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Sport Chalet Inc. Message Board

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  • "Great luck to all............"

    Hey - got any more ids that you want to post with? You think you're impressing anyone that there might be another shareholder as stupid as you?

    They took care of their fiduciary responsibility getting a fair value analysis.

    You think you own something of value when you actually don't. I've said it before and will repeat for you. Sport Chalet is having a liquidity crunch. They posted terrible Q4 numbers with a big loss. The retail sector is hurting and losses will continue. For the company to continue they require a cash infusion. The company would have extreme difficulty getting cash now because of the poor results and the weak position they are in. The acquirer is providing that funding. You should be happy that $1.20/share is even being offered.

    If the offer was not made, once the Q4 results were posted/filed you would have seen the shares drop below $1.00 for both SPCHA and SPCHB and stay there because they were that bad, and not likely to improve.

    Go on posting your nonsense see where it gets you. Your shares are going to be taken from you for $1.20 whether you like it or not. You are going to be saved from your own stupidity - you should be thanking them for doing that for you.

  • Reply to

    VOTE AGAINST this SHAM...Throw the Bums OUT

    by valuemonster123 Jul 17, 2014 3:35 PM

    How will you vote them out? Again, they own the majority of the shares. Think before you post idiot.

    Lots of talk from you, yet you will do nothing, and whatever you try to do will have no impact - none, zip, nada.

    Average Joe should be required to pass a competency exam before being allowed to open a brokerage account. That would weed out the dimwits like yourself.

    Still having difficulty understanding? I'll say it again for you - Levra and Gang own well over 50% of all outstanding your vote means nothing.

  • How stupid are you and how many shares do you own? What don't you understand about who owns the majority of all the shares? Over 50.1% ownership. I actually find it hilarious that you think that "shareholders" includes you, other small time shareholders and excludes Levra and Olberz - right? Your vote means nothing - they are acting in the best interests of the majority - they are the majority, they own the majority of shares. Why do you find it so difficult to get that through your head?

    How will Levra and Gang get their walking papers? Who is going to give it to them?

    I'm amazed at how stupid Average Joe investors like yourself are. Just enough smarts to press the Buy button, yet do not even understands what it means when someone or some group own the majority of shares.

  • You are a joke and a moron. Go ahead, let the share price drop. Then it won't be filled at $1.04 either. THEN maybe LEVRA & Gang will get their walking papers and an open and FAIR transaction can be accomplished. Great luck to all.........

  • JMHO. Shareholders should vote to THROW THE BUMS OUT. They are attempting to STEAL this company at an unfair and unjust valuation. Craig Levra & Gang should be ashamed of themselves. That they are not, shows the low level they have sunk to. FIRE them and bring in someone UNBIASED to sell this Company at a fair and arms-length transaction. The Board has a fiduciary duty to represent ALL shareholders. Their heavy-handed tactics show they are unworthy of conducting an open and fair process. IF they seemingly get away with it, let there be LITIGATION. MASSIVE LITIGATION to protect the TRUE owners, which is the shareholders. Don't let their heavy-handed tactics be rewarded............Great luck to all...........

  • You are a full blown idiot and unworthy. Do you know ANYTHING of securities laws? The Board and Sr Mgmt have a fuduciary duty to MAXIMIZE shareholder value. NOT MINIMIZE it. Let there be litigation. Hope this deal does NOT get done. What a sham. Craig Levra and Gang should be shown the door. No one said they didn't try, but it's been YEARS and the results are substandard and evident. Throw the bums out......Great luck to all.........

  • I also did take about 15 minutes to read through all the materials this morning, and there is a clause that allows Vestis the right to "Top Up" so they can purchase enough new shares to achieve a 90% acceptance to negate the effects of reluctant shareholders who vote against or refuse to tender.

