In its most recent analysts report Credit Suisse said they hoped to hear "more color" as to the massive drop in book value. It just might be that we will never see or hear "more color" but there has to be an interesting story here. I have been trading this issue for dividends for several years and have yet to take a big hit. I hope my timing remains very lucky.
Luck to all
Over the past 20 years I have owned a small piece of numerous companies which have been accused of paying dividends from SPOs, and debt. It does happen. The Mills company was the most egregious and actually the only one that I know of which actually did what they were accused of.
I am no student of high level accounting but I do know that much of Ston's revenue is current payment for future services. I suspect that much of the accounting murkiness is the result of accounting practices which are way over our heads.
And, while I have been typing this STON is up another $.22 and that is a good thing
The bond issue documentation (summary in news EDGAR doc.) are said to limit SPH ability to..." pay dividends or make other distributions on, redeem or repurchase Suburban's capital stock". Can anyone clarify that provision? The SEC filing also provides that "capital stock includes: "...in the case of a partnership or limited liability company, partnership interests (whether general or limited), membership interests, units, incentive distribution rights or any similar equity right to distributions"
Can anyone clarify this?