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  • Turtle Beach lower following neutral Wunderlich launch [View news story]
    Source of numerator: 10K page 70
    http://1.usa.gov/1ESHHDt

    Turtle Beach Corporation
    Notes to Consolidated Financial Statements - (Continued)

    "On February 18, 2015, Dr. John Bonanno, a minority shareholder of VTBH, filed a complaint in Delaware Chancery Court alleging breach of contract against VTBH. According to the complaint, the Merger purportedly triggered a contractual obligation for VTBH to redeem Dr. Bonanno's stock. Dr. Bonanno requests a declaratory judgment stating that he is entitled damages including a redemption of his stock for the redemption value of $15.1 million (equal to the original issue price of his stock plus accrued dividends) as well as other costs and expenses. VTBH maintains that the Merger did not trigger any obligation to redeem Mr. Bonanno's stock and VTBH intends to vigorously defend itself in the litigation."

    Source of denominator: As of latest form 4 filing in August, Mr. Bonanno had 5.63 million HEAR shares.

    $15.1/5.63 = $2.68 per share.

    The way I see it, Mr. Bonano's desire to be "cashed out" after the stock downdraft is an ego thing. Seen it before. However, the stock overhang is a very real, but temporary stumbling block. In my experience these things usually take a few quarters to work themselves out.

    Also important in the K is the fact that the company now has BDO auditing their financials instead of Mickey, Minnie & friends.

    Having gone to Best Buy and experienced Hypersound at the Activision Call of Duty kiosk, my take is that the potential of this technology is solely limited by the imagination of the people managing the product launch. My bet is that the current $83 million market cap will prove to be an aberration.

    So, long term, we pretty much agree on this company...
    Apr 3, 2015. 05:44 PM | Likes Like |Link to Comment
  • Turtle Beach lower following neutral Wunderlich launch [View news story]
    Mr. Moscoe,

    I can think like an insider because I was one for 22 years. If you are an insider with a short trading window (as in this case), you know that the price tends to spike up until the window closes. Then, as is often the case with a company with no share buyback plan, the shorts pile back in. The workaround is to set up personal 10b5-1 to keep buying below a certain level after the window closes.

    I am also a buyer here, but until Mr. Romano clears his thinking (or his position), HEAR could trade around $2.50-$2.70 for quite a while.
    Apr 2, 2015. 12:55 PM | Likes Like |Link to Comment
  • Turtle Beach lower following neutral Wunderlich launch [View news story]
    $2.50 is about right until Mr. Romano, who is holding 5.6 million shares clears his position http://1.usa.gov/1BI4lak.

    The 10K litigation section suggests that if he gets some $2.70 he is a happy camper. No doubt that along the way someone will buy out his position.

    Meanwhile, the late filing of the K means that insiders cannot buy or re-set their 10b5-1 plans until later this week.
    Mar 31, 2015. 11:17 AM | Likes Like |Link to Comment
  • Why Questcor Will Definitely, Surely, Assuredly, Certainly Not Be Trading At $50 When Q3 2014 Starts [View article]
    Thanks for helping create--with the help of 800K shares dumped in a few minutes to trigger stop losses--a great buying opportunity.
    Jan 8, 2014. 12:18 PM | 6 Likes Like |Link to Comment
  • Questcor possibly hit by Acthar coverage worries [View news story]
    This all looks and sounds very familiar. Here we have a bunch of characters attempting to use the same strategy that tanked QCOR stock in July of last year, and by adding some Feds, worked spectacularly later in September '12.

    I find it incredible that by getting a Rupert Murdoch rag (which used to be a great newspaper) to publish a negative piece one year later, a piece which immediately attracted some more opportunistic Feds, they expect that a re-hash the fear articles on ACTHAR insurance coverage last year will have the same effect.

    ...and if it does, I made a lot of money by getting these guys to allow me to buy QCOR below $18 when I was willing to pay double that.

    Lets make lemonade.
    Dec 5, 2013. 10:49 AM | 1 Like Like |Link to Comment
  • Signs Of Life At Heckmann, Or Should I Say Nuverra [View article]
    Guys,

    You can invest or you can speculate. If you are a serious investor with long-term money on the table you have to crunch your own numbers. Don't trust anyone else--not even me.

    The key to NES performance is what is going on on the Bakken until natural gas prices go back up. No help from recycling oil either. It is all about water---Bakken fracking water.

    At the close of every working day, the North Dakota oil and gas commission publishes a report on the drilling activity. Of particular interest to us is the aggregate amount of produced water that is coming up with the oil since this gives us an indication of how much fracking water is sloshing around the Bakken: http://1.usa.gov/1auTpEs


    When you do these numbers you get confirmation that February 2013 was dismal (just as March 2012 was dismal due to weather). You also get confirmation that in 2013, the number of wells completions in QII are running way ahead of Q1 and those of a year ago, that the produced water per well is going up.

    More importantly, since it is all about the water, the volume of produced water in QII of 2013 is 89% ahead of the year ago numbers and way ahead of dismal QI2013.

    Since NES management has the power to do some other things to prevent a repeat of the latest short attack, predict a lot of volatility.

    I would not want to be short NES with these numbers coming out of North Dakota.
    Jul 1, 2013. 09:55 AM | Likes Like |Link to Comment
  • Questcor's Upcoming First Quarter Report: An Investor Reference Guide [View article]
    Notice QCOR did not buy any shares during Q1. Piling up cash for the final battle, which I believe started after hours on April 30.

    You may want to revisit my three set of comments above defining a slow squeeze.

