• Portsmouth side values will plunge.
• Downtown Norfolk revival could really pick up steam, since Portsmouth won't bleed off business. You know they have a nice little section there for conventions in Old Towne ... that will be toast now.
• Then businesses will move to Norfolk/Virginia Beach.
• Commuters will move to Va.Beach/Chesapeake.
All in all tolls are a net positive for HBKS. Great planning to keep the branches closer together without crossing any water.
He's the largest shareholder. It's way too much to sell. He's got to be thinking, "how am I going to monetize this?"
Talks big on growth and expansion, but numbers don't back it up.
According to the VDOT, when you mail your E-Z Pass in for service (you have to replace the battery periodically, but you can't do it yourself), you should wrap it in mylar or tin foil.
Why do you need to wrap it? You don't know, do you? See ... you're not ready for it.
WSJ article on June 11, 2013 : "Eric Langan, Rick's president and chief executive, said he anticipates Rick's will complete the REIT spinoff within six months."
Start racking up the charges:
$35 to buy an E-Z Pass (credited against tolls)
$0.50 monthly maintenance fee
$2.34 to drive from Suffolk to Norfolk during peak hours; .$.50 MLK extension; $.1.84 for tunnel (pretty much any time is considered "peak").
Sure, in 2063 when the tolls come off, things will be great!
One could spend all their time just figuring out how NYC air rights work.
RICK sold all of the residential rights ... so they must have kept the commercial rights. So ... no one wants the commercial rights... they couldn't sell them. But it's risky to hold them because .... the City is creating more air rights in the Mid-town development zone right up the street... and selling them for $250/sq. ft. So how many sq. ft. of commercial air rights does RICK have? Because even though in a different zone, it's unlikely they are worth more than $250/ sq. ft.
So how many times can they do this convertible pref or notes trick to raise capital? It seems to work less and less each time. On the other hand, the HBKS CEO just said in the earnings release they aren't doing anything about SBLF for two more years. It would be nice to have some management guidance ... you're not going to get it over here.
It's much harder to plan around things than one thinks. That's how stock investors get stuck ... everyone rushes for the exits at the same time.
Here's the plan:
1. Buy the common.
2. Hope it doesn't go down.
3. Convert offering comes at some point.
4. Sell the common.
5. Buy the convert.
It makes no sense ... They put in $5.2M as part of the overall transaction [SEC filing]; now it' disappeared [Press Release]. I'm just telling you as a public service ... #$%$?