Not good. This means we have lost the potential jump in share price that can come from closing out short positions should perceptions of a firm's outlook change.
It's yahoo. You probably typed and sent your correction while one of their computer degrading and totally irrelevant "must watch" video attempts was playing.
Short lived rally at present. Despite the acquisition there is no denying the company was not growing. Managed funds have been declining for at least three quarters, now.
Eth, can you explain to me your statement that RAS is not taking in any more funding? I'm referring to the sudden sale of shares below alleged book value and the debt raised recently. I thought some of the money raised was to be used for mortgage lending but the figures don't match. I presume some $$$ went to pay off loans coming due?
As with Davis I much appreciate your comments.
The buys in the fraking arena were ill-timed and seemed a bit amateurish, coming one right after the other and all with debt. I thought the refinery was a good move. It certainly would have been a $$$ maker in it's location. But what is this about the huge overrun during it's construction? I wasn't aware of any troubles of such size.
Well....who out here has a reliable crystal ball dealer? I don't.
As you have seen for quite some time, "they" were in love with the shares. And to say that these shares are the equivalent of a CCC rated issue because they are not at par is pretty amateurish. It is in fact an inaccurate indictment of a great many bonds these days.
Your comments are increasingly taking on the appearance of someone in the Obama administration talking about the need to place a newly lost tooth under one's pillow. Or keeping the doctor you like while you receive your $2500 in annual saving in medical costs. Etc., etc.
These shares never missed a penny during the swoon of 2008 and 2009. I agree with your buy and hold and have done the same since an initial purchase of the "A" series in 2008. My darn time machine wasn't performing up to snuff back then or every penny I owned would have gone towards buying these "CCC rating equivalents".
So now that the company has become a financial basket case, let's have a discussion about how such seemingly inexperienced people got into a position that allowed them to go on such an amateurish buying spree using soooo much borrowed money at the peak of the market?
Since we vote on the board of directors I think there should be a look at their complicity in the company's meltdown. They did, after all, appoint those who miscalculated how to respond to the fracking revolution. That's the purpose of my letter that you question. I'm saying perhaps the BOD needs a housecleaning also.
This said, I may be incorrect. CLMT has a bit different structure than many other firms and the board may not have the power I am supposing. A discussion here may be enlightening. Ya think?
If I'm not mistaken, the board brought in the prior ceo also, and probably a few other capitol letter management types and they did a poor job. There was a bit of nepotism involved, if I remember correctly.
I do hope Go is more honest. I support his ending the div. Time to be responsible.