MM's are accumulating again from what I can see.
Just picked up another 1K. When I see MMs looking to
buy a lot (BID), but not offering as much on the sell
side (ASK), that implies the stock SHOULD be going
Also, we are at the typical low right now (even got in
for less than my usual 2 5/8, got 2 9/16).
usual - I KNOW NOTHING EXTREMELY USEFUL in investing in
this company, other than watching the trading
patterns, and have been successful so far. (Of course, I
still believe that as a s/w company they can easily
turn themselves around and then I'll make a ton of
Accumulation time --- need to make some money for all the
landscaping work in my backyard.
>>>> You speak of buying at $4.50.
Which company and under what circumstance?
My objective is to establish a 5K shares position in
TYL. I believe the general market will sell off over
the next couple of months and MAYBE I will have an
opportunity to buy TYL below $5.
Lots of questions. Answers to the best of my
knowledge: Seminar was put on by First Dallas Securities.
Presentations by several companies including
LUV,TXN,DS,TYL,NCI,HAST, others. One presenter by TYL. Mostly individual
investors like myself although there were a dozen or so
analysts on the buy side present.
I agree that TYL
is lightly covered by the investment community (and
I am just now aware of HTEI) but that is not all
that bad. I intend to watch the companys progress over
the next several weeks and establish a position as
the price is right. My opinion is the market will
make a waterfall decline between now and November and
when it does I will step in. Hope to buy at around
$4.5 or so. I have a personal friend who knows Sonny
Oates and the friend bought 50K shares based on his
opinion of Oates. Unfortunately (or fortunately depending
on your point of view), the $300K those 50K share
cost him were no big deal in his overall finances, so
his conviction is not a factor to sway other
I would be interested in knowing more about HTEI
and the trials/tribulations that have gone before at
HTEI. If you care to take the time to respond, contact
me at firstname.lastname@example.org for private correspondence.
If the guys running TYL are able to pull it off, it
may be an opportunity for us little guys to ride
could you please eloborate on the "investment
seminar" you attended on thursday. was this put on by a
brokerage firm, if so, who? where there more than one
presentation by co.representatives? where there many analysts
present, do you know when from. thanks for any input. i
see fyl as a terribly undercovered company, there is
absolutely no coverage by the investment community,
consequently the co, stock hardly trades at all and there is
very little if any following by the public. i do see
htei as being in its best position in a long while
with exciting and interesting times ahead, no question
about higher stock prices-probably big loss this
quarter, in order to flush out the books and questionable
writeoffs but then it should be able to crawl back. the
harwards did us longs a favor by resigning and trading
thier stock for fyl stock. they could of stayed around
and that would off be terrible!
I attended an investment seminar in Dallas
yesterday where a TYL exec spoke (VP of Bus Development..do
not remember name). Bottom line on presentation was
TYL strategy of acquiring many companies in the IT
for local government arena. Buying most for approx
6xEBITDA. Statement was made that the only impediment to
their strategy now is ability to analyze and process
acquistions. They apparently have literally hundreds of
My personal concern is can they
consolidate and integrate a rapid string of acquisitions.
However, two factors are encouraging. Chairman of TYL was
a founder of Browning Ferris in Houston and was
successful in growing a multi$B business from hundreds of
acquistions and consolidations (in waste management). A Mr.
Oates (TYL BOD) has a history of success in growing
businesses rapidly and successfully (in IT and Title
The exec making the presentation came across very
well...straightforward and candid (no BS apparent....willing to
acknowledge when he did not have an answer to analyst
I do not yet have a position in TYL or HTEI, but am
Interested in any pro/con
1. Tyler has recently (since 1997) set out on a
consolidation strategy in the local government information
2. Since early 1998, they have
made 10 significant acquisitions.
3. Tyler has
a varied history. They have previously been
involved in auto parts and other industries.
There is a pending environmental claim in New Jersey
involving an allegation of contamination of a site where a
former affiliate of a former Tyler-owned subsidiary
operated a foundry.
5. Tyler currently has
sufficient authorized shares to issue additional stock on a
1 for 2 basis for remaining HTE shares.
of the above info is contained in Tyler's SEC
filings, which are readily available.
this post is not financial advice and should not be
relied upon in making any investment decisions.
First, the TYL board is almost always dead. I put
my wake up message out there on Aug 3 (big news) and
got no reply until it actually happened. Don't be
surprised if you don't see any action now either. TYL is
sort of a "pieces in a bucket" kind of company that
used to be into auto parts sales.....no kidding. Not
really a company you can get excited about.
