This is family owned business and family already owns huge interest in the company. With the financial industry being where it is, it is hard to imagine that there is going to be huge demand for services of money managers for a foreseeable future; with that said, be glad you don’t see insider selling!
The cash and debt firgures are correct. Your per share assumption is not.
The total cash and debt reflect Calamos LLC. The publicly traded CLMS owns around 22% of the LLC interests. IF the other interests all converted to CLMS stock there would be about 97 million shares outstanding. Net cash per fully converted share is about $4, meaning the operations are priced by the market at under $1. Prior to 2007, operations were priced by the market at $20 to $30 per share.
Thanks. From the lack of postings here I guess not too many individual stock holders left. Heard allot of big financial names in the last earnings call. Maybe there to see how the fund is investing in this tricky market.
Go with fund itself. CLMS is no longer strictly involved with convertible markets overall. They kind of outgrew the convertible market forcing them into uncharted territory of equities and high yield. Their equity and high yield strategy delivers modest returns at best and their exposure is hudge.