Grenville

Thanks, just what I was looking for! I forgot to change the radio button to include ownership info when I searched on the SEC.GOV site. -G

Hi Valuegeek, Where did you find those transactions? Could you post the link? Thanks!

There's more to Torstar than the Star http://www.theglobeandmail.com/blogs/markets/theres-more-to-torstar-than-the-star/article1487170/

Thanks for posting!

So the stream starts at 40:00 for me and ends at the 1:44:09 mark so about the same rough time of 1:03:00 in total. You can reach the same point by just going back 22 minutes from the end of the call.

Not sure if I understand your question. Let me clarify my post a bit. Currently in North America, Coca Cola is responsible for the production of hotfill and still beverages while the bottlers are responsible for the production of coldfill and sparkling beverages. This arrangement is unique to North America and does not similarly exist in the rest of the world. One goal of the transaction as explained by Muhtar Kent is to structurally simplify this arrangement that is unique to North America and doesn't not exist elsewhere. Muhtar Kent explains this reason at 1:22:00/1:44:09 of the conference call linked below in response to a question from Goldman Sachs on the reasoning for the deal. http://webcastingplayer.corporate-ir.net/player/playerHOST.aspx?c=94566&EventId=2773232&StreamId=1449814&TIK={eb5ba08a-0b3e-4269-9f80-36d0298f4b9a}&RGS=3&IndexId= The link points to the conference call discussing the transaction. I encourage you to listen to that question and response as it is the source of my understanding.

The best writeup I have seen on the merger. http://streetcapitalist.com/2010/02/26/the-coca-cola-company-to-buy-coca-cola-enterprises-vertical-integration-continues/ During the Q&A session discussing the merger, Muhtar alludes to one of the reasons why the deal makes sense. He explains how part of their beverage distribution is managed in house and their carbonated drinks are managed by CCE. In addition to having control, it doesn't make much sense having two bottlers, one in house and one externally managed, when one would be a lot simpler and nimbler given beverage trends.

http://www.bloomberg.com/apps/news?pid=20601087&sid=age4Lcp1fSEc&pos=8 "Chile was rocked by a magnitude 8.8 earthquake, the USGS said on its Web site. A tsunami warning was issued by the Pacific Tsunami Warning Center for Chile and Peru, and later extended to Colombia, Panama, Costa Rica and Antarctica. The temblor struck 197 miles (317 kilometers) southwest of the capital, Santiago, at a depth of 36.9 miles at 3:34 a.m. local time, the USGS said. Earlier today, a magnitude 7 earthquake hit near Okinawa, Japan, at about 5:31 a.m. local time, the U.S. Geological Survey said on its Web site."

http://sfkpulp.com/EN/docs/CPDistr/2010/2010_0224%20Q4%202009_FINAL.pdf

http://www.engadget.com/2010/02/24/live-from-the-bloom-box-press-event/

Very cool stuff. They already have a number of customers and one who vouches for its cost savings!

Nice article, thanks for the tip. Found this part interesting: "In some cases, Sears Auto Center franchises will be allowed to carry other Sears products, such as Craftsman tools, said Bill Jackson, senior vice president of Sears Holdings Corp. and president of Sears Authorized Independent Auto Centers LLC. Sears will help line up financing for car purchases, and it hopes eventually to offer Sears-backed warranties on the vehicles, Jackson said in an interview."

Sears Auto Centers Introduce Franchise Business http://www.prnewswire.com/news-releases/sears-auto-centers-introduce-franchise-business-84688627.html A good hint of things to come at Sears Holding... excerpt: "The new Sears Auto Center franchise model is available immediately to qualified dealers. Sears will work with dealers to offer these advantages: + Strength of the Sears brand and the ability to leverage Sears marketing, web presence and social networking + Strength of the product brands, such as DieHard and Craftsman + The purchasing scale necessary to achieve superior pricing on: + Product (tires, batteries, parts) + Equipment + Supplies + Sears Card acceptance + Systems and processes"

Thanks for posting the letter. Interesting info about expansion into agriculture and the hiring of a new president. "How can this transaction benefit Zenith? Among Fairfax’s existing subsidiaries are many talented and experienced insurance professionals and the systems and infrastructure to support a wide range of insurance products. In due course, some of you will have the opportunity to collaborate with your new colleagues to leverage these resources as we improve our own product offerings, including expanding our agricultural business to offer lines of insurance other than workers’ compensation."

Dazel, thanks for the color! Pretty interesting.

http://www.sec.gov/Archives/edgar/data/915191/000095012310011704/o59521csc13gza.htm Prem Watsa's ownership info in Fairfax.

