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Troy Bayer  

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  • Clippers Sale In The Rearview, Expenses Return As MSG's Greatest Concern [View article]
    But congrats on being correct in your enthusiasm for MSG, please give yourself a pat on the back...you EARNED it!
    Mar 28, 2015. 03:31 PM | Likes Like |Link to Comment
  • Clippers Sale In The Rearview, Expenses Return As MSG's Greatest Concern [View article]
    Mr. Apel, do you have this article posted on your closet door lol. MSG eradicated all of the expense issues as outlined in this article by jettisoning the entire Knicks team besides Carmelo Anthony. They are fielding a D-league level team now, yet savings hundreds of millions in payroll and future luxury tax. Things change, the article is 7 months old, relax. The only thing that doesn't change is your pettiness and unprofessionalism. I've never seen someone circling the wagon like this in my entire career.
    Mar 28, 2015. 03:29 PM | Likes Like |Link to Comment
  • Clippers Sale In The Rearview, Expenses Return As MSG's Greatest Concern [View article]
    Everything in this article was fact at the time, supported by great sources and hyperlinked, and was a reason why MSG was downgraded by MANY at the time. If you disagreed, and happen to be correct in the long term, then that's fine. People disagree on companies daily. I take exception to the manner in which you disagreed, which remains unprofessional and slandering, and I won't allow it.

    -"Literally, no downside at all," yet MSG was downgraded by nearly everyone at the time of this article and linked in this article. Just Stop.

    -My recommendation was for a HOLD while acknowledging a potential opportunity for a short. I'll say that again....a HOLD. So again, just stop.

    -The TV deal's impact on the projected salary cap and luxury tax thresholds (which NO ONE attempted to quantify BEFORE the deal) has changed my outlook on MSG.

    Next slandering post from you where you misrepresent my article I will report you to the administrators of this site for abuse.
    Nov 11, 2014. 08:21 AM | Likes Like |Link to Comment
  • Clippers Sale In The Rearview, Expenses Return As MSG's Greatest Concern [View article]
    This is a long-term piece, and you are claiming success because of 3 months? Many of the things I wrote about have yet to even occur. Besides, circumstances changed with the announcement of the new NBA TV deal and the news that MSG could split into two divisions, giving MSG a boost. Does not mean the company is not overpriced. But I'm not surprised that you came back 3 months later to comment on this article given your unprofessional and childish behavior demonstrated above.
    Nov 6, 2014. 11:29 AM | Likes Like |Link to Comment
  • Clippers Sale In The Rearview, Expenses Return As MSG's Greatest Concern [View article]
    Wasn't referring to The Staples Center b/c that is leased to Lakers/Clippers among others. Sports teams own all types of real estate assets. I.e. Take a gander at the 49ers Santa Clara training facility, these are 9-figure assets/land holdings. Rangers/Knicks have their own magnificent training facilities, in addition to other sports-related holdings. The Clippers sale included apartment complexes for example.

    And regarding the content that MSG broadcasts besides Knicks/Rangers, it would drive the affiliation fees down incredibly. Knicks/Rangers are the bread and butter for MSG. While maybe entertaining to a few, broadcasting the Buffalo Sabres, NY Islanders, WNBA, and collegiate games does not have nearly the fan base as the Knicks/Rangers. Again, I encourage you to investigate the links between MSG Sports and Media. MSG Execs have said it themselves; there was a significant decline in MSG TV ratings when the Knicks did not make the playoffs. This is their premium content.

    Your calculation was overly simple to support your position, while the analysts are standing up different positions because they are considering the inter-links between different MSG segments.

    It's fine if you disagree, go invest in MSG. I love the company. The recommendation is to hold, not sell. You make some valid points, but that gets lost between unprofessional and demeaning insults.
    Sep 22, 2014. 01:51 PM | Likes Like |Link to Comment
  • Clippers Sale In The Rearview, Expenses Return As MSG's Greatest Concern [View article]
    Your questions would be far more effective without childish insults and demeaning reasonable questions/concerns on a company. I'd be concerned if I was an investor of a company throwing $100 million away per year on revenue sharing and luxury tax alone, while fielding a bad team that ripples through to the Media and Sports segments. Add in the nearly $100 million in payroll and the Knicks are blowing $200 mill per year on a bad, sub .500 product. Doesn't even consider the adverse impact of revenue sharing and luxury tax on Rangers.

    Your sum of the parts analysis is simple, in fact too simple. Doesn't consider the fact that MSG's Sports and Media segments are intertwined, just like the Clippers sale which included access to those TV deals and real estate owned by the team. Without the Knicks or Rangers, there is no longer any premium content on MSG networks. So in essence you are double-counting due to a fundamental lack of understanding how MSG operates. Then suggest 5 major analysts are simultaneously conducting illegal insider trading lol
    Sep 21, 2014. 09:16 AM | Likes Like |Link to Comment
  • Clippers Sale In The Rearview, Expenses Return As MSG's Greatest Concern [View article]
    No, actually these are facts. Your choice if you want to disregard the ANNUAL provisions of the CBA, $50 million for revenue sharing, near $50 million in luxury tax with ZERO return. These outlays are LARGER than the renovations.