    In the event that they do not get the 90% necessary for the Short Form procedure, my guess is they would not drop the offer to $1.04 and do the Long Form, but instead opt for the Top Up and purchase enough new shares for themselves to override those shareholders and get to 90%, once again allowing them to use the Short Form procedure. If you think about it, paying for additional shares is really a non-issue/non-event as the money they pay for new shares is just cash that will come right back to them when the buyout complete. So, I think they will take this approach in that it will be less costly and get it done quickly, which is obviously the plan here.

  • person who replied to me earlier this morning and since removed his post indicated that as a B shareholder he was voting against it and refusing to tender.

  • True. And that is why EVERY shareowner needs to accept the tender offer ASAP.

  • Apparently you have a great misunderstanding. The TRUE OWNERS of the company are those who hold the majority of shares, not some folks holding a few thousand shares like yourself. Again, go back and read the quarterly SEC filings and the risk factors telling you who owns all the shares and that their objectives may not agree with yours.

    What's the problem with a quick tender? If well over 50% of the shares are held by management, why would it be necessary to drag it out? They have voted their shares for the buyout, and aren't interested in searching out any other offers...they don't have to if they are happy with what Vestis is offering. As I told you, voting rights do not matter here. Apparently you have difficulty understanding that as well.

    Again, if you disagree with what's taking place, vote against the buyout, do not tender your shares, call one of the ambulance chasers, exercise your rights - and see where it gets you.

    On this board you're preaching to me, the ambulance chaser, and maybe one or two other folks - your voice means nothing. See the situation for what it is, take your lumps, remember the lesson, and move on.

  • AMAZING that something like this can happen. Obviously a quick tender to avoid any scrutiny! Levra STAYING as CEO?!?! What a joke. A complete insider deal. A person incapable of turning around Sport Chalet being REWARDED by staying as CEO?!? What a sham for shareholders. Levra & Gang should be FIRED, and THEN Sport Chalet be put out for auction -- a fair and OPEN auction. That appears to be the only way to get a fair price for Sport Chalet's assets. Mgmt (IMHO) is taking shareholders for another ride. Will they get away with it?!? Hopefully not. I am not one for litigation, but somethimes this is necessary to achieve fairness for the TRUE OWNERS of the company (i.e. the shareholders), and not an INTRENCHED mgmt. Great luck to all............

  • You're wasting your time. The market is well aware of the situation and that the tender at $1.20/share is the best you'll get. If many folks believed otherwise, the shares would be trading above $1.20, and obviously they aren't. After the 5 or 6 ambulance chasing law firms realize that between them they've only heard from 3 shareholders, they won't have anywhere near enough for a class action, and see that it's not worth their time/money/effort to pursue.

    Take your $1.20 and be happy you won't have to go through another year of pain and agony. Get back on the horse and put the money to work in another investment with better prospects.

    The ambulance chasers are looking to make money for themselves, not you.

  • How many folks have actually read any of the last few quarterly filings? The sections on Risk Factors? That delisting of the shares by NASDAQ was a known possibility? That Olberzes owned the majority of shares, and telling you that their objectives may not be the same as minority shareholders'?

    There's nothing underhanded here and no responsibility of anyone to be looking out for your well being besides yourself. If you want to fight it, vote your shares against the buyout, go sign up with one of the ambulance chasers who will guarantee that they'll collect fees and you may see an additional couple pennies but in the interim will watch as the offer is dropped to $1.04/share.

  • If you haven't read the tender documents, you should - you may learn something you don't already know.

  • Reply to

    Sham, Sham, Sham..................

    by valuemonster123 Jul 1, 2014 7:39 PM

    There is no difference between A and B shares. Voting rights do not matter. Again, Olberz + Levra is more than 50% of B shares.

    I'm sometimes amazed by people who believe that their shares should be worth more simply because they are A or B. Again, no difference whatsoever - each is weighted the same as far as outstanding shares and ownership. Voting rights are worthless.

