accutronman

T2 Partners has taken a 4% interest in BP: Hedge fund manager Whitney Tilson said that he is long BP (NYSE: BP) shares, saying that the stock is "just too cheap" at this point. He said that this is not a short term position for his firm, T2 Partners, and he fully expects for the BP headlines to be terrible for some time to come. He said that his long BP position amounts to only about 4% of his portfolio, which is a smaller percentage than many of his other holdings. Tilson said that he does not expect for BP's dividend to be cut, citing the fact that such a development would be detrimental to U.K. pensioners and retirees. He said he did not think that either the U.S. or U.K governments will take the step of forcing the company to cut the dividend at the expense of shareholders. The hedge fund manager said that BP is one of the most profitable companies in the world, and that while the oil spill was inexcusable, he thinks that the price of BP is very compelling at current levels.

Be very careful of counting on the div...most analysts expectations are for it to be cut 25%-50%....regardless if they have the "ability" to pay it due to the political backlash in the US on their recent comments to keep it stable. The backlash in the UK, however, would be more severe if the dividend were to be cut. Based upon this, I'm willing to take the risk and put my money down as the potential to make a profit short-term is too irresistible.

Apparently, we're in for a battle on Mass Financial's recent Canoro transaction. I'm sure Smith wouldn't have made his move if the outcome wasn't certain. TORONTO, ONTARIO, May 31, 2010 (MARKETWIRE via COMTEX) -- Assam Company India Limited (Assam) today reminds shareholders of Canoro Resources Ltd. (Canoro) that the previously announced transactions (Transactions) between Canoro and Mass Financial Corp. (Mass), are subject to a recent decision of the High Court of Delhi in India (High Court), which could have material adverse effects on Canoro and shareholders. The High Court has issued an order declaring that the Transactions, including the previously completed private placement with Mass, will be subject to the final outcome of the Petition by directing that "lis pendens will apply to the proceedings" (Court Order). Assam has written to the TSX Venture Exchange and Alberta Securities Commission regarding Canoro's failure to comply with its disclosure obligations and alert Canoro shareholders of the considerable risk, among others, that the High Court could order the Transactions to be unwound, that shares issued by Canoro as part of the Transactions could be subject to such orders or that Canoro may be required to pay substantial damages to Assam. Basis for the Petition to the High Court of Delhi Assam asserts in the Petition that completion of the Transactions violates the requirements of the Production Sharing Contract dated February 23, 2001 (PSC) between Canoro, Assam and The Government of India (Government) and the Joint Operating Agreement between Canoro and Assam dated May 5, 2004 (JOA). Under the PSC, Government approval is required by Canoro prior to the entering of the Transactions. Without the consent of the Government, which to Assam's knowledge has neither been requested by Canoro nor given, the Government could terminate the PSC relating to Canoro's oil and gas properties in India, which would be materially prejudicial to Canoro, its shareholders and Assam. Under the JOA, if Canoro wishes to sell or assign/transfer its interest in the Amguri oil field, Canoro is required to give notice to Assam so that Assam is able to exercise its pre-emptive right to purchase the participating interest of Canoro. No such notice has been given to Assam by Canoro. The JOA also states that Assam's pre-emptive right would extend to "any sale or assignment of the stock" of Canoro (other than to an affiliate) where Canoro's Participating Interest under the JOA in the Amguri oil field is Canoro's sole or principal asset at the time of the sale or assignment. The Amguri oil field is Canoro's sole producing asset at this time. Assam contends in the Petition that the JOA requires that Canoro give prior notice to Assam of the Transactions and permit it to exercise its pre-emptive right in respect of the Transactions. Canoro filed its Short Form Prospectus dated May 21, 2010 in connection with a rights offering of common shares as one step in the Transactions. However, in light of the above, Assam believes that the disclosures made by Canoro in its Prospectus in relation to the Court Order are not complete, accurate or sufficiently objective to enable Canoro's shareholders to assess the potential risks in respect of the Transactions. Assam believes Canoro has not fully disclosed to shareholders, in a fair and transparent manner, the potential risk that the High Court could order that the Transactions be unwound, that shares issued pursuant to the rights offering could be subject to such an order or that Assam could be awarded substantial damages against Canoro. Shareholders should expect accurate and balanced disclosure of the existing facts and their implications in order to make an informed decision. Assam Offer for Canoro Assam also confirms that on April 20, 2010 it provided the Board of Directors of Canoro with a non-binding proposal for Assam to make a supported take-over bid for all of the issued and outstanding common shares of Canoro at $0.21 per common share, a per share price that far exceeds the consideration offered by Mass under the Investment Agreement, subject to certain terms and conditions including due diligence access. This proposal was sent following a number of attempts to engage Canoro's Board of Directors in discussions regarding a possible strategic investment in Canoro. To date, Canoro has not responded to Assam's offer so as to advance its current proposal or any other potentially superior transactions, to the ones being considered with Mass, including a private placement. Notwithstanding Assam's attempts to engage Canoro in discussions and notwithstanding the contractual impediments and implications of proceeding with the Transactions, on April 19, 2010 Canoro announced a private placement, underwritten rights offering and convertible debt transaction with Mass including a standby commitment by Mass to back-stop the discounted rights offering and significant changes to the composition of the Canoro Board to allow Mass's nominees on the Board. The combined result of the Transactions is likely to be the transfer of "control" of Canoro to Mass at a discounted value. Canoro's Board of Directors has consented to the Transactions without giving Canoro's shareholders an opportunity to consider a transaction that would provide superior value to both Canoro and its shareholders and without adequate disclosure regarding the required approvals and consents to be obtained from the Government of India and from Assam before Canoro may sell or assign its interest in the Amguri oil field under the PSC and the JOA and the risks associated with not obtaining such approval/consents. This is not in the best interests of Canoro or its shareholders. Canoro and its shareholders have witnessed Canoro's share price steadily decline over the past 12 months. Shareholders are now expected to believe that the existing Board and senior management team of Canoro, who have presided over this dramatic decline in shareholder value, will be able to change the operation and value of Canoro. The Amguri oil field is an asset controlled by the Government of India under the PSC. The Government of India, the PSC, the JOA, the Amguri oil field itself and, therefore, Canoro's interest in the Amguri oil field under the PSC and the JOA are all subject to the jurisdiction of the Indian courts. Given the potential risk that the High Court could order that the Transactions be unwound or that Canoro may be liable for damages in the petition filed by Assam against Canoro, Assam urges shareholders of Canoro to insist that Canoro adjourn the shareholders meeting to be held on 9 June 2010 pending the outcome of the court challenge in India or receipt of Government of India approval of the Transactions by Canoro.

