Trans World Entertainment: Transformation In Decline [View article]
That was my first thought but then he filed a 2nd 13/d/a in recent days which says there have been no transactions in the last 60 days. That made me wonder.
Did you read both 13-ds and still come to that conclusion ?
I guess maybe the 13d means open market transactions in the last 60 days but his most recent one says there has been NONE.
Has Premier Exhibitions' Titanic Sale Sunk? [View article]
For those that havent figured it out.
Gregg=Greggory Schneider 13d holder who owns 6.33%.
Doesnt always play well with others.
I hope his $4.50+ scenario plays out. ---------------- 3,037,500 shares of common stock purchased in open market transactions for a total consideration of $6,590,050.
Item 4. Purpose of Transaction:
Mr. Schneider continues to believe that Premier Exhibitions' common stock is dramatically undervalued at current levels, as we move closer to a completion of the Titanic asset sale transaction announced October 15th. With a $189 million "tax efficient" sale of the RMS Titanic subsidiary (RMS Titanic Inc.) well underway, and a profitable separate operating business (Premier Exhibitions) that has experienced an astounding turnaround, the sum of parts value should very easily exceed $4.50/share.
Mr. Schneider believes the operating segment of the company can easily fetch an additional $75 million ($1.50+/share) using a very conservative EBITDA assumption for the next two quarters ($9-10mm annualized) without adding any value for the upcoming new exhibitions and content which the company mentioned on its last conference call as well as other upsides due to the relationship that would continue with the buyers through a licensing arrangement to continue exhibiting the artifacts and joint efforts to fully exploit RMST’s Titanic-related intellectual property, referred to in the last conference call.
Mr. Schneider believes the market is completely ignoring the value of the operating business and also totally misconstruing the corporate tax consequences of the Titanic transaction. With the Titanic assets now on their way to being sold for an amount that far exceeds the company's current market capitalization, Mr. Schneider is fully in support of the Titanic sale transaction and management's clear focus on completing it, and believes the most logical next step is to sell the separate operating business immediately afterwards to maximize shareholder value.
Has Premier Exhibitions' Titanic Sale Sunk? [View article]
I posted the other guy was overly optimistic but you seem to be suggesting they flat out made up the potential sale price ?
That seems a bit much.
My concerns are the deal falls through, they wont get out of taxes, nobody within mgmt or the board could give a crap if & when a deal gets done and they sure as heck havent been buying in the open market. (Sellers closed his hedge fund and doesnt need the money)
But, Im long and hoping for the best.
As for something happening NEXT QUARTER, Im not holding my breath. In fact, It wouldnt surprise me if next year at this time they are still working on a deal at a reduced price.
But, I dont believe they fabricated the $189 million figure.
Trans World Entertainment: Transformation In Decline [View article]
Sitting on cash doesnt automatically mean value destruction.
That cash could be used later for a good opportunity, if there are any that would be strategic for TWMC.
I agree that it would have been better to have paid out $1.00-1.50 per share in Dec. Lets give Bob the benefit of the doubt here considering the very good job he has done in shrinking this company.
Id like better communication from him for sure.
Maybe next quarter.
And it might be that he is considering returning cash to shareholders via a tender offer. Ideally, that would be done at a price just above market but low enough where those who decide to hold will be better off.
Im guessing a 10-30 cent premium might do it.
But, I think he probably has bigger aspirations....like waiting to see how the new 20 stores do and then perhaps deciding to grow on a larger scale.
Ive lived through him getting out of a lot of leases. Their leases are not a problem. And they've proven they can up & close stores without balance sheet devastation.
Trans World Entertainment: Transformation In Decline [View article]
HAST is a name someone mentioned that TWMC might be interested in buying.
$18 million marketcap & $56 million enterprise value suggests it would be affordable. And I cant imagine that Higgins would buy it unless it was affordable. Not sure how Id feel about it because Im not sure how the 2 companies would combine. Something like this could explain his hoarding of cash though.
