tyska
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Posts posted by tyska
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It's not simply a mere disagreement over morals as you portray it to be. Those people are all about using the power of the state to enforce their own morals upon others! That's tyranny.
So forcing someone who is against say abortion or birthcontrol to pay for it for someone else, is not using the state to enforce their morals upon others.
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Nobody has been able to find any dirt on Romney he's exactly what the world needs right now.
Thats because he hasn't released his tax returns.
Funny though, how there is a branch of Government that does oversight on tax returns, IRS. But not one that does oversight on college records. Neither of which are required to be released to public IIRC.
Better a blowjob in the Oval Office than coming out of the closet after cheating on your wife during trysts with your gay lover. Everytime I hear of a politician who voted against same sex marriage, but then got caught cheating with his gay lover, it's always been a Republican! Not saying that Romney is going to get caught. ;D
It's funny how sex in the oval office is deemed to be more offensive than 100,000+ people getting blown up over a war that never should have happened...I'm glad you've got your priorities straight Moore! Cheers!
Would be interesting to see what scale you use to rank different levels of immorality, that one is better than another. But both your examples lied to the public in the end, "I did not have sexual relations", so I guess they would be equally bereft of morals and not to be trusted. Still think you run a great investment site though.
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OMG!
after the first moments reading the article I took it serious,...
thought... some words of an immature beach slide wearing kid... that likes to sound cool,...
... until I saw the smaller headline above the article...
fake news and political satire...
Lol,... but still hilarious ;D
Got a chuckle out of the Kim Jong-Un's wedding vows one also.
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Just received my Fibrek Plan of Arrangement. Does anyone know where I can find a template "Dissent Notice"? I've never done this and I want to make sure I don't miss any info when I submit mine.
Was curious if such a thing existed also.
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I would think that a lot of media exposure connecting them with RIM can't help either.
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It is my understanding the price and demand are inter-related to supply. If the demand was high, would one argue much over price? One can debate if supply creates its own supply, which is if you have a place to store the supply. If not, the product sits in the warehouse, or on a ship in the ocean.
Cheers
JEast
I get your point, but it appears this was coal that was brought over on speculation and is stuck now. The Chinese and others are still making contracts for coal at a lower price with suppliers, so the railroads will still be moving as lots of coal is still being used. Might slow down for a short time in a standoff, but as long as it is still being used will have to be moved at sometime.
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Is China Slowing? Add in the natural gas effect on US coal, and not so good for domestic railroads.
http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Coal/6353964
Cheers
JEast
From the article, I get that it is more of a dispute over price as opposed to drop in demand.
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Article on European fracking bans.
One reads stuff like that and wonders if Europe has any hope of finding a way out of it's other messes. Just stick with what we are doing and expect a different outcome must be the motto.
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Rec if u are in the same boat. :o
S&P is above 1300 but looking at my portfolio, it looks like it's at 20% lower.
You do know that we can't rec on this board. ;)
I'm into a lot of resource companies that have just posted record results and are getting slaughtered. Pure Energy and Total Energy to mention a couple.
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so let's say ABH get 75% this time, does it means those who tendered will have greater chance of getting $1 cash?
If they only get 75% and don't do a secondary offering, it won't be that illiquid of a stock, as there would be about 32 million shares out still. Not that far off what was floating around before the rights offering when Fairfax and crew had a hold of a chunk. The only thing is will they run the company independently or siphon every thing off to ABH. I know my answer.
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Just say no thanks. I have lots of experience holding shares in illiquid securities in Canada you can only get squeezed out "forced to sell" when the majority acquires 90 percent. Right of dissent allows for a court adjudicated valuation. The last time I challenged the valuation I received a 50% bump in the buyout price by just saying no. I do not own any FBK but if the price gets cheap enuff I will.
Two questions. What is the process involved in dissenting. Does one need to find a lawyer, file papers etc. Second questions, were is "cheap enuff" . It is at 86, the last valuation was around 1.20, had an offer of 1.40 without the ppa, so would be looking at 50% plus bump already.
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even u take the offer or u will be forced to take one.
You mean you are forced to take this bad offer or get forced a worse offer. :'(
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Thanks SD, that's the line I was looking for just couldn't seem to find it looking back through releases. Will be tendering my shares, tired of the thuggery and ineptness of regulators. That bold line is just dripping with contempt for the remaining FBK shareholders.
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Came across a statement by resolute a few days ago saying that they may not do a secondary offer and saying you may be stuck with illiquid shares if you don't tender. I can't seem to find it now, did any one else see that or have a link to it. Thanks
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It does not jibe with what abh states in their latest offer under Recent Developments:
"Take-up and Payment of Fibrek Shares
On April 23, 2012, we took up an additional 2,664,351 Fibrek Shares that had been validly deposited between April 12, 2012 and the close of business on April 23, 2012 (including shares deposited with a Notice of Guaranteed Delivery). All of the Fibrek Shares taken up on April 23, 2012 were deposited into the Cash Only Option. After proration, approximately Cdn$1.5 million is being paid and 76,000 shares of Resolute Common Stock are being issued as Offer Consideration for the Fibrek Shares taken up by us on April 23, 2012."
And that is the part I don't understand. I am unable to find in the notice were they already can be paying out and taking up. My understanding is that they can be withdrawn, and if this is just an extension why wouldn't they be able to be withdrawn before the expiration of the new extended deadline. But if they are able to be paying out, how does the proration work out then, do the last shares deposited only have the ABH share option.
