Parsad Posted August 15, 2011 Share Posted August 15, 2011 Francis was adding alot of BAC & JPM warrants, added to Compucredit, bought GS and added SHLD. Cheers! http://www.sec.gov/Archives/edgar/data/1389402/000114420411047418/v232298_13f.txt Link to comment Share on other sites More sharing options...
PlanMaestro Posted August 15, 2011 Share Posted August 15, 2011 I did not know he had Compucredit. I have tried several times to find downside protection, but receivables keep going down and it is not clear to me how to value the residual value of the credit card securitizations. There was a VIC write-up but I was disappointed ... no smoking gun Has anyone seen/prepared a clear thesis for Compucredit? Link to comment Share on other sites More sharing options...
Packer16 Posted August 16, 2011 Share Posted August 16, 2011 I believe he holds the debt so he has a larger MoS versus the common Packer Link to comment Share on other sites More sharing options...
JEast Posted August 16, 2011 Share Posted August 16, 2011 Francis was adding alot of BAC - while Paulson was selling. And most likely selling more recently :) http://www.bloomberg.com/news/2011-08-15/paulson-s-hedge-fund-sold-citigroup-bofa-shares-last-quarter-amid-decline.html Cheers JEast Link to comment Share on other sites More sharing options...
PlanMaestro Posted August 16, 2011 Share Posted August 16, 2011 I believe he holds the debt so he has a larger MoS versus the common Packer Thanks Packer, both converts are still trading at a discount and one is putable next year. Link to comment Share on other sites More sharing options...
fenris Posted August 19, 2011 Share Posted August 19, 2011 I did not know he had Compucredit. I have tried several times to find downside protection, but receivables keep going down and it is not clear to me how to value the residual value of the credit card securitizations. There was a VIC write-up but I was disappointed ... no smoking gun Has anyone seen/prepared a clear thesis for Compucredit? Just took a quick glance What does the Aug '11 write-up focus on? It seems like with the recent sale of their retail micro-loans, they will be left with the auto and credit card run-off portfolios, a stack of cash as well as the charged-off receivables portfolio. If they actually intend to run down everything and liquidate there may be upside given that it's trading below book. But if they keep it alive, Opex may eat the value given that it's pretty difficult to slash Opex at the same rate as a run-off portfolio (though the sale of their retail locations was probably a decent move in that regard). -This is not an offer or recommendation to buy or sell any securities.- Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now