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Southern Copper Corp. Message Board

dar200 65 posts  |  Last Activity: Jul 12, 2016 9:02 AM Member since: Nov 16, 1998
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  • I expect a modest beat as Shiffman leaves himself some wiggle room with guidance. Mild winter may help 1Q.

  • Reply to

    Earnings tomorrow morning

    by dar200 Apr 25, 2016 2:21 PM
    dar200 dar200 Apr 28, 2016 11:05 AM Flag

    I'm still waiting for "accretive" to mean more than accretive to management salaries and bonuses.

    A fine income statement and stronger balance sheet even adjusting the balance sheet for the pending big acquisition. BUT, affo per share was 90 cents in 1Q 2012 and here we are with 90 cents in 2016.
    Where's the accretion we were told was coming? It has gone to management, not the shareholders.

    On a positive note, the excess money raised in the recent offering should cause a pause in the ATM offering thereby removing a big chunk of selling pressure on the price. I'm holding the core and flipping the dips.

  • Reply to

    One week to proxy deadline

    by dar200 Apr 22, 2016 11:29 AM
    dar200 dar200 Apr 29, 2016 9:42 AM Flag

    NRF filed an amended 10-K last night reporting compensation info when the original 10-K said it would be in the proxy statement. This says to me we ain't gunna get a proxy statement from NRF by 5:30 tonight. They satisfied the 120 days to disclose compensation deadline with an amended 10-K.

    NSAM is the same boat with a 5:30 pm edt today deadline.

    BTW, nrf paid Hamo over 10 million for part time caretaker work to destroy the price of the group, especially NRF.

  • Reply to

    Dar, re your OUTRAGE post on IVil

    by hsterniac Apr 30, 2016 11:15 AM
    dar200 dar200 Apr 30, 2016 12:43 PM Flag

    I am going to write to the two big proxy advisory companies (one of which advised against the compensation last year) and every hedge fund holding more than 1 million shares. This has to stop.

    I am also going to contact one of those class action law firms for a breach of fiduciary duty law suit, including an unconscionable contract with NSAM. I don't mind being the lead plaintiff.

    These are the same people running the same company they were in 2013 (except Europe assets) which used to be one reporting entity and is now three reporting entities. The extra work is incremental, not fundamental.
    By definition, these are part time employees of the separate reporting entities which, when combined, results in full time employment.

    They destroyed the price of the companies with their greed and sneakiness and are awarded bonuses for doing so, INCLUDING more shares because the value of their prior unvested shares has gone down.

    Words cannot describe my outrage. Hey, Bernie Sanders. Want a great corporate greed story? Look no further than nrf/nsam.

  • Reply to

    Common div

    by nschwartz_99 May 4, 2016 12:45 PM
    dar200 dar200 May 4, 2016 2:19 PM Flag

    Well, last year earnings were announced on Fri, 5/8 and the dividend was announced 3 business days earlier on 3/5, as you stated. This year earnings are on Tues, 5/10. Thus the 3rd business day prior is 5/5. If they are consistent with last year, you will be right.

    Nevertheless, it appears to me that Hamo has been in maximum "keep-away" mode since the price went into the crapper. A May 9 dividend announcement would not surprise me.

    QUIZ: What is the latest date nrf can timely file its 10-Q for 3/31/16?

    Answer from SEC website:

    "Large Accelerated Filers:

    10-Q: for Quarterly Period Ended 03/31/16 due Tuesday, May 10, 2016"

    As is the norm, Hamo is withholding as much info as he can for as long as he can.

  • dar200 by dar200 May 4, 2016 4:13 PM Flag

    NEW YORK, May 4, 2016 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar Realty") today announced that its Board of Directors has declared a cash dividend of $0.40 per share of common stock, payable with respect to the quarter ended March 31, 2016. The dividend is expected to be paid on May 20, 2016 to shareholders of record as of the close of business on May 16, 2016. NorthStar Realty's common shares will begin trading ex-dividend on May 12, 2016.

  • Yeah, tell that to NSAM shareholders. Down every day this week (so far). Before the outrageous compensation was disclosed, nsam closed at 12.48. At 11.84 just now, it's down over 5% for the week.

  • Reply to

    nsam sale

    by octopusink May 6, 2016 4:15 PM
    dar200 dar200 May 6, 2016 5:02 PM Flag

    DJ now reporting NRF has confirmed discussions but no other info will be released.

  • dar200 dar200 May 7, 2016 4:28 PM Flag

    The management business can be a taxable subsidiary of the reit. Subsidiary pays after tax dividend to parent.
    That portion of parent's dividend to its shareholders will qualify for special tax rates.

  • Reply to

    The Merger Will Bring Market Value

    by moe3355 May 7, 2016 4:51 PM
    dar200 dar200 May 7, 2016 6:52 PM Flag

    It was 1.19. See post 3778 on IV.

  • Just started. First item of business = will say no more about possible 3-way discussions than what was in the press release, which was issued in response to premature press report. I did not wait for Q&A because I expect they will refuse to answer any questions about possible deal.

