RJM2's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/216491/comments http://seekingalpha.com/article/148288-steak-n-shake-looks-to-invest-extra-cash?source=feed#comment-584487 584487
Now it doesnt seem he wants to do that.]]> Sun, 12 Jul 2009 12:35:07 -0400
Now it doesnt seem he wants to do that.]]> http://seekingalpha.com/article/124820-used-car-business-holds-up-well?source=feed#comment-428839 428839 Tue, 17 Mar 2009 08:00:42 -0400 http://seekingalpha.com/article/103527-america-s-car-mart-could-be-just-the-right-vehicle-for-tough-times?source=feed#comment-297467 297467
Im in this sector via NICK which is much cheaper on a price to book basis. NICK has avg 5 year earnings per share of 90 cents and its trading around $3.

Also, it should be noted that a buy here pay here public car lot chain has been tried years ago and failed. It was called Urcarco which later morphed into Americredit.

The other thing is...the tough economy means consumers simply arent buying newer cars.

I will join you here on a pullback.]]> Mon, 03 Nov 2008 13:57:05 -0500
Im in this sector via NICK which is much cheaper on a price to book basis. NICK has avg 5 year earnings per share of 90 cents and its trading around $3.

Also, it should be noted that a buy here pay here public car lot chain has been tried years ago and failed. It was called Urcarco which later morphed into Americredit.

The other thing is...the tough economy means consumers simply arent buying newer cars.

I will join you here on a pullback.]]> http://seekingalpha.com/article/93658-ruby-tuesday-remains-a-prime-bargain?source=feed#comment-277053 277053
I think a restructuring with multiple store closures is probably going to happen. They may not want to admit it right now since they reimaged many of the stores that will need to be closed.

Frankly, its time for a professional manager, rather than the founder to run this thing.

It may get worse before it gets better but 2-3 years out, RT should be at $15 anyway.

One caveat is is they have to give the lenders warrants.

That could dilute us.

It will be interesting what earnings look like this afternoon.]]> Wed, 08 Oct 2008 13:48:38 -0400
I think a restructuring with multiple store closures is probably going to happen. They may not want to admit it right now since they reimaged many of the stores that will need to be closed.

Frankly, its time for a professional manager, rather than the founder to run this thing.

It may get worse before it gets better but 2-3 years out, RT should be at $15 anyway.

One caveat is is they have to give the lenders warrants.

That could dilute us.

It will be interesting what earnings look like this afternoon.]]> http://seekingalpha.com/article/90499-steak-n-shake-s-new-direction-is-terrific-news-for-shareholders?source=feed#comment-228864 228864
One things for sure, there are a lot of folks SHORT SNS and they will have to cover at some point.

I do wish he would arrange for a "webcast" of his Investor days and allow questions in advance from folks unable to attend. At least with a conference call, everyone has equal access to the information. With "investor days", thats just not the case for folks who cant drop everything and fly to "investor day". And are his investor days for the shareholders or aimed at attracting new money ? The big apple is not the cheapest place for a shareholder day as he did with WEST.

]]> Tue, 12 Aug 2008 16:47:23 -0400
One things for sure, there are a lot of folks SHORT SNS and they will have to cover at some point.

I do wish he would arrange for a "webcast" of his Investor days and allow questions in advance from folks unable to attend. At least with a conference call, everyone has equal access to the information. With "investor days", thats just not the case for folks who cant drop everything and fly to "investor day". And are his investor days for the shareholders or aimed at attracting new money ? The big apple is not the cheapest place for a shareholder day as he did with WEST.

]]> http://seekingalpha.com/article/90027-steak-n-shake-watching-and-waiting-as-biglari-names-himself-ceo?source=feed#comment-226508 226508
SNS paid $500k for the proxy fight costs and is now compensating Biglari at $280k per year. This is the guy that said he wasnt going to take any fees and wanted to make money with us, not off of us.

Im long both WEST and SNS but now have a fear that if and when value is realized, SNS may well become another investment vehicle for Sardar rather than the proceeds being distributed to shareholders.

His lack of diversification scares me some so I dont want to see him sitting on a pile of SNS cash and allocating it like he did when he was buying SNS at $16.]]> Fri, 08 Aug 2008 18:28:31 -0400
SNS paid $500k for the proxy fight costs and is now compensating Biglari at $280k per year. This is the guy that said he wasnt going to take any fees and wanted to make money with us, not off of us.

Im long both WEST and SNS but now have a fear that if and when value is realized, SNS may well become another investment vehicle for Sardar rather than the proceeds being distributed to shareholders.

