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  • Janssen Purchase Doesn't Change Case For Idenix [View article]

    Thank you for reading my original report and staying the course.

    I too woke up early and had to pinch myself after seeing the announcement in my email. Mind you this is a few days after attending the annual meeting last Thursday in Boston. Board and management seemed upbeat, but what did I know haha
    Jun 9 01:03 PM | Likes Like |Link to Comment
  • Janssen Purchase Doesn't Change Case For Idenix [View article]

    Idenix with Merck's resources should be a potent force against other hep C players.
    Jun 9 09:06 AM | 1 Like Like |Link to Comment
  • Merck buys Idenix [View news story]
    Another example of patience beening rewarded
    Jun 9 09:02 AM | 1 Like Like |Link to Comment
  • Southside Bancshares: Great Bank, Sold Off For Shortsighted Reasons [View article]
    Well written follow-up on our article and thanks for the plug.
    May 20 05:06 PM | 1 Like Like |Link to Comment
  • Platform Specialty Products - The Next Great Serial Acquirer [View article]

    Great article Brian; you covered a lot of the points well. And thanks for the mention. You have some timing don't you?

    Just to add a little color from a call with CFO Frank Monteiro (thanks jreichek):
    - Franklin plays a rather small role - outside of being a director - of the other SPACs he and Berggruen have created. With PAH he has much more active role in the acquisition strategy and acquisition process.
    - To get a better idea of his role, Franklin met with Chemtura management over dinner and made the deal.
    - Berggruen has a limited role.
    - Dan Leever was unhappy with the private equity firm after the MBO and was looking for an exit strategy, which came in the form of Martin Franklin.
    - Management has learned from their acquisitions in the past.
    - New acquisitions will focus on quality management and will follow a decentralized model.

    If I recall correctly from the recent earnings call, they mentioned that a few integration officers from Jarden have joined PAH. Another positive for future acquisition integration.
    May 7 03:51 PM | Likes Like |Link to Comment
  • Greer Bancshares: You Get Much More Than You Pay For [View article]

    Thanks for the comment. Yes, I agree the daily volume for GRBS is very slim and a buyout would be one of the few ways for shareholders to realize the true value of the bank. The other way would be for the bank to repurchase as many shares as they can at current prices. This could increase daily volume while increasing the share price. Prior to today this would have been restricted with the MOU but since they announced that the MOU was lifted today, share repurchases are a very likely next step for the bank.
    Apr 22 07:11 PM | Likes Like |Link to Comment
  • Platform Specialty Products: Outliers Preparing World's Next Greatest Industrial Company [View article]

    Fits their acquisition criteria well and the price is attractive. AgroSolutions should provide steady cash flows with a large potential for growth which is attractive ammunition for further acquisitions. I'll be writing a more in-depth article in the next few days. Thanks for reading.
    Apr 20 01:47 PM | Likes Like |Link to Comment
  • Catalysts Present For Northeast Community Bancorp's 2nd-Step Conversion Offering Attractive Risk-Adjusted Returns [View article]

    Thanks for the comment. While there are minimum capital requirements I am not aware of anything that stipulates a maximum excess capital level. The bank has recently been utilizing excess capital for share repurchases which is good, but I agree that share purchases should be much higher with so much extra equity while shares are undervalue. The only thing that is holding back the conversion and the previous under performance is management and the board.
    Apr 17 09:32 PM | Likes Like |Link to Comment
  • FNBH Bancorp: Recent Re-Cap Could Spell Upside [View article]

    Thanks for your comment. Glad to hear from a local and can you add any more color on the commercial environment in Livingston County? For example what are the main industries, how are they fairing and what is the county's focus on economic growth?
    Apr 8 05:20 PM | Likes Like |Link to Comment
  • Amcon Distributing Co: Increasing Shareholder Value In A Conservative Low-Risk Fashion [View article]

    Yes, lower cost distributors should translate to higher margins, but from memory - I could be wrong and I will be doubling checking this - I remember reading an old McLane report prior to the Walmart acquisition that said the company had sub 1% margin. Again, I'll see if I can find that report again to confirm, disconfirm, and those numbers are far out of date, so the company could be much different than 2003 McLane when Buffett bought. This was just another reason for the sub 1% estimate.
    Apr 7 03:01 PM | Likes Like |Link to Comment
  • Amcon Distributing Co: Increasing Shareholder Value In A Conservative Low-Risk Fashion [View article]

    Thanks for the comments. Good pointing out the dilutive effects of the CEO awards which the 10,000 are quite substantial portion of the ~611,000 shares outstanding.

    For the company having a large chance of going dark because of having record number of shareholders below 300 could be possible, but I know of companies that have below 300 but still are listed. I think the main concern with maintaing listing is the costs associated with continuing to be listed as becoming burdensome. I do not see DIT's listing as being a burdensome cost.
    Apr 7 02:55 PM | Likes Like |Link to Comment
  • Amcon Distributing Co: Increasing Shareholder Value In A Conservative Low-Risk Fashion [View article]

    EPS might not always be the best yardstick for tracking a company's shareholder value creation since there are a number of factors that could lead to EPS being lower than three years ago. The follow link is a good read:

    DIT's Management uses shareholder equity, ROA and ROCE as their measuring sticks of value accretion which tend to be better yardsticks than EPS.
    Apr 7 02:49 PM | Likes Like |Link to Comment
  • Historic Annual Reports [View instapost]

    Thanks for pointing that out, didn't notice that. But most still don't go back much further than the 60s.

    What are some things that you would like to have the capability of doing with old historical articles?
    Apr 7 02:36 PM | Likes Like |Link to Comment
  • Why I Just Bought NovaGold [View article]

    Here is an intelligent discussions related to your question written by Arnold Van Den Berg that might help:
    Mar 31 03:49 PM | Likes Like |Link to Comment
  • First Security Group Continues Transformation, Yet Still Undervalued [View article]

    Thanks for reading.
    Mar 30 06:29 PM | Likes Like |Link to Comment