    If a deal is not announced tonight or before the open tomorrow, I expect the same from NRF/NSAM at their respective CCs.

  • Reply to

    CLNY conference call

    by dar200 May 9, 2016 11:11 AM
    dar200 dar200 May 9, 2016 11:38 AM Flag

    See post 3378 on IV board for what it would like if Yahoo market caps were used.

  • IMO, nre should be included in the possible 3-way combo. NRE has the stink of nrf/nsam excessive compensation AND the discount for external management.

    The NRF bigshots are working part time for 3 companies and getting paid as if they worked full time for each. By dividing what is obscenely excessive compensation among 3 companies, they hope the public shareholders won't add the 3 together to conclude the total is a rape of cash shareholders. Combine them all into one reporting entity and the total is shown in one proxy statement.

    CLNY owns 1.3 billion in European real estate. Combine that into one European subsidiary and at least one COO and one CFO goes away.

    Currently they are paying to carry 4 publicly traded corporations. Combine the internal and external costs to carry 4 reporting and trading entities and 100 million of expense becomes 40 million or less. Get one bigger audit fee instead of 4 smaller audit fees. Instead of 4 sets of director fees, have one. Hannaway's golden egg goose goes away.

    The discount for the external manager won't go away until the management contract goes away.

    Include NRE in the deal and that cad will first be higher due to expense savings and then will trade at a higher multiple by getting rid of the external manager discount. Leaving NRE out of the deal creates a new set of conflicts with both owning European real estate. Who gets the next deal?

  • Reply to

    CLNY conference call

    by dar200 May 9, 2016 11:11 AM
    dar200 dar200 May 9, 2016 2:29 PM Flag

    How dare you refer to me as unwashed. I faithfully take a shower once a month and I don't stink as bad as Hamo's compensation.

  • Director Lapides exercised 8,000 options a day or so ago, all deep in the money, and all expiring on 8/22/16 (90 days after he ceases to be a director). He is not standing for re-election for health reasons.

    By exercising now, he gets the next dividend and pays income taxes on current stock price in excess of various much lower strike prices. The spread is ordinary income.

    IMO, by yesterday the directors have a good feeling (within a cent or so) of how 2Q earnings are going to be.
    If they exceed market expectations, the price should go up, but he foregoes the dividend and pays more income tax if he waits for a higher price.

    If lousy earnings, waiting costs him less income tax, but he loses the next dividend.

    Obviously, Lapedes thinks he is better off by exercising now rather than wait until after the next earnings report.
    All of the options were deep in the money and he knew he had to exercise before 8/22.

    I view the early exercise as slightly bullish for the next earnings report even though there is a neutral zone where extra income tax on a higher price is exactly offset by the extra dividend, minus tax thereon.

  • dar200 dar200 May 11, 2016 12:07 PM Flag

    NRF did not get sqashed for nothing. They have nrf in partial liquidation and are hoarding earn-nothing cash instead of buying back stock. Thus they are destroying cad per share. When asked about excess cash at the CC, Tylis jumped in front of water-boy Langer to deliver a pure bullfeces answer. See my post on IV where they do not censor the language.

  • Where the board management does not sensor language.

  • Reply to

    Dar the spoonfeeder

    by dougbradley28 May 12, 2016 1:01 PM
    dar200 dar200 May 12, 2016 2:29 PM Flag

    Hey, matt, I didn't have time this morning. I just wanted a dinner trade, so as soon as I saw the execution on the buy I added 11 cents to the buy price and put in a sell order. I went to get a coffee and when I got back to the computer, the sell had been executed.

    I frequently post my flip buys within 10 or 15 minutes of the buy.I contemplate holding a flip buy at least overnight, so I consider 10 to 15 minutes pretty much real time for those who want to gamble with me.

  • Reply to

    Dar the spoonfeeder

    by dougbradley28 May 12, 2016 1:01 PM
    dar200 dar200 May 12, 2016 2:31 PM Flag

    See IV this morning. The buy was 10:45, the sell was 10:51 and the post was 11:03. What do you expect, my computer wired to IV?

  • Reply to

    Dar the spoonfeeder

    by dougbradley28 May 12, 2016 1:01 PM
    dar200 dar200 May 12, 2016 3:12 PM Flag

    From IV post 3348 on 4/28 at 4:15 pm:

    "Also bought 5,000 NSAM at 12.31159, again on the way down which is not my usual style. Dividend unimportant here. I'm playing for an overnight flip."

    Then IV post 3370 on 5/6 at 4:32 pm. The sale was after hours, so this post was within a few minutes of the sale:

    " Sold the balance of the NSAM lot I bought on 4/28 for 12.31159 for 14.188 after hours today on the rumor spike. Don't care if I leave something on the table. 15.2% in 6 trading days is just fine with me."

    Maybe you should pay closer attention. I NEVER post while I have an open order because I don't want readers front-running me, but I frequently post flip trades contemporaneously.

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