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bskptkl

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Posts posted by bskptkl

  1.  

     

    4. The low margin ability of many stocks is a bit annoying. Also weird that OTC equivalents of stocks are non-marginable. For example I probably should not have bought ATUSF but bough ALS.TO directly instead (30% margin req for Toronto versus 100% for the OTC).

     

     

    You can ask IB to convert the foreign ordinary (ATUSF) to the Canadian ticker. They will charge you $10 I think.

  2. I still own 100 shares of ITIC even though it is not cheap anymore.

     

    I bought at less than book value ($30 per share) in 2010/11 and sold all but 100 shares when it started trading in excess of book value from 75-90. But I kept 100 shares to continue to be involved because I liked the company so much. It is so closely held that I think nobody is around now to sell it at more than 2x book ($170). The increase since 11/1 is ridiculous.

  3. TCK offers a reasonably priced option on met coal price. A price around $18 assumes a $130/t met coal price I had heard, but I haven't confirmed it. I have a small position that used to be much larger and severely underwater down around $7. I also bought a small position in BHP recently. So that is how I recently went long met coal.

     

    I still have a lot of MHY.UN - one of the best ideas I've traded in the last 2 years. Thanks again Sculpin for pointing it out! I don't anticipate the Cline mine ever working out though, but I have seen crazier things in met coal world.

     

     

  4. As of March 31, 2016, International Shipholding reported total assets of

    approximately $305,087,000 on its unaudited consolidated balance sheets, of which

    approximately $59,399,000 were current assets. The remaining $245,688,000 in reported assets

    related to (i) vessels, property, and other equipment, net of accumulated depreciation,

    (ii) deferred charges, net of accumulated amortization, (iii) amounts due from related parties,

    (iv) notes receivable, (v) investment in unconsolidated entities, and (vi) other long-term assets.

     

    Total current liabilities was $179 mm including $114 secured debt. They booked deferred gains as a liability of $21 million (not sure how to treat this) and listed other liabilities of $24 million on the 3/31 balance sheet.

     

    I am hoping they can get the balance sheet number ($170 million) for the ships if it comes to that (considering recent appraisal was reportedly higher). Their strategic plan had them selling all ships but Jones Act, PCTC, and Rail Ferry - which I take to mean keep the best ones. But they couldn't raise enough so now I think they have to sell better stuff - the 2 Rail Ferry ships (they hint at it in filings), maybe the PCTC too.

     

     

  5. Anyone want to revive this thread?

     

     

    Sure - I do.

     

    I'll throw out a speculative, distressed, bankrupt - but cheap pos that I was buying yesterday.

     

    ICSH

    International Shipping files Chapter 11 yesterday http://www.intship.com/international-shipholding-corporation-voluntarily-files-for-chapter-11-relief/

    Docket is here https://cases.primeclerk.com/ish/Home-DocketInfo

    Read docket entry 7 for a good summary.

     

    March 31 financials show $78 million equity made up of mostly 26 ships on the balance sheet for $171 million (though they say in 10Q that they had a recent appraisal done valuing them for $207 million).

     

    However there are 2 classes of preferred; ISHCP and ISHCO that have current liquidation preference of $63 million that have a combined market cap of $7 million at $12 per preferred share. So I don't think equity is entitled to much, but the preferreds look like a buy to me.

     

    This is not very liquid to say the least.

     

    I do think there is some risk that the plan of reorg tries to finesse some of the recovery from the preferreds to the equity seeing as the insiders own 20% of the equity. An equity committee would be helpful in that regard.

  6. I'd nominate RAFI as a value trap. There is a write up on VIC that gives basic premise.

     

    Since that time they did a nonsensical rights offering to buy a mediocre business for an expensive price. So...not good!

     

    But they still will be re leasing and refinancing 50% owned government building worth $100+ million by 2018 and probably sooner. A successful re leasing/refinancing could provide $50 million to RAFI which has a market cap of $45 million.

