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Compass Diversified Holdings Message Board

bamajoe20715 92 posts  |  Last Activity: Jul 8, 2014 10:19 AM Member since: Feb 21, 2009
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  • Reply to

    Suggestions on a fair conversion?

    by caffeine444444 Jul 3, 2014 3:32 PM
    bamajoe20715 bamajoe20715 Jul 8, 2014 10:19 AM Flag

    jjj-------If it goes under $20 a share,then get ready to load the boat. In the meantime,take an anti anxiety pill.

  • Reply to

    Suggestions on a fair conversion?

    by caffeine444444 Jul 3, 2014 3:32 PM
    bamajoe20715 bamajoe20715 Jul 7, 2014 12:56 PM Flag

    liz----- With all due respect,I have great difficulty understanding your last statement that " buying back IMOS shares only benefit 8150 holder however,buying back 8150 share should benefit everyone". For every share of IMOS they buy back,they indirectly buy back 17.5 shares of 8150. Therefore,it would appear to me that buying back IMOS would more likely benefit everyone because the share count of both IMOS and 8150 would decrease.

  • Reply to

    Suggestions on a fair conversion?

    by caffeine444444 Jul 3, 2014 3:32 PM
    bamajoe20715 bamajoe20715 Jul 6, 2014 8:26 PM Flag

    caff-------Lets say they go for a straight 17.5 share conversion of 8150 plus the cash in Bermuda for each IMOS share At 8150's current price,as you note,we will get a value of $27.50 for each IMOS share. What will happen if they then unleashed a $300 million buy back to be split evenly between 8150 and the ADR's over the next 2 years. I don't really know what would happen,but I suspect both 8150 and the ADR"s would move up in value.because the number of shares of 8150 will be reduced and earnings per share increased. I am hung up on trying to maintaining our 60% interest in the operating company, and to avoid further dilution, I have tried to come up with different scenarios which would accomplish that. However, I believe management will go in a different direction.As long as we realize a value of between $30 and $35 for each IMOS share upon conversion, I think most IMOS investors will be satisfied.

  • Reply to

    Suggestions on a fair conversion?

    by caffeine444444 Jul 3, 2014 3:32 PM
    bamajoe20715 bamajoe20715 Jul 6, 2014 11:24 AM Flag

    caff------ You asked for suggestions on a fair conversion. I have previously stated some of my views in earlier posts and now I will try and answer you directly. I think a fair conversion should include no further dilution of our interest in 8150, the operating company. We now have a 60% interest in 8150 and fairness would dictate that we maintain that interest thru the issuance of ADR's representing our pro rata ownership of 8150.Now,it appears that management may want to buy back some $300 million worth of 8150 shares directly from IMOS. If this is the plan,then they will thereby wrest control of 8150 from IMOS and for that privilege they should be required to offer up a substantial premium to IMOS shareholders. This is not my preferred outcome of the conversion process.It will give us more cash and less stock. So, while the transaction will in all likelihood drive up the price of 8150, our benefit from that will be reduced because IMOS shareholders will have less shares of 8150 in each ADR which we will receive.( We now have an interest in some 17 shares of 8150 for each IMOS share.If 8150 buys back $300 million of 8150 stock from IMOS we will then have about 11 or 12 shares of 8150 for each IMOS share) For this reason,I have always maintained that if they are to conduct a buyback,they should buy back IMOS shares which would also indirectly constitute a buy back of 8150. For each IMOS share they buy back, they also buy back some 17 shares of 8150. Under this scenario, our 60% interest in 8150 would be maintain and no further dilution would occur. The next fair conversion idea would be the issuance of ADR's representing our pro rata ownership interest in 8150 and a return to IMOS shareholders of the money in Bermuda. Then,8150 can use the buy back money to buy back either the ADR's, 8150 stock, or both. This approach would appear to be fair to IMOS and 8150 shareholders. These are my views and I understand others may have other ideas. Let's not screw this up.