    "No analyst worth a penny would downgrade." The links are there, 5 major downgrades including Morgan Stanley.

    MSG got its bump/upward adjustment from Clippers sale. Now time to re-evaluate.

    Before you make comments like "This is an awfully uninformed and skewed presentation of the facts," perhaps you should click the hyperlinks and actually research the company.
    Sep 19, 2014. 09:55 PM | Likes Like |Link to Comment
  • Apollo May Be The Government's Next Victim In Its Aggressive Oversight Of Financial Aid Recipients [View article]
    Disagree, when prospective students (the drivers of revenue), look at a school to attend, they do not care whether the school is public, private, or for-profit. They care about price and reputation, which UoP has none of at this point
    Jul 29, 2014. 10:26 PM | Likes Like |Link to Comment
  • Apollo May Be The Government's Next Victim In Its Aggressive Oversight Of Financial Aid Recipients [View article]
    do tell on the positives
    Jul 29, 2014. 10:24 PM | Likes Like |Link to Comment
  • Weakness In For-Profit Education Makes Grand Canyon Education Available At A Bargain [View article]
    based on $48 a share, not $44. I agree with your take on the Christian angle, it's a good niche for them appealing to parents who don't want to send their children to liberal, secular colleges at a higher price.

    no news on the review yet, sorry
    Jun 14, 2014. 08:49 AM | Likes Like |Link to Comment
  • Weakness In For-Profit Education Makes Grand Canyon Education Available At A Bargain [View article]
    Yeah CAPEX is high due to campus expansion, I believe there is a limit. Once they hit the 28,000 ground students goal, they will reduce spending on that portion of the business.

    But, it's not bad spending. The more students they can attract, the more revenue and operating income that rolls in. However, to separate themselves from the other for-profit schools, I think they should focus on enhancing the reputation of the school instead of becoming a "degree factory"
    Jun 2, 2014. 10:14 PM | Likes Like |Link to Comment
  • Knicks Struggles Will Continue To Hinder MSG Growth [View article]
    It's ok, I don't own any stock in MSG right now, so I don't care either way. Ballmer set the market though, which is great.

    Zack's just downgraded MSG to a strong sell too. Going to have to retract that quickly :)
    May 30, 2014. 07:19 PM | Likes Like |Link to Comment
  • Knicks Struggles Will Continue To Hinder MSG Growth [View article]
    The Clippers sale changes the whole dynamic of MSG valuation...I'll give you that, I wrote this 3 weeks ago and obviously couldn't forsee a bidding war from a franchise Forbes valued at $500 million shooting upwords of $2 billion. This is huge for MSG...huge! Even Forbes was way off, so I don't think it is fair to play Monday Morning Quarterback here. The Knicks are Forbes highest rated franchise at $1.4 billion but we now know that number is substantially more than $2 billion.

    Rangers get $3M revenue per home playoff game, and a share of the TV revenue, with a good portion of it going back into the revenue share pool. Your continued harping on the Rangers immediate success doesn't mean much on long-term outlook of the company.

    The Clips deal is a game-changer, however.
    May 30, 2014. 12:42 PM | Likes Like |Link to Comment
  • Knicks Struggles Will Continue To Hinder MSG Growth [View article]
    well lol, that article you are referring to is from April 2000. The Clippers have a top 5 coach in the league, perennial playoff contender, and in 1 of the 2 best markets in the country...


    As far as the 10-Q, I misspoke when I said the Transformation and Forum have been paid off for several quarters. I should of stated that 90-95% is paid off and I apologize for that. Take a look at CFO Bob Pollichino's statements in the Earnings Conference Call where you can get a little more clarity and detail. As of November, MSG had paid 92% of the Transformation tab with only $77 million left. As of Q2, they have paid 94%, $966M of $1028M tab.


    Transformation at Q3: $991M paid of $1028M tab, Forum $95M paid of $117M tab.


    That is only $25M in CAPEX for the Transformation last qtr, and obviously that is a much more significant project than the Forum. The Knicks will be spending double that on the revenue sharing provision alone, with an increasingly harsher luxury tax to boot. That is why this is such a large risk moving forward IMO
    May 12, 2014. 02:23 PM | Likes Like |Link to Comment
  • Knicks Struggles Will Continue To Hinder MSG Growth [View article]
    I agree with you on some points, MSG has some wonderful assets. But those assets are already built into the company valuation. The key is growth and MSG's path forward...and I see some considerable risk to growing to the $80 company you envision.
    May 11, 2014. 10:19 PM | Likes Like |Link to Comment
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