     

    So catalyst imminent and a stock overhang from recent rights offering at $8.25.

  7. Argent is interesting. Its an income trust with assets in the US. Capital structure is as follows:

     

    65m USD Revolver (85m CAD)

    148m CAD Convertible Debentures.

     

    There are backed by assets of 226m CAD. Shares trade at 1 cent. Shares started falling when the company missed production targets.

     

    On November 30 the bankers reduced the revolver from 80m USD to 45m USD due to falling commodity prices. Until Argent pays back the 20m they cannot pay dividends to the unit trust holders or interest on the convertibles. They have 60 days to resolve the issue.

     

    http://www.argentenergytrust.com/news_release/509

     

    So basically 226m CAD in assets with 86.1m CAD standing in front of the debentures. Lets say the assets sell for 100m CAD. Then

     

    Debentures are worth

    100m - 86.1m = 13.9m CAD

     

    Percentage of face value

    13.9m/148m = 9%

     

    Currently the debentures trade for 2 dollars. So the upside assuming the oil and gas assets are sold at half their current value is 9/2 = 450%. The catalyst is the 60 day resolution period for the revolver which should be due be end of January. The convertibles were supposed to pay 6% interest this month and this has been suspended. A single interest payment would be triple the current value of the debentures.

     

    I feel like I am missing something big here.

     

    From May monitor report:http://cfcanada.fticonsulting.com/argent/docs/Argent%20Third%20Montior_s%20Report_FINAL.pdf

    Receipts and Disbursements (USD)
    Receipts
    Gross Purchase Price $ 45,575,000
    Interim statement of adjustments 722,952
    Net received by Monitor 46,297,952
    Disbursements
    OGAC success fee (505,750)
    Escrow fund for final statement of adjustments held by Wells Fargo (505,025)
    KERP/KEIP payments (1,435,041)
    Cure payments (1,033,247)
    Wind-down funds (1,129,194)
    Interim distribution to Syndicate (39,100,000)
    Total distributed (43,708,257)
    Cash currently held by Monitor $ 2,589,695

     

    So it looks like the 226 mm in assets sold for 46 mm! That's a big miss.

  8. I shorted a mining stock into bankruptcy and left the position open only to find out IB charged me short interest at rate times $1 (they round price of all penny stocks UP to $1). So i was paying an exorbitant rate every month (more than the position mark). This makes it prohibitively expensive to short penny stocks and maybe contributes to manipulation.

     

    So check the fine print with your broker beforehand!

  9.  

     

    KCLI

    Me too - $38 is roughly 55% of book value, seems like it is over sold after maybe some did not get cashed out at $52.50. Not super cheap on earnings basis, but I think it is a safe, stable investment as company has been around over 100 years, insiders own almost 70%. I suspect insiders know they could sell whole company for close to book value if they wanted too. Company itself was buying stock back around $45 level in past couple of years before going private at $52.50. I like it for a couple month trade until I hope it returns to mid 40s.

  10. Execution on orders varied for me.

     

    IBKR was fast and flawless.

    Fidelity was a little glitchy but performed well.

    AMTD was very slow on trade reports and looks like I missed a fill, so questionable execution.

    Just got my fill report back from AMTD only 30 minutes late...

  11. Do you not use margarita mix bskptkl? The marg I made the other day was:

     

    3 parts Margaritaville mix

    1 part tequila

    1 part triple sec

    1/2 part lime juice

    splash of OJ

     

    and it was delicious. I think lime juice/OJ are the keys, lots of people don't use them at all or don't use enough (e.g. 1 lime slice per drink is not nearly enough for the lime juice).

     

    boilermaker75,

     

    Unfortunately I highly doubt Mt Carmel gets much distribution outside of Cincinnati. Their brewery is a converted farmhouse so pretty tiny; they have 2-3 medium-sized vats if I remember correctly.

     

    Don't like the sugar in the mixes. Getting thirsty reading these...

