bablu

thank you

thanks for the link..

I think what really matters is who holding the debt ... if it's internal (national) just redistribution of wealth but if it's foreign then comes the trouble ..

i echo YIKES ...

looks like it's matter of time it bites the dust (under a buck) ;)

I think buffet used citi stock guide of korean stocks provided by his broker ... i could be wrong though but that's what i remember

Barry, thanks for the info.. was there a performance bet between Buffet and hedge funds ...

I wrote covered calls for 25% of my position and planning to write for 25% - 50% if this continues to go higher.. but still can't understand rights pricing at 3$ and currently trades at 5.50 ish..

It seems PD is getting diluted by selling stake to AIMco and a rights offering ... it seems there may be about 30-40% dilution according to the plan... why the stock is down about 5 - 10% yesterday.. what am missing ? thanks for any insights.... here are the details... NEWS RELEASE PRECISION DRILLING TRUST ANNOUNCES COMPREHENSIVE FINANCING PACKAGE TO STRENGHTEN ITS BALANCE SHEET, REDUCE DEBT AND SUBSTANTIALLY REDUCE FUTURE INTEREST COSTS Calgary, Alberta, Canada – April 20, 2009 (Canadian dollars, except as noted) This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. Precision Drilling Trust (the “Trust”) and Precision Drilling Corporation (“Precision”) announced today a series of financing transactions to raise up to approximately $380 million which will be used to strengthen the Trust’s balance sheet by refinancing and restructuring the debt incurred in the acquisition of Grey Wolf, Inc. that was completed in December of 2008. A summary of the financing transactions is set forth below: • The Trust and Precision have entered into an agreement with Her Majesty the Queen, in Right of the Province of Alberta (the “Investor”), represented by Alberta Investment Management Corporation (“AIMCo”), pursuant to which the Investor has agreed to purchase by way of private placement: o $175.0 million aggregate principal amount of senior unsecured notes (“Notes”) of Precision bearing interest at 10% per annum and having an eight-year life; o 35,000,000 Trust units at a subscription price of $3.00 per Trust unit for gross proceeds of $105.0 million; and o 15,000,000 purchase warrants of the Trust entitling the Investor to acquire up to an additional 15,000,000 Trust units at a price of $3.22 per trust unit for a period of five years from the date of issue. • The Trust also intends to initiate a Rights Offering for up to approximately $103.0 million that will allow unitholders, including the Investor, to purchase Trust units at a price of $3.00 per unit in their proportionate ownership share on the same terms as the Investor.

interesting comments about the various outside mangers and future outlook .... Over the past several years we have invested our excess cash with various outside managers with a view towards receiving a good return and hoping to uncover investment opportunities. We were disappointed with the results. The returns were not good and we did not uncover investment opportunities. With few exceptions, our fund investments were not immune to the market upheaval experienced in 2008, but the overall return since inception was minus .5%. It could have been worse. For the most part, we do not intend to continue this activity. Fortress Leucadia Most of our assets are tied to a recovery in the world’s economy and when the world’s economy gets back on track we expect our assets will rise in value and price. In the meantime we continue to pay our overhead costs and interest on our long term debt, the earliest maturity of which is in 2013. Fortunately banks are not breathing down our necks looking for us to repay debt. We have time on our side for the world to right itself, but it will not be easy. In the current recessionary environment, earnings from our operating businesses and investments do not presently cover our overhead and interest. We have cash, liquid investments and securities and other assets that we expect to turn into cash that should carry us through these difficult times. We are energetically cutting costs. We have talented managers and employees working hard every day. We will all do our best. Out of prudence we have a pessimistic view as to when this recession will end. To think otherwise would be to gamble about the beginnings of good times whereas by imagining a bleak future we will most likely survive for the good times to arrive. “Fortress Leucadia” is a draconian look into the future and a basis for defensive planning. It assumes we will not make any more investments, continue watching our expenses, keep only assets that are promising and slowly turn everything into cash which will be used first to retire or pay down debt, while always maintaining at least $500 million in cash or liquid assets. That is the theory. The reality is we will continue to look for companies to buy, but only consider companies that earn money, have a bright future and are durable! In these troubled times there are sure to be good opportunities for investment and we will remain on the hunt. We can recognize a good deal when we see one and will strive to execute. We intend to resist what we consider “financial bets.”

http://www.bloomberg.com/apps/news?pid=20601103&sid=aS_g2BJ_mcqw&refer=us interesting one..

Thanks Sanjeev.. good idea.. i will attend

http://network.nationalpost.com/np/blogs/fullcomment/archive/2009/02/17/paul-volcker-the-banking-world-needs-more-canadas.aspx

my strategy still concentrated about 50% between ffh, brk, west, sns.. other 50% in special situations .. all the new money is going to special situations..

i think the sec rule is within 60 days of year end ...

should be feb 28th saturday morning ...

Thanks Oec2000.. that's very helpful intro...

oec2000 .. Do you mind giving a primer on how this retractable shares work and what are these split corp preferreds all about ? Thanks for your time in advance..

question for pof4520 and others : Just wondering if you can share , how you can keep on top of these M&A deals such as any free news resources , magazines etc ? .. most of the deals I know are from the www.mergerjournal.com website.. I bought ANL as an arbitrage play around 13.45. I also bought fsy.to around 6.30 or so to be takenover end of next month for 7.00 CAD.. Thanks in advance