So what did we learn today?
1. Daniel says he is committed to his $200,000 salary plus all the dividends he can get on his 5 million shares.
2. Star Asia will start to kick big money back to IFMI in late 2011 and early 2012.
3. Susan wants dividends and/or share buy back, but Danny is reluctant to commit due to keeping the NOLs in place and the need to keep cash with IFMI to grow PrinceRidge.
4. John Lydecker doesn't know that the footnotes to the financials contain the answer to his simpleton question.
5. There are A LOT of really pxxxed off shareholders that are ready to strangle Danny. While Chris wasn't on the CC, he was probably among the pxxxed off group.
6. John Costas is offered mergers or whatever, every other week because there are many firms with some business, and some employees and NO CAPITAL and no desks:-)
7. The old ML guys that were planning on creating commercial mortgage "conduits" with IFMI were unable to find a warehouse lender (I'm just guessing since it never came up).
1. THE DIVIDEND STAYS AT 5 CENTS going forward.
2. PrinceRidge will double or triple the number of employees by the end of 2012.
3. IFMI starts to unwind Star Asia in 6 to 9 months and use the cash to grow PrinceRidge and repay the debt that is coming due.
4. There will be minimal share buybacks because they need the cash to grow PrinceRidge and repay the bank debt of $3.5 million and about $13 mil coming due in May 2012.
My prediction #4 is wrong already since they bought back a nice chunk of shares from one of their former friends. I imagine that further limits their flexibility in share repurchases without impacting on the NOL and NCL carry forwards. Loss carry forwards of about 360 million in total. That's a lot of losses.....
This share buy back improved the book value per share.
Unless they start to buy back some bit by bit to raise the share price now that they Fxxxed this guy out of his money.
Investopedia explains Book Value Per Common Share
Should the company decide to dissolve, the book value per common indicates the dollar value remaining for common shareholders after all assets are liquidated and all debtors are paid.
In simple terms it would be the amount of money that a holder of a common share would get if a company were to liquidate.
How much do you think common shareholders will get?
I always enjoy your posts.
I think you are the only poster that has met the enemy and been lied to eye to eye...........
All the other lies are in CCs, or press releases.
I can't imagine how Danny could take any more money from the company, or how he could possibly mislead folks any more than he has so far. He's only 40 years old......he will likely be around a long time to get his comeuppance. Life has a funny way of evening scores.......he's just to young to know.
I would agree with that.
If shareholders could organize, I would actually advise suing to try and retract the past couple years of gross over-compensation.
The way such lawsuits go, it may never come down to a verdict - a settlement would be likely, where senior management (Cohen, at least), might kick back a couple million to the company.
Very good rundown.
I agree, little chance of any meaningful stock buyback. They won't burn cash up like that. They will buy some, just to say they kept their word.
The problem I have with IFMI now - its difficult to figure exactly what they have, and what it is worth.
Way back in AFN days, I remarked how much better NCT did of listing their assets to shareholders. I even went so far as to suggest to Longino that he adjust their reporting to NCT's style.
If only I had taken all that the next step, dumped AFN earlier, and bought up NCT preferreds instead...
All I learned was that Danny never gives up other people's money.
That comes from his educational background.
He was a Ph.D. candidate of Chinese studies at the University of Chicago.
Im new here so I'll tell you what I learned. That our self serving senior management has paid themselves all the money the place has earned and then some the last few years and now they are facing a revolt from the demolished shareholders they screwed. Danny is trying to put a good face on the screwing saying he is only taking a 200,000 salary but never answered why in the world he paid himself an astounding 5.4 million last year and 3 million the year before for total failure. One can deduce from point one and two that the Board has been asleep at the wheel/cahoots, paying out absurd bonuses, taking absurd salaries for themselves and at worst the I scratch your back you scratch mine relationship between them and Daniel has driven the stock to 2$ because they all plundered the shareholders money together. I think we also learned that because Daniel is taking a 95% pay cut that the Board of Directors who approved the pay package to Daniel and the other Golden Boy have opened themselves up to lawsuits for breaching their fiduciary duty to shareholders by not having our best interests in mind. Their hands are collectively stuck in the cookie jar and they have been caught. Prince Ridge guys are new so not much gleaned there, but they sound polished in a slippery sort of way. Thats what I got. This is going to be fun. Lawyer time, my favorite time of the day..................