  12. I believe that I saw that there is no additional interest accruing on any debt beyond the transaction date. As far as the CRO, he says... Aziz says “it is unlikely any material unknown claims exist” against Holdings. I would love to receive the secured payment ($0.65/unit?) from MHY in the next few months.

     

     

    MHY

     

    Any guesses to size of additional allowed claims pool?

    This seems to be largest variable left.

    They hinted at D&O claims in the 16th report of the monitor.

    Sure hope Quadrangle (who ate it on $45 million of unsecured sub notes) doesn't make trouble.

     

    I am going to guess the secured creditors get their act together and settle disputes allowing payoff of secured debt by the end of this month. That would stop the clock ticking on interest and leave more for the unsecured claims.

    17TH Report Of The Monitor is out.

     

    Good news - they seem to have settled issues with all known claimants.

    First Lien notes will get $163.9 mm.

    Second Lien notes will get $67.7 mm.

    Payments will go out by the end of this month.

    That leaves roughly $111 mm for the Unsecureds.

    They will settle 2 other unsecured claims for $2.45 mm.

    No payment on the Quadrangle Subordinate Unsecured Note.

  13. Usually beer, but this recipe for margaritas is spot on:

     

    1/3 tequila (silver from Costco works well, don't notice any improvement with more expensive ones)

    1/3 triple sec (I've taste tested with Cointreau and Patron orange - couldn't tell the difference)

    1/3 fresh squeezed lime juice

    ice in the shaker and pour into martini glass

     

    Sometimes it comes out a little tart. I have substituted half fresh squeezed OJ for half the lime juice once in a while. I have also added simple syrup, but most of the time tart is fine with me.

  14. Aziz says “it is unlikely any material unknown claims exist” against Holdings.

     

     

     

    Read that - that's a relief

     

    Read the proposed Claims Procedure Order.

     

    They say Allowed Claims of Senior Noteholders would include principal and interest up to date of Initial Order - which is 9/29/2013.

    That would mean roughly a $158 million claim, not the $204 million they say was owing in the 15th report. Is this what you mean by no additional interest accruing?

     

    Also say Quadrangle gets Allowed Claim for Unsecured Sub Notes ($35 million principal) - but it is subject to Intercreditor Agreement which says they are subordiante to MHY's Unsecured Senior Notes. So I think we are safe there.

     

     

  15. I believe that I saw that there is no additional interest accruing on any debt beyond the transaction date. As far as the CRO, he says... Aziz says “it is unlikely any material unknown claims exist” against Holdings. I would love to receive the secured payment ($0.65/unit?) from MHY in the next few months.

     

     

    MHY

     

    Any guesses to size of additional allowed claims pool?

    This seems to be largest variable left.

    They hinted at D&O claims in the 16th report of the monitor.

    Sure hope Quadrangle (who ate it on $45 million of unsecured sub notes) doesn't make trouble.

     

    I am going to guess the secured creditors get their act together and settle disputes allowing payoff of secured debt by the end of this month. That would stop the clock ticking on interest and leave more for the unsecured claims.

     

    Do you want to start a new topic on MHY? It might be easier to go back and forth.

  16. MHY

     

    Any guesses to size of additional allowed claims pool?

    This seems to be largest variable left.

    They hinted at D&O claims in the 16th report of the monitor.

    Sure hope Quadrangle (who ate it on $45 million of unsecured sub notes) doesn't make trouble.

     

    I am going to guess the secured creditors get their act together and settle disputes allowing payoff of secured debt by the end of this month. That would stop the clock ticking on interest and leave more for the unsecured claims.

  17. gurufocus changed their format so you can no longer get 10 years of financials easy and free....

     

    does anyone have an alternate source?

     

    i realize the gurufocus stuff is just quick and dirty, but i liked to be able to use it for a quick glance to get a basic feel for trends, margins, returns on capital etc... 

     

    if you know of another quick and easy source of data, please share!

     

    MSN Money provides 6 years and is free.

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