Summarized changes: http://holdings.nasdaq.com/asp/OwnerPortfolio.asp?FormType=OwnerPortfolio&CIK=0000915191&HolderName=FAIRFAX+FINANCIAL+HOLDINGS+LTD/+CAN Sold out of BNI and INTC.

I for one would love to see an analysis on MAAL... I"m interested. Ben I second that! Thanks!

I didn't believe it, but the Citigroup position shows up in their Nov. 30 2009 annual report on their website.

I hold FRFHF in Scottrade through a regular account and an IRA account. The regular account has 15% deducted for Canadian Tax, but the IRA account does not show a similar charge.

Something interesting is brewing. Buffett is using financial instruments in regards to his position at Munich Re. Information found following link posted above from Munich Re's website: Release according to Section 26, para. 1 of the WpHG [the German Securities Trading Act] WKN 843002 ISIN DE0008430026 Warren E. Buffett, USA, informed us in accordance with Section 25, para. 1 of the German Securities Trading Act (WpHG) that on 19 January 2010 he directly or indirectly held financial instruments that granted him the right to subscribe to shares in our company which bear 1.945% of the voting rights (3,840,000 voting rights). Furthermore he informs us that in addition he held directly or indirectly 3.084% (6,088,300 voting rights) pursuant to Section 21 para. 1 in connection with 22 para 1 sentence 1 item 1 of the WpHG. Therefore by way of aggregation he would have held 5.029% of the voting rights (9,928,300 voting rights). As per this date he would have thus exceeded the threshold of 5% in the voting rights in our company. The exercise date of the financial instruments is: 11 March 2010. Financial instruments that he held directly were held via the following companies which are controlled by him: - Berkshire Hathaway Inc. - OBH Inc. - National Indemnity Company Munich, 28 January 2010 The Board of Management

Great find MartinWhitman! None of the news services seem to have picked up this story... http://www.munichre.com/en/ir/publications/notifications/default.aspx

Thanks for posting!

A relevant tidbit from the 2000 Annual regarding the dividend: (I'm slowly making my way through the old annuals) "This brings me to my own compensation arrangements. For many years now I have felt that as a controlling shareholder involved in the management of the company, my compensation should be closely linked to all shareholders. So from 2000 onwards, my compensation will be a fixed salary of $600,000 with no bonuses. This compensation will not increase annually, and if 1999/2000 is repeated, could decrease!! However, to make sure that my family survives, Fairfax will examine instituting a dividend – yes, a modest dividend – in 2001 at an annual rate of $1 or $2 per share. Going forward, the only difference between me and you, our shareholders, will be my salary of $600,000 – which based on recent performance, many of you may think is too high! While the payment of a modest dividend results in double taxation to most of you and is not as economically efficient as retaining all our profits and compounding at high rates of return (as we have done for the past 15 years), this was the only way I could think of to bring my compensation in line with your interests. While I may have generated some sympathy from you, I should add that I continue to travel well – in fact a little better recently because we sold our Lear Jet for US$2.5 million (cost US$1.8 million) and purchased a Gulfstream II for US$6.2 million."

Additional details: 8-11-08 Original investment: FFH buys MB convertible debt Cdn $64 million, 8%, convertible into 20,064,000 common shares or 35.4% of MB at a conversion price of Cdn $3.19. 1-14-10 MB Capital Structure Restructuring (See attached .pdf for all details from MB website) Key details as it relates to FFH after recapitalization: + FFH will choose three board members as a rep. of holders of Debentures + FFH CDN$64 million convertible debt cancelled for: a. CDN$6.5 million 10% interest 5yr debt (105% early purchase option subject to conditions) b. 13.058 million common shares c. 13.058 million warrants (1 common share at CDN$0.50) + CDN$50 million additional capital injection for: a. CDN$25.8 million 10% interest 5yr debt (105% early purchase option subject to conditions) b. 51.61 million common shares c. 51.61 million warrants (1 common share at CDN$0.50) + Own an additional CDN$2 million common shares & 2 million warrants that I can't account for. Summary + FFH will own 64.6 million common shares = 20.2% outstanding common shares (non-diluted basis) + FFH will own 64.6 million warrants (1 common share at CDN$0.50) + FFH will own $32 million principal amount of 10% 5yr debts = 24% of outstanding principal amnt + FFH total capital injection CDN$115 million = CDN$64 million in 2008 and CDN$51 million in 2010 + FFH has been paid 8% interest for about a year on the original convertible debentures