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  • Shiloh Industries: Impatient Investors Bailing Before Big Order Wins Play Out [View article]
    Shiloh has a heavily leveraged balance sheet, so having a production hiccup at the late stage of the upcycle for autos seems like a major challenge for them. Secondarily, by the time they get things straightened out it seems like we may be in the midst of p/e contraction for the sector. At what point do you think the tax loss selling for 2015 will kick in, maybe if the stock gets knocked down again, it's worth the risk?
    Sep 18, 2015. 09:39 AM | 2 Likes Like |Link to Comment
  • Patrick Industries' Growth Came At A Cost [View article]
    Likewise, I'm frankly baffled at your comments. Brilliant use of cash (which by the way earns nothing) for tuck-in acquisitions and exploitation of the stupidly cheap cost of debt over the past five years). Maybe you prefer the Apple model of sitting on piles of cash, but as a shareholder, I far prefer to see management cracking the whip and making their capital giddyup(!).
    Sep 16, 2015. 03:53 PM | Likes Like |Link to Comment
  • 10 Clean Energy Stocks For 2015: Buying Opportunities [View article]
    Nice writeup and reminder of some of the values in this space. Regarding AMRC, I suspect the shares have been under pressure because they have been broad-brushed with the rest of the energy complex. However, as you note, the insiders have been buyers -- and as the share price has been under pressure, they've become even bigger buyers. I suspect they see DOE's $55B ESPC program as a major driver for them over the next several years -- we should be hearing more on that shortly.
    Sep 2, 2015. 03:53 PM | 2 Likes Like |Link to Comment
  • Solar Meltdown - Questions About Rooftop Solar [View article]
    "At AMRC insiders are buying, that's worth looking into..." Yes, interesting that while the sector has been under pressure as oil prices have dropped, AMRC insiders, lead by the CEO, have been steadily accumulating shares -- they seem well positioned to participate in the DOE ESCOs which could represent a major opportunity for them.
    Aug 18, 2015. 03:43 PM | Likes Like |Link to Comment
  • NexPoint Residential Trust Offers 45%-60% Upside Catalyzed By Highly Aligned Management [View article]
    I think you have to address the question of why NXRT was spunoff in the first place. The answer is that Dondero wanted to raise additional capital and had planned to do a secondary issue of primary shares from NXRT at some valuation level which he deemed reasonable. So, why raise more capital -- well, I would wonder if, like many money managers, Dondero's primary interest is the revenue stream thrown off by 'managing' the assets -- investment return on his share ownership is in this case, no doubt important, but a secondary consideration. I owned NHF since shortly after Dondero took over as I knew he'd do a better job than prior mgmt. I sold NXRT post spinoff in the mid $14s, because: a) I felt the spin valuation was about 10% below a true fair value, b) I expected reit valuation to contract going into rising interest rates (or the expectation of a rise), and c) I don't like waiting for a secondary to be announced, as the stock usually gets clobbered. At this point, NXRT probably will face tax loss selling in 3Q/4Q. I would reconsider it if the valuation gets silly.
    Aug 17, 2015. 11:15 AM | Likes Like |Link to Comment
  • Stocks set for ugly Monday open as Greece rejects austerity [View news story]
    One does have to look with a cynical eye at the behavior that brought Greece to this juncture. Profligate spending? Ethical bankruptcy? Lack of personal responsibility? These attributes all seem endemic. It's a sad state of affairs and yesterday's vote just signifies and unwillingness to take the much needed medicine. The EU may be better off without this loose cannonball on deck.
    Jul 6, 2015. 08:25 AM | 1 Like Like |Link to Comment
  • Integrated Electrical Services Corp: An Overnight Turnaround 4 Years In The Making [View article]
    My guess is that Tontine is moving carefully to try to find a few larger deals rather than a lot of smaller ones--less integration risk and quicker way to begin monetizing NOLs. Also possible they've been busy with Patrick (PATK) which is in a different business but has been an active acquirer--that stock has already been a 10-bagger for them.
    Jun 29, 2015. 09:50 AM | 1 Like Like |Link to Comment
  • Rooftop Solar And The Fleecing Of The ESG/RI Investor [View article]
    "Some of these entities are part of very large conglomerates, so the impact of even a share of $55bn in contracts will be hard to detect in those cases."

    What about the others...smaller cos. that will be major beneficiaries... who are they and how do you think they will fare? That would be interesting to learn more about from an investor's standpoint.
    Jun 23, 2015. 11:27 AM | Likes Like |Link to Comment
  • SunCoke Confides To IRS: We Don't Qualify For MLP Status [View article]
    Richard, just as a further comment, having just heard Fritz Henderson reiterate two or three times his confidence in both the treatment of coking and the grandfather issue, I would conclude that he would not make these comments unless his general counsel et al. had given him the green light to make them. Usually that confidence comes through the status and nature of communications the company has had in the lobbying/discussion process. In other words the company may have already gotten a sense of the direction the IRS intends to proceed, despite the fact that formal rulings have yet to be published.
    Jun 17, 2015. 11:34 AM | 2 Likes Like |Link to Comment
  • SunCoke Confides To IRS: We Don't Qualify For MLP Status [View article]
    Richard, I am following this subject with interest. The one comment I would make is that I don't think SXC whipped up that fairly detailed letter to the IRS in an hour or two yesterday. Your report may have triggered them putting something on paper for release into the public domain, but I suspect they have been having various formal or informal discussions for some time. I'm interested to hear their comments at today's 11am EST conf. call. Nonetheless, kudos to you on your research, it's a welcome SA piece in the midst of so many 'opinion-based' editorials.
    Jun 17, 2015. 10:29 AM | 3 Likes Like |Link to Comment
  • China XD Plastics: False Claims Don't Stick, Over 200% Upside [View article]
    Sounds like the same tired rant from the Bleecker hatchet job...
    Jun 14, 2015. 06:31 PM | 1 Like Like |Link to Comment
  • Jet Capital On Coking Coal [View article]
    Any thoughts as to how this would play out from the perspective of SXCP? I assume the SXCP review committee would not change their posture that drop downs must be accretive, so the push would have to come from the SXC side to price drop downs at a level that is acceptable to SXCP, right?
    Jun 14, 2015. 01:58 PM | Likes Like |Link to Comment
  • China XD Plastics: False Claims Don't Stick, Over 200% Upside [View article]
    On SA, if someone makes an unsupported accusation generally the editors will require you to provide some evidence or factual support. You've made an accusation, now provide the evidence. Frankly I don't see how any serious investor could jump from the date contracts are signed to suggesting that to be proof of a fraud. Almost as ridiculous as citing a label typo on a bag of plastic pellets as evidence of fraud.
    Jun 14, 2015. 01:01 PM | 2 Likes Like |Link to Comment
  • China XD Plastics: False Claims Don't Stick, Over 200% Upside [View article]
    The short attack a year ago included many frivolous accusations. CXDC had to retain Sherman & Sterling to force Bleecker to retract them (which they did). I simply asking you to back up your assertion with some factual evidence. At the same time if you are making serious allegations of fraud, you should disclose whether you are short the stock.
    Jun 14, 2015. 09:17 AM | Likes Like |Link to Comment
  • China XD Plastics: False Claims Don't Stick, Over 200% Upside [View article]
    Richard, would you kindly provide the date and filing type you refer to. A link would be helpful. If the filing is more than 5 years old, no need to.
    Jun 13, 2015. 05:25 PM | 2 Likes Like |Link to Comment