Why did they ever do that sale of new shares at 14. Now they talk about buying back shares. This reminds me of conference calls in the "old" days. Lots of unencumbered cash - good cash generation - fleet value far higher then the book value - after their previous mistakes - screwing their loyal shareholders like me - will they be believed? 15% growth and 6% divi should be a formula for a good investment - but the share price doesn't reflect it.
Seriously they would even contemplate a "buy back" after just selling us down the river at $14 a share down from $17 when in reality after costs they netted what $13 on sale of shares now to only repurchasing them? Are these guys - nuts?
Miss Management should let the door hit them on the rear on the way out.
I'm also a suffering long-term "long." Although I don't see any short-term catalyst, the financial metrics should look much better in Q1 2015 -- FLY is aiming to deploy $700 million into new aircraft this year. Meanwhile, I don't see any big upside potential here ... unless the Board were to internalize management. That seems unlikely, because it seems like pretty much a "captive" Board.
However, FLY remains one of my largest investment positions (~ 5% of portfolio). I don't see much downside -- the downside is really a function of credit markets freezing up, which seems like a remote risk at this point -- and the dividend is stable and secure. The underlying business is straightforward. Maybe we'll get lucky and one of the larger investors will dial up the heat on the Board at some point. But for now, grin and bear it.
I understand your post better then most. I do worry about the downside when the bull market ends.
I rode the last one down - won't ride it down again. I give them 6 months to a year, Bad thing is I have 17% of my portfolio in this. Thank goodness that most of my other picks are doing well. Should I hang onto FLY for the divi with hope that it will work its way back to 17 in the next 6 months to a year is the question.