AFTER Levra nearly ran Sports Authority into the ground head-first. Olbertz a VERY POOR judge of character putting controlling interest with this maggot (MHO) and group of maggots. In my life I have NEVER seen a going concern sold for such a low multiple of P/S. Let the litigation begin. Levra & Gang should be ashamed of themselves, but ilk of this calibre rarely is. My only question is what 'side deal' is out there for Wedbush to vote their 2M shares into/FOR this SHAM? There is no way Ed would be THIS stupid. All JMHO.
Can't wait for the investigations to commence to shake something loose. All JMHO.
Great luck to almost all.............
Remember what goes around comes around. If you wasn't going to look out for the share holders you should have never gone public. It might be 100 of us, but we know thousands of others who will not shop either. Sport Chalet will be history in less than 5 years, mark my words!!!! You can't treat people bad and expect it not to come back!!!!
I agree, this is a disgrace. I have had other buyouts on other stocks and they took care of us shareholders. I feel sorry for anyone who works for this company. Only looking out for themselves.
Vote means nothing?!? Wanna bet? You sound like one of the 'LEVRA & GANG' folks. Sports Chalet should be sold for 50%+ of revenues. You do the math. That means a multiple of today's so-called arms-length 'offer'. All JMHO. Great luck to all.......
It is good to put this mess behind us. Did you look at the last quarter? If the bleeding didn't stop soon it wouldn't be long before there was no book equity left. It is easy to blame management and I'm not sure where the fault really lies. California was hit hard by the economic troubles and SPCH was never very profitable when times were good. I have questions as to whether the somewhat upscale big box concept can work in sporting goods.
The idea that there is liquidation value here is just plain silly. Ever seen a retail liquidation? The lenders end up losing and the shareholders get wiped out. And if there was more value here as a going concern why wouldn't someone step up and make an offer? Backtracking and saying that it should have sold at a higher price using some multiple of sales is like grasping at straws.
Deluded folks will always be with us. We can try to lead them to water but they won't drink. Good luck to you.
Please show how you come up with the liquidation value. There are no assets which would liquidate at more than book. The fixed assets will fetch next to zero and the inventory won't net 70 cents on the dollar after expenses. Liquidation value is negative, imho.
Maybe they will, maybe they won't. I have 30% of the remaining B shares they need to consummate this sham. I am AGAINST. I will go the 'appraisal rights' road if need be. You are right that Levra & Gang 'control' their percentage, but that is b/c Norman Olberz screwed up and allowed monsters (IMHO) to sweet talk him out of doing the right thing. Levra screwed up Sports Authority and then left. Know what happened?? My TSA shares went up 5-fold before Leonard Green & Associates bought TSA out.
Same thing should happen to SPCHA & SPCHB. Anyone voting 'for' and yes I have seen the percentages is making a horrible mistake. Liquidate SPCH and you would get 2x what they are offering. Seek a FAIR bid and you would get 3x if not more.
This is a sham, no two ways about it. If you don't see it, then you are on the INSIDE benefitting from STEALING this company at this value. All JMHO......Great luck to all.......
You make me laugh. I haven't been charged a restructuring fee of any kind for a decade or so. The benefits of having very good 'credit' and a large account. I had enough B shares alone to prevent this from happening, or allowing it to sail through -- depending on your point of view. I will be very interested to see how Levra & Gang were able to work the 'guaranteed delivery shares.' Trust me, something will be looked at. Can't guarantee a resolution suitable for those who wish to see capitalism practiced in the United States, but the best disinfectant is sunlight.........
Will get $75,000 for my A and B shares. Split pretty evenly, but a little more A than B. About $15,000 profit, when I should have had a multiple of that. Let's see what happens with the lawsuits. Trust me, there will be several of those.....
All JMHO. Great luck to all.............
Again, will not shop at a Sport Chalet EVER again. Neither will my friends, nor family, nor the sports teams I influence. SPCH has shot themselves in the foot. Granted, they have been doing this for years with a substandard manager like Levra and his Gang in charge.
I agree. I'm getting a lawyer. I don't care how many shares they own, they sold out the share holders.
Yeah, it is a good thing they were able to get 90% and do a short form. We get $1.20 instead of $1.04 and we get it a lot faster.
Now we won't have to read the sock puppet posts and other silliness. It is amazing that someone can believe that this company has any liquidation value. Or that they didn't shop the deal for a better price. But there are a lot of folks out there who can't read the financials and see the writing on the wall. The last quarter was ugly.
Well said. They are a substandard bunch of waaaayyyyy OVERPAID fools. In order to dodge this disaster, one had to buy the stock exceedingly cheap. Thankfully I did but there are many who didn't and are getting the shaft. Great luck to you........
They also knew where they stood before they announced on Monday. They have had time to solicit additional shares that would not have been tendered by the deadline. There may have been shares that were tendered but delivery was not complete and they didn't count toward the total at the deadline.
But the idea that some people have regarding the value is way off base. Money losing companies that have no equity don't sell for much. If this deal is such a steal why wouldn't someone make a competing bid?
Fault? EASY.....Levra & Gang. They are incompetent. California hit hard?!? What a joke. I made a boatload on Oshmans, SportMart, Gart, Sports Authority, Big5, even DKS (but more on the short side than long side). Sport Chalet has burned EVERY single believer in the business. Say goodbye to MANY loyale customers. Great luck to almost all............
You are thinking that they need 80,000 shares. They need 90% of the total number of shares.. Every share issued adds one share to the numerator AND one share to the denominator. Therefore it only helps to the tune of 1/10 share for every share issued.
It is a sham..... If you are going to sell out the share holders then you should have never gone public.