<BTW, has anyone seen Davis?>
Hey DividendAristocrap, How's life treating you man? I was asking the same question about you on the MAC & AINV boards some time ago:
You remember MAC & AINV don't you. Earlier this year, you suggested MAC was a goner when it traded at $5; Today it is trading near $36, up by more than a factor of 7X since you were bashing it. Not to be outdone, you thought AINV was a goner at $2 in April. Today AINV is near $10. Oh well. Even the best & brightest get some wrong once in a while<LOLOLOL>
If I were you, I would worry less about about Davis and focus on your own blowups.
You are dead on.
It will take a year or two before it happens, but it will happen once RAS has cleared off enough recourse debt. COHN will want them and the Cohens will find a way to make it very profitable for themselves.
See Div, the Cohens don't need to be good at making loans. Do you know why? They are very good at renegotiating loans and messing around with cheap stock. I've been on the COHN board the past few days and wondered when someone would bring this idea up. Come on over and stir the pot a bit.
"It will take a year or two before it happens, but it will happen once RAS has cleared off enough recourse debt."
The key thing is for both companies to burn up NOL's. In COHN's case that means earning taxable income. Something I am not so sure they will be able to do.
I continue to believe that a brokerage firm targeting a 60% comp and benefits ratio is not an attractive investment.
If you can find the old slides from whem RODM was chasing COWN, you can see what a high expense ratio does for Ibanking stocks.
"Do you know why? They are very good at renegotiating loans and messing around with cheap stock."
I'll agree with that. But there are some very sharp people in that part of the market.
For example remember when Angelo Gordon got themselves warrants for 250,000 shares of RAS at $6 (RAS was trading at $6.50 at the time). They immediately turned around and sold them to RAS for a pittance.
Davis, for the life of him couldn't figure out why they would do that.
"Come on over and stir the pot a bit."
Meh, I think I've exhausted the possibilities of trolling folks overthere. Hurts too much to laugh or cry.
Jizzy is lucky that all his posts on the AFN board went into the memory hole. He doesn't post on the SFI board either.
I'm not getting the feeling that many folks are taking up the revised tender offer.
IMHO It's going to be like CIT, in which the bond holders perfer to do one quick pre-pack rather than get nickled and dimed via endless consensual restructurings.
Anywho where is davis? Is he still conjuring free shares??
The last anybody heard, Davis fled to Mongolia after RAS's final collapse. There he had a narrow escape from a tribe of canibals who became enraged after Davis swindled their chief out of his prized yak in exchange for a worthless pile of RAS shares.
Davis escaped from the pot the canibals were boiling him in by telling them: "You'd better let me out of here or I'll pee in your soup."
After his harrowing escape Davis was last seen in Tibet where he was taken under the wings of Buddist Monks. There he does pennance by chanting all day, "I am so sorry for telling my friends to sell their condos and invest all their money in RAS and Lehman Brothers."
Pretty much I think that RAS is finished. They may as well merge with the Cohen Co. No dividend and a pitiful pps. What can be said. I suppose we could argue over the scraps but........ And, so it goes. GLTU.
i've just got to wonder, with all the negativity and name-calling, what many of teh bashers are doing here on this board?
if ras is so bad, why hang around? don't you have anything more productive or profitable to do?
just kind of seems like a waste of time.
Davis had an aneurysm trying to think of a way to escape the box canyon he's in regarding the question you asked.
As for RAS, it wil be cheaper for the Cohens to cherry pick thew carcas out of BK rather than merge?
We should change the spelling from "Cohens" to "Cajones", because they are so bold-face in their self-dealing that it takes real big ones...