 AM | Likes Like |Link to Comment
  • Morgan Stanley Helps Shorts Crowded In Skullcandy, Creates Buying Opportunity [View article]
    what's the fraud risk?
    Sep 14 11:00 AM | 1 Like Like |Link to Comment
  • Patient Investors: An Interesting Dividend Approach Using Your Home Equity [View article]
    Housing can be an investment if you have tenants and they pay you rent. The investment is what they pay you minus depreciation minus tax minus mortgage at present interest rates... As present interest rates go down, the intrinsic value of homes should increase.
    Sep 14 10:45 AM | Likes Like |Link to Comment
  • Patient Investors: An Interesting Dividend Approach Using Your Home Equity [View article]
    Adam, to his point, look at interest rates. Look at the Fed's message. The velocity of money and unemployment are going to keep rates low until the velocity of money picks up, at which point, the performance that you and i speak of is positive to reflect this higher velocity of money.

    I think he's got something here. A housing bottom, the issue is that corporate profit margins are high right now, and if you watch ECRI, they are perhaps cyclically high, they claim we are in recession already.

    I wouldn't bet against them... but I don't make macro bets either.
    Sep 14 10:43 AM | Likes Like |Link to Comment
  • Patient Investors: An Interesting Dividend Approach Using Your Home Equity [View article]
    also congrats on 'early retirement'

    we both know that 'retirement' is a joke and that becoming independently wealthy does not mean that you stop working, it means that you probably continue working at whatever pace you feel like, doing whatever you think is the best use of your time, and only doing things that you don't mind doing as much, less of what other people tell you to do, etc.

    like your style, sir.
    Sep 14 10:39 AM | 1 Like Like |Link to Comment
  • Patient Investors: An Interesting Dividend Approach Using Your Home Equity [View article]
    i will say that this illustrates that the point is that although there is leverage available, the mindset of the investor has changed significantly and people are afraid of it even when it appears to make sense on a macro-cash-flow basis...

    if i was you and i believed in this, i'd be holding seminars and setting up a fund that people can buy with their fresh home mortgage loans
    Sep 14 10:37 AM | 1 Like Like |Link to Comment
  • Patient Investors: An Interesting Dividend Approach Using Your Home Equity [View article]
    my remarks are put simply, you haven't taken into account valuations, but your argument is that "you don't need to"

    shouldn't you instead sell your home, rent, and invest into dividends?

    also, are you actually using this strategy?
    Sep 14 10:35 AM | 1 Like Like |Link to Comment
  • Patient Investors: An Interesting Dividend Approach Using Your Home Equity [View article]
    so basically you are saying that now is a good time to leverage your home because the value of the home isn't going to go down and the cost of leverage is cheap and to invest into taxable dividends at a higher, in theory sustainable? rate of positive return.
    Sep 14 10:33 AM | 1 Like Like |Link to Comment
  • PNC Financial: Extraordinarily Well-Run Bank Selling At A Discount [View article]
    This is on of the most well thought out things that I've read this year.
    Sep 12 06:16 PM | 2 Likes Like |Link to Comment
  • Super Media Is Best Of The Yellow Pages: Management Does Matter [View article]
    I presently represent:

    0.8% of the common shares
    5.3% of the preferred A’s
    5.2% of the preferred B’s
    9.0% of the preferred C’s
    11.5% of the preferred D’s

    It’s my understanding that if I can get 5% representation of the commons then I can call an emergency shareholder meeting.

    Can you help me get the word out that I want people to reach out and contact me with their common share counts and that my goal is to gather 5% of the common shareholders with the intent to call a special meeting to vote on a new board of directors?

    Globalspeculation at gmail.com
    765-543-4175 USA

    “The way to take over is to gather 5% of the outstanding commons shares in a bloc vote, send a notice to the current board that you wish to call a special meeting to vote on a new board of directors. There are some timing issues. At that special meeting, all shareholders can vote and if you get 50% of the cast votes on each director then you have a new board.”
    Aug 17 04:22 PM | Likes Like |Link to Comment
  • Super Media Is Best Of The Yellow Pages: Management Does Matter [View article]
    Here are the projections I use.
    http://bit.ly/S5cdkv

    I haven't updated them for Q2 2012.

    Yes, I have a team of people that worked to put all of this together. If you want me to ask them where they got the online margins I'd be glad to, shoot me an email. Globalspeculation at gmail.com and I'll forward it to them.
    Aug 17 04:21 PM | Likes Like |Link to Comment
  • Super Media Is Best Of The Yellow Pages: Management Does Matter [View article]
    I believe my team estimated the online margins or they were mentioned somewhere on a conference call. We know that online margins are less than print.

    Here's some good old math that illustrates the breach of fiduciary responsibility.

    From a common perspective. If you owned $580M of EBITDA before the recap. Your shares now own 8.6% of the new company, or about $50M of EBITDA. The difference in EBITDA ownership is $530M.

    The present net debt is $1,426M.

    The new net debt would be: $850M.

    Therefore, the difference in net debt is $576M

    Does it make sense to exchange $530M of annual EBITDA to pay off $576M of debt?

    If I owned a company that made $530M of EBITDA would I find it reasonable to trade that to pay off a debt of $576M? No. This is why this recapitalization transaction represents a breach of fiduciary responsibility.
    Aug 17 02:58 PM | Likes Like |Link to Comment
COMMENTS STATS
471 Comments
388 Likes