Send Message
View as an RSS Feed
  • Gyrodyne Could Make For A Tasty Liquidation Play  [View article]
    NASDAQ doesn't declare ex dividend dates for distributions of non-transferable securities because there would be no way for them to settle.

    inovrmihd, what you've written about the qualifying ownership dates for receiving the distributions is accurate.
    Jan 4, 2014. 02:09 AM | Likes Like |Link to Comment
  • Gyrodyne Could Make For A Tasty Liquidation Play  [View article]
    People who are misinformed--that's who.
    Jan 4, 2014. 02:05 AM | Likes Like |Link to Comment
  • Happy Anniversary: End Of Moratorium Makes OBA Financial A Potential Deal Target  [View article]
    brandon r: if the acquirer were to be sufficiently larger than OBAF and were there to be meaningful territorial overlap and were the acquirer to have good competence in acquisitions, it is quite reasonable to assume that the acquirer would be able to reduce OBAF's expense base by 35% to 40% within six months simply by eliminating redundant overhead. This elementary economic calculus is what has been driving consolidation in the industry since it began to be deregulated in the 1980s. The valuation multiple relative to BV implicit in the price paid to the seller will be much higher than the valuation multiple paid by the buyer when cost synergies are factored in, and it is this differential that is the motive consolidation.
    Dec 30, 2013. 03:20 PM | 1 Like Like |Link to Comment
  • Herbalife: Ackman Is Down To His Last Round Of Ammunition  [View article]
    Old Analyst, there's something you didn't mention in your article about Ackman that is important. Contrary to Ackman's assertion, PWC certification of HLF's financial does indeed represent a judgment on PWC's part that HLF is not an illegal enterprise. If PWC had any legitimate reason to believe that HLF was an illegal enterprise, PWC would not have been able to certify HLF's revenue recognition policies. Additionally, PWC as well as HLF's audit committee have legal responsibilities to investigate allegations of illegal activity. PWC absolutely would have considered Ackman's allegations against HLF and have obviously concluded that they were unfounded as evidenced by the certification of HLF's financial statements.
    Dec 26, 2013. 12:42 AM | 11 Likes Like |Link to Comment
  • Remembering Hitch  [View instapost]
    He's the most articulate person I've ever known. His ability to express ideas, however abstract and complex, is remarkable. Graduate students feared him, but I found him welcoming and very approachable. While he has quite a reputation, I don't think many people who know of him have any idea what a kind person and charitable person he is. During the time he was dep't chair, every junior faculty member in his dep't, including those he didn't recruit, received tenure, and he extended himself to everyone, even old fuddy duddy faculty who were considered dinosaurs by many and whom the younger luminaries tended to avoid. It's weird when I think that Fish is now considered to be a reactionary, of which he is aware, in keeping with the stereotype of the elderly jewish male experiencing a rightward drift.

    Terry Eagleton was another teacher who contributed to my experience that year and who is also exceptionally articulate. One stark contrast between the two which was often in my thoughts was Eagleton's brilliant use of humor in his lectures. Fish was a little dry in comparison. Sometimes Eagleton would start a sentence that he would give up trying to finish because of the laughter it would provoke. Usually once or twice during a lecture, Eagleton would say in mid-sentence, "Well, I'm not going to try to finish that thought. On to the next sentence." He never used notes either; his lectures were extemporaneous.
    Dec 24, 2013. 01:39 PM | Likes Like |Link to Comment
  • Remembering Hitch  [View instapost]
    Funny you should mention Fish. He was one of the faculty members who contributed to the delightful experience I had during my senior year in college. Another was Fredric Jameson.
    Dec 24, 2013. 12:34 PM | Likes Like |Link to Comment
  • OSHC Owners Forum  [View instapost]
    OSHC holders be aware that the Volcker Rule, as it currently stands, would force OSHC to divest the two pooled trust preferred CDO in its securities portfolio by July 21, 2015. The WSJ published an article several days ago about the havoc this aspect of the Volker Rule is creating for regional banks:

