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Biglari Holdings Inc. Message Board

art_vandelay_7 5 posts  |  Last Activity: May 8, 2014 3:01 PM Member since: Oct 11, 1999
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  • Reply to

    all is well

    by gilbride_michael May 7, 2014 9:41 AM
    art_vandelay_7 art_vandelay_7 May 8, 2014 3:01 PM Flag

    Is this some kind of Jedi mind trick? I feel very dirty, but I did buy some shares in the past 2 weeks, figuring it would bounce once the 10-k was released. If these fools announce awful earnings, I'm going to feel like a complete dunce.

  • Reply to

    all is well

    by gilbride_michael May 7, 2014 9:41 AM
    art_vandelay_7 art_vandelay_7 May 7, 2014 10:39 PM Flag

    You're right Mikey. I guess that means TA will drop after it files its 10-k. I guess I better sell tomorrow.

    Thanks for setting me straight!

  • Reply to

    all is well

    by gilbride_michael May 7, 2014 9:41 AM
    art_vandelay_7 art_vandelay_7 May 7, 2014 2:51 PM Flag

    I don't think that answer is saying much. Everyone knew (or should have known...it was in the original 8-k filing) that the delay had to deal with the accounting for the NOLs. My interpretation is that the recent share sales could be construed as a change in ownership, and that some of the NOLs may have to be written off because of that. Writing off any amount of NOLs would obviously be a negative, although not a major negative.

    There was a valuation allowance against the NOLs, so you won't see the impact on the income statement or balance sheet....the gross NOLs and the valuation allowance will both decrease. It's my understanding that they are going to reverse at least a portion of the valuation allowance, so it will decrease more than the NOLs and thus show up in income.

    The comment about being a "future benefit to TA" means that the accounting issues are related to something that is a future benefit to TA (i.e. the NOLs). He's not implying that writing them off is a future benefit.

    I think the drop in TA is mainly due to the uncertainty over the late filing. Assuming the operations didn't suck in Q4, I expect the stock to go up once the filing is made.

    This is probably as clear as mud, but I hope it helps.

  • Reply to

    all is well

    by gilbride_michael May 7, 2014 9:41 AM
    art_vandelay_7 art_vandelay_7 May 7, 2014 11:57 AM Flag

    I just read HPT's transcript. I didn't see that they implied the filing would be positive. The only information they gave out was that TA was current on its rent payments. The information about the delay being related to the NOL accounting was old news. They mentioned that they thought TA would file by the end of May, but also said that the banks would likely grant another waiver if TA couldn't meet that deadline.

  • art_vandelay_7 art_vandelay_7 May 1, 2014 3:32 PM Flag

    The recalculation of the tax credits will not be to our advantage. They may have to write-off some of their NOLs because of the 2 share sales they did in the last few years.

    Good thing we're paying RMR such a hefty management fee....

BH
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