we feel very stroongly about #$%$ lawyers trying to cash in where they don't belong. Having spoken to all firms and asked pertinent questions such as if you believe the offer is to low, wjhat is the correct offer, they have no clue my friends. They recite what the shares were at their 52 week high, yes like that is evidence that will hold up in front of a judge!
Anyways lucky for those #$%$s I believe there is a higher offer coming, and will moot the need for any class actions
For those of you who are not menmbers of our tribe, cross your fingers, we hear the number is 57, not bad, eh?
Dr Rabbi Lester Cohen nada nada nada
one of the best investors around, Mr William Johnstone, feels both PNX and PFX are good investments. He has advised me and our congregation and never been wrong. It seems he has a direct line to the Big Guy above and always knows when to buy and when to sell, and make a lot of money for himself and those that listen to him.
Off cousrse you should look at the information available and then make your own decision but for what it is worth, we love this stock and the preferreds
Dr. Rabbi Lester Cohen Ph.D, MPPS, Ph.C, B.Sc etc etc
Enjoy emily.....I to am done coming to the board, no reason any longer. I agree with your comments and I to wish the policyholders the best. Good bye Phoenix.
Listen to all you penny stock grubbers. PNX is a insurance holding company. Who is getting hurt in this sale??? Policy holders!!!! I could care less about your groveling over pennies, the guy/gal that bought a policy to protect their family will get creamed here. This company will come in and raise COIs and force policy holders to surrender their policies. These surrender charges will make tons of money for this no name company. They do not want the company, to much liability, they want the surrender charges. No wonder people look upon these companies with distain. I know, every one of you bought in to PNX when it was 30 cents a share and now you are brilliant. RIGHT!!! May the policy holders win out.
Back in Costa Rica and getting the boat out the shipyard this weekend for sea trial. She looks great and we added many new electronics to make our experience much better. The first 20 home building project starts Nov. 20th, we can't wait.
This will be my last post, not going to waste my time. PNX killed what they stood for and sold out to wall street while taking advantage of their policy holders. That is as low as you can go and the board should be ashamed of themselves!!
there is no point even to blog, every share you or I buy must be bought back by DUMB SHORT sellers, period!They offer you buy 10-20% less today, then at the closing you made money and they lost!
Sentiment: Strong Buy
They are assuming the debt, taking the company private and the debt will continue to trade. It happens all the time that way. Get over it already.
Sentiment: Strong Buy
I guess i see the bondholders, given we comprise over 1/2 of enterprise value, as an important constituent. The fact is the company needs consent, and the bonds have not traded strongly on the news. Its another monkey in the wrench, which widens discount. Disclosure and filings are important to bondholders, as is liquidity. There should be an OTC market for PFX, but the lack of sec and public filings in a black box like Phoenix is an issue, as will the inability to margin the bonds.
I am surprised at the current discount on PFX but then again, the credit rating hasn't changed and the merger is still subject to shareholder vote and regulatory approval so perhaps a larger jump then we saw is not yet warranted. Of course, if PFX to be redeemed, i agree its discount would be narrower but I wouldn't see that impacting the common discount. A 7.45% coupon in this interest rate environment with a better capitalized post-merger PNX/Nassau is fairly attractive in this interest rate environment so this is one bond holder not anxious to see redemption.
Found this about PFX at quantumonline. Redeemable at the issuer's option on or after 1/15/2007 at $25 per share plus accrued and unpaid interest.
So they can be called.
What i meant is the way they chose to handle the senior bonds via a consent and delisting, has added more discount to both securities vs if they had announced a clean redemption post buyout. Clearly the price of the bonds reflect that, and the discount on the stock is higher than would be otherwise. The discount on the stock is quite high.That's my opinion. There is some discontent on the part of PFX that is out there....the price speaks to that.
Perhaps you can clarify what you are saying and reconcile these two comments you made which strike me as contradictory:
"As a stock and bond holder I can tell you consent from bond holders is the reason the stock is at such a huge discount and the debt trades at 82 cents!"
"Not saying bondholders can derail the merger."
How is consent of the bondholders, which consent is not a prerequisite to the merger, creating in your mind a "such a huge" discount? TIA
Sentiment: Strong Buy
One of the reasons for going private was to save money + fees on the required reporting for publicly held securities. They'll still have to do that for PFX unless it goes away via a tender offer, etc
Not saying bondholders can derail the merger. As a stock and bondholder I would not want that end, although the better deal for all concerned would have been an equity infusion by Nassau in the form of a 150mill convert preferred , complete with board seats and there own mangers. Then shareholders and bondholders could have seen significant upside over the next 5 years with the prospect of higher rates, lower costs, solid management, etc. This stock was 40 just 6 months ago. What I am not happy about is the treatment of the bondholders in this deal, given the debt just happens to constitute over 1/2 the capital structure. Without consent, they have to continue to report as a public co, thus the bonds can remain listed is my point.
I agree, haven't seen that here nor any merger for that matter..Moreover, why would bondholders vote against when they company would likely go bk then in order to execute the merger.
Unless I missed it, the merger agreement on file now with the SEC does not make consent of the bondholders ["Company Bonds"] to anything a condition of the merger. If that is correct then bondholders are not in a position to derail the merger deal. If someone sees anything in the filing that suggests otherwise, please post for discussion.
It may trade in the otc, but certainly not the NYSE, as a non reporting company ! Pricing, transparency, and liquidity will suffer. In return you can count on an upgrade from the rating agencies, and of course the prospect of getting paid and called is much higher if the deal closes. But make no mistake it will get delisted..not panic just fact.
I would suggest you are panicking unnecessarily that PFX will not trade publicly. There is nothing in today's filings to suggest that. PFX trades at a discount from par for the same reason the common trades at a discount to the announced $37.50 buyout price- the deal is still subject to regulatory and shareholder approval and won't close til "early 2016" whenever that is. That 13% discount is not unreasonable in view of the time and approvals to be obtained, IMO.
Sentiment: Strong Buy
How much are bond holders expecting/likely will just keep the bonds trading and/or want a little more cash which the buyer clearly has with $15B+ in assets. they're definitely committed with such a large premium don't you think?