Hastings Entertainment, Inc. operates as a multimedia entertainment retailer. The company operates entertainment superstores that buy, sell, trade, and rent various home entertainment products, including books, music, software, periodicals, movies on DVD and Blu-Ray, video games, video game consoles, and consumer electronics. It also offer consumables and trends products, such as apparel, T-shirts, action figures, posters, greeting cards, and seasonal merchandise. As of March 31, 2012, the company operated 138 superstores principally in medium-sized markets located in 19 states, primarily in the western and midwestern United States
Trans World Entertainment: Transformation In Decline [View article]
Higgins is how old ? And they just got rid of the CEO and they are on their 3rd CFO in a couple years.
Do they have the management depth if something were to happen to Higgins ?
How can they be so sure that all or 90% of their 20 new stores will be immediately profitable ?
Finally, the risk is that Higgins does something risky and buys another company that may or may not work out.
I was VERY disappointed in the amount of their dividend in Dec. Could & should have been much more.
And, they need to be able to show some small same store sales gains going forward. Doesnt have to be huge but they need to be POSITIVE.
There are 2 stores in my area that I know of. Both in strip malls. One FYE & the other Coconuts.
Havent been in either. But, I will make it a point to go in one or both within the next few weeks/months.
Not that I really expect a store vistit to tell me a whole lot.
Been following and invested in TWMC since 2008.
Very pleased with their ability to downsize without huge hits to the balance sheet.
With music & video accounting for less & less of their business and both of their stores in Birmingham in strip malls, Im not sure what exactly drives traffic to their locations. In a mall, you have people walking by. In strip malls, you've got to park your car in front of the business & go in. So what drives customers if they arent buying a CD ?
Dec. was the optimum time for a large dividend and since he decided to hoard the cash, the chances of another large dividend seem unlikely.
Cant really see Higgins doing a tender offer for a bunch of shares but I guess its possible.
Finally, I fear that he might want to take it private. The problem with that is he wont be willing to pay a big premium to do so. Im not sure Id sell for a 15-20% premium.
Higgins really has done a great job here. Its a shame he cant be more shareholder friendly and open about what he is considering doing with all that excess cash.
Biglari Holdings, Inc: Sardar Biglari - Bet The Jockey Part II [View article]
The bottom line is BH has performed HORRIBLY for the last 2 years DESPITE his good investment in CBRL.
BH shareholders like myself, would have been far better off selling BH and buying CBRL or even an index fund. For the last 2 years.
Meanwhile, Biglari has sucked out nearly $16 million in total compensation for the last 2 years while BH shareholders are under water from 2 years ago.
And he spent HOW MUCH putting signs of himself in each and every steak n shake ?
Ive been long BH for longer than most.Ive been folllowing Biglari for longer than most. (I bought Western Sizzlin shares shortly before he got control)
The bottom line is Sardar has gotten rich & from what Ive been able to determine, he lives like a multi-millionaire. Guess he skipped over the part about Warren being frugal.
Biglari Holdings Investors Now Getting Core Steak 'N Shake Business For Just $125 Million [View article]
Does anyone know that start date by which Biglari has to buy stock in the open market with his Bonus money ?
Will Biglari buy before the rights offering ?
Does the SEC filing mention it at all ?
Im guessing he would prefer to buy in the rights offering but his "deal" says "open market".
Purchase of Common Stock. The Incentive Agreement provides that Mr. Biglari will use an amount equal to at least 30% of his annual pre-tax incentive compensation to purchase shares of the Company’s Common Stock on the open market within 120 calendar days of his receipt of such payment, subject to restrictions under the Corporation’s insider trading policy. Mr. Biglari is then required to hold such shares for a minimum of three years from the date of purchase, subject to the terms of the Incentive Agreement.
Things Are Looking Up For Nicholas Financial [View article]
Why did Loan quality significantly deteriorate during 2012 ?
And it appears to be continuing. Yet you argue its a positive because the rate of deterioration has declined ?
The rest of the county seems to be doing well. Consumer confidence is at a 5 year high I think.
Im afraid if a deal doesnt get done this time, this stock could fall back to $12 with continued earnings declines.
(That you paint as positive)
My cost basis in my remaining shares is $2.07. I would prefer to defer paying taxes on my gains for as long as possible.
I feel confident that NICK will eventually be sold. Might be a few years off.
Trans World Entertainment: Transformation In Decline [View article]
His buying a million shares at just a quarter below market is pretty bullish and offsets the old VPs continued selling.
