Have I missed something here? This 13D filing appears to show SPHG owning over 4 million shares, or 38% of the shares. Last I looked, there were only 4.5 million shares outstanding. Previously, SPHG showed owning 927,000 shares. What gives? Also a strange pop in price today on a down day.
Looks like they finally fixed the 13d for Steel Partners and also filed a new Form 4. SPHG picked up another 62,000 or so shares recently and is now up to 21.8% of the shares. Gabelli and Co. are still at 21.3% of the shares.
Algo, take a look at this company that is apparently almost 40% owned by Warren and the SP crew. The market cap is $282 million. Cash and short term equivalents of almost $400 million on the books. See the Yahoo profile below and also the link to the balance sheet info. Any chance they might use this shell to try to take SLI over or private? Just seems a little strange. I sent them an email about what appears to be filing the wrong 13 on the SLI SEC site.
Steel Excel Inc. does not have significant operations. The company intends to engage in the business of youth sports and education. Previously, it provided enterprise-class external storage products, including application specific integrated circuits and software to original equipment manufacturers. The company was formerly known as ADPT Corp. and changed its name to Steel Excel Inc. in October 2011. The company was founded in 1981 and is based in Milpitas, California.
Steve, First of all, I am glad you went ahead and bought the SLI shares. Speaking of gifts, why are the ADPT.PK shares selling so low? The only thing I can come up with is that investors are worried they would squander the money on unsound purchases, but given that its SPH's own money to a large extent, that really doesn't make sense. I haven't read the SEC filings so maybe there is some liability which they can't determine. On SLI, there is still Gabelli as well as we small shareholders, so hopefully any buyout would be at a reasonable price.
It looks like they screwed up and filed the Steel Excell filing under both the Steel Partners and the Steel Excell file at the SEC. Who knows what the SP filing will show, but this one appears to be incorrect.