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  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    They can also raise rates. Here is the official Propark site that states a higher $12 max daily rate - $140 monthly - for one car @ Riccio lot. http://bit.ly/1LtCrWE

    Not exactly certain of the daily rev per spot, monthlies or occupancy rates but I'm guessing the overall mix leads to higher than one car daily max rate due to turnover of hourlies. 2 hours will set a person back $8 and getting two 2 hourers in one spot back to back would put rev per spot at $16. Also, hourly rate is $8 anytime after 3pm. Theoretically, a spot could get over $24 a day in non-discount. The discount monthly spots would weigh that down. All in all, IMO the right price structure and mix plus higher price and potential for more spots is a recipe for enhancing NOI.
    May 22, 2015. 01:24 PM | Likes Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    Willhand,

    Thanks for the Qs.

    I gave the value of the closed portfolio a higher intrinsic value than what was ultimately vended since those assets sold to a separate party would likely achieve a much higher price something closer to $100MM. Again the bulk, Canopy and Expresso, were likely vended in at a price well below market to secure decent terms on asset management fees, etc,. Ex: Canopy @$38MM is much lower than the appraised valuation of a year ago even though NOI grew significantly since. Expresso was vended at cost and was originally sold at low price pretty much as a favor to Propark from old owner (didn't shop the property due to trusting Propark over other potential buyers).

    You are correct it is a bet on Propark/Parkit management's ability to optimize and sell assets for a high price. I feel comfortable that the already embedded relationship between Och-Ziff and potential institutions who would be willing to pay up for quality portfolios - and Och-Ziff is properly incented - lowers the hurdles to properly execute on the strategy and sell at lower cap rates. Even with lower IRRs of 15% and slightly higher selling caps, the current valuation is still lower. I'm more inclined to give the benefit of doubt to Och-Ziff and that they've done enough due diligence on Parkit/ProPark management to make sure that their equity investment has a greater likelihood of achieving >20% IRR.

    What my understanding of the strategy is is that acquired lots will require investment to squeeze more optimization out of them. Your math looks correct if the lot was to maintain its current form for 4 years but it doesn't take into account expanding available parking spaces through better layout and/or physical expansion. Ex: Expresso was previously owned by a wealthy heiress not focused on profits and was unwilling to invest to optimize the property. Propark/Parkit are now willing to invest the necessary capital to expand total car spots, marketing, tech, etc,.
    May 21, 2015. 06:39 PM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Ratchet and Clank film release date of April 29, 2016 and announcement of NA distributor Focus Features. A bit delayed as the cash flows move from my estimated year end 2015 to 2nd half 2016. Guess RNK for hire service business are doing well to support company in mean-time and gives much more time to market and polish the tie-in PS4 game.

    http://bit.ly/1JK1VOt
    May 14, 2015. 06:57 AM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Full voice cast for the Ratchet & Clank film has been released.

    http://bit.ly/1e1IZAZ
    May 13, 2015. 01:27 PM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Jason,

    Don't know if you noticed but the recent annual filing noted that they officially own 63% of Ratchet and Clank film. Not a significant difference in my model above.
    May 12, 2015. 06:37 PM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Another article sets down similar theory we have that the Ratchet & Clank movie is likely to be first properly done game/movie adaptation.

    http://bit.ly/1cPGdOS

    Ratchet and Clank movie - which is completed - will be shown at Cannes market place this Friday and Saturday likely to drum up more international distribution business.

    http://bit.ly/1cPGfGq
    May 12, 2015. 06:34 PM | Likes Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    Looks like the CEO bought another 5,000 shares @CAD$0.57 on May 4th.
    May 8, 2015. 10:42 PM | Likes Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    This is another good article on Parkit that comes to the same conclusion discussed above in our article, although with slightly different inputs. Again anyway you look at it, shares are undervalued today.

    http://bit.ly/1cjmhDH
    May 5, 2015. 06:01 PM | 1 Like Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    Frank, thanks for reading and for the comment.
    May 4, 2015. 07:09 PM | Likes Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    Lil, very good catch!
    May 2, 2015. 02:47 PM | Likes Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    Thanks for reading. Would be interested in your thoughts after more thorough DD.
    May 1, 2015. 04:15 PM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Rainmaker posted good Q4. Profitability in sight.

    http://yhoo.it/1GF7q0i
    Apr 29, 2015. 09:17 AM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Ac011, with the following: high conviction, patience and limit orders.
    Apr 23, 2015. 06:03 AM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Jason, good question. They haven't broken out the investment in Sly Cooper yet but my guess is the main reason for RNK investing only 35% in the film is due to the timing of the cash flow and being conservative without needing to do another raise. The Chinese animation partner is likely investing more in direct costs of animation of Sly. A $7MM investment on the film ($20*.35) will probably be only $5MM in cash, the rest in tax credits. RNK will probably also tap their service credits with Deluxe (post production services) which still remain after the sale of their post production biz to Encore years ago.
    Apr 22, 2015. 10:41 PM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Jason,

    According to Sedar filings "The Company continues to work towards the completion, distribution and release of the feature film, Ratchet & Clank, announced in 2013. The Company entered into an arrangement with Blockade Entertainment LLC (“Blockade”), and CNHK Media China and
    Beijing Ruiqixingqiu Movie and Culture Limited (“CNHK”) to co-invest and co-produce the film Ratchet & Clank. Under the terms of the arrangement, the Company has agreed to invest approximately $11.6 million in cash and direct costs incurred in the development of the film, of which Rainmaker expected to finance $3.4 million through tax credits. This investment entitles Rainmaker to a majority interest in the film, subject to future potential negotiations of participation from additional parties. In order to facilitate enhancements and final deliverables of the film, the Company is increasing its investment in the film, subject to negotiation with its production partners. The Company currently estimates a final investment of $14.5 million, of which $4.7 million is expected to be financed through tax credits."

    From a conversation with CEO Craig Graham in October last year he stated that their ownership was 65% which would then indicate that if they do not invest anymore then their expected $14.5MM investment, then the total cost of the film would be $22MM.
    Apr 22, 2015. 03:26 PM | Likes Like |Link to Comment
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