I have been trying to buy the warrants but I am not allowed to place an order. That means I couldn't sell the ones I have either. If something doesn't change soon, it might be time to take legal action.
The $10.50 "overhang" from the potential bond conversion to 1/3 of the outstanding shares has placed a top at present. We wil need some positive news to jump start this puppy. A lot of future upside has already been stolen by the three institutions. Talk about incompetent judges.....DaninFW
THIS HOV discussion is ridiculous no offence. HBs are a buy going into the new year. Pulte has gone up from my 7.1 buy 5 days ago to 7.64 while these age old stale arguments are still bandied around.
Dan- I am really surprised by how USCR has played out so far. I expected at least a 40 cent recovery on the debt and presumably much higher.
Given the options are priced at $12, I suspect next year will be a doubler for USCR from here. HB activity will help.
Here's a paste from a message you posted over a year ago on 12-17-09 on the HOV board. Almost the same staement then.....DaninFW
"The figures above from their press release show the current liabilities at October 31, 2009 of Aprox. $500,000,000.
As a CPA with over thirty years experience including nine years in homebuilding, I think I am qualified to state that most of the October 31st cash will be used to pay the $500,0000,0000 in current liabilties listed above.
Since they probably closed every house they could possibly close by year end, it is unlikely that additional home closings (their main source of cash) will occur at a rapid pace for a few months.
These homebuilders schedule the construction and closing of homes to peak at their quarter ends. It wasn't uncommon for 60% of the quarters revenue to occur in the last week of the quarter.
This results in presenting the balance sheet in it's best light on the reporting date.
Thier is no need to resort to name calling because of your lack of understanding of how to read finacial information"
I already responded to someone else on HOV board from one of your replies. Again, we could go on and on. I know you are a smart guy. Read what you just posted/pasted. They have $359 MILLION OF UNRESTRICTED CASH. They don't have to pay bills with it. That's why they have a line of credit that matures at some distant point in the future. If the banks had been worried they would have tightened the noose. Again, read the article on page 63 in Fortune..........I don't make this stuff up. DaninFW
From HOV news release 10-31-2010 numbers....
Accounts Payable and current liabilities....$319,749,000
My estimate of unresticted cash at November 30th after vendors finally
got paid aprox. $50,000,000 ($359,124,000 less $319,749,000..rounded up)
Remeber they probably realized almost no cash from closings in November because they closed everything they could at the end of October. I often wonder why one of the analysts doesn't ask for the "current" unrestricted cash balance during the conference call.
Maybe now you can understand how illiquid this company is. But if you still are in denial, let's revisit this in 18 months.
Overall market is very volatile. I think we will see a sell off in whole market before next big runup. At present, looking to buy at below $7.....but may have to raise my entry point. Watching TXI and CX for trend indicators.
Here's their balance sheet:
As you can see if you add cash+receivables they have almost $600 million and if you minus AP you have almost $300 million a lot more than the $100 million window dressing you claim. Secondly, that's why they have a line of credit and the bonds issued to pay for land and buildings in progress. I could go on and on.......DaninFW