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lacidarb

lacidarb
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  • Atlas Spin-Off Analysis: A Value Lost In The Shuffle [View article]
    The preferred are publicly traded. Your chart under stub details has incorrect % per the page 65 of their most recently filed Q. What about the warrants that were issued along with the preferred?

    Otherwise, a mostly good analysis.
    Feb 11, 2015. 04:24 PM | Likes Like |Link to Comment
  • Is It Time To Cut Losses In J.C. Penney? [View article]
    um...he sold them to CITI?
    Aug 27, 2013. 09:34 AM | Likes Like |Link to Comment
  • Northstar Realty Finance: A House Of Cards [View article]
    MD - Not to restate the obvious, but you need to get a better handle on accounting for CDO's, and equity risks. NRF has expanded into blue ocean territory with their healthcare venture. If you knew the CRE business, ALF, 55+, and the related are a very niche business where you can earn excess returns learning the business, and owning/lending on the fixed assets. In addition, the fee income is from their NT-REITs they launched. As for the decline in interest income, their mortgage portfolio has paid down within their REITs, along with a decline in LIBOR. This is expected in a bull market in CRE when you have legacy match-funded portfolios. As for the CDO they purchased, you need to de-construct the accounting associated with CDO's, which you can't really do that easily given the info provided. What you could have done is listen to past calls, when Hamo mentioned the cash impact the purchase caused. Maybe I should have been the author? Your analysis is swiss cheese.
    May 14, 2013. 02:26 PM | 6 Likes Like |Link to Comment
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