i understand that there is an 8k filed by ALLB that says they were forced to give up some of there insane comp (management makes more than they bank they run....way to go directors) but of course their website doesnt have any recent 8k posted. Isnt that a requirement??? Does anyone have a link I to it?
truly no offense meant, leffka. it is important to understand the particularized accounting and structure of mhc's. technically, from a book value standpoint, if this mhc-structured company sold shares for postage stamps book value would go up.
the last poster is entirely correct in his observation: if an mhc does a second step and sells all shares they and their jobs are no longer protected by the insidious mhc structure. there is no longer the control block of "phantom" shares that empowers them.
allb is not relinquishing the control block...if they did we'd kick them out on the street where they belong.
Appreciate your research about previous S.O. offerings going to the maximum and your insight. What makes this tricky is while ALLB is doing a 2nd step conversion, it is only selling an additional minority share of the bank, leaving the majority shares to be sold at a future date in a "3rd stage offering."
Thanks for your very constructive comments. While it is clear that you do not like the company as exhibited by your varied correspondence on this thread, please do not insult others by projecting your investment opinions. I have no particular view about the ultimate success of the bank in the short run, however, I simply would note that according to the prospectus, current ALLB shareholders would stand to gain simply if the number of the shares at the mid-point were sold. I am not certain that even the minimum number will be sold, however, it would present a windfall opportunity for current shareholders.
Since you are seemingly "in the know", please let me know if you believe that the deal is not going well and will not get completed.
i often wonder who sells stuff to and buys stuff from me at stupid prices. then i read posts like yours and i understand that there are some market participants that really aren't playing with a full deck.
you asked for 1,000 shares and only got 500? (personally i'd be careful what you wish for). i know where you can get 50,000 shares ...... just call the company or sandler oneil and identify yourself as a fish with $.
and the reason you want to own 1,000 shares of allb is?
do you really think you know more about allb than all the pros who are passing on the deal?
FYI, I put in for 1000 shares of the ALLB IPO with Janney M'gmory Scott but was only allocated 500 shares. Not sure if this tells a tale, but I would have thought that I would have gotten the full allotment if they were only selling the minimum?
Thanks for your thoughts. What aspect of the market is leading you to suspect that only the minimum will be sold? I looked at several of the conversions that the broker managed and all of them have been at the maximum!
I thought midpoint was a lock one month ago but now the market would indicate that the offering will close somewhere near the minimum. which means this stock is only worth $22 - $23. I'm still hoping for midpoint though.(sigh)
i suppose i'm of the old school where i only own stocks in businesses that i like. i have owned my allb for many years in the hope management would do "the right thing." they never have although there were many promises (and insider selling) and rumors that they had ample opportunity to sell the bank for more than $42/share. that would've benefitted the shareholders but it apparently wasnt enuf for the bible thumping lowlife who wants to stay in control.
i suppose you bought it in the hope it would pop to facillitate a better offering. maybe it will. but look at what will be left: an overcapitalized company with an incompetent management, no earnings and a tiny franchise. maybe they have promised s.o. that they will pay up for the shares asap. what if they don't? you have to question a management that passes on selling at $42 (adjusted it's about 20), then sells shares at $10 to buy them back at a premium. to me that's called a blatant pissing away of shareholder money. these guys disrespect shareholders and will still control 55% of the votes via the hocus pocus mhc bullshit.
i have no interest in remaining a shareholder. by the time the deal gets done i'll be gone. if you or anyone else wants my stock i'm offering it out on a scale up.
good luck but despite the outcome these guys are still the lowest scum, imo.