  • Reply to

    Suggestions on a fair conversion?

    by caffeine444444 Jul 3, 2014 3:32 PM
    bamajoe20715 bamajoe20715 Jul 4, 2014 2:48 PM Flag

    marnis----- I think what may be unfolding is a clever scheme on the part of management to take full control of 8150 and dilute our interest in the operating company.. They want to avoid buying back IMOS shares because if they only buy back 8150 shares they will thereby further dilute our interest. Remember,IMOS at one time controlled 86% of the operating company. That interest was reduced to some 60% to further the restructuring. Now,if they make an end run around IMOS and buy back 8150, our interest will be yet further diluted. It would be rather ironic for them to buy back 8150 at between 40 and 50 when such shares were sold for 15,20,and 26.50 not too long ago.Talk about selling low and buying high. Should be very interesting how this all plays out.

  • Reply to

    Suggestions on a fair conversion?

    by caffeine444444 Jul 3, 2014 3:32 PM
    bamajoe20715 bamajoe20715 Jul 4, 2014 1:44 PM Flag

    caff ------- The more i think about management buying 3 or 4 hundred million worth of 8150 stock from IMOS, the more unhappy i feel about that prospect. That transaction will transfer the 300 or 400 million from 8150 to IMOS,but in the process it will further dilute our interest in the operating company.So, we are going to end up with more cash then many of us want and less shares of 8150 via ADRS then we want or deserve. And this will come at a time when the prospects of 8150 going forward look so promising. If I were Seth, I would have told management if they want to buy back 8150 shares then they should do it by buying back IMOS shares. Start buying IMOS shares and don't stop until the price reaches $30 a share or you run out of money. This would probably drive up the price of 8150 shares and IMOS shares while it would maintain our present interest in 8150 without further dilution. Just my opinion.

  • Reply to

    Suggestions on a fair conversion?

    by caffeine444444 Jul 3, 2014 3:32 PM
    bamajoe20715 bamajoe20715 Jul 3, 2014 6:45 PM Flag

    caff------ The only way they can buy a massive block of 8150 is from IMOS. While we, as stockholders of IMOS, had no say in establishing the price at which IMOS previously sold shares, ( 15, 20, 26.50 ),at this point I assume IMOS shareholders would be asked to approve the price at which the shares are sold. I still maintain that the preferable way to proceed is to buy back IMOS shares.This will also result in an indirect buy back of 8150 and a reduction of the share count of both IMOS and 8150 would be accomplished. I think this would give them the best bang for their buck.I also recognize that this approach is a long shot and unlikely to happen...

  • Reply to

    Suggestions on a fair conversion?

    by caffeine444444 Jul 3, 2014 3:32 PM
    bamajoe20715 bamajoe20715 Jul 3, 2014 4:10 PM Flag

    Caff------- It is my understanding that management wants to reduce the number of 8150 shares that is presently outstanding. If this is the case,then a buy back of some sort would be part of the plan management formulates and implements. Clearly, they (8150 ) have already arranged for financing to undertake a massive buy back. What other way can they reduce outstanding shares except by conducting a buy back. They can buy back 8150 shares in the open market,they can buy them back from IMOS,or they can buy them back indirectly by buying back IMOS shares. Why are you saying no buy back is contemplated as part of the end game which involves the collapse of the holding company and the final conversion. Am I missing something or do I misunderstand your post.

  • Reply to

    Bank Loan Press Release

    by johnboywalton56 Jul 2, 2014 11:01 AM
    bamajoe20715 bamajoe20715 Jul 3, 2014 11:11 AM Flag

    caff When you consider how the money in Bermuda was primarily generated, to deprive the IMOS stockholders of that money would, in my judgement, be unreasonable and unjustified. That money should be returned to us as a special dividend and then they can go about deciding on a plan to collapse the holding company and proceed with the conversion.Also, having IMOS stockholders totally responsible for the ESOP troubles me.

