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  • What's Wrong With Kinder Morgan? [View article]
    Where in the Forbes article did you see that?
    These links show Rich Kinder bought way more KMI than KMR/KMP over the past few years.
    Feb 5, 2014. 07:53 PM | 4 Likes Like |Link to Comment
  • Great Canadian Gaming: Wide Moat, Cheap Price [View article]
    Hi Saj, thanks for the great article again.

    I could be reading this wrong, but in the statement of cash flows, it looks like "interest and financing cost" is added to the "net cash generated by operating activities"?

    If this is true, free cash flow (as commonly defined to have interest expense subtracted) would be a lot less than $100M. For example, in 2012, interest cost is $37M, meaning FCF would drop to the $60M range.
    Jul 29, 2013. 03:25 AM | Likes Like |Link to Comment
  • Pinetree Capital's Debt In Free Fall, Now Cheap [View article]
    VG thanks for the correction.

    hfw, I cannot figure out the 1/3 vs. all either. It makes a pretty substantial difference, considering the debenture is trading at 2/3 to par which would have equalled to the cash portion if only 1/3 can be paid as shares.

    If 100% of the debenture can be paid back in shares at maturity, I would expect the shares to collapse from whatever conversion price at that time, meaning the debenture holders won't get back par value.
    Jul 22, 2013. 02:49 AM | Likes Like |Link to Comment
  • Pinetree Capital's Debt In Free Fall, Now Cheap [View article]
    Just going through the indenture now.. Clause 2.6g says:

    "On maturityof the Initial Debentures, the Companymay, at its option and subject to the provisions of Section 4.10, as applicable, and subject to regulatory approval, elect to satisfyits obligation to payup to one-third of the aggregate
    principal amount of the Initial Debentures due on maturity, byissuing and delivering to such holders of Initial Debentures FreelyTradeable Common Shares pursuant to the provisions of Section 4.10, as applicable. If the Companyelects to exercise such option, it shall provide details in a maturity notice (the “Maturity Notice”) to the holders of the Initial Debentures not more than 60 days and not less than 40 days before the Maturity Date in substantiallythe form of Schedule C and provide the necessary details."

    What do you think is the risk of not getting par value back due to this potential repayment by shares at then-market prices? I guess one can think that at the current price of 65-ish, the 2/3 cash portion is sufficient to cover the investment and whatever proceed received from the shares is pure gravy.
    Jul 20, 2013. 03:52 AM | 1 Like Like |Link to Comment
  • Pinetree Capital's Debt In Free Fall, Now Cheap [View article]
    Link again:
    Jul 20, 2013. 02:32 AM | Likes Like |Link to Comment
  • Pinetree Capital's Debt In Free Fall, Now Cheap [View article]
    Thanks for the great article, Saj. Today (July 19), Pinetree announces a special meeting for the debenture holders:\TMXEquityTransferServ...

    Can you comment on what may emerge from this meeting?
    Jul 20, 2013. 02:31 AM | Likes Like |Link to Comment
  • Brookfield Property Partners Has Meaningful Upside Potential [View article]
    Nice article, but I got a drastically different number from you for the "Current Market Value of Stake In 3 Listed Entities". My calculations as follow:

    - Proportional ownership of 49.6% BPO, 21% GGP, and 36% RSE
    - Market cap as of Jun. 21: 8.1B BPO, 18.3B GGP, and 0.9B RSE
    - 480M effective shares of BPY

    Proportional ownership = 0.496 * 8.1 + 0.21 * 18.3 + 0.36 * 0.9 = $8.2B or $17.1 per share.

    I understand the market has fallen since you wrote the article, but that only partially explains the 14% discrepancy between your value ($19.8) and mine. Also, note that your per-share RSE ownership is valued at $6.9 per share while my calculation would show 0.36*0.9/0.48B shares = $0.68 per share.

    Please point out where I may have made a mistake.
    Jun 22, 2013. 03:40 AM | Likes Like |Link to Comment
  • An Open Letter To Bob Benmosche [View article]
    "A $10B repurchase plan for 2013 would at these prices provide a 40%-50% return on those funds to shareholders."

    How does the math for this work?
    Apr 4, 2013. 12:55 PM | 1 Like Like |Link to Comment
  • Does Nokia Really Need To Sell 12 Million Lumias To Break Even? [View article]
    Economic of scale, WM phone start-up costs?
    Jan 16, 2013. 02:41 PM | 1 Like Like |Link to Comment
  • (Uh) Oh Canada! A Developing Minsky Moment In Canadian Real Estate? [View article]
    Four letters: CMHC
    Oct 13, 2012. 10:17 AM | 2 Likes Like |Link to Comment
  • Nokia's Prospects Even More Luminous After iPhone 5 Launch [View article]
    that's like asking how many ios6 devices have been sold this year
    Sep 16, 2012. 03:52 PM | Likes Like |Link to Comment
  • Telefonica A Long-Term Buy [View article]
    Actually, management expects to pay EUR$1.30 in dividends for the coming year and EUR$0.20 in share buybacks:
    Apr 25, 2012. 07:13 PM | Likes Like |Link to Comment
  • TARP: Doing Whatever It Takes To Repay Uncle Sam [View article]
    "there is a small chance the company may be unable to pay it back", but there's a much bigger chance that your analysis is plain wrong.
    Apr 10, 2012. 01:11 PM | Likes Like |Link to Comment
  • Microsoft: Increased Tablet Sales Spell Trouble For Its Windows And Office Cash Cows [View article]
    So how much has revenue gone down at MSFT in the last 3 years?
    Mar 15, 2012. 07:23 PM | 1 Like Like |Link to Comment
  • Nokia's 20-F: A Stark Picture Of Declines In Almost Every Key Area [View article]
    Your analysis reflects the past. To see the future, look at this conference transcript:
    Mar 9, 2012. 04:31 PM | Likes Like |Link to Comment