Second, TYL release said they expected to have the deal
concluded on Aug 19. No PR yet. It's now Aug 20 and
counting. This should be a simple transaction if its just
the private sale of 5M shares. Maybe Dennis is
realizing that he got taken or he is trying to squeeze out
a few more perks. Or maybe someone sent a note
saying that with a little more time, they might put a
better offer on the table. But, as of now, the deal's
The HTE Board is exceedingly quiet
so far. Maybe Markey and BancBoston Ventures are
shopping around to line up buyers to make a counter offer.
If we don't see closure on the Harward sale by 4PM
today, this offer from TYL may fall off the table. Maybe
Dennis went down the aisle with TYL to spur the current
board into action and putting an offer on the table.
And, maybe the current board is busy putting a poison
pill together and we'll get a PR on that. TYL might
not command two spots on the 5 person board if all
they buy is the Harward's stock. The new board could
issue a special perferred stock and make it exceedingly
difficult for Tyler to conclude the full take over. I don't
know anyone out here (public holders) who would vote
with the Harwards now.
Like I said yesterday,
this is just now starting to unfold. Maybe I should
write a book about this......it could be a best seller
of corporate manipulation and greed. It should be
interesting to see what happens. Believe me, others are
watching and possibly acting while we speak.
what the heck....disclaimer, disclaimer and a little
I agree with the basic facts as they are
currently known and presented. However, not all the cards
are on the table yet.
HTEI is on the block,
although unwillingly, and in time will be bought by Tyler
or some other suiter. A bidding war would be nice.
This company is to good a deal not to be pursued by
1) Tyler normally makes
acquisitions, not financial investments. Do they see this as a
win-win situation?? Keeping open their chances to acquire
& control HTEI, but also the option to sell off
their HTEI shares to an a higher bidder if the
acquisition cost gets to expensive.
2) Dennis is more
interested in power and control than money. It's an ego
trip, not necessarily a financial trip. He likes money
& toys, but power and control are the real trip.
The board may have dethroned him, but he wants to
show that he can still flex his nuscles. There is more
to this than just a stock swap at the 1 for 2 swap
price. Dennis knows the company is worth more that that.
Has Dennis negotiated a job with Tyler?? Will Tyler
spin off a small division to Dennis inexchange for the
rest of the Harward stock?? Cards have yet to be
3) This is almost a non event on
the Tyler BB?? No comments from the interested
parties when their company is about to double in size???
HTEI stock showed a spark of life yesterday morning,
quieting down as the day progressed. Very little reaction
in the Tyler stock. You have not yet heard the last
from the Harwards.
I hope Tyler truly understand
what they have gottten themselves into this time.
Check out the following article that appeared in the
8/20/99 edition of the Orlando
Disclaimer - all of the above
If they are going to ISSUE NEW SHARES for the
Harwards, then they will experience a bit of dilution in
their shares' value!
As long we do not sell out
at the same (2-1), then we will realize a better
return over all. The Harwards are now 80% vested in TYL
and only 20% in HTEI. If we turn around, and TYL does
not, then Dennis has made ANOTHER mistake!
However, if the acquisition does go through, especially at
2-1 (aaaaggghhh), then we best all hope that TYL can
turn things around QUICKLY...or this investment was a
total waste. From what I have read here, on TYL board,
and the press, I don't think TYL can digest HTEI
along with all other acquisitions and make them all
work profitably (too much competition within, and no
plans for a REAL consolidation which would result in
HUGE profit potentials).
Acquisitions can be a
GREAT thing, but if the parts compete against one
another, and you have the overhead departments left intact
for each, there is no cost savings. Not everyone is
going to be profitable at all times (one is usually at
the expense of another).
Acquisition by TYL,
at least how they seem to go about them, is NOT a
good thing for us. I hope that another, whether IBM
directly or JDEC decide they need us and come in at $5 -
still bargain basement price...but at least then Dennis
will have no more say in HTEI once and for
Disclaimer (why not, everyone has one): I tried to give
Dennis the benefit of the doubt, and hope he was really
trying to do what's best (as far as he could tell) for
everyone. However, his latest actions firmly convince me
otherwise. He is in it for himself and his cronies. So I
say, "Let him eat cake!"
Nice observations hennorama, except this "mess of
a company" as you say is going to be back on track
sooner than expected.
Harwards are now playing
on TYL's home field. Advantage TYL. So one thing's
probable. The folks at TYL will protect their interests
HTE BOD and TYL BOD will be talking more
amicably than some(maybe Harwards) now realize. For
starters, the BODs of both companies know one thing. TYL
got a bargain at $3/share. Nice move TYL. Very nice