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Pat Stout

 
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  • Cliffs Versus Vale: Stock And Bond [View article]
    Greetings David,

    I am all for giving the leadership time. Their actions have me confused. The new board announced a $200 million share repurchase plan and got credit waivers, which weaken the credit profile. Mr. Goncalves is quoted suggesting he wants to improve the balance sheet. Which plan will be followed? I am in Mr. Goncalves corner.

    The new board election date was used as a point of reference. It shall be interesting to learn what price the board is awarded stock and or stock options. Will it be lower than when they were elected?

    Pat
    Oct 16 03:58 PM | Likes Like |Link to Comment
  • Cliffs' New Board Is Off To A Rough Start [View article]
    Goto SEC.gov, search for CLF, then enter 3 in filing type. Select include ownership. See if director(s) owned shares in 3 filing, if not click on director name to see all filings for director, see if a Form 4 has been filed. If no shares owned on Form 3 and no Form 4 filing then director owns no shares.
    Oct 5 03:40 PM | Likes Like |Link to Comment
  • Cliffs' New Board Is Off To A Rough Start [View article]

    Tell me how many shares this director owns -- http://1.usa.gov/1vCSv07
    Oct 4 07:31 PM | Likes Like |Link to Comment
  • Cliffs' New Board Is Off To A Rough Start [View article]
    If management feels the stock is under-valued why don't they spend their hard earned money to buy shares?

    Btw, not all the new directors own common shares, per SEC filings.

    Oct 4 08:05 AM | 1 Like Like |Link to Comment
  • Cree Listens, Repurchases Stock [View article]
    Cree purchased 1.2 million shares during the first quarter at an average cost of $45.22, or $54.3 million, per today's pre-announcement. The stock is trading pre-market under $35.

    With roughly 120 shares outstanding Cree investors could have enjoyed a 45 cent dividend during the Q1, but the monies instead went to selling shareholders which today look like the smart money.


    How (why) is the share repurchase shareholder friendly? 
    Oct 2 09:19 AM | Likes Like |Link to Comment
  • Cliffs' New Board Is Off To A Rough Start [View article]
    dmshachory,

    The focus was on the early decision of the new board to approve $200 million for share repurchases and the reaction of the bondholders. It hasn't been positive.

    The old board made their share of mistakes and were replaced.

    Sep 26 07:20 PM | Likes Like |Link to Comment
  • Cliffs' New Board Is Off To A Rough Start [View article]
    sugarsail1,

    Not all directors owned shares in early September, per SEC filings. I found that strange given one of the Boards first announcements was to approve transferring $200 million of owners monies to stock sellers.

    My concern is the decision to repurchase shares and lever-up the balance sheet. The bonds have fallen sharply. This should concern shareholders.
    Sep 26 07:04 PM | 1 Like Like |Link to Comment
  • Is Cliffs Natural Resources A Good Buy? [View article]
    Cliffs bond prices were somewhat stable under the "old Board", however since the "new Board" announced its intention to lever-up with a $200 million share repurchase plan the 6.25% of 2040 have gone into a free fall, down roughly 15% in a month. The stock has fallen sharply too, currently trading at $11.60.
    Sep 25 12:17 PM | Likes Like |Link to Comment
  • Why Is Cliffs Using Its Precious Cash To Buy Back Shares? [View article]
    What valuation metric(s) will the "board" use to determine if the transfer of owners cash to departing owners makes sense? If the board is going to spend the money then why not return the cash to owners via dividend and let them decide if they want to increase their ownership stake in CLF?
    Aug 28 04:25 PM | Likes Like |Link to Comment
  • Cliffs Natural Resources Announces A Stock Buyback [View article]
    Since the share repurchase authorization announcement CLF is down roughly 6%. The market does not appear to view the boards move as bullish. Why should the market take a bullish view, the board isn't placing their money at risk. A recent Form 3 showed no shares held by a board member.
    Aug 28 04:10 PM | Likes Like |Link to Comment
  • Why I Don't Like Casablanca's Plan For Cliffs And What I Would Do Instead [View article]
    As I wrote the market reduced the market value by 6%, stock trading at $15.06 dn $0.97. Looks like the market does not think very highly of the boards decision to authorize a share repurchase program. fwiw, the $200 million equals $1.30 per the 153,182,488 shares outstanding at July 21, 2014.
    Aug 28 03:18 PM | Likes Like |Link to Comment
  • Why I Don't Like Casablanca's Plan For Cliffs And What I Would Do Instead [View article]
    Cliff's will need bondholder approval before they can repurchase shares. If bondholders are smart they will say no. And they should demand a sinking fund. Also noticed a board member Form 3 filing with no shares, as of August 6th.
    Aug 28 10:32 AM | Likes Like |Link to Comment
  • Cliffs Natural Resources Announces A Stock Buyback [View article]
    If the board had faith the stock was under-valued then they would use their own money to purchase shares not transfer owner monies to departing owners.

    As a CLF shareholder the share repurchase plan is very disappointing news. IMO, the funds could have been better used reducing debt which would reduce cost and allow more funds to drop to the bottom-line.
    Aug 25 07:55 PM | Likes Like |Link to Comment
  • Income Opportunity - Northern Trust Perpetual Preferred New Issue [View article]
    Newly issued cumulative preferred stock does not count towards Tier 1 capital. Source: http://1.usa.gov/XDXWRv

    Therefore it is unlikely to see financial institutions issue cumulative preferred stock.
    Aug 6 10:52 AM | Likes Like |Link to Comment
  • NQ Mobile Inc. Bid: Real Deal Or Red Herring? [View article]
    The non-binding bid by Bison Capital Holding might carry more weight if they had a 5% to 10% stake in NQ Mobile.

    NQ's board may have a hard time negotiating a higher bid, given the market reaction to the current $9.80 non-binding bid. Stock is currently trading below $7.00.
    Jul 31 11:58 AM | 1 Like Like |Link to Comment
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54 Comments
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