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Anyone know what's the default option if you don't tender but end up forcing to take the deal because it pass 67%.
Just going through yesterdays mail and have the updated resolute offer that expires on May 4th. Not a securities lawyer so some of it confuses me. To answer the question that I had, it appears that shares can be withdrawn before the Expiry time. But when they extend the expiry time, are the shares that were tendered before the last expiry time not able to be withdrawn. As they talk about how they have taken up and paid for shares under the other offers. I would have thought with it just being extended they would still be able to be withdrawn except for the lock-up.
I notice on this offer it is for 662/3 % of shares, I guess they are able to just change the terms and conditions to what ever they want, with out having to re-tender.
And to sort of answer your question alert. No sort of default appears to kick in unless they acquire 90% of the shares. They will then acquire the shares under the same terms as shares acquired under the offer. Clear as mud. ;)
At this point, I expect most have given in. So Sad.
I was curious if some could, or would, pull back their shares after the ppa announcement. But if SD has thrown in the towel, you are probably sadly right. :(
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Anyone know what's the default option if you don't tender but end up forcing to take the deal because it pass 67%.
Just going through yesterdays mail and have the updated resolute offer that expires on May 4th. Not a securities lawyer so some of it confuses me. To answer the question that I had, it appears that shares can be withdrawn before the Expiry time. But when they extend the expiry time, are the shares that were tendered before the last expiry time not able to be withdrawn. As they talk about how they have taken up and paid for shares under the other offers. I would have thought with it just being extended they would still be able to be withdrawn except for the lock-up.
I notice on this offer it is for 662/3 % of shares, I guess they are able to just change the terms and conditions to what ever they want, with out having to re-tender.
And to sort of answer your question alert. No sort of default appears to kick in unless they acquire 90% of the shares. They will then acquire the shares under the same terms as shares acquired under the offer. Clear as mud. ;)
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Can shares be pulled back, now that they have extended it again?
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Power contract signed.
http://finance.yahoo.com/news/fibrek-signs-historic-contract-hydro-200700924.html
Now we wait to see what % tendered, what steelhead did, and what ABH does for a second-step if needed.
Maybe they will come out with a 60 cent offer and say look how we treated you before we had control of the company, so you better get out. Man that smells, that the ppa would come out today.
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Alert: The 8.5M consolation prize (if it occurred) would have been paid to Merc by ABH - to 'vanish'. When Merc pulled their bid, they gave up their right to get any fees from FBK. Q1 financials may also have other things in them overshadowing the results.
You get what the tender price is, after that - you don't own the shares anymore.
Page 6, para 4 &5 of the offer - ABH does not want minority shareholders; they intend a Subsequent Acquisition Transaction to remove them.
I totally missed that, it certainly is interesting that they would walk away from 8.5M.
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tyska, if ABH is getting such a great deal would it make sense to buy ABH? The possibility of getting FBK at a low prices was one of a few reasons why I recently bought ABH.
ABH is getting a good deal but it gets pretty diluted within the ABH structure. When the ppa goes through, it is a big percentage to FBK, but pretty small overall at ABH.
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This thread may be used in future behavioural science classes as a case study in anchoring.
I think the main thing to take from all this, is how the regulators and Fairfax view minority shareholders rights.
Or they really wanted out. Get over it. I sold out of this between last winter 011. and december. I lost money but I didn't sit around with an outsized position whining. My takeaways from this:
1) dont invest in commodity companies that pay no dividend. I have held varying sizes of Canfor Pulp, since spring 09, and probably made 50% on dividends alone. BTW, its on sale now, again. The dividend will rise and fall with distributable cash, which should stabilize some as the power is bought on line.
2) Dont invest alongside FFH. Buy FFH stock directly. Dump a stock the day FFH initiates a rights offer.
3) LessthanIV is correct about anchoring. Along the way we all built a thesis about the intrinsic value
of SFK. In the meantime the price of pulp tanked. Look at Mercer to a comparable example.
4) You want to play the game, prepare to be burnt. It isn't as if FFH or Pabrai made buckets of money on this one. It isn't the first time I have been burnt and it wont be the last.
My circle of competence is increasing constantly, but at the same time, the number of crap companies I refuse to invest in also inceases.
I guess if stating the obvious qualifies as whining to you fine. We also agree to disagree, as to if the regulators dropped the ball badly and showed what a waste it is even having them. I've lost money and made money on lots of things, but never had the value so blatantly pilfered by insiders. I avoid a lot of companies were I have no respect for the ethics of certain large shareholders. Just another one to add to the list, lesson learned.
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This thread may be used in future behavioural science classes as a case study in anchoring.
I think the main thing to take from all this, is how the regulators and Fairfax view minority shareholders rights.
I Miss This Guy!
in General Discussion
Posted
Love all his writings. My favorite quote of all time comes from him and keeps me away from socialism.
"Of all tyrannies a tyranny sincerely exercised for the good
of its victim may be the most oppressive. It may be better to live
under robber barons than under omnipotent moral busybodies.
The robber baron’s cruelty may sometimes sleep, his cupidity may
at some point be satiated, but those who torment us for our own good
will torment us without end for they do so with the approval
of their own conscience."