Lets just hope he takes some action & returns cash to shareholders via a tender offer or something.
Wonder what book value & cash per share will be when that million & the VPs options are figured in ?
Has Premier Exhibitions' Titanic Sale Sunk? [View article]
Doesnt always mean the 13d holder is going to be right.
I suspect without Greggs buying, PRXI might be trading for $2.00-2.25 right now rather than $2.62. Of course theres no way to know that for sure.
Trans World Entertainment: Transformation In Decline [View article]
Did you read both 13-ds and still come to that conclusion ?
I guess maybe the 13d means open market transactions in the last 60 days but his most recent one says there has been NONE.
Has Premier Exhibitions' Titanic Sale Sunk? [View article]
Gregg=Greggory Schneider
13d holder who owns 6.33%.
Doesnt always play well with others.
I hope his $4.50+ scenario plays out.
----------------
3,037,500 shares of common stock purchased in open market transactions for a total consideration of $6,590,050.
Item 4. Purpose of Transaction:
Mr. Schneider continues to believe that Premier Exhibitions' common stock is dramatically undervalued at current levels, as we move closer to a completion of the Titanic asset sale transaction announced October 15th. With a $189 million "tax efficient" sale of the RMS Titanic subsidiary (RMS Titanic Inc.) well underway, and a profitable separate operating business (Premier Exhibitions) that has experienced an astounding turnaround, the sum of parts value should very easily exceed $4.50/share.
Mr. Schneider believes the operating segment of the company can easily fetch an additional $75 million ($1.50+/share) using a very conservative EBITDA assumption for the next two quarters ($9-10mm annualized) without adding any value for the upcoming new exhibitions and content which the company mentioned on its last conference call as well as other upsides due to the relationship that would continue with the buyers through a licensing arrangement to continue exhibiting the artifacts and joint efforts to fully exploit RMST’s Titanic-related intellectual property, referred to in the last conference call.
Mr. Schneider believes the market is completely ignoring the value of the operating business and also totally misconstruing the corporate tax consequences of the Titanic transaction. With the Titanic assets now on their way to being sold for an amount that far exceeds the company's current market capitalization, Mr. Schneider is fully in support of the Titanic sale transaction and management's clear focus on completing it, and believes the most logical next step is to sell the separate operating business immediately afterwards to maximize shareholder value.
http://bit.ly/XxyoEp
Has Premier Exhibitions' Titanic Sale Sunk? [View article]
That seems a bit much.
My concerns are the deal falls through, they wont get out of taxes, nobody within mgmt or the board could give a crap if & when a deal gets done and they sure as heck havent been buying in the open market. (Sellers closed his hedge fund and doesnt need the money)
But, Im long and hoping for the best.
As for something happening NEXT QUARTER, Im not holding my breath. In fact, It wouldnt surprise me if next year at this time they are still working on a deal at a reduced price.
But, I dont believe they fabricated the $189 million figure.
Will Premier Exhibitions' Titanic Auction Go On And On? [View article]
Im long here. But your expectations blow away my best case scenario.
I see the glass as half full.
Your cup doesnt just runneth over, it flooded the house and you are very close to drowning.
Trans World Entertainment: Transformation In Decline [View article]
That cash could be used later for a good opportunity, if there are any that would be strategic for TWMC.
I agree that it would have been better to have paid out $1.00-1.50 per share in Dec. Lets give Bob the benefit of the doubt here considering the very good job he has done in shrinking this company.
Id like better communication from him for sure.
Maybe next quarter.
And it might be that he is considering returning cash to shareholders via a tender offer. Ideally, that would be done at a price just above market but low enough where those who decide to hold will be better off.
Im guessing a 10-30 cent premium might do it.
But, I think he probably has bigger aspirations....like waiting to see how the new 20 stores do and then perhaps deciding to grow on a larger scale.
Ive lived through him getting out of a lot of leases. Their leases are not a problem. And they've proven they can up & close stores without balance sheet devastation.
Trans World Entertainment: Transformation In Decline [View article]
$18 million marketcap & $56 million enterprise value suggests it would be affordable. And I cant imagine that Higgins would buy it unless it was affordable. Not sure how Id feel about it because Im not sure how the 2 companies would combine. Something like this could explain his hoarding of cash though.
