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Winthrop Realty Trust Message Board

  • smaycs4 smaycs4 Apr 30, 2014 6:38 PM Flag

    Have to think the potential upside is $15-17

    With limited downside of $13.80. So you risk 10 cents for the potential for a couple bucks more.

    I suspect we see arbs continue to take this one higher.

    I hope for a deal where we cash out most of our value long before 2 years.

    They might sell the company except for a few assets or something and leave them in a liquidating trust.

    Should work out well from here. But only because we have been sitting on dead money for so long.

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    • any idea what the assets are worth? i know book value usually isnt reliable in a case like this because stuff is can be carried way below book. I bought some just on the assumption that liquidation value could be maybe $20 or so but also thinking this is a ploy to get a higher bid.

      • 1 Reply to christmasfern
      • The provide a range of net asset values every quarter.

        It was $13.80-15.83 before today and I guess it went down a few cents.

        As for the Preferred, their dividends are halted for now, and the company intends to buy them back in the open market. And they also expect to complete the Liquidation within 2 years/

        So I wonder if the liquidation changes things with respect to them not being callable ? If the company is liquidating, they preferred holders cant force the company to stay open just to pay their dividends.

        In any event, they could easily satisfy that by setting the money aside and liquidating anyway.

        It sounds as if Ashner thinks values are too high and he is closing up shop & foregoing his mgmt. fees to sell out so maybe a premium to net asset value is possible. I would LOVE $20.

        But, I didn't listen to any conference calls historically and I guess there is or will be one today.

    • Preferred has to be redeemed before common gets a penny and the preferred isn't callable until 11/28/16. I expect this stock to head lower again once this sinks in.

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