bskptkl
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Posts posted by bskptkl
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Rukawa --- Been following Cdn small caps for 20+ years - get to know what is out there.
Disappointed that Marret has not put out a press release as they said they would a few days ago. My guess is that they are under no obligation to until there is more clarity on the amounts the unsecured creditors will receive. At the same time, they could have alerted the market to the potential value but did not so they have had many of their longer term unit holders sell out at bargain prices while those who did the work scooped up these shares. As well, I'm sure that there is a great likelihood that friends and family of certain senior mgmt were given indications of how good a deal the MHY.un shares were in the $0.20's - $0.50's.
I refined my valuation and now believe they will get $15.5MM from principle & accrued interest on the secured debt and $13.9 mm from the $21MM of Pik bonds. So this is $0.42 from secured and $0.37 from the PIK bonds for total of $0.79/unit from Mobilicity. Cline debt is free below this number. Remember this is just an estimate as there are moving parts & uncertainties (unknown costs etc) that I am not privy to so my final number could be off (and maybe substantially).
GLTA
First of all - many thanks for bringing this to my attention last year.
I think your numbers make sense as at 5/31 and IF the $7MM "liquidity payment" due to Bridge Note holders is included in the Monitor's $64 million number owing quoted in the 13th Report. But the wording suggest it is not included, see p 10 for wording. Interest until today adds a half penny per share. A share of an additional liquidity payment would add 4 cents - total $17 million. Working the math on interest suggests the payment IS included though.
Also 13th report says purchaser is to lend funds to Wireless to pay off secured obligations - so that money could be funded in days if not already.
As for the unsecured's I get a 40% recovery of $38.6 million principle plus interest or 42 cents per share. Not sure how long it takes to get a plan approved and funded, possibly months. But interest will be ticking at 15% (roughly $3 million a month) so even if fees go up and it takes more time, the actual recovery percentage may not change that much.
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I'm long this and buying more today.
See monitor report for capital structure:
http://documentcentre.eycan.com/eycm_library/Project%20mike/English/Monitor's%20Reports%20(Sixth%20and%20Eighth%20Report%20are%20located%20in%20their%20own%20sub-folders)/Thirteenth%20Report%20of%20the%20Monitor%20Dated%20June%2023%202015.pdf
I get roughly 42% recovery for the Unsecureds...
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RAFI
Regency Affiliates will re-lease 700k SF building in Maryland in 2018 and refi mortgage and may be able to pay a dividend roughly equal to market cap (or more likely retain the proceeds for reinvestment).
Government building on a 9 cap rate worth 100 millionish - but if re-leased long term to social security why couldn't it be sold at a 6 cap (150 million) to somebody? It is backed by US Treasury.
On VIC 2 months ago.
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"Also i think getting a result also requires activism..."
Activism, which WEB did with the takeover of Berkshire Hathaway in 1965 a year after getting hacked off at the chiseling tender offer.
Shows the human, emotional side of him I thought and even though he calls it a mistake, I think he is proud of it and would do it the same way again.
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One of his gold "options" is a big position in SWD (on TSX) which trades for roughly cash but has an 11 million ounce gold deposit in Columbia. The deposit would need cap ex of billions to develop and is not economic at current gold prices. Of course Baupost is in at much higher prices.
For the rest of us the hedge is pretty cheap at these prices.
SWD traded .29-32 today. I just talked to someone who knows Columbia gold companies and he was not complimentary about the SWD property - low grade, expensive to hold, never be built etc...I am going to sell my SWD at 30...big loss for me.
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One of his gold "options" is a big position in SWD (on TSX) which trades for roughly cash but has an 11 million ounce gold deposit in Columbia. The deposit would need cap ex of billions to develop and is not economic at current gold prices. Of course Baupost is in at much higher prices.
For the rest of us the hedge is pretty cheap at these prices.
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Thought I'd throw this out there:
ITSI announced reverse forward split cashing out shareholders at $1.33. Closed $1.27 today. So 5% in maybe 4-6 months?
Can you believe this ratio - 9,245,317-for-1!? So you can put some money into it.
Not super exciting but one to monitor and buy if cheaper or closer to cash out.
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I did some research recently, and I would like to find a checking account that is:
1. Totally free, with no requirements to meet in order to waive the monthly fees.
2. Preferrably pay an interest on the checking account, but this is not mandatory.
3. Have a lot of brunches and ATMs, so banking will be easier for me.
I started by looking at the big four banks. unfortunately none of them met these criteria for their basic banking packages, though I agree that the basic criteria to meet to waive the monthly fees isn't too difficult.
I did consider Bank of America's advantage checking along with a Merrill Edge account, because that would give me free checking account plus free 30 trades per month in my IRA. However, they said in the IRA, if I sell a stock, I cannot use the unsettled proceeds to buy another stock. I have to wait for 3 days, which I do not like at all.
Then I found that a lot of non-profit credit unions offer better deals.
I opened an account with BECU.org. They have a lot of brunches in the Seattle area. Not only that, but I can bank with their partner CUs across the state.
Out of curiosity, in their website, I searched for ATMs in Bozeman, MT. (I visited that place this summer and knew it is a very rural area.) There were nearly 10 ATMs nearby. Then I searched for brunches for Key bank, Chase and Bank of America, but I could not find any brunches over there.
It seems to me that with so many partner CU brunches, this network is actually more convenient than any of the big banks.
I think what these small CUs offer is more competitive than the big banks.
What do you think?
I'm pretty happy with Fidelity. No fees, free checking, they pay interest (not much though), rebate on any ATM fees. I use it as my main broker as well and pay a flat $5 per trade (negotiated). They also have a credit card that pays you a 2% rebate into your Fidelity account. They have a local branch which is convenient for me. And I use the web based check deposit service a lot.
Multibagger speculative ideas
in General Discussion
Posted
Yeah you are correct. Our bonds do earn more than the converts - 15% to 12%, but that won't change much.