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  • Pre-IPO BDCs Are Trading At Big Discounts To NAV [View article]
    How confident are you in the stated NAVS? Twitter is the largest position in both GSVC and SVVC. GSVC valued Twitter common stock at $19.00/share at 12/31/12. SVVC valued its Twitter common stock at $16.98/share.

    I have no idea what the "correct" value is, but it seems to me that GSVC may be overstating its NAV.
    Apr 23, 2013. 11:01 PM | Likes Like |Link to Comment
  • Biglari Holdings, Inc: Sardar Biglari - Bet The Jockey Part VIII [View article]
    Here's what I don't get about all the Biglari fawning.

    He basically put all of WEST's money into SNS in 2007/2008. If he's such an investing guru, then surely SNS was a heck of a bargain back then. Oops...he first started buying around $360 (split adjusted) and its now $380.

    From the 2009 BH letter:
    "To turn Steak n Shake around ultimately required my
    assuming control of the management of the company, a position I initially had not contemplated."

    What if he had been unable to gain control (not implausible)? WEST's entire investment would have been lost. It's quite clear that Biglari had absolutely no idea what he was getting into with SNS....yet, he invested 100% of his money in it.

    The risk of a blowup with this guy is not zero.
    Mar 22, 2013. 01:13 PM | 1 Like Like |Link to Comment
  • Biglari Holdings, Inc: Sardar Biglari - Bet The Jockey Part VIII [View article]
    I'd also recommend going back and reading the SEC filings relating to his purchase of WEST and his incentive comp agreement. See how close he actually came to the projections in those filings. You might be surprised.
    Mar 22, 2013. 01:12 PM | 1 Like Like |Link to Comment
  • Schuff International: Cheap, Ugly, And A Potential Multi-Bagger [View article]
    The 2012 debt maturity is a line of credit that doesnt expire until 2016 (or maybe 2015). Saying $26 million of debt is due in 2012 is false.
    Dec 17, 2012. 09:50 PM | Likes Like |Link to Comment
  • Howard Hughes' Stealth Buyback [View article]
    Your conclusion is completely wrong.

    The company paid $38 per WARRANT, not per share.

    If the warrants were exercised, HHC would have received $115 million in cash. Add that to the $89 million in cash that HHC paid for the warrants, and HHC "spent" $204 million.

    If they used that $204 million to buy back stock at $72.25, they could have purchased 2.8 million shares...rather than the 2.3 million warrants they bought.

    Disclaimer: I don't know anything about the warrants...I'm assuming a $50 strike since that's what your article said. Since HHC paid a premium for them, I can only assume that they still have a lot of time left until expiration.

    Dec 7, 2012. 01:48 PM | 1 Like Like |Link to Comment