junto.investing Posted July 26, 2011 Share Posted July 26, 2011 The latest one is only PACER, but my understanding is that the only difference with the one submitted for voting is that insiders (Meruelo and Maddux) are being forced to sell all their shares at $0.45 instead of $0.35 as was the original Charlestown plan. The judge made that decision for a control premium (read the whole thread to see the reasons) to ease the approval. Insiders are still battling trying to oppose the plan but now on appeal court. http://www.kccllc.net/mmpi Do you know when the new shares will begin trading? And what will the new ticker be? Link to comment Share on other sites More sharing options...
PlanMaestro Posted July 26, 2011 Share Posted July 26, 2011 Do you know when the new shares will begin trading? And what will the new ticker be? I do not think that information is currently available Link to comment Share on other sites More sharing options...
PlanMaestro Posted July 28, 2011 Share Posted July 28, 2011 The latest one is only PACER, but my understanding is that the only difference with the one submitted for voting is that insiders (Meruelo and Maddux) are being forced to sell all their shares at $0.45 instead of $0.35 as was the original Charlestown plan. The judge made that decision for a control premium (read the whole thread to see the reasons) to ease the approval. Insiders are still battling trying to oppose the plan but now on appeal court. http://www.kccllc.net/mmpi Someone rightly corrected me that M&M are not selling ALL their shares. All shareholders, insiders or not, are under the same proration of approximately 52%. Link to comment Share on other sites More sharing options...
eclecticvalue Posted July 30, 2011 Share Posted July 30, 2011 Plan, since there are doing a 1 to 5 reverse split would your intrinsic value be $10 a share? From what I understand that if C&H now owns 55% of the company, why do they need to take away 52% out of everyone shares? Link to comment Share on other sites More sharing options...
PlanMaestro Posted July 30, 2011 Share Posted July 30, 2011 Plan, since there are doing a 1 to 5 reverse split would your intrinsic value be $10 a share? From what I understand that if C&H now owns 55% of the company, why do they need to take away 52% out of everyone shares? Probably somewhat lower ($8?). They had to take a BV value hit to get rid of one the competing plans (discussed previously in this thread). The way that C&H is taking that 55% control is through the tender offer on insiders at $0.45 and non insiders at $0.35. If they had not do something like this M&M would ha kept control. Even after this tender they still will have more than 20% Link to comment Share on other sites More sharing options...
Josh4580 Posted August 2, 2011 Author Share Posted August 2, 2011 MMPID on the way to $8, liking my average price of $1.90 right now Link to comment Share on other sites More sharing options...
therick24 Posted August 2, 2011 Share Posted August 2, 2011 Does anybody have a link to how the tax basis should be carried through? Link to comment Share on other sites More sharing options...
twacowfca Posted August 3, 2011 Share Posted August 3, 2011 MMPID on the way to $8, liking my average price of $1.90 right now Many, many thanks, Josh. A small gain on 52% of our shares and a 3.5 times gain from our adjusted basis to the market price of the remainder. :) Link to comment Share on other sites More sharing options...
PlanMaestro Posted August 3, 2011 Share Posted August 3, 2011 MMPID on the way to $8, liking my average price of $1.90 right now Many, many thanks, Josh. A small gain on 52% of our shares and a 3.5 times gain from our adjusted basis to the market price of the remainder. :) And the timing is perfecto to take advantage of other opportunities. Link to comment Share on other sites More sharing options...
Myth465 Posted August 3, 2011 Share Posted August 3, 2011 You guys are quite lucky to have a winner right about now. Im looking for things to sell, to raise capital. It seems I am always caught on the backend on these sorts of things ;D. Josh I need to pay more attention to your ideas lol. Link to comment Share on other sites More sharing options...
Josh4580 Posted August 3, 2011 Author Share Posted August 3, 2011 TWA my pick was Tronox equity which went up like infinite % from 38 cents. MMPIQ was PlanMaestro's idea. Currently I like MMPID but it wasnt my idea. My favorite idea now is still DIMEQ. Nothing has really changed in the story since I posted it. I know you keep track of it more than me on the iHub board. Please update on DIMEQ over here if anything major changes. Link to comment Share on other sites More sharing options...
onyx1 Posted August 3, 2011 Share Posted August 3, 2011 3 cheers to Plan! :D Link to comment Share on other sites More sharing options...
twacowfca Posted August 4, 2011 Share Posted August 4, 2011 TWA my pick was Tronox equity which went up like infinite % from 38 cents. MMPIQ was PlanMaestro's idea. Currently I like MMPID but it wasnt my idea. My favorite idea now is still DIMEQ. Nothing has really changed in the story since I posted it. I know you keep track of it more than me on the iHub board. Please update on DIMEQ over here if anything major changes. My bad. My hat is off to plan maestro. Thank you very much. The key to understanding the risk/reward was the fact that something substantial was left for equity in all three POR's prosed by different classes. The final plan that was confirmed also preserved something nice for equity, an expected outcome all things considered. Dimeq has many variables, but they appear to have a stronger case than the Debtors. Nevertheless, what the judge who tries the case post POR confirmation decides probably will hold up on appeal. Therefore, the case is not a slam dunk for the Dimeq holders. I think it's very likely that there will be a settlement once a POR is confirmed before the Dimeq case will be tried. The WAMU BOD has major potential liability in how they dropped the ball in their duty to the DIMEQ holders, and I would be very surprised if they didn't lean on their lawyers to settle once a POR is confirmed. A settlement should be favorable to DIMEQ holders, provided that the Cpt 11 doesn't drag out for many months until the burn rate would eat into Class 12 recoveries. Link to comment Share on other sites More sharing options...
