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  • 3 Reasons Why Caesars Is The Short Of The Year [View article]
    If the courts agree with you, then CZR stock may decline.

    However as stated previously, the analysis in this and your previous articles seems to completely ignore the possibility of a "clean" CEOC bankruptcy. CZR stock declining significantly is just one possibility - and not the highly likely / certain scenario you've made it out to be.
    Sep 9 11:38 AM | Likes Like |Link to Comment
  • 3 Reasons Why Caesars Is The Short Of The Year [View article]
    Shock Exchange, you may believe it's illegal, but ultimately your opinion does not matter.

    If the courts disagree with you, then the CZR share price would see little effect from a CEOC bankruptcy.
    Sep 9 11:01 AM | Likes Like |Link to Comment
  • 3 Reasons Why Caesars Is The Short Of The Year [View article]
    Shock Exchange, your series of articles on Molycorp has been brilliant. But with Caesars, you again have failed to address the possibility that CEOC goes bankrupt without hurting CZR shareholders. It seems like you don't understand the (complex) structure of the company and its various units.
    Sep 9 08:15 AM | 1 Like Like |Link to Comment
  • Caesars Is Worth $0 Per Share [View article]
    HZV, in an unfavorable scenario, CZR might be "owned by debt holders".

    But in a favorable scenario, CEOC can go bankrupt without any negative effect on CZR shareholders. In fact, a CEOC bankruptcy could be an extremely positive outcome for CZR shareholders.
    Aug 30 11:02 PM | 1 Like Like |Link to Comment
  • Caesars Is Worth $0 Per Share [View article]
    Is the the $24 is a sum of holdco $3 + propco $7 + CACQ/CGP $14 ??

    You've written that "if Opco is worth $0", but if you give a negative value for Opco (CZR would be better off if it could get rid of CEOC), then you could possibly justify a valuation higher than $24.
    Aug 29 07:02 PM | Likes Like |Link to Comment
  • Caesars Is Worth $0 Per Share [View article]
    Yes the bondholders are litigating for fraudulent conveyance. But there is no guarantee their lawsuit(s) will be successful. So the stock is not necessarily "practically worthless", particularly if the bondholders are unsuccessful in court.

    As teetay1 suggests, the stock is worth $2 billion because it is pricing in possible dilution for CZR shareholders in a CEOC debt for CZR equity swap.

    Also there is some chance of bondholders winning their lawsuits and this is obviously negative for CZR.
    Aug 29 06:59 PM | Likes Like |Link to Comment
  • Caesars Is Worth $0 Per Share [View article]
    In a bankruptcy scenario for CZR, CZR stock goes to $0.

    But as texman7676 rightly points out, most of the debt lies with CEOC, and is not guaranteed by CZR.

    It's possible, for example, that CEOC defaults with no dilution to CZR shareholders. In this scenario, CZR could continue to prosper with a much lower debt burden.
    Aug 29 03:55 PM | 1 Like Like |Link to Comment
  • ADRs Of Allied Irish Banks Worth Just $1.19; Will Drop To That Level Within 7 Months [View article]
    Bridge, we've written extensively about AIBYY's mispricing in recent years: http://bit.ly/1lMD6HE

    There have also been various articles in the FT and Irish Times during that time.
    May 3 08:17 PM | Likes Like |Link to Comment
  • ADRs Of Allied Irish Banks Worth Just $1.19; Will Drop To That Level Within 7 Months [View article]
    Great article Night Heron, and thank you for linking to one of our previous articles about AIBYY.
    May 3 08:16 PM | 2 Likes Like |Link to Comment
  • Unprofitable Allied Irish Banks At 4.98 Times Book Value - An Absurd Valuation [View article]
    Thanks for your kind words Fernando R. Yes, in mid-2011, the company issued 500 billion shares to the Irish government. Please refer to the first two articles (http://seekingalpha.co...) and (http://seekingalpha.co...) for more information.
    Apr 14 06:51 PM | 2 Likes Like |Link to Comment
  • Mechel ADR Arbitrage: New York-Listed ADRs More Than 20% Higher Than Moscow-Listed Shares [View article]
    prravin123, thanks for your feedback. Please note that the comparison with Molycorp relates to the arbitrage opportunity only. Molycorp's mandatory convertible preferred was trading at a huge premium before 12 November 2013, and then it dropped massively thereafter as the arbitrage closed.
    Jan 23 05:30 PM | Likes Like |Link to Comment
  • Mechel ADR Arbitrage: New York-Listed ADRs More Than 20% Higher Than Moscow-Listed Shares [View article]
    Tuesday 21 January update:

    JPMorgan analyst Roman Gorokhov downgraded Mechel to Underweight from Neutral, with a $1.40 price target.

    source: http://bit.ly/1junG8m
    Jan 21 11:38 AM | Likes Like |Link to Comment
  • Understanding The Verso Paper Move [View article]
    ok thanks for the update Paulo
    Jan 17 02:13 PM | Likes Like |Link to Comment
  • Understanding The Verso Paper Move [View article]
    Paulo, given the decline of VRS to $2.70, does this suggest the debt exchange won't happen as previously described?
    Jan 17 01:32 PM | Likes Like |Link to Comment
  • The Basic Fallacy Regarding Altisource [View article]
    Another great article Paulo.
    Jan 16 04:39 PM | Likes Like |Link to Comment
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237 Comments
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