Setting aside safety record, environmental impact, etc. and concentrating solely on profit making, BP is incredibly cheap. Couple this with a superb dividend which BP should be able to sustain even with massive liability payouts and the noise level in the UK if they were to try based upon the number of pension funds that hold the stock, provides an ideal environment to generate profit especially on a day trading basis. If BP is successful in capping the well and slowing the flow of oil, I believe you'll see a nice upwaard bump in price.

2009 results out today and Michael Smith is still on a roll. HONG KONG, June 1 /PRNewswire-FirstCall/ -- Mass Financial Corp. ("MFC") (Vienna Stock Exchange symbol: MASS) today reported its financial results for the year ended December 31, 2009. All figures are in U.S. dollars and earnings per share amounts are on a diluted basis. For the year ended December 31, 2009, MFC reported total revenues of $406.4 million with net income attributable to our shareholders of $75.2 million or $2.70 per share, compared to total revenues of $598.8 million with net income of $23.3 million or $0.91 per share for the year of 2008. At December 31, 2009, MFC had $346.8 million in cash and securities, its current ratio was 2.14, and the long-term debt-to-shareholders' equity ratio was 0.28. Equity per common share increased to $9.72 ($10.55 a share before our adjustment for our stock dividend paid in December 2009). For 2009 MFC's net income represented a 65% return on equity as compared to S&P 500's return of 26%. MFC's book value per share as of December 31, 2009 has increased by 300% from our first full year in 2006. We believe this is the best measurement of our results and performance and that a price earnings multiple is not relevant measurement of MFC's performance. Our revenues for the year ended December 31, 2009 declined from 2008, primarily due to reducing our risk exposure by scaling back our commodity and trade finance business in countries we deemed higher-risk. We also reduced our product lines and customer base to reflect global macro economic conditions. President Michael Smith commented, "We are not pleased with our overall performance in 2009. Progress on certain projects proved elusive and we believe we are capable of better execution. We remain focused on preserving our capital and liquidity. MFC is healthier, as we are not currently operating with a belief that our markets will return to prior levels in the short-term. In December 2009 we issued a stock dividend to shareholders of one new common share for each 11 shares owned." Mr. Smith continued, "Our strategy demands constant review and attention to ensure MFC reflects our commitment to building shareholder value. This year, we are determined to: •Become more disciplined and focused more specific business lines •Create value in areas where we have specialized knowledge •Direct more energy and effort to the Asian markets •Seek greater asset exposure in Asia •Complete another listing for our common shares •Increase the number and industry experience of our directors." Mr. Smith concluded, "Our main objective remains simply to do good business. Our liquidity allows us to take advantage of emerging opportunities. These are interesting times for business opportunity, but we must maintain our financial discipline. Now is the time to focus on projects in our areas of our special knowledge while carefully assessing the risks. Our goal for 2010 and 2011 will be to leverage our foundation of resources and strategic network of operating businesses to pursue international growth opportunities. We will continue to manage our business for the long term."

I've been in and out of SNS and BH over the past year. From the 52 week of $418 to present price of $265, my question to the board is at what price would you consider BH to be a value? Thanks

I mentioned Mass Financial and totally agree that information is very difficult to run across. The latest that I've found is the following: http://ca.news.finance.yahoo.com/print/s/19042010/28/link-f-ccnmatthews-canoro-resources-ltd-announces-private-placement-underwritten-rights.html

From an AP article. Message sent by shareholders. Unfortunately, probably not received by Biglari NEW YORK (AP) -- Shares of the company that operates Steak n Shake and Western Sizzlin restaurants fell more than 5 percent on Monday, continuing their two-week slide of more than 20 percent that dates to when the chairman and CEO outlined his pay package. Shares of Biglari Holdings Inc. -- which was recently renamed after its chairman and CEO Sardar Biglari -- have been falling since late April, when they reached past the $400 mark. They have been falling in the days since -- often on extremely heavy volume and are now down more than 23 percent from the opening of trading on April 30 of $400.

Scaled back most of my holdings and went to cash. Took positions though in Fortress Paper (FTPLF.PK) and Mass Financial (MFCAF.PK). Both look good.

Take a look at Royce Special Equity Investment (RYSEX).

Do the pink sheet listed shares for Fairfax (FRFHF) carry the same voting weight as those listed on the Toronto exchange? Many thanks