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Shell Companies Revisited


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WED-T

 

They are a shell that's just bought the former core Cdn P&C business of KFS-T. Bought (cheaply) when KFS-T was forced to sell, backed by hard headed deep pockets, & very likely to resell the business (at a much better price) to another carrier 3 yrs out.

 

Just had a ratings upgrade, some big shareholders (Alta Invstment Management Corp[40%], Goodwood, etc), & a small public float. Lot of possibilities if you're small & patient.

 

SD

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CoSine (COSN.PK) is one that has been mentioned on the board before.  $2.18 in net cash with around $20 in NOLs trading for $1.73.  It recently announed "the expansion of its strategic plan to include investing its resources with the potential for capital gains."  Steel Partners is the controlling shareholder.

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HTH is back down to $0.85 on the dollar.  Caught up with the falling market and negative technical headlines.  Assets are mostly cash and small insurance company.  Gerald Ford vehicle, expected to make distressed bank acquisition but investors appear to be getting impatient and may be pissed off that the public HTH did not participate in a equity investment recently made by a Ford private fund.  I see all this negativity as temporary and this is an easy and safe 15+% gainer over the next months.

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I have been following HTH for a while and was disappointed to learn that Ford's latest acquistion did not include HTH. If I were a shareholder I would be pissed to say the least. I emailed HTH to get an explanation but have not received a return email. Ford's actions demonstrate that he is conflicted given the different sources of capital under his control. It makes me think twice about investing in HTH.

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