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basl1

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    SEC Completes Fairfax Investigation!!

    in Fairfax Financial

    Posted

    sometime, soon, investors will be saying this is self evident. For now, I'm buying, as much as I can

     

     

    What is left of the thesis anyway?

     

    - Excessive leverage - Nope

    - Lack of Liquidity - Nope

    - Underreserved - Nope

    - Unethical Management - Nope

    - Offshore Accounts Hiding Problems - Nope

    - Investment Returns Can't Be Maintained - Nope

    - Debt At Subs Is High - Nope

    - Insurance Businesses Are Crap - Nope

    - Runoff Will Require Capital Over Time - Nope

    - SEC Investigation Into Reinsurance Activities - Nope

     

    What's left?

     

    - So-called "Warren Buffett of the North" - Well, he one-upped the master in 2008

    - Jim Chanos Says "This Thing Is Going To Zero" - Priceless!

     

    Cheers!

    Your market call?

    in General Discussion

    Posted

    Could be Tony Nicely at Geico - Warren is not the only one making investment decisions at BRK

    Again, speculation is not required (generally)... the 13HR form states what subsidiaries of BRK own which stocks.  GEICO is listed.  Clearly there would be overlap, but you can see who owns what.  See "Other managers".

     

    GEICO owns NRG...

     

    I'll stop slapping you now...

     

    Ben

     

    thanks

     

    Your market call?

    in General Discussion

    Posted

    Uhuru, you are really off your game. ;-)

     

    7.2m SHARES, and a value of $126m

     

    The above says nothing about purchase price or cost basis.  A 13HR form is just a snapshot... this one from 3/31/2009.  Just do some googling and you'll find some articles on when the NRG purchase was first disclosed... it was in November of last year I think.

     

    Cheers,

     

    Ben

     

    This sure is a small investment for brk. It confuses and perplexes me. Surely, more could have been bought and Midwest could be a buyer rather than EXC.

     

    The Brick

    in Fairfax Financial

    Posted

    The Brick has made its way through several recessions. They survived and thrived in 82-83, gobbling market share. The banks have a great relationship with the brick. FFh and Bill Comry at taking up most of this offering, and only 25 million is being offered to the general public.

     

    Certainly, there is some risk. This is a bet on management.

    The Brick

    in Fairfax Financial

    Posted

    Here it is more properly stated

     

    TORONTO, ONTARIO -- (Marketwire) -- 05/07/09 -- Fairfax Financial Holdings Limited (TSX: FFH)(NYSE: FFH) announced today that it has agreed to acquire on a private placement basis, through its subsidiaries, $40 million of debt units (the "Debt Units") to be issued by The Brick Group Income Fund (the "Brick"). The private placement is part of a larger recapitalization transaction by the Brick which includes an offering of $110 million of Debt Units, consisting of $85 million of Debt Units via private placement and $25 million of Debt Units via a public offering (the "Public Offering"). Each Debt Unit consists of $1,000 principal amount of 12% senior secured debentures maturing May 30, 2014 and 1,000 warrants. Each warrant entitles the holder to purchase one Class A unit of the Brick at any time prior to 5:00 p.m. (Eastern time) on May 27, 2014 at an exercise price of $1.00 per Class A Unit, subject to certain anti-dilution adjustments. In addition to the private placement, Fairfax has agreed to provide a stand-by commitment to purchase the Debt Units offered under the Public Offering that are not acquired by public investors in exchange for a fee.

     

    Assuming full exercise of the warrants to be acquired under the private placement by Fairfax (and no exercise of warrants by other holders), Fairfax's total holdings in the Brick will be 48,380,200 Class A Units or approximately 51.37% of the total Class A units outstanding. The Debt Units are being purchased for investment purposes. Fairfax continually reviews its investment alternatives and may purchase additional units of The Brick Group Income Fund from time to time in accordance with applicable laws.

     

    Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.

     

    The Brick

    in Fairfax Financial

    Posted

    Today the brick is offering a debenture for 25 million paying 12% for 5 years. It also is offering the possibility of buying the share at $1.00 in the future. It is being co-ofered by Bill Comry, owner of the brick and Fairfax. It's for only 25 million.

     

    I'm not sure if I can get in, but have requested so. 's only available to those who own brick shares)

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