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Malan Realty Investors (MAL) Message Board

  • plantation_dweller plantation_dweller Jun 16, 2002 12:18 PM Flag

    Bonds holding up


    Looks like they are making an honest attempt to repay creditors and avoid a lot of litigation. The equity on the other hand seems to bedrifting much lower. It implies they will still "pocket plenty" before the shareholders see anything. Hope the ending is not to messy, you know what lawyers love!

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    • The reason the stock trades in the 5's instead of nearer 8 is because a) although 8 is mgmt's best guess, they also say the range is 4.75 to 8.50, i.e. there is risk associated with the estimate of 8; and b) you have to wait a couple of years for your money. There is also the possibility that some portion of the proceeds will be tied up in a liquidation trust after a year or two- these sorts of arrangements will sometimes hold funds for an additional couple of years waiting to see if all liabilities of the estate are satisfied.

      Before the shareholders get anything the debentures of 04 have to be paid off and they are looking more solid than ever and have traded up to 95-96 today.

    • I cant believe the 9 1/2% of 7/ 2004 are not near 8/02 when the pledged assets are released with the payoff of senior bonds, look for big move..the 2004 bonds are a done deal...

      • 1 Reply to mathms67
      • After the press release last week about selling 15 properties for $94 million and getting close to selling another 17 Wal-mart properties for $50 million I took another long hard look at the stock. The big variables are what price they will get for the remaining 2 million square feet worth of properties and what the administrative expenses and costs of liquidation will be eating into the money due to shareholders. I concluded that if things go really well the shareholders might eventually get as much as $9-10 and if things go really poorly they might get as little as $1-2. So the stock might be a steal at 3.60, or then again it might not be.

        What I did conclude out of this, however, and here I'm agreement with the previous message, is that the bonds look pretty solid. So I bought more on Friday.

        It will be interesting to see what management has to say about projected liquidation dividends to shareholders, which the press release said the company will comment on soon.


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