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Leucadia National Corporation Message Board

  • blasterncommander blasterncommander Nov 17, 2012 2:52 AM Flag

    LUK & Jef's PowerPoint Presentation

    Go to Leucadia's website and click on presentation to see the power point. Read the PowerPoint and also listened to the archived conference call. Diluted book value is $24.69 and LUK will issue an additional 133.2M shares. Theoretically, book value should decrease by 33% for LUK's side, but JEF's is adding 3,782.1M to the combined book value.

    Some questions the presentation did not address:

    1) What happens to Sangart? Not a single mention in the presentation.
    2) How about the diluted earnings? They addressed the diluted book value, so give us some ideas about the diluted earnings.
    3) FMG, MLI, Keen Energy, and Crimson Wine divested away. Will JEF continue to divest away LUK's asset? This merger sounds more like JEF is acquiring LUK, using up its deferred tax assets, taking its cash and getting rid of the rest.
    4) Will Ian Cumming sell all his shares in this deal?

    What questions do you guys have? How to do you #$%$ this merger?

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • I wonder if they will now look to create more balance in the financial space? Take a look at LTS-Ladenburg Thalmann-not profitable yet but now a top 10 RIA by revenues and EBITDA growing fast. Thoughts anyone?

    • I likle the JEF merger but am completely baffled as to why there was no mention of Sangart in the
      presentation.

      Again I think that we will gradually see the LUK assets be sold or spun off but only when
      management feels it is opportunistic to do so.

      I think one needs to keep in mind that in regards to their assets LUK has never been like
      BRK. When BRK buys/acquires a business they immediately say the company will
      have a permanent home....not the case with LUK.

      Sentiment: Strong Buy

      • 1 Reply to dickeypiper1
      • That's also where I'm leaning. But that said ... why would you mention development businesses that have been money pits? Sangart has been a money pit and still has no foreseeable commercial value -- no reason to mention. The energy development business has also been a money pits, although Lake Charles appears to have legs.

        No reason to discuss development projects with no future cash inflows, just more future cash outflows.

 
LUK
22.44-0.27(-1.19%)Dec 24 1:01 PMEST

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