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OracleofCarolina

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    Your highest conviction idea for 2014 + why

    in General Discussion

    Posted

    http://online.wsj.com/news/articles/SB10001424052702303880604579401550894502122?mod=ITP_newyork_1

     

    seeing more and more stories on downtown Brooklyn, from todays WSJ(brief quote below)

     

    "The median sales price for downtown Brooklyn condos has increased from $406,900 in 2009 to $585,000 in 2013, according to StreetEasy. Median asking rent also rose from $2,500 to $2,972 during the same time.

     

    Retail in the area also has boomed lately. New tenants include national retailers and restaurants such as H&M and Aéropostale, Sephora, American Eagle, American Apparel and Hill Country Barbecue. Hotels such as Hotel Indigo have also come to the area. Macy's is looking at options to upgrade its downtown Brooklyn location"

    Your highest conviction idea for 2014 + why

    in General Discussion

    Posted

    Check out their amazing website: http://www.jwmays.com/

     

    From today's NYT

    http://mobile.nytimes.com/2014/02/21/nyregion/juniors-brooklyn-site-will-be-sold-to-developer-but-restaurant-will-return.html?smid=tw-share&_r=1&referrer=

     

    “Land values in that part of Brooklyn have skyrocketed, and they are sitting on a tremendous” — as in, tremendously valuable — “piece of property,” Mr. Knakal said, predicting it would sell at a record price for Brooklyn. “We view it as the best development site in Downtown Brooklyn.” He has already received substantial interest, he said.

    Central Securities Corporation

    in General Discussion

    Posted

    http://www.centralsecurities.com/AnnualReport2013.pdf

     

    I usually don't pay much attention to closed end funds, but this one is different.

     

    It has been around since 1929, it has beat the S&P 500 over the past 30 years with steady performance and minimal turnover in holdings.

     

    It's largest holding is Plymouth Rock, a non-public insurance company. With a 900k investment in 1982, the position is now valued at $110 million, about a 17% annual return not even counting dividends...not too shabby

    WTF!

    in General Discussion

    Posted

    Well, looks like they reduced headcount from 327 to 234 within the past couple of months. It will be interesting to see if this company can be saved.

    Info from 8-k

     

    Between January 9 and 15, 2014, the Company has undertaken an additional reduction in force in its U.S. distribution business, as a result of which the U.S. business now employs a total of 49 employees, including 24 employees at its Miami export business, 20 employees at its Lawrenceville, Georgia facility, and five employees at its California locations. The Company and its subsidiaries employ an additional 185 employees as part of its Latin America distribution business.

    As of June 30, 2012, the Company reported that it had 425 full time employees and, as of June 30, 2013, the Company reported that it had 327 full time employees.

     

    When the current board of directors assumed control of the Company on October 17, 2013, it inherited a U.S. business that was in a state of rapid decline, in terms of sales volume, profitability and sustainability.

     

     

    The Company has significantly reduced the size of its U.S. operations and sales in an effort to restore the U.S. business to break-even profitability. The Company currently hopes to stabilize the U.S. business and grow its sales on the basis of higher margin product sales. The Company also currently plans to maintain the size of the Miami export business and Latin American distribution business, with the goal of improving the profitability of each of these businesses.

     

     

    The Company has incurred significant financial losses in its most recent fiscal year, as previously reported, and in recent fiscal quarters and has significantly reduced its employee headcount and sales volume in the United States during the same time period. Due to the significant changes in the Company’s business during the past 18 months, there can be no assurance that the Company’s efforts to stabilize its U.S. business and improve the profitability of each of its businesses will be successful.

     

     

    WTF!

    in General Discussion

    Posted

    This will be interesting to watch, can this thing be turned around?

     

    The good:

    -all new board and CEO/CFO/VP, seems like very experienced folks in restructurings

    - more cost savings from delisting, firing auditor, new board compensation in addition to the restucturing costs initiated by previous management

    -MSFT announcement as supplier in Colombia

    - they did have 3.6 million in cash on 9/30

    -MPIC owns 6%

    -forced selling by Gam partner redemptions late nov may have dropped price

     

    The bad

    -Accounting sheniagans being investigated, so far 2.1 million in false rebates(+ the cost of paying accounting firm to investigate and probably extra legal fees)

    - lost 16 million last fiscal year(5 million was restructuring costs though)

    - Wells Fargo says they are in default and charging higher interest on $16 million bank line

    -is this a good business with the right management?

     

     

    TRE - Sino-forest put.

    in General Discussion

    Posted

    Well, I forget all about this stock. I lost a smidge just doing a little speculation in this stock...I know I know..stupid.. But I get a little restless sometimes.

     

    Anyway, got some settlement paperwork in the mail today..maybe I'll get enough settlement for a nice lunch at Cracker Barrel..lol

     

    Cheers!

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