    Regarding the numbers I trust Michael's analysis as well as my own.
    May 2, 2013. 11:33 AM | 1 Like Like |Link to Comment
  • Questcor Pharmaceuticals In Play Ahead Of Earnings Release [View article]
    Brian,

    Good article. The link to the Fuller article is smart.

    I can make one infallible prediction: A lot of QCOR shares will change hands over the next couple of trading days.
    Apr 29, 2013. 01:07 PM | 5 Likes Like |Link to Comment
  • Questcor's Upcoming First Quarter Report: An Investor Reference Guide [View article]
    Here is what I think:

    I believe we are seeing a slow squeeze...as QCOR operating results get better, the low ratchets up and so does the high. We all just saw a 25% drop from mid March so that does not look very exhausted-yet, though this dump was slow and careful.

    Next week, on May Day after the Q1 report we ratchet up again and keep going up and down along a climbing trend line. The process is repeated at the end of July when Q2 comes out..

    Meanwhile QCOR keeps piling up cash for the final battle.

    At some point the shorts panic, do another massive dump which is totally picked up by strong hands (you are looking at a 12-20 million share day). The war is over and QCOR reverts to more normal multiples.
    Apr 25, 2013. 03:21 PM | 2 Likes Like |Link to Comment
  • Questcor Pharmaceuticals: How Can Such A Profitable Company Be So Risky? [View article]
    "I believe shorts have the next move. Shorts have $820 million on the table. They will invent and publish new QCOR apocalyptic scenarios and do a share dump as they have done many times since July of last year.

    Except that at some point old tricks do not work any more.

    I find amazing the delusion that what worked at 30 times earnings supported by the confusion created by sticking the feds on some company, will again work at 9.5 times earnings with a 3.6% dividend yield. Einhorn is a pretty smart guy and I was surprised he did not cover (during the GMCR squeeze last year) until he was crushed."
    Apr 25, 2013. 01:56 PM | 9 Likes Like |Link to Comment
  • Questcor's Upcoming First Quarter Report: An Investor Reference Guide [View article]
    I believe shorts have the next move. Shorts have $820 million on the table. They will invent and publish new QCOR apocalyptic scenarios and do a share dump as they have done many times since July of last year.

    Except that at some point old tricks do not work any more.

    I find amazing the delusion that what worked at 30 times earnings supported by the confusion created by sticking the feds on some company, will again work at 9.5 times earnings with a 3.6% dividend yield. Einhorn is a pretty smart guy and I was surprised he did not cover until he was crushed.
    Apr 25, 2013. 01:45 PM | 4 Likes Like |Link to Comment
  • Questcor's Upcoming First Quarter Report: An Investor Reference Guide [View article]
    Michael,

    Great, research, clear analysis.

    I still do not expect the QCOR shorts to fade into the sunset without a huge fight.

    I was involved in such a fight this last summer involving GMCR. GMCR spent some $75 million from credit lines to take out 3 million short shares to finally crush a series of raids led by David Einhorn. Mr. Einhorn left GMCR alone and went on to pick on Apple. GMCR shares have since tripled from the bottom.

    QCOR finally has enough cash in the bank and share repurchase mandate from board to do a crushing buyback when the shorts do their next dump (probably timed around the Q1 earnings release).

    PS. and if they don't, I will be at the shareholder meeting in a month asking a lot of questions.


    Apr 25, 2013. 11:06 AM | 7 Likes Like |Link to Comment
  • Questcor Set To Beat Wall Street Predictions [View article]
    As usual I agree with M. Fuller.

    Shorts just proved that they can still drive the stock down 10% by dumping shares.

    QCOR is trading at 9 times earning and 3.2% dividend. After the last raid, large holders were piling up 10% above those multiples.

    Dividend record date less than 2 weeks away. Q1 earnings release soon after that. Even if results flat due to timing issues, you still get a 70% revenue increase compared to Q1 a year ago.

    Shorts are slowly being squeezed out-- but are in denial. Meanwhile company has converted all those receivables into cash to buy a chunk more of their shares back.

    This is very dangerous level for the shorts to be fighting a battle backed by flimsy, delusional "research".
    Apr 10, 2013. 12:11 PM | 3 Likes Like |Link to Comment
  • Signs Of Life At Heckmann, Or Should I Say Nuverra [View article]

    TFCAB,

    The shorts are the ones hanging in the wind.

    North Dakota is now producing more oil than the North Slope of Alaska, and Warren Buffett's BNSF railroad and tanker companies can barely keep up with our entrepreneurial drive to energy independence. See page 14: http://bit.ly/12hhKLf

    I was actually surprised the HEK numbers were so good despite the very rough winter. It is difficult to do fracking when all the water around is frozen and slippery. But they tell me that come June it all melts and the days get a lot longer to get work done. Keep the $90- $95 crude prices and Mark and Chuck Gordon's team will have a hard time keeping up with the pent -up demand.

    Dick Heckmann has a big personal stake in the company and if you listened to the call he is pretty much involved. Dick was my boss for seven years and I can tell you that no-one ever made any money by making long-term bets against Dick Heckmann.
    Mar 12, 2013. 12:32 PM | 5 Likes Like |Link to Comment
  • Controversial Questcor Still Looks Like A Buy [View article]
    Tatensolo,

    I congratulated the author privately on the level of the discussion. I will now do so publicly.

    The discussion is important because, as Jim Cramer mentioned a couple of weeks ago, QCOR is a battleground between longs and shorts. One side is right. The other one is delusional. But which one?

    It is crucial for investors to determine for themselves who is publishing stuff based on facts, and who is dealing in cargo cult science and attempting to create impossible expectations.

    So Cramer was probably right telling "TV couch investors" to keep out of this one.
    Mar 1, 2013. 11:52 AM | Likes Like |Link to Comment
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