His lack of diversification scares me some so I dont want to see him sitting on a pile of SNS cash and allocating it like he did when he was buying SNS at $16.]]> http://seekingalpha.com/article/90027-steak-n-shake-watching-and-waiting-as-biglari-names-himself-ceo?source=feed#comment-226506 226506
You are an idiot ! Better hurry up and cover your short.

Its not going below $6 again.

All the bad news is "baked in".]]> Fri, 08 Aug 2008 18:20:07 -0400
You are an idiot ! Better hurry up and cover your short.

Its not going below $6 again.

All the bad news is "baked in".]]> http://seekingalpha.com/article/68635-consolidated-mercantile-cheap-in-terms-of-cash?source=feed#comment-192940 192940
Now, that stocks near $1. The founder made out and the new buyers got control without paying for all the shares.

Finally, theres the cost of being public and the wages & salaries of the insiders while its just a shell. Over time, they can add up.

And CSLMF has not communicated very well their intentions.

How about you send me $100k, that I promise to sit in a bank account untill such time as I decide to invest it.

I wont give you any details about what Im considering investing it in and I will take a salary, but I wont tell you how much.

To make it more of a comparision, lets say I live in Boca Raton, which has almost as many scams as canada !

Whats the intrinstic value of an investment you have ZERO control over, whose controllers may have different motivations ?

Hypothically, someone could come in and buy controlling interest in CSLMF by paying these guys out at say $3 per share.

The rest of us would still own our shares. But the stock may be sitting about where it is right now.

Dont get me wrong, CSLMF has speculative appeal, but there is a valid reason that it trades at a large discount to its net asset value.

Given how long its traded at a large discount to its NAV, one can presume the insiders arent particulary worried about where it trades. One may be able to presume they would be willing to accept a sweetheart deal for their shares thats not so sweet for the outside shareholders.



]]> Wed, 25 Jun 2008 22:44:35 -0400
Now, that stocks near $1. The founder made out and the new buyers got control without paying for all the shares.

Finally, theres the cost of being public and the wages & salaries of the insiders while its just a shell. Over time, they can add up.

And CSLMF has not communicated very well their intentions.

How about you send me $100k, that I promise to sit in a bank account untill such time as I decide to invest it.

I wont give you any details about what Im considering investing it in and I will take a salary, but I wont tell you how much.

To make it more of a comparision, lets say I live in Boca Raton, which has almost as many scams as canada !

Whats the intrinstic value of an investment you have ZERO control over, whose controllers may have different motivations ?

Hypothically, someone could come in and buy controlling interest in CSLMF by paying these guys out at say $3 per share.

The rest of us would still own our shares. But the stock may be sitting about where it is right now.

Dont get me wrong, CSLMF has speculative appeal, but there is a valid reason that it trades at a large discount to its net asset value.

Given how long its traded at a large discount to its NAV, one can presume the insiders arent particulary worried about where it trades. One may be able to presume they would be willing to accept a sweetheart deal for their shares thats not so sweet for the outside shareholders.



]]> http://seekingalpha.com/article/77880-western-sizzlin-s-secretive-quarter?source=feed#comment-192936 192936
Untill very recently, SNS was a bet on SNS only.

Im long both. SNS is more deeply undervalued but Bilgari hopefully will not get complete control over SNS the way he has with WEST.

What I mean is, if a few years from now, operations have turned around, they've done sale & leasebacks on the owned properties and franchised most of the company owned stores, Im not sure I want Biglari playing "hotdog" with SNSs $15-18 per share. (Or whatever)

If SNS board doesnt either, they could do a one time dividend, with which every shareholder could choose to invest as he saw fit.

Biglari could then reinvest his proceeds back into WEST via another rights offering.

My biggest issue with Biglari is his lack of diversification.

Hopefully, SNS has taught him something in that regard. But, if get gets control over SNSs future cash, Im not sure it will have.
]]> Wed, 25 Jun 2008 22:29:31 -0400
Untill very recently, SNS was a bet on SNS only.

Im long both. SNS is more deeply undervalued but Bilgari hopefully will not get complete control over SNS the way he has with WEST.

What I mean is, if a few years from now, operations have turned around, they've done sale & leasebacks on the owned properties and franchised most of the company owned stores, Im not sure I want Biglari playing "hotdog" with SNSs $15-18 per share. (Or whatever)

If SNS board doesnt either, they could do a one time dividend, with which every shareholder could choose to invest as he saw fit.

Biglari could then reinvest his proceeds back into WEST via another rights offering.

My biggest issue with Biglari is his lack of diversification.

Hopefully, SNS has taught him something in that regard. But, if get gets control over SNSs future cash, Im not sure it will have.
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