Hastings Entertainment, Inc. operates as a multimedia entertainment retailer. The company operates entertainment superstores that buy, sell, trade, and rent various home entertainment products, including books, music, software, periodicals, movies on DVD and Blu-Ray, video games, video game consoles, and consumer electronics. It also offer consumables and trends products, such as apparel, T-shirts, action figures, posters, greeting cards, and seasonal merchandise. As of March 31, 2012, the company operated 138 superstores principally in medium-sized markets located in 19 states, primarily in the western and midwestern United States
Trans World Entertainment: Transformation In Decline [View article]
Do they have the management depth if something were to happen to Higgins ?
How can they be so sure that all or 90% of their 20 new stores will be immediately profitable ?
Finally, the risk is that Higgins does something risky and buys another company that may or may not work out.
I was VERY disappointed in the amount of their dividend in Dec. Could & should have been much more.
And, they need to be able to show some small same store sales gains going forward. Doesnt have to be huge but they need to be POSITIVE.
There are 2 stores in my area that I know of. Both in strip malls.
One FYE & the other Coconuts.
Havent been in either. But, I will make it a point to go in one or both within the next few weeks/months.
Not that I really expect a store vistit to tell me a whole lot.
Been following and invested in TWMC since 2008.
Very pleased with their ability to downsize without huge hits to the balance sheet.
With music & video accounting for less & less of their business and both of their stores in Birmingham in strip malls, Im not sure what exactly drives traffic to their locations. In a mall, you have people walking by. In strip malls, you've got to park your car in front of the business & go in. So what drives customers if they arent buying a CD ?
Dec. was the optimum time for a large dividend and since he decided to hoard the cash, the chances of another large dividend seem unlikely.
Cant really see Higgins doing a tender offer for a bunch of shares but I guess its possible.
Finally, I fear that he might want to take it private. The problem with that is he wont be willing to pay a big premium to do so. Im not sure Id sell for a 15-20% premium.
Higgins really has done a great job here. Its a shame he cant be more shareholder friendly and open about what he is considering doing with all that excess cash.
Biglari Holdings, Inc: Sardar Biglari - Bet The Jockey Part II [View article]
BH shareholders like myself, would have been far better off selling BH and buying CBRL or even an index fund. For the last 2 years.
Meanwhile, Biglari has sucked out nearly $16 million in total compensation for the last 2 years while BH shareholders are under water from 2 years ago.
And he spent HOW MUCH putting signs of himself in each and every steak n shake ?
Ive been long BH for longer than most.Ive been folllowing Biglari for longer than most. (I bought Western Sizzlin shares shortly before he got control)
The bottom line is Sardar has gotten rich & from what Ive been able to determine, he lives like a multi-millionaire. Guess he skipped over the part about Warren being frugal.
http://yhoo.it/XUxjnB
Southern Company Offers The Best Package [View article]
Duh.
Biglari Holdings Investors Now Getting Core Steak 'N Shake Business For Just $125 Million [View article]
He seems to be in far too big a hurry to accumulate assets to me. Thats why im not thrilled with him taking on the debt or the rights offering.
The term "too big for your britches" comes to mind.
Biglari Holdings Investors Now Getting Core Steak 'N Shake Business For Just $125 Million [View article]
But, I havent spent hours reading through the prelim to see if its mentioned.
In any event, the 120 days should stand. But when did he get his bonus ?
Biglari Holdings Investors Now Getting Core Steak 'N Shake Business For Just $125 Million [View article]
Will Biglari buy before the rights offering ?
Does the SEC filing mention it at all ?
Im guessing he would prefer to buy in the rights offering but his "deal" says "open market".
Purchase of Common Stock. The Incentive Agreement provides that Mr. Biglari will use an amount equal to at least 30% of his annual pre-tax incentive compensation to purchase shares of the Company’s Common Stock on the open market within 120 calendar days of his receipt of such payment, subject to restrictions under the Corporation’s insider trading policy. Mr. Biglari is then required to hold such shares for a minimum of three years from the date of purchase, subject to the terms of the Incentive Agreement.