rogermunibond

More interestingly why prefer branded soda at all over generic (store label) sodas? I have since given up ever buying branded soda in favor of Wegmans label soda. Taste is about equal and you save $1-2.

Timberwest - largest landholder on Vancouver Island. Stapled unit - suspended dividend on the debenture + equity. McElvaine was a big shareholder and participated in a convertible debt offering they did in 2008.

From May 5, 2010 http://www.sec.gov/Archives/edgar/data/806636/000095012310054166/c01705e40v24b2.htm

$26 redemption is a nonstarter. From the IPO prospectus... On and after October 20, 2010, we may redeem the series A preferred shares, in whole or in part, at any time, at a redemption price of $25 per share, plus declared and unpaid dividends, if any, to the date of redemption. [glow=red,2,300]We may not redeem the series A preferred shares before October 20, 2010, except that we may redeem the series A preferred shares before that date at a redemption price of $26 per share, plus declared and unpaid dividends, if any, to the date of redemption, if we are required to submit to the holders of our common stock a proposal for any matter that requires, as a result of a change in Delaware law after the date of this prospectus supplement, for its validation or effectuation an affirmative vote of the holders of the series A preferred shares at the time outstanding, whether voting as a separate series or together with any other series or class of preferred stock as a single class.[/glow] The series A preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption and will not be convertible into any of our other securities or property.

BEVERLY HILLS, Calif.--(BUSINESS WIRE)--International commercial real estate investment and services company Kennedy Wilson (NYSE: KW) today announced that it entered into a stock purchase agreement with Toronto based Fairfax Financial Holdings Limited (TSX: FFH) (TSX: FFH.U) (“Fairfax”) for a commitment by Fairfax to purchase up to $100 million of Kennedy Wilson convertible preferred stock. The private placement creates a new strategic relationship between Kennedy Wilson and Fairfax, which has a market cap of approximately $8 billion and total investment portfolio of approximately $20 billion. “This is the single greatest event in Kennedy Wilson’s history thus far,” said William McMorrow, chairman and CEO of Kennedy Wilson. “We feel very fortunate to begin this relationship with Prem Watsa, chairman and CEO of Fairfax, and the rest of the extremely talented Fairfax team. Not only does Fairfax bring an extremely strong balance sheet and investing track record but, more importantly, our companies share the same long-term, value investing philosophies and were both built from the ground up.” Kennedy Wilson was originally established as an auction house and purchased in 1988 by a group led by Mr. McMorrow, who expanded the company into a full service commercial real estate investment and services company with an international presence. Fairfax was transformed by Mr. Watsa and his partners from a small specialist in trucking insurance 25 years ago to become one of the world’s premier insurance and reinsurance and investment companies. Mr. Watsa, chairman and CEO of Fairfax, commented, “With our long-term focus and value investing philosophy, we believe that this is the right time for Fairfax to begin selectively participating in commercial real estate opportunities, particularly in California, with the highly talented team at Kennedy Wilson.” Kennedy Wilson has taken advantage of the current distress in the real estate market with purchases of note pools and hard assets totaling over $600 million since December of last year. The preferred equity investment by Fairfax carries a dividend of 6% per year and has a mandatory conversion into Kennedy Wilson common stock by May 2015 at $12.41 per share.

Here's the interview mentioned by txlaw. http://www.pwc.com/gx/en/ceo-survey/2010-assets/transcripts/ceosurvey10-Elsztain.pdf There are Motley Fool notes from the LUK annual meeting that mention C&S saying that they sold out of IFIS because the CEO liked debt too much. http://boards.fool.com/Message.asp?mid=28501889&sort=postdate

Sears Looking To Profit from Extensive Real Estate Holdings By Mark Heschmeyer April 28, 2010 Sears Holdings Corp., the nation's fourth largest broadline retailer with 3,900 full-line and specialty retail stores in the United States and Canada, has launched a web site to leverage its extensive real estate holdings, as well as to dispose of its closed Sears and Kmart locations. The site is to be officially announced next month at the International Council of Shopping Centers annual convention. The site www.shcrealty.com currently lists 3,779 opportunities across a wide variety of formats within the operating store portfolio, including outlots, demised space, in-line leasing and store-in-store leasing. http://www.costar.com/news/Article.aspx?id=C8080A1234964A24E883C2F7600634E0

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