As I predicted. It's funny that Sig management praises the breaker business now like its their organically built racehorse--when everyone knows Sig management knows zip about the breaker business and brings nothing to that party. Did they even mention the make-up business? Sig management continues to lose money in every aspect of their management, the "strategic" investments or whatever they're calling them these days--which basically means Sig management is, for another quarter, blowing through shareholder money with salaries and perks. Dow flies to a record over the last 3 years while Sig management has taken us to the basement for a whipping. It's just amazing that they get to keep their jobs with year after year of repeatedly abysmal performance all the while raiding the shareholder cookie jar.
All that said, share price going up on such a loser report probably means Zell's team is getting involved behind the scenes. Hopefully Sig management's days of running this company are numbered.
Ok, thought I'd hang back for awhile, BUT now that we have doubled since we had our low level discussions awhile back and they seem to have gotten the cash burn under control & yes the breaker business is doing well, with a little help from Sandy, I'd say only thing left is for them to drop a nice couple of 30-50mill ebitda companies in here & Chocco as I said to you almost a year ago, you needed to buy with both hands on the Zell announcement. Stay tuned optionality has gotten much greater with this last report.
Mist man has it right I think. Years 3 of this SGGH saga but really the first 2 were mostly drama and clean up time. Getting SEC compliant and closing down lawsuits and accounting took the majority of time. Having a shotgun BOD with members who were either there for their own betterment or doing McIntyre s bidding proved very apparent and costly . Having ground thru that we now find ourselves 7 months into a new BOD with the back door deal killers gone and guys aligned to making this a success. Zell doesn't touch this thing and damn well isn't on the BOD if he did not believe those facts. Today were cleaned up and positioned to do a deal. Dwelling on the past with all the drama and past "bad players" makes for a good time filler if one has idle time or lives in the past. They will either start doing some deals with scale or heads will go rolling. Biggest issue today is a frothy market and finding value. It's worth noting that after McIntyre /Blitzer blew out of town we have about doubled in stock price. Funny how that worked out!