    and a subsequent follow-up article:
    Dec 22, 2013. 01:52 AM | 1 Like Like |Link to Comment
  • Can I Get Bullish On Herbalife Now?  [View article]
    I forgot to note in my prior comments that PWC's certification, among other things, means that PWC stands behind HLF's revenue recognition policies. In order for PWC to do that, PWC must judge to its satisfaction that HLF's revenue recognition policies are fully disclosed and compliant with GAAP. Implicit in doing this, PWC must make a judgment that HLF is a legal enterprise. Claims that auditors make no judgments about the legality of the enterprises whose financials they certify are ludicrous and reflect breathtaking naivete or ignorance.
    Dec 17, 2013. 11:02 PM | 6 Likes Like |Link to Comment
  • Can I Get Bullish On Herbalife Now?  [View article]
    QTR, Ackman, and Cramer are apparently blissfully ignorant about the role of outside auditors. The auditors, PWC, and HLF's audit committee have a legal responsibility to investigate allegations of wrong doing.
    Dec 17, 2013. 03:00 PM | 6 Likes Like |Link to Comment
  • Remembering Hitch  [View instapost]
    To your last point, it does seem to be the fashion among a certain set of investor/analysts these days in much the same way that any eighteenth century treatise on English law has several introductory chapters on the origin and source of natural law before transitioning into a discussion of the laws made by man. Neither the eighteenth century legal treatise introductions nor the interpolated epistemelogical digressions so common in contemporary published securities analysis are particularly convincing and certainly not worth the effort required to conjure them up for the sake of posterity.
    Dec 16, 2013. 06:44 PM | 1 Like Like |Link to Comment
  • Remembering Hitch  [View instapost]
    The most common criticism that I hear people from within the philosophy academy levy against people who aren't trained philosophers and who invoke philosophic ideas is that they aren't systematic in the way they use those ideas. The criticism is almost always true, but that doesn't mean that people who aren't in the academy, such as Hitchens, should refrain from using philosophic ideas to make a point. People from outside the academy actually do lot more with philosophy than people from within it even though the criticism stands.
    Dec 16, 2013. 03:55 PM | Likes Like |Link to Comment
  • Remembering Hitch  [View instapost]
    ValGal, your comments weren't directed at me, but I'll take the liberty of making a couple short remarks. I was introduced to Hitchens from his articles published in Vanity Fair and elsewhere during the 90's and 2000's, and I think he may have been at his best as a writer in his shorter form commentaries for such popular publications.

    His advocacy of gun ownership rights to the DC liberal establishment has left an indelible mark on my thinking about this issue. The Founders of our country in addition to Abraham Lincoln and others believed in the ancient right of any people to choose to rise up against an oppressive government if circumstances merited doing so. Hitchens's challenge to DC liberals about their beliefs on gun control was: if and when the revolution comes (again), what do you want the masses to be armed with? Pitchforks?

    His skills as a polemicist were on prominent display, according to numerous reports, at the lavish dinner parties, often lasting till dawn, that he and his wife gave over the years. I wish that I'd had the privilege of attending one.
    Dec 16, 2013. 01:19 PM | 1 Like Like |Link to Comment
  • Remembering Hitch  [View instapost]
    Knowing what I do about Christopher Hitchens, once in a while I take great delight looking at a photo of him as an Oxford undergraduate being arrested by the State at a protest. If you are inclined to share this indulgence with me, you can find the photo reproduced here on the Mail's website (scroll down):

    His contemporaries at Oxford have characterized him as the outstanding polemicist of his generation of students there. Sadly, polemics has been for a while a lost art at American institutions of higher learning. Unlike their American counterparts, I've found English politicians to be eminently interesting in their public speaking regardless of their policy proscriptions or orientations, a quality which I assume derives from the pedagogical style they were immersed in at Oxbridge.
    Dec 16, 2013. 12:16 PM | 1 Like Like |Link to Comment
  • Squeeze Out Over 70% Returns From Crown Media Holdings  [View instapost]
    CD prompted me to revisit this situation intensively today. Given management's history, I wouldn't be surprised if they tried to screw the minority holders--and they certainly could. For instance, Hallmark could immediately do a short-form merger after the expiration date at an unfair price, as Hallmark's last 13D/A says might happen. I think any holders of CRWN need to be prepared to defend themselves if the majority holder tries to take advantage of them by seeking appraisal rights.
    Dec 14, 2013. 03:16 AM | 1 Like Like |Link to Comment
  • Squeeze Out Over 70% Returns From Crown Media Holdings  [View instapost]
    valueartifex, there are two definitions to "premium" transaction, one of which doesn't have the $.50/share increment.
    Dec 13, 2013. 01:34 PM | Likes Like |Link to Comment