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writser

writser
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  • Accretive Capital Partners Believes HC2 Holdings' Offer For MCG Capital May Be Superior Than PennantPark's [View article]
    Or because the stock market is skeptical about the directors of MCGC, who seem more interested in keeping their payroll than actually performing their fiduciary duty.

    The reasons they give for not accepting the HC2 bid are ridiculous. For example this one:

    "Morgan Stanley also discussed the valuation of the consideration offered by HC2 and noted that while it was unclear whether the termination fee was payable by MCG or by HC2 if the company decided to accept HC2’s offer, but that they assumed if MCG stockholders bore this cost, and accounting for that fee, the stated value of the proposed consideration payable drops to $4.81 per share, which amounted to approximately 106% of the company’s estimated NAV at closing."

    It could have been verified by a single phonecall that this is untrue.
    May 20, 2015. 02:02 PM | 1 Like Like |Link to Comment
  • Global Sources: 63% Upside And No Catalysts Necessary [View article]
    fwiw there is possibly also some value in the real estate that has been appraised at $100m than where it is on the books.
    May 7, 2015. 03:52 PM | Likes Like |Link to Comment
  • Going Private Arbitrage Offers Over 70% Annualized Return With Medium Risk [View article]
    I'm sure the CEO of Hancock would agree with that. Everybody is to blame but Maarten Pieters, the guy who wrote an article for $200 for the largest investing website worldwide, explaining literally how to exploit the odd lot clause.

    Regardless of how many pageviews your article had, posting it was a terrible idea. Alpha Vulture literally predicted what would happen. Fortunately you don't attract too many readers or it would've been over even quicker.

    At least you could be a stand up guy and admit this was _PARTIALLY_ your fault. We can argue about how much you are to blame, my rough guess would be that this article is responsible for ~25% of all people trying to exploit this deal.
    Aug 5, 2014. 05:10 PM | 1 Like Like |Link to Comment
  • Going Private Arbitrage Offers Over 70% Annualized Return With Medium Risk [View article]
    as I predicted: Je schiet jezelf in de voeten met dit artikel .. Hulde.
    Aug 4, 2014. 06:52 PM | Likes Like |Link to Comment
  • Transformation Play; Value Micro Cap Near Its 10 Year Low [View article]
    What's your take on the latest quarterly? A $16m writedown and possibly more charges to come:

    Given our adjustments to our overhead structure, we expect selling, general and administrative costs to be approximately $3.5 million quarterly for the near term, excluding restructuring charges.
    Jul 15, 2014. 04:36 AM | Likes Like |Link to Comment
  • California Chrome Arbitrage And $300 On The Sidewalk [View instapost]
    The affiliate business can be quite profitable.
    Jun 25, 2014. 09:28 AM | Likes Like |Link to Comment
  • California Chrome Arbitrage And $300 On The Sidewalk [View instapost]
    At least you added the disclosure this time. That's great Chris. What would the return have been had Cal Chrome won?
    Jun 24, 2014. 05:52 PM | 1 Like Like |Link to Comment
  • Trading Near Book Value And Primed For Growth With Recent Ownership Change, Schuff Is Very Attractive [View article]
    "Also, why sell at $31 when the stock is at $29? Cash. HC2 had the cash available and was willing and able to purchase the family portion to have access to Schuff's operations and cash flow."

    That's the optimistic scenario. Do you think the founders would cash out at an unreasonably low price? They could also launch a tender offer / pay a dividend if they thought the offer was far too low. The pessimistic scenario is: the business is simply not as valuable as we think.
    Jun 20, 2014. 09:43 AM | 1 Like Like |Link to Comment
  • Greystone Logistics Appears Poised For A Major Merger [View article]
    This article probably :)
    Jun 18, 2014. 12:54 PM | Likes Like |Link to Comment
  • Transformation Play; Value Micro Cap Near Its 10 Year Low [View article]
    Clearly investor sentiment isn't very positive for this name :) Despite management underdelivering, they are shutting down a division and a manufacturing plant. They at least _try_ to turn around (and shrink) the company. Management also took quite a paycut last year and their compensation doesn't seem excessive. I've seen worse for sure.

    Haven't bought but will monitor them.
    May 15, 2014. 01:15 PM | Likes Like |Link to Comment
  • Asta Funding: Who Doesn't Like Free? [View article]
    The salaries are quite a source of cashflow .. Arthurn Stern (93) makes over $300k from board meetings, his son has a >$1m salary and his grandsun already earns >$200k after joining the firm last month or so. A few years ago the family also loaned money to the company.
    May 14, 2014. 02:09 PM | 1 Like Like |Link to Comment
  • Sino Gas International Holdings: 5.7% Gross Profit In 1.5 Months [View article]
    And normally you make your assumptions explicit unless you have a different view :) Nevertheless an interesting idea.
    May 14, 2014. 11:03 AM | Likes Like |Link to Comment
  • Sino Gas International Holdings: 5.7% Gross Profit In 1.5 Months [View article]
    There's nothing to calculate if you don't make an assumption about the stockprice if the deal doesn't go through. You assume 50 cent / share but that's just a rough guess. Bit strange to come up with such a specific percentage in that case.
    May 14, 2014. 10:45 AM | 1 Like Like |Link to Comment
  • Sino Gas International Holdings: 5.7% Gross Profit In 1.5 Months [View article]
    Ah, my mistake. How did you get to the 91% then?
    May 14, 2014. 09:37 AM | Likes Like |Link to Comment
  • Transformation Play; Value Micro Cap Near Its 10 Year Low [View article]
    The question was asked again in the latest conference call, the answer was a little bit more reassuring - they're confident they can restructure overhead so that they will be profitable on a GAAP basis within 2 or 3 quarters.
    May 14, 2014. 07:00 AM | Likes Like |Link to Comment
COMMENTS STATS
44 Comments
31 Likes