Top 3 Positions
Global Cash Access Hldgs Inc (GCA), Moduslink Global Solutions I (MLNK) and Ishares Tr (Put) (IWM) made up the majority of Mast Capital Management Llc’s total US long portfolio in this quarter. These holdings were top 3 and constitute 99.5% of Mast Capital Management Llc’s US-listed securities.
Seeing bobf1y's post below reminded me that I saw Steel Partners' 13F filing late last week.
For the quarter ended June 30, Steel reported holdings of 16,476,730 shares of MLNK. I don't recall seeing any HnH or Steel filings on MLNK buys since mid-June.
On the subject of institutional ownership, the NASDAQ site is showing 70.2% of MLNK shares owned by institutions as of 6/30/15. In Q2, 35 institutional holders increased their positions in MLNK by 1,658,061 shares, while 39 institutional holders decreased their holdings by 1,465,135 shares - a net gain of about 200,000 shares according to the NAZ site.
Jbf Capital Inc 13F Analysis Increased Positions
As shown in this SEC filing the investment manager lifted its stakes in Abbvie Inc Cmn (ABBV) by 65% to $6.72 million, Jpmorgan Chase & Co Cmn (JPM) by 25% to $3.39 million, E Z Corp Inc Cl (EZPW) by 130% to $2.63 million, Golub Capital Bdc Llc Cmn (GBDC) by 7% to $1.33 million and Wts/Bank Of America Corp 13.3000 Exp01/16/2019 (Call) by 300% to $2.47 million. Jbf Capital Inc also acquired smaller stakes in Tri Pointe Homes Inc Cmn (TPH) by 200.00% to $459,000, Imperial Holdings Inc Cmn (IFT) by 686.16% to $551,000 and Moduslink Global Solutions In*C Cmn (MLNK) by 1900.00% to $680,000. Building positions gradually is normal trading practice for many institutional investors.
13:08:42 $ 3.15 25,000 shares
13:50:00 $ 3.15 79,000 shares
14:20:43 $ 3.14 270,200 shares
Right now today's volume is over 610,000 shares. The average daily volume for this stock is around 100-150K. Again, the trades seem 2b below the market which MIGHT indicate a big holder selling. I haven't seen any HnH buys recently, which is a bit strange considering they were buying pretty regularly when MLNK's share price was higher.
The Company has disclosed insider buying and selling activities to the Securities Exchange, Lengyel Philip E., director of Moduslink Global Solutions Inc, unloaded 12,575 shares at an average price of $3.96 on March 25, 2015. The total amount of the transaction was worth $49,797, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.
they r paying interest on the 90 million dollar bonds and they r not making a move yet. what r they waiting for? are not there any profitable companies for sale?
Some quick thoughts....
1) There is substantial value in the net operating loss (NOL) carryovers for MLNK...problem is you can only use them if you create income...this was the story for HNH (the old WHX Corp). For HNH, Steel Partners successfully use the old WHX loss against income from acquisitions it made and built a profitable company...the value of the NOL is over $10 but they do have a limited time to use them.
2) Their current business is a difficult one (basically they warehouse, ship, handle returns/refurblishment of product for companies in America, Asia and Europe) that was heavy geared toward HP products...it appears much if not all the HP business has left....hence the drop in revenues YOY....it also appears from my limited information (based on who they have been hiring) that they are trying to move into some more profitable e-commerce business....pure contract distribution is a low margin business.
3) They need an acquisition, badly, to produce income to use NOLs...a good deal would be tax sheltered for several years and help the bottomline...but its over a year since they did the $90m bond issue and nothing...
I keep waiting and waiting....
More comments from the long time posters on this board would be helpful
Sentiment: Strong Buy
Whats the deal with this company? Will it be:
Another company like Handy and Harman buy MLNK? Why is HNH buying so many shares of MLNK anyway?
Will MLNK try and spend some of their cash on strategic assets to add revenue?
MLNK is pretty much trading a its cash/book value even after debt is subtracted. The losses seem to be small that they could go on a long time before any concerns of a BK.
What is the future of this company? I don't understand specifically what it is they do? Are they a niche player? Is their market dying?
The profit will be transfered to HNH by complex schemes. Shareholders will end up with no profit unless HNH is restrained by SEC which will never happen
This stock is a nightmare. have been holding 2500 shares forever . kinda worthless even worrying about it old cmgi money