Josh4580 Posted August 4, 2011 Author Share Posted August 4, 2011 TWA my pick was Tronox equity which went up like infinite % from 38 cents. MMPIQ was PlanMaestro's idea. Currently I like MMPID but it wasnt my idea. My favorite idea now is still DIMEQ. Nothing has really changed in the story since I posted it. I know you keep track of it more than me on the iHub board. Please update on DIMEQ over here if anything major changes. My bad. My hat is off to plan maestro. Thank you very much. The key to understanding the risk/reward was the fact that something substantial was left for equity in all three POR's prosed by different classes. The final plan that was confirmed also preserved something nice for equity, an expected outcome all things considered. Dimeq has many variables, but they appear to have a stronger case than the Debtors. Nevertheless, what the judge who tries the case post POR confirmation decides probably will hold up on appeal. Therefore, the case is not a slam dunk for the Dimeq holders. I think it's very likely that there will be a settlement once a POR is confirmed before the Dimeq case will be tried. The WAMU BOD has major potential liability in how they dropped the ball in their duty to the DIMEQ holders, and I would be very surprised if they didn't lean on their lawyers to settle once a POR is confirmed. A settlement should be favorable to DIMEQ holders, provided that the Cpt 11 doesn't drag out for many months until the burn rate would eat into Class 12 recoveries. These are my feelings pretty much re DIMEQ. I think the expected value is much higher than 60 cents, probably around $1.50 at this point. It should be a small percentage of a portfolio however Link to comment Share on other sites More sharing options...
Josh4580 Posted October 8, 2011 Author Share Posted October 8, 2011 Plan, any update on MMPI, its down to $2.80...probably a good buying opportunity right? Link to comment Share on other sites More sharing options...
PlanMaestro Posted October 8, 2011 Share Posted October 8, 2011 Plan, any update on MMPI, its down to $2.80...probably a good buying opportunity right? Josh, I have not heard anything. If I were you I would write an email to Stephen Taylor to see if there are any news and double check if Meruelo is making waves in the court system. $2.8 is the equivalent of $0.45 pre-POR when book value was around $2 per share. And I am sure you remember that there were several bids for even marginal properties at around book prices ... I think it is worth doing some work on it. Link to comment Share on other sites More sharing options...
eclecticvalue Posted March 6, 2012 Share Posted March 6, 2012 There have been some new some developments now MMPI has changed to EVOQ properties. One thing that sticks out from the press releases I have read is Richard Meruelo still owns 45% of the company. I thought he lost most of the ownership and I read he still fighting it in court. Overall it seems renaming the company will most likely lead towards getting listed on the Nasdaq. Link to comment Share on other sites More sharing options...
PlanMaestro Posted March 6, 2012 Share Posted March 6, 2012 There have been some new some developments now MMPI has changed to EVOQ properties. One thing that sticks out from the press releases I have read is Richard Meruelo still owns 45% of the company. I thought he lost most of the ownership and I read he still fighting it in court. Overall it seems renaming the company will most likely lead towards getting listed on the Nasdaq. M&M's large ownership plus the controlling stakes of C&H (and maybe Stephen Taylor) is the main reason for the very low liquidity. Have not heard any updates of Meruelo's efforts to fight this outside bankruptcy court or what is going to happen to the Southpark property. Still, it looks very cheap especially after the bids around book value proposed for marginal properties in the bankruptcy process.. Link to comment Share on other sites More sharing options...
PlanMaestro Posted March 9, 2012 Share Posted March 9, 2012 Excellent article about the Meruelo family. The description of MMPI's bankruptcy proceedings is particularly good. I do suffer from schadenfreude every once in a while not that it is any good. http://www.thedeal.com/magazine/ID/045155/features/the-meruelo-boys-plays-songs-of-loss.php Link to comment Share on other sites More sharing options...
onyx1 Posted March 9, 2012 Share Posted March 9, 2012 'With a heavy accent, Belinda, now 75, recounts how she constantly reminded her boys to "work hard and never give up." ' LOL, in this regard she taught Richard well! Link to comment Share on other sites More sharing options...
PlanMaestro Posted January 31, 2013 Share Posted January 31, 2013 EVOQ Properties Announces Sale of Three Properties in Los Angeles. http://www.fool.com/investing/businesswire/2013/01/30/evoq-properties-announces-sale-of-three-properties.aspx Link to comment Share on other sites More sharing options...
eclecticvalue Posted January 31, 2013 Share Posted January 31, 2013 I thought this was announced a few weeks ago. I guess now it is official. Anyway I got out of this stock since I think they need to raise equity in order to continue operations. Another problem is the debt load is still large and this sale just puts a dent into the debt. It seems the re-org didn't help them that much. Link to comment Share on other sites More sharing options...
PlanMaestro Posted February 7, 2013 Share Posted February 7, 2013 Evoq Puts Seven South Park Parcels on the Market http://www.ladowntownnews.com/news/evoq-puts-seven-south-park-parcels-on-the-market/article_2dbe3464-708b-11e2-b72f-0019bb2963f4.html Link to comment Share on other sites More sharing options...
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