rogermunibond

Rmitz - It's not an ADR. I believe it trades on the OTC. Ratio is 1:1

Can anyone provide a recap of the CC? Appreciate it. TIA.

Go to Yahoo Finance. Type "acquisition" in the quote window. Voila. Also you can check the OTC and AMEX using similar searches. There are now quite a bit fewer Spacs than there were prior to 2008. Many liquidated or found m/a targets.

2009 Annual Report for Tim McElvaine http://www.mcelvaine.com/Annual%20report%20for%20website.pdf

He shoplifted. He said not so much because he wanted it, but was very angry for being displaced from Omaha by his parents. He did also sell his sister's bike once. Without her consent.

Redskin - this is called the fallacy of composition. If the parts have property than the whole should have the same property. Unfortunately, the 1.3x P/B in ORH and Zenith reflect a control premium that FFH pays to take over the entire enterprise. That premium does not apply for valuing FFH however.

This interview is from early 2009 and was partially published in the Stanford Lawyer. http://www.law.stanford.edu/publications/stanford_lawyer/issues/80/

Love him or hate him, Ackman has some damn good Powerpoint designers working for him!

First line of the article mentions why.

http://www.sandridgeenergy.com/InvestorRelations/LettertoShareholders/tabid/116/Default.aspx This should answer your questions on the Century Plant.

Average FGB costs $300 to $500K to open. They don't need freestanding pads and will locate in an inline strip mall. Average store sales are around $1 million annually. Like I said, I don't think SNS can compete with that model... yet ;)

FGB has probably a lower cost model than SNS. There stores aren't that big and they really skimp on the decor and furnishings. It's basically a stripped down operation. Fresh burgers and hot fries.

I imagine a market maker or dealer will trade FFH on the OTCBB for those who cannot access the TSE.

You show me yours and I'll show you mine. :D

Okay anyone ever heard of Artin Afsharjavan? http://www.youngentrepreneur.com/blog/2008/02/entrepreneur-profile-artin-afsharjavan/ He's popped up as being part of an investment group trying to buy into Trump Entertainment. http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090930006173&newsLang=en http://www.google.com/hostednews/ap/article/ALeqM5jqpan9BpVIiuJ3MgnAD2buXKJqGAD9B1TO800 Could be a lot of hot air. Who knows?

For those of you who are Howard Marks fans... His letters dating back to 1990 are now available on the Oaktree Capital web site. http://www.oaktreecapital.com/memo.aspx

767ERFs are new. These are not the 767s used by ATSG which are converted to freighters. The article says also that the ERFs are replacing MD planes used in a joint venture with Lufthansa.

Lampert replies to Barrons article - quite unusual. http://online.barrons.com/article/SB125210385440187567.html#mod=BOL_hpp_mag

This interview is not new. It's been around for a while but apparently most Fools on the MF board did not know of its existence. The link provides a PDF and video stream of the interview. http://www.law.stanford.edu/publications/stanford_lawyer/issues/80/

T-bone Re: the ME investment bank Fairfax I.S. Plc is not the same as Fairfax Financial Holdings. Fairfax I.S. PLC is a Member of the London Stock Exchange (LSE), an AIM Nominated Advisor and Broker, an Approved Sponsor of the UK Listing Authority (UKLA). They headquartered in London, Dubai, and NY.

As a non-Canadian and non-Francophone, this Bloomberg piece on Paul Desmarais Sr. and Power Corp. was particularly fascinating. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aEl4wizkuSTQ

ATSG was added to the Russell 3000. Part of the annual Russell rebalancing.

I think there are 3 ways for HNR to work as an investment: 1) Price of crude rises to $100 over the next few years. 2) Market rerates risk premium for Chavez/Ven. nuttiness and fully values Ven. proven and probable reserves 3) 1 or more E&P project hits paydirt #1 and #2 are very unlikely in my estimation. Leaving #3 the most likely route. For most of 2008 HNR mgmt was talking up Harvest Hunter #1 well in Calcasieu Parish, Louisiana. This turned out to be a dry hole. ""Harvest drilled the Harvest Hunter #1 exploratory well in Calcasieu Parish, Louisiana in the fourth quarter of 2008 and undertook a testing program to evaluate three prospective reservoir horizons. On January 9, 2009, the well was determined not to be commercial and was plugged and abandoned. The cost of drilling and testing the well was $10.8 million and was written off to dry hole costs at December 31, 2008."" $10.8 million is not insubstantial. With all Ven. cash flows going toward capex to expand El Salto etc, HNR has only so many chances at striking paydirt before they have used up their cash dividend from Ven.

http://www.sec.gov/Archives/edgar/data/894081/000119312509128378/dex991.htm They lay out the growth plan for the next five years.

5x on $100M in cash flow is looking like a reality. Big ? hanging over ATSG has been lifted. Press Release Source: Air Transport Services Group, Inc. ATSG Completes Aircraft Lease Option Agreement with DHL Will Result in Significant Deleveraging of Balance Sheet * On Monday June 1, 2009, 10:56 am EDT WILMINGTON, Ohio--(BUSINESS WIRE)--Air Transport Services Group, Inc. (NASDAQ: ATSG - News) said today that its subsidiary ABX Air, Inc. has completed an agreement with its principal customer, DHL, concerning leases of certain ABX Air aircraft. The agreement, which is further to a memorandum of understanding that DHL and ABX Air executed in March 2009, grants DHL options to lease from ABX Air, or an affiliate, up to four Boeing 767-200SF (freighter configuration) aircraft under favorable rates, and for terms beginning August 15, 2010, and continuing through 2015. In exchange, DHL has agreed to assume financial responsibility, retroactive to January 31, 2009, for ABX Air’s obligations under capital leases on five Boeing 767-200PC (non-standard cargo door configuration) aircraft currently dedicated to DHL’s U.S. network. As of March 31, 2009, ATSG’s balance sheet reflected $50.2 million of debt and $21.5 million of net book value related to those aircraft capital leases. The agreement calls for ABX Air to grant to DHL up to $10 million of credit against future rent obligations for the four 767-200SFs. If DHL elects not to exercise its options for any of the four 767-200SFs, ABX Air would pay DHL $2.5 million for each such option that DHL elects to forego. ABX Air is expected to continue to operate some or all of the five leased 767-200PCs as required under the current ACMI Agreement between the companies. The agreement does not stipulate whether ABX Air would continue to operate any of the four 767-200SF aircraft that DHL may opt to lease. ATSG CEO and President Joe Hete said, “The completion of this agreement with DHL formalizes the deleveraging process that we announced earlier this year, including the restructuring of our promissory note to DHL. The combined effect of the capital lease transaction and note restructuring, including our commitment to pay DHL $15 million to further reduce the principal balance of the note, would be to reduce our outstanding debt principal by approximately $113 million. The note restructuring also removes some of the limitations on our Board’s ability to consider dividend payments or buybacks for our shareholders. DHL has worked closely with us in finalizing these agreements, and we continue to jointly explore opportunities to provide DHL with additional 767-200SF aircraft on an ACMI or dry lease basis beyond 2010.”