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Invesco Credit Opportunities Fu Message Board

  • Fish2026 Fish2026 Jan 14, 2004 4:26 PM Flag

    Johnv60 about MIIX

    I didnt totally answer your question as to why I speculate in MIIX.

    Ive communicated with management and the way i see it is this. Miix got into a mess with its insurance and had to get out of the business in a SOLVENT run off.

    In this they are required to do a projected book value after assessing claims etc. The current book value is $4.24 and the run off calculations are $4.27. In addition the company earns about $.33 per quarter for the past three quarters.

    Therefore when I recommended it somewhere around .85 per share I figured it was a decent speculation. You are correct in that if one tried to invest $60-75k at once it would drive its market makers nuts. On the other hand I would love to buy control of this company and take it in a different direction. Management would look at all offers and for a controlling interest- i would invest way more than $75k

    Steve Fischer

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    • The $1.2B or so of reserves and other obligations could easily leave nothing to shareholders if only the final total comes in only a little bit higher. Or, if the reserves currently on the balance sheet are way too high you could have a huge windfall one day. Maybe tort reform in a second Bush term would help too. Best of luck with it.


      http://www.state.nj.us/dobi/PressReleases/PR20020802.HTM

      • 1 Reply to johnv60
      • thanks- that article was from 2002 they have had 3 consecutive earnings quarters since. Of course theres always the risk that the reserves arent enough- but this is about all the company has to do nowadays and there is less and less to monitor each quarter.

        If the 4th qtr is even almost as good as the past three this stock will start showing up on value screens. PE of less than one and less than 1/4 of book value.

        There is risk associated with this and of course potential investors should email the company ( very responsive - takes 2 days for detailed answers) and read the corp reports and estimates.

        This is NOT a major holding of mine - mid range Id say.

        John you mentioned something about a stock I followed going down 70%- I dont think theres any this year or last that has done that- you may have misinterpreted my posts.

 
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