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Jeffrey Moore

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  • Solitron Poised For Value Creation With Activist Investors Getting Involved [View article]
    Exactly! In fact, if Barklett increases their stake much more (in too quick of a manner), then the NOLs would be gone.

    This could really push some people against the wall (in either direction) and make some people do some interesting things (note, I don't mean interesting in a positive or negative way, but is Saraf is in a spot where he feels he might lose his company- even though anyone would be hard pressed to fire him, would he be willing to invalidate ~$14mm in NOLs to preserve control and his salary?)
    Nov 6 09:04 AM | Likes Like |Link to Comment
  • Solitron Poised For Value Creation With Activist Investors Getting Involved [View article]
    This is what makes me think it could invalidate the losses. There was some discussion of this at Level 3 and at Modus Link as well.

    (1) In general
    There is an ownership change if, immediately after any owner shift involving a 5-percent shareholder or any equity structure shift—
    (A) the percentage of the stock of the loss corporation owned by 1 or more 5-percent shareholders has increased by more than 50 percentage points, over
    (B) the lowest percentage of stock of the loss corporation (or any predecessor corporation) owned by such shareholders at any time during the testing period.
    Nov 5 10:37 PM | Likes Like |Link to Comment
  • Solitron Poised For Value Creation With Activist Investors Getting Involved [View article]
    If he exercises his options, he will invalidate the NOLs of the company... Check the rules for what constitutes a "change of control".
    Nov 5 09:29 PM | Likes Like |Link to Comment
  • ALJ Regional Holdings' New Acquisition Unlocks Value [View article]
    This deal reminds me of the difference between Graham and Buffett... Graham would have played the arb (which is what most everyone I know did) and Buffett would have kept the stock.

    I tendered all I could for the arb, and was left with (in retrospect) far too few. :(
    Oct 22 06:01 PM | 1 Like Like |Link to Comment
  • Sturm Ruger: Looks So Good, That It Can't (Or Couldn't) Be... [View article]
    fair point, however, this was written before there was any talk of gun legislation coming about... Plus, it ain't PC to say you own a coal company at the moment, though, I wouldn't wan't to own one of them either.
    Dec 24 11:38 PM | Likes Like |Link to Comment
  • Sturm Ruger: Looks So Good, That It Can't (Or Couldn't) Be... [View article]
    I don't disagree with you, there are people out there that will own a ton of guns. I don't think that they make up the majority of sales though.

    Ammo on the other hand...

    Happy holidays.
    Dec 24 06:49 PM | Likes Like |Link to Comment
  • Sturm Ruger: Looks So Good, That It Can't (Or Couldn't) Be... [View article]
    There may well be upside in the near term, however, I don't see a compelling case as to why RGR should trade at 13x earnings. A temporary pop in the price could happen, and their near term earnings will be stellar- there seems little doubt about that.

    However, when I look out 10 or 20 years, I just don't know what exactly I see the company doing in terms of products, but more specifically, volume of sales. The US has more guns per capita than any other nation, if sales continue as they are, then people will start having to do additions to their houses just to store these things.

    Here are some back of the envelope stats, that are over simplifying things, but give you an idea... 35% of households have a gun in the house, and there are ~276mm guns in the US, and there are ~115mm households (~40mm owning gun(s))

    Thus, to give you an idea, if these numbers were averaged out, the average gun owning home has about 7 guns in it... At some point, it becomes hard to justify another purchase for something that you already have a few of. Sure, maybe you want to have different varieties, but again, at some point, it does become hard to continue purchasing these things that have a whole lot of shelf life built into them.

    I would want to find a company that made gun safes if I was convinced that firearms were going to sell at this rate in any sort of perpetuity.

    http://wapo.st/W2f0ID
    http://bit.ly/12B3JW6
    http://1.usa.gov/SufLxY
    Dec 24 04:46 PM | Likes Like |Link to Comment
  • Sturm Ruger: Looks So Good, That It Can't (Or Couldn't) Be... [View article]
    Good point on the dividend. I forgot to mention that, as well the fact that I own shares of ALJJ- it's a newer position, as well as the dividend being a newer development, and this is an older piece. Sorry for any confusion.
    Dec 24 12:03 PM | Likes Like |Link to Comment
  • Solitron's Share Price Is Too Low To Ignore A Buyback [View article]
    There is some debate as to this. The only restriction mentioned in their 10K is that of declaring a dividend. Either way a share buyback should probably be done at the soonest possible time, provided that the share price remains suppressed.
    Jun 14 02:52 PM | Likes Like |Link to Comment
  • Solitron's Share Price Is Too Low To Ignore A Buyback [View article]
    That's why I suggested the dutch tender...

    http://bit.ly/LnRu60
    Jun 14 02:50 PM | Likes Like |Link to Comment
  • Itex In 1 Million Share Buyback [View article]
    ITEXBROKER: I'll make you a deal. Instead of commenting on every ITEX related article I write with some comments that are obviously meant to get under people's skin, and seemingly to further management's agenda, how about you email me some of the public court documents about the matter (such as the "English paper that everyone else read from the court")? I will be happy to post them and give your side of the story a fair shake.

    I am curious as to where you get that at least 85% of the brokers would leave the company. It seems like a stretch to think that people would be so loyal to Steven White that they would be willing to risk their livelihood. Additionally, your comment on the income reduction of the company isn't right, as, if you lose 85% of brokers and they each contributed an equal amount to the company, revenue would be reduced by that amount. There are corporate expenses that are not totally down-scalable with every step down in revenue.

    If you are looking for a genuine discussion, then I am willing to have it.
    May 24 06:34 PM | 1 Like Like |Link to Comment
  • Supervalu's Double Positive [View article]
    He raises some good points, but, if they are good points, it shouldnt' matter what his background it- only that he is right.

    In regard to comparing the bonds and maturity, again, I said it was an overly simplistic view to illustrate a point. I would never invest just because bonds were above par. My point was simply that if in a bond holder's mind, there was any real chance of default and bond holders not getting their money back, they probably wouldn't be lending SVU money.

    In regard to shorting the stock, I agree with the point, and don't see how my article said anything different.
    Apr 11 06:02 PM | Likes Like |Link to Comment
  • Itex In 1 Million Share Buyback [View article]
    Based on how little volume there has been, it doesn't seem that there will be a ton of newly purchased shares repurchased. As I said in the article, I doubt that the activists will tender, but, have never talked with them about it. So, your guess is as good as mine.

    Personally, I would be shocked if Itex buys back a million dollars worth lot of stock.
    Apr 6 10:19 AM | Likes Like |Link to Comment
  • Itex In 1 Million Share Buyback [View article]
    No, it's not the same as before the tender offer. With 25% fewer shares outstanding, every person that was activist can not band together without having a higher ownership percentage than before, therefore, making it easier to trigger the poison pill than before. Considering that the group which fell apart had more than 2 investors in it, my point is quite relevant.
    Mar 21 06:03 PM | Likes Like |Link to Comment
  • Itex In 1 Million Share Buyback [View article]
    Mainly, if activists decide to collectively 13D the company (there were some previous 13Ds that fell apart).
    Mar 20 05:04 PM | Likes Like |Link to Comment
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