  • Reply to

    Bank Loan Press Release

    by johnboywalton56 Jul 2, 2014 11:01 AM
    bamajoe20715 bamajoe20715 Jul 2, 2014 5:39 PM Flag

    cphill----- We can't lose sight of the fact that the 100 million in Bermuda was derived primarily from the sale of our 8150 shares. Those sales reduced our interest in 8150 from some 86% to some 60%. That was a significant price payed by IMOS shareholders to further the restructuring. Whatever plan management formulates and agrees upon,should, as a matter of fairness, take into consideration that the owners of the 8150 shares purchased from IMOS have prospered greatly (gains of over 100% in a short period of time ) compared to the IMOS shareholders. That ia why some here have speculated that the plan ultimately implemented by management would include a premium for IMOS shareholders. We shall see.

  • Reply to

    Bank Loan Press Release

    by johnboywalton56 Jul 2, 2014 11:01 AM
    bamajoe20715 bamajoe20715 Jul 2, 2014 3:06 PM Flag

    Liz With all due respect, the money in Bermuda belongs to the IMOS stockholders and does not belong to 8150. Now, if 8150 buys out IMOS, at lets say $30 a share, then they would take control of the money in Bermuda..

  • Reply to

    OT - Jamie Dimon's Cancer

    by johnboywalton56 Jul 2, 2014 10:46 AM
    bamajoe20715 bamajoe20715 Jul 2, 2014 11:11 AM Flag

    johnboy I second your comments and will keep Jamie in my prayers. Cancer is,without doubt, the most insidious disease known to mankind. It is extremely rare these days not to be impacted in some way by this disease.

  • Reply to

    OT- Micron

    by jayand777 Jun 23, 2014 3:57 PM
    bamajoe20715 bamajoe20715 Jun 25, 2014 5:46 PM Flag

    caff Bone in rib eye is good,real good,but you can probably get a very lively debate on what is the best part of the cow.

  • Reply to

    New member intro, "Big 3", and what about SPCB?

    by merouleau Jun 19, 2014 7:23 PM
    bamajoe20715 bamajoe20715 Jun 23, 2014 11:04 AM Flag

    change"distance" to "distant" in earlier post. Sorry.

  • Reply to

    New member intro, "Big 3", and what about SPCB?

    by merouleau Jun 19, 2014 7:23 PM
    bamajoe20715 bamajoe20715 Jun 23, 2014 10:54 AM Flag

    jjj You only lose money if you sell at a loss. You only make money when you sell at a gain. Some investors are willing to endure some frustration for a very profitable payoff in the not too distance future.

  • Reply to

    chipmos is invited by Goldman Sachs Asia

    by lizheng19672002 Jun 18, 2014 10:30 PM
    bamajoe20715 bamajoe20715 Jun 20, 2014 1:07 PM Flag

    Caff and others--------They sure can begin the process of the conversion by buying back every share of IMOS under $25 a share that people are willing to sell.

  • Reply to

    Comments on the Big 3 in brief IMO

    by marnis123 Jun 18, 2014 6:08 AM
    bamajoe20715 bamajoe20715 Jun 18, 2014 10:10 PM Flag

    marnis----- I have no quarrel with your view that HIMX is not a sure thing short term. Rarely,if ever, can you legally find a short term sure thing in the market.

  • Reply to

    Comments on the Big 3 in brief IMO

    by marnis123 Jun 18, 2014 6:08 AM
    bamajoe20715 bamajoe20715 Jun 18, 2014 1:34 PM Flag

    marnis------ You don't want to be associated with that article. It can only be characterized as inane.

  • Reply to

    Comments on the Big 3 in brief IMO

    by marnis123 Jun 18, 2014 6:08 AM
    bamajoe20715 bamajoe20715 Jun 18, 2014 10:31 AM Flag

    marnis------ I have no idea where HIMX is going in the short term.However, holders of HIMX, should be encouraged to some extent because the almost daily downgrades of the stock has had only minor impact on the stock price. It may be already washed out and the loss of Google,if it occurs,may be baked into the share price.Only time will tell.

  • Reply to

    Secondary is Coming

    by j_rick41 Jun 16, 2014 10:31 AM
    bamajoe20715 bamajoe20715 Jun 16, 2014 7:30 PM Flag

    What evidence do you have to support your belief or is that just your speculation.

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