  • Reply to

    Sham, Sham, Sham..................

    by valuemonster123 Jul 1, 2014 7:39 PM

    On the surface, though your anger appears to be justified, looking deeper shows that there are bigger issues.

    If you hadn't noticed, the earnings announcement/filing was delayed to the last possible moment and for good reason - they were extremely poor...quite a significant loss announced for Q4 and the full year - don't you think?

    As far as takeover premium, if you read the offer documents closely, you'll see that Levra owns a significant portion of the Class B shares (his + Olberz = more than 50%). Further Olberz are selling all of their shares for 75 cents - why in the world would they do that?

    Lastly, company was advised by NASDAQ last week that both A & B shares are now in 180 day window for delisting as they are not compliant with listing requirements. At a share price of $1.05, where the determination was made, if A & B classes were merged into one class, that would barely get it over the compliance minimum of $5 million Market Value of Publicly Held Shares.

    As the company is in the slow seasons, in a tough retail environment, sales are stagnating, and losses are up again significantly.

    This takeover makes extremely good sense for Vestis as Sport Chalet's footprint is extremely complimentary with their own. Further, the economies/synergies that it brings again fits within their current holdings and makes sense for Sport Chalet as well.

    Now, maybe shareholders are being short-changed a little after years of pain. However, with Olberz selling everything at 75 cents, coupled with continued growing losses and need for additional capital (which Vestis is bringing), it will be an extremely tough sell for any legal action to get more for shareholders.

    DKS and BGFV will also have no interest, as they are more interested in growing their own brands, and Sport Chalet is extremely unique/different.

  • Well said!! They DID NOT (IMHO). $16M equity market cap with $45M in debt with $250M in Sales?!? (all on Yahoo Finance). Hope they lose their jobs over this............But IF they get away with it, then America is on the decline. Sham, sham, sham.........Let's hope this leads to Litigation, litigation, litigation.....All JMHO, great luck to all..........

  • ANYONE else see what I am seeing?!? Not even a 'takeover premium' for the Class B shares -- SPCHB. Let's hope DKS mgmt sees this and if not, Leonard Green & Associates. This is a sickeningly low takover offer. Anyone else see how the stock was manipulated lower for a couple of days to try and make the takeover 'premium' 'viable'?!?! What a JOKE.............
    Don't know how many votes are needed to break this up (i.e. if mgmt-held shares are counted). There appears to be no 'viable' shopping of the Company to buyers.
    Hope litigation results from Mgmt's actions and Levra & Gang are thrown out of the Company and Sport Chalet is sold to a 'higher and better user' of the Company's assets. This should have been done LONG AGO.........
    All JMHO....Great luck to all............

  • What a P.O.S. (JMHO). First, he purposely does not run Sport Chalet well for the SHAREHOLDERS (just himself and his small coterie of 'Insiders' -- lease payments, too high salaries, etc.). Second, he proposes a take-over offer at a miniscule valuation. SPCHA and SPCHB should be valued at P/S since someone like DKS or SportsAuthority could run this business porofitably. He could EASILY get DKS to pay $3+ a share and DKS would be getting a heck of a bargain!! Let's all hope, wish, and pray that DKS or Leonard Green and Partners (Big 5, Sports Authority, Oshmans, SportmMart) make a low-ball bid just to blow up this sham.
    Sports Chalet was one of those companies run for 'leases' meaning, the Company was run to line the pockets of Sr. Mgmt. (all-JMHO). Sports Chalet could have been a profitable business, but nnnooooosireee. Just Craig Levra and his 'band' of merrymen like Howard Kaminsky. I mean look at the stock over time. Do Craig and Howard feel even an ounce of shame?!? For their salaries and bonsues?!? If they don't then.......
    Please, please pray for DKS &/or Leonard Green to make a play. It would be the only proper way for shareholders to be fairly rewarded. All JMHO....Great Luck to all.........

  • I'll take the quick 20% profit.

    Buy bye gene.

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