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  • IPO Preview: Fidelity & Guaranty Life [View article]
    I love these posts and I hate to nitpick, but I've looked on finviz and google/finance, and both of them say that AEL's dividend yield is actually 0.74%.
    Dec 12 10:56 PM | Likes Like |Link to Comment
  • Starz: An Overlooked Play In Content Media [View article]
    long STRZA too. What's the short list of companies that you think would acquire STRZA?
    Sep 24 01:07 PM | Likes Like |Link to Comment
  • Steel Partners Holdings L.P., A Small Conglomerate Undervalued By At Least 38% [View article]
    Ok, so I just got a reply from the company's investor relations about its cash balance via email.
    Here's the response:
    Dear ______,

    Thank you for your interest in Steel Partners Holdings L.P. (SPLP).
    You had two questions relating to the March Form 10Q.
    1) What amount of the cash and short-term securities stated on the balance sheet are held within the holding company itself (SPLP), or across each of the subsidiaries that SPLP holds, like HNH or Steel Excel?
    2) How available is that cash to SPLP's management?

    Of the $169.1 million of cash and cash equivalents reported on our March 31, 2013 balance sheet, approximately $12.7 million was held directly within the Holding Company; with the Holding Company defined as consolidated SPLP less its operating subsidiaries. For the subsidiaries, WebBank had $79.7 million and DGT Holdings had $13.1 million. Handy & Harman’s and Steel Excel’s liquidity are discussed in terms of working capital in the SPLP 10Q. However, reference to their separate Form 10Q filings shows cash of $11.4 and $75.5 million, respectively. There were also intercompany cash eliminations between our subsidiaries which net the total cash to the $169.1 million on the balance sheet.

    SPLP’s short term investments primarily consist of the marketable securities portfolio held by Steel Excel.

    The Holding Company generally does not have access to the cash flow of its operating businesses, and the operating businesses generally do not rely on the Holding Company to support their operating activities.

    Please let us know if you have any additional questions regarding Steel Partners Holdings.
    Best Regards,

    Andrew Azzara
    SP Corporate Services LLC
    Controller Steel Partners Holdings LP
    "

    You were right about the holding company itself only holding $12.2M, but SPLP still has implicit control over the companies that contribute to the balance sheet, since SPLP members are often a part of the subsidiaries' management and board. I was worried that SPLP was adding in the cash balances of non-controlling investments like Gencorp, which SPLP really doesn't have control over. I'll figure out a good way to edit in this information.

    Thank you for pointing this out.
    Jul 23 02:35 PM | 1 Like Like |Link to Comment
  • Steel Partners Holdings L.P., A Small Conglomerate Undervalued By At Least 38% [View article]
    I've looked over the compensation and governance documents from the company, and I couldn't find anything that looked like an extra performance fee. However, I am not experienced at digging through these documents and may have missed a lot. If you find a performance fee, please tell me so I can investigate and add it to the article. There weren't that many options granted to Lichtenstein, and at the very least, the strike price for most of them was 2-3x the current price, if I remember correctly.
    Jul 18 03:50 PM | Likes Like |Link to Comment
  • Steel Partners Holdings L.P., A Small Conglomerate Undervalued By At Least 38% [View article]
    @Northern Value
    Thanks for the question.
    I'll look into the cash balance issue. I checked the financials on GoogleFinance, Yahoo, and the company's quarterly and annual filings. The numbers are the same for all three sites, so I'll call investor relations tomorrow to see what within the balance sheet is just from consolidation. I'll see if I can get a breakdown of who has what cash.
    I'm inclined to think at the moment that all that cash is actually at the disposal of SPLP itself. Then again, the cash balance could be spread amongst the companies that SPLP has majority control over.
    From:
    http://1.usa.gov/1bHjUpk
    The company says that consolidated revenues from their holdings would be $2.3B on page 4. But in the actual company's financials on page 13, the revenues are listed at $0.7B.
    Jul 16 10:26 PM | Likes Like |Link to Comment
  • Steel Partners Holdings L.P., A Small Conglomerate Undervalued By At Least 38% [View article]
    Sorry to hear about your experience with SPLP.

    How did you get forced out of DGTC?
    Jul 16 12:57 AM | Likes Like |Link to Comment
  • Steel Partners Holdings L.P., A Small Conglomerate Undervalued By At Least 38% [View article]
    Thanks!
    Jul 16 12:55 AM | Likes Like |Link to Comment
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