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  • Taro: A Beautiful Ugly Duckling [View article]
    They cannot "integrate" the two companies without merging them
    Jan 30, 2014. 01:33 PM | Likes Like |Link to Comment
  • American Airlines Is Ridiculously Expensive [View article]
    I'm trying to understand the following:

    if AMR's creditors and unions are getting the bulk of the 72% of the new company, wouldn't we expect to see alot of those shares being sold post-confirmation and putting a lot of downward pressure long-term on the new stock price? If so, how will it be possible for the new market cap to hit the high milestones required for the distributing the additional shares to former AAMRQ holders (beyond the 3.5%)?
    Mar 14, 2013. 09:40 AM | Likes Like |Link to Comment
  • Energize Your Returns With Adams Energy [View article]
    I agree with your analysis. Though analyzing the situation also requires an objective of the future of this company when Bud Adams passes away. The man is 90, owns half the company, and I don't think there are any heir-apparents. My view is that the beneficiaries of his estate will look to monetize this asset, which could only be done through the sale of the company. So, what is the value in the M&A sale?
    Feb 28, 2013. 07:23 AM | Likes Like |Link to Comment
  • Gun Control, 3-D Printing And Airport Security - The Coming Age Of Terahertz [View article]
    Perhaps some people may feel that way, but the largest police dept in the US, the NYPD, is already field testing DGB, with financing asistance from the US DoD. I think DGB has a US subsidiary...
    Jan 29, 2013. 10:30 AM | Likes Like |Link to Comment
  • Gun Control, 3-D Printing And Airport Security - The Coming Age Of Terahertz [View article]
    Since this is more of general piece on the sector, and not specifically on API, have you done any analysis on DGB?

    There doesn't appear to be much movement on the stock since the announcement from the NYPD that it is tapping DGB as a vendor. I don't see the London financial press picking up on the NYPD news.
    Jan 28, 2013. 03:10 PM | Likes Like |Link to Comment
  • Why Eagle Preferred Shares Could Triple [View instapost]
    I’m speculating on what happened here.

    Apollo and Blackstone made a deal. Apollo knew there was no possibility of getting any payment on their equity and they didn’t want any risk that their “bad boy” clause might trigger. Blackstone wanted to own these hotels on the cheap, at say, $132,000 per room (price of note purchase from FRBNY).

    To give Blackstone what it wanted, Apollo gave a sweetheart forbearance agreement in September that made it impossible to maximize value within a short period, plus allowed Blackstone to take all the cash with the keys, and never need to go to court to perfect the foreclosure or legitimately auction the properties. As part of the deal, of course, Apollo eliminates the bad -boy risk.

    So, despite all the analysis here on cap rates, room values, cash build, this was all a setup from the start with a fictitious attempt to sell the hotels to maximize value.

    Am I warm or cold?
    Dec 18, 2012. 01:54 AM | Likes Like |Link to Comment