...without a buyout bid, and without a resolution of the preferred stock issue. Amazing that these two major other trasactions (WXRP and KXOS) inserted themselves, prior to a resolution on the preferred.
I obviously started selling way too soon...but I'm not crying, considering how much I made here, and how quickly I made it.
For what it's worth, my "next Emmis" is Zale Corporation (ZLC). A highly leveraged company in turnaround mode, with underlying valuation in its "crown jewel" Canadian division (Peoples' and Mappins' jewelers, the two largest jewelry retailers in Canada), and the Piercing Pagoda division. Interestingly enough, the value of these assets gives the same downside protection that I felt Emmis's saleable assets gave it, when everyone was wringing their hands, ad nauseum, about a potential Emmis "bankruptcy", at various times over the last few years. That makes Zale a very similar situation to Emmis, and I'm nearly as excited about Zale at $2.80, as I was about Emmis at 80 cents.
Zale is currently tied for my largest holding in the stock market right now. I'd encourage you to check out that message board for stimulating discussion....and my drooling all over that message board. [lol]
I personally see EMMS as fully valued, in the short term, at $2.20-2.50, and will sell most of my remaining holding, if we should rise to that range. But I will keep a small "core holding"...as an expression of faith and confidence in the stimulating and exciting initiatives that a very creative, highly focused, and energized management team at Emmis (as I view them) is pursuing.
LTF, this is as good a place as any to ask for an update--what are your top 7 stocks at this point?
Besides EMMS and HTCH (though not so much any more) I know you still regard PFIN, TA, and TECUA as promising. Still? Others?
Big thing missing in ZLC is any insider buying. In fact, they have the reverse with a lot of insiders selling ZLC. EMMS has lots of insider buying and no insider selling. I will stick with the inside buying stocks and avoid the insider selling situations like ZLC
and what, praytell, "insider selling" are you seeing at Zale, other than richard Breeden, which everyone "in the know" on the Street is aware that such selling is due to fund redemptions from individual customers.
Insider buying is important, but it is and should NOT be a "crutch". Just for example, you totally missed EMMS at 75 cents, a few months back, while I loaded up and owned 5% of the float, at my peak level. Maybe your system need to work in some "flexibility" so that you don't miss such golden opportunities. but that would involve your being able to actually analyze corporate financials, history, etc., etc in a more comprehensive fashion, and not merely following rigid and doctrinaire rules.
The fact of the matter is...the value in EMMS at 75 cents,a few months ago, was plain to see, for anyone willing to. the johnny come latelys who are piling on the insider buying will certainly make money.....but there's nothing particularly impressive about their overall acumen. to me.
So I open my account this morning and was about to increase the 2.09 limit I'd set on it. But it hit 2.09 momentarily this morning so my EMMS is in the books. Looks like you're right--it will move a bit more. With a .78/sh. basis though, I'm happy.