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Forestar Group Inc. Message Board

  • tightlinesnfreshtracks tightlinesnfreshtracks Jul 16, 2009 1:50 PM Flag

    Radio Silence...

    Is anyone out there? This board is a dead-dog! Obviously for a reason...

    Anybody got some good reasons to be on this board or in FOR before 2010?

    Is FOR a serious expense engine right now or what?

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    • On July 16, 2009, Forestar Group Inc. (the “Company”) entered into an amendment to that certain Revolving and Term Credit Agreement, dated as of December 14, 2007, among the Company, Forestar (USA) Real Estate Group Inc. (“Borrower”) and its wholly-owned subsidiaries signatory thereto, KeyBank National Association, as administrative agent, the lenders party thereto, and the other parties thereto (the “Credit Agreement”) to amend the Credit Agreement.

      • 1 Reply to rcharlt
      • tightlinesnfreshtracks tightlinesnfreshtracks Jul 20, 2009 10:46 AM Flag

        Well, we got a little action this morning.

        Thank you for the credit amendment link. Just read the new covenants. Well, appears they loosened the debt convenants for FY09. Still in business with alot less land. Deleveraging. Not much value creation going on...

        "Extend and Pretend"

        Guess that was all non-core/non-development land. Hate to see assets liquidated period. Still in business, but operations are burning $10M a quarter based on 1Q. So it will be a long long long time before they get $125M in liquidity to execute a stock buyback as mentioned before...

        (7) to add an additional requirement in the event the Company desires to pay a dividend on or repurchase its outstanding shares that the Company have a minimum pro-forma liquidity of $125,000,000 immediately after such payment;

        Anyways, glad the bank forced them to pay down debt. Better for the long run.

        See you fellas late this year or next year if the credit crunch cog gets some grease. And when people quit losing jobs and folks feel better about buying some homes in SE. Might be a while with OBAMANATION...

    • Not much on the board, and the stock has turned from very volatile to boring. Not much happening on the real estate front, and falling oil has hurt its mineral interests. Should be a pretty lousy quarter, but that didn't seem to affect the PPS much last quarter. You may be able to wait until 2010 and still get a decent price, but I think real estate, oil and the economy will all show some signs of recovery by then. I do believe this will be a decent inflation play over time, and I am confident inflation is on the way with the irresponsible overspending by our government. It's boring, but I feel comfortable holding it for the long-term. I'd probably rather trade it like I did before, but the trading opportunities have largely dried up with the lack of volatility. Good luck.

 
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