Archon Corporation: Betting on Its Real Estate [View article]
I still follow but recently sold out due to internal portfolio limitations on illiquid securities. I have received quarterly results over the last few years. The most recent was 9/30/12. I don't recall having to prove ownership, the quarterly reports come from my prime broker (Goldman Sachs).
Archon Corporation: Betting on Its Real Estate [View article]
You would have to get it from the company directly. I recall that I received something in the mail a number of months ago. It was either earnings through March or June of 2011, but nothing since then.
Archon Corporation: Betting on Its Real Estate [View article]
Alex
I agree that the potential loss in the lawsuit is material, but the company should be able to easily pay the costs from cash and securities on hand. The real issue with Archon is that it is basically an asset play based on the value of the Las Vegas strip property. The 27 acres have significant value. You mentioned an agreement to sell it for $495 million that fell through a few years ago.
Since Archon only has just over 6 million shares outstanding, that was an equivalent of $80 per share pre-tax. They can't get that price in today's market but the property is still "worth" more than the company's entire market cap. Archon recently proposed building a NBA arena on the property and valued the property at $350 million ($52 per share pre-tax).
I would also note that the company has made two large share repurchases in the last year or so totaling over 520,000 shares at an average price of over $13 per share.
Archon Corporation: Betting on Its Real Estate [View article]
Archon Corporation: Betting on Its Real Estate [View article]
Archon Corporation: Betting on Its Real Estate [View article]
I agree that the potential loss in the lawsuit is material, but the company should be able to easily pay the costs from cash and securities on hand. The real issue with Archon is that it is basically an asset play based on the value of the Las Vegas strip property. The 27 acres have significant value. You mentioned an agreement to sell it for $495 million that fell through a few years ago.
Since Archon only has just over 6 million shares outstanding, that was an equivalent of $80 per share pre-tax. They can't get that price in today's market but the property is still "worth" more than the company's entire market cap. Archon recently proposed building a NBA arena on the property and valued the property at $350 million ($52 per share pre-tax).
I would also note that the company has made two large share repurchases in the last year or so totaling over 520,000 shares at an average price of over $13 per share.