redskin Posted October 22, 2010 Posted October 22, 2010 From the 13D.... "Please note that this letter should not create the understanding that Loeb would accept an offer of $29.00 per share; rather, Loeb is simply of the opinion that Biglari’s offer is credible and that the valuation is high enough to be a springboard for a value maximization process. Loeb reserves its rights as a shareholder to take such actions to secure value maximization. Further, we hereby request a meeting with the CEO and Chairman of the Board of Fremont as soon as is practicable but in any event no later than October 29, 2010."
Ballinvarosig Investors Posted October 26, 2010 Posted October 26, 2010 http://www.chanticleeradvisors.com/files/102081/chanticleer%20investors%20ii%20-%20q3%202010%20letter%20to%20members.pdf While the offer from Biglari Holdings is superior to Steak-n-Shake’s initial offer last year of $24.50 in cash and stock, we still do not believe the offer is adequate.
Myth465 Posted October 26, 2010 Posted October 26, 2010 I think Chanticleer has had 4 insurance buyouts over the last year or so.
Guest Posted October 26, 2010 Posted October 26, 2010 I think Chanticleer has had 4 insurance buyouts over the last year or so. Does someone on the board manage this fund? From what it looks like on that report, they're only managing about $1.3 million. Although short, their record is very, very good. I'd suspect someone here must know them.
Guest Bronco Posted October 26, 2010 Posted October 26, 2010 The $29 price is not adequate. If rejected, for shareholders at least, a $21 price will have to be adequate. Not sure what is taking so long. I may scale into BH if this deal goes through. Of course, that depends on price.
Ballinvarosig Investors Posted October 26, 2010 Posted October 26, 2010 I'd suspect someone here must know them. Maybe someone here is one of them :o
Guest Bronco Posted October 26, 2010 Posted October 26, 2010 If "them" is here, I salute them on their stock selection. I believe I borrowed some investing ideas from them in the past. However, I would disagree with them on their position on FMMH. I think $29 is fair, but full disclosure I have no skin in the game.
ragnarisapirate Posted October 26, 2010 Posted October 26, 2010 It looks like Biglari is wanting to take some steps to make sure that the board of Fremont looks at the offer... This is an interesting, and frankly, ballsy strategy... we would expect nothing less from Biglari. http://www.sec.gov/Archives/edgar/data/93859/000092189510001567/sc13da407428006_10262010.htm "On October 26, 2010, BH delivered a letter to the President and Corporate Secretary of the Issuer nominating Sardar Biglari to be elected to the Board of Directors of the Issuer at the 2011 annual meeting of shareholders of the Issuer, or any other meeting of shareholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof."
Guest Bronco Posted October 26, 2010 Posted October 26, 2010 Why should any of the owners (shareholders) be represented by the BODs? That seems counterintuitive to Michigan business practices (with all due respect to Jeff Daniels). I can see the SAT question...what ______ is to business, Chicago is to politics. A) Michigan B) Michigan C) Michigan D) The state that is East of Wisconsin
SmallCap Posted October 26, 2010 Posted October 26, 2010 I can see the SAT question...what ______ is to business, Chicago is to politics. I live in Michigan and I can agree with that. Michigan has done little to help businesses here for the last many years. I have some hope that the new Gov who I expect to be Rick Snyder who was formerly head of Gateway computer and calls himself a business minded geek will do something to change that. SmallCap
Guest Bronco Posted October 26, 2010 Posted October 26, 2010 I should qualify - Michigan is home to many great small cap investors and other citizens. Chicago is one of my favorite US cities (if not my #1 favorite). However, corruption is corruption.
OracleofCarolina Posted October 27, 2010 Posted October 27, 2010 Anyone else but me buying at 27? I'll squeeze some money out of this..
Myth465 Posted October 28, 2010 Posted October 28, 2010 I still kicking myself for not buying at $25.
ragnarisapirate Posted October 28, 2010 Posted October 28, 2010 It's too bad that there aren't any options out there for these guys (at least, I assume that is the case). I would love to see what kind of prices they would be going for.
SmallCap Posted October 28, 2010 Posted October 28, 2010 I took a small position at 26.50. the risk reward seemed right. SmallCap
Guest Bronco Posted October 28, 2010 Posted October 28, 2010 No one got my Jeff Daniels joke. On the brighter side, don't worry about chasing FMMH at this point. If they accept, you will be able to buy BH and things will be ok. I'll explain more. But if FMMH rejects, the stock will probably gravitate down unless they announce they will accept a higher offer. I think if BH gets FMMH, you will have several good businesses. Burgers, which I have never tasted, generate cash. Tough to lose money with money management. Great business. Insurance = float. I think Biglari really gets that. Doesn't mean he will have Buffett like success. Not in the least. But he will have another great business. A lot of cash flow potential here. Is Biglari Buffett? No way in H-E double hockey stick. Is he close? Nope. Is he greedy, almost obscene greedy? Yep. But BH will do well if he gets FMMH. And the stock may drop on such a potential announcement, giving you your chance.
Parsad Posted October 28, 2010 Author Posted October 28, 2010 Chicago is one of my favorite US cities (if not my #1 favorite). I totally agree with you on this Bronco. I really love Chicago. I prefer it to New York or Los Angeles. Cheers!
Guest Posted October 29, 2010 Posted October 29, 2010 I'd suspect someone here must know them. Maybe someone here is one of them :o Who is "them", then?????? ??? :P
Ballinvarosig Investors Posted October 29, 2010 Posted October 29, 2010 I'd suspect someone here must know them. Maybe someone here is one of them :o Who is "them", then?????? ??? :P http://cornerofberkshireandfairfax.ca/forum/index.php?action=profile;u=1392 Back to Fremont Michigan. I see that FFH have bought FMR for 1.22 times tangible book value. That kind of offer applied to Fremont would give it a value of $32.65.
dcollon Posted October 29, 2010 Posted October 29, 2010 FMR is in Michigan too...wow...I guess not all the management teams in Michigan are challenged. Then again maybe it has something to do with working for/with FFH & Prem. Probably a little more appealing than the alternative. :)
SmallCap Posted October 29, 2010 Posted October 29, 2010 This is fun with all the merger related activity currently going on in Michigan, I can't remember this much interesting activity outside of the auto industry for a while now. I have an Aunt who works for Fremont and Fremont MI is my family's hometown. Kind of fun dealing with relatively local companies for a change.
OracleofCarolina Posted October 31, 2010 Posted October 31, 2010 I hope we hear from FMMH's board this week
OracleofCarolina Posted December 20, 2010 Posted December 20, 2010 Frank Kavanaugh has virtually sold all his FMMH shares, he just holds 5300 shares now.
Guest Bronco Posted December 20, 2010 Posted December 20, 2010 I wonder why he sold? I thought $20 of FMMH was worth more than $29 cash?
twacowfca Posted December 20, 2010 Posted December 20, 2010 I wonder why he sold? I thought $20 of FMMH was worth more than $29 cash? Didn't it turn out that they had some recent reserving issues or something unfavorable?
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