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vinvest09

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  1. vinvest09

    FBK

    FYI, if you reside in the United States, you will not be eligible to receive any of the rights from the offering. I received the following email from my broker - TD Ameritrade - today. :( "Regarding their rights offering, I have received confirmation that holders in the United States were not made eligible. What the company will do is sell your due rights in the Canadian market and then distribute the cash proceeds. It would be coded in your account as 'sale of rights'. Your account will be credited as soon as the payment is received. Let us know if you have any additional questions." Sincerely, Derek Whitehill Apex Corporate Actions and Dividends, TDA Division of TD AMERITRADE, Inc.
  2. from an article in the latest issue of fortune magazine - another example of egregious insider deals at CHK. http://money.cnn.com/2010/01/04/news/companies/director_compensation.fortune/index.htm Of the 10 companies, Chesapeake Energy (a competitor of XTO's) exhibits the most bizarre set of circumstances. In the first place, the high earner among Chesapeake's eight nonemployee directors in 2008 -- all of them classified as "independent" -- was Breene Kerr, a cousin of CEO Aubrey Kerr McClendon. Kerr (who, having turned 80, left the board this year) received $784,687. Second, all eight of the company's outside directors were paid richly in 2008, averaging $670,000. Third, they drew notorious attention because of their benevolent treatment of a reeling McClendon. Bad judgment had done him in. An indefatigable bull on Chesapeake's (CHK, Fortune 500) stock through mid-2008, McClendon, now 50, bought heavily on margin, amassing a stake that at Chesapeake's July high of $72 a share exceeded $2 billion. In December the stock plunged to $10 as the credit crisis flared and petroleum prices plummeted. Two months earlier, margin calls had forced McClendon to sell almost all of his position, at prices between $13.60 and $24 a share. The sales clobbered his net worth. Racing to the rescue like corporate first-responders, the Chesapeake board awarded McClendon a $75 million special bonus for 2008. Other compensation raised his total to $100 million, one of the highest figures in the land. Chesapeake's compensation committee issued a "rationale" for the bonus that stressed the board's wish to keep McClendon as CEO. Asked by Fortune why Chesapeake pays its directors so much, McClendon said, "We have a very large and complex company, and we value our directors' time."
  3. good compilation of hedge fund letters at this site: http://www.hedgefundletters.com/ some of them include: baupost, esl, greenlight, perry partners, sprott, etc.
  4. anyone have any experience with this small cap value investing conference? http://www.completegrowth.com/index.php?option=com_content&view=article&id=98&catid=97&Itemid=22
  5. http://latimesblogs.latimes.com/culturemonster/2009/07/natural-history-museum-faces-unprecedented-fundraising-challenges.html Moody's also noted that the museum has revamped its unusual, longstanding policy of betting virtually all of its endowment on a single stock (albeit a diversified and legendarily lucrative one), Warren Buffet's Berkshire Hathaway. Berkshire Hathaway suffered a 31.8% loss in 2008 -- better than the S&P 500's 38.5% beating, but worse, in this economy, than a portfolio containing a substantial mixture of more conservative bonds. In January, Moody's said, the museum's board voted for a more diversified approach guided by an investment advisor, and began a gradual selloff of Berkshire Hathaway, with the goal of Buffet's company making up half its portfolio instead of more than 90%. The rest will be invested in stock and bond funds. A Forbes magazine story from 1998 suggested one reason for the Natural History Museum's loyalty to Berkshire Hathaway. It told how Franklin Otis Booth Jr., a onetime Los Angeles Times executive who became a billionaire thanks to a $1-million ground-floor investment in Berkshire Hathaway in the early 1960s, gave the museum a 1977 gift of $350,000 worth of stock in a company that Berkshire Hathaway subsequently acquired. The museum's holdings were converted to Berkshire Hathaway stock. "Frequently, the museum's investment managers wanted to unload the shares. Booth discouraged it," Forbes reported -- and within 21 years his initial gift had grown to $80 million.
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