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Dover Motorsports Inc. Message Board

  • slim_niceguy slim_niceguy Feb 3, 2009 8:58 AM Flag

    Lackadasical AND Arrogant

    You literally could hear it in the voice of the CEO on the Conference Call. There are no shareholders except the management and Rollins family. There is a lot they could do if they wanted to for all shareholders. Hopefully Nashville and Gateway will plunge deeply into the red in a deep recession and they will have no choice but to shutter them or sell. At that point you'd see a doubling of the stock price or accumulation of the cheap shares by suitors. I'd be surprised if there isn't some buying in the next six months if it stays under $2.

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    • I think on those tracks you are simply looking at historical cost numbers- the reality is the three midwest tracks have been losing 6+ million a year. Who would the buyer be with no chance of a Sprint cup date at either track? I don't know what they are worth but 51 million for Nashville is a silly number. Gateway is a poor performer. I don't "Know" these guys but their actions speak louder than words. This stock is being accumulated by someone- it looks like a good trade through the Spring with the potential to knock on $4 before it is done.

    • hope that the memphis deal gets done.

    • Even within the inner sanctum, there are 2 classes of shareholders: management and the extended Rollins family.

      Management gets its large salaries, stock grants, generous pensions, and most years also gets large bonuses and stock options. This package is rewarding no matter what the stock does.

      The Rollins family (and that includes old friends and business partners like Tippie and Weaver) basically own stock. Of course, most of their holdings are in the form of super-voting (10 votes per share) Class A shares that aren't publicly traded. However, they have to convert those shares into common to sell them and that's the rub. Poor management performance has meant that none of the shareholders, including the Family & Friends, have made any money at all for at least the last decade.

      Forget compounding interest and "time value of money" concepts! Anyone owning Dover Downs back in the late 90s has lost money, significant money, even with trying such shell games as creating the Motorsports/Entertainment Siamese stock twins.

 
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