I saw that too. I suppose since the 13d did mention the BOD directly as a potential change target, Gross may have felt compelled to reply. Mr. Market seems to like the possibilities here but I'll admit, I've been selling small blocks into the strength. Lesson learned from our last peak.
Mojo, you are correct. It looks like the 13D may be just a table setting exercise triggered by 1) the expiration in Sept. of the original warrants CMA held (which were included in their original 13D filing in August of 2008), and 2) the end of the "standstill period" in August from the original 2008 shareholders agreement. If anything, as a result of the warrant expirations, their ownership share has decreased, not increased. With CMA now free to more forcefully influence things, maybe we will see some movement/deal making. Hopefully it doesn't mean that they will try to accelerate their ~4M a quarter liquidation of their preferred interest kicking off in August of 2016. Can't help but think they are also a bit frustrated by the stasis that has defined GSL. Without some type of growth or re-financing, that preferred obligation will put a heck of a damper on cash flows (and potential dividends) in two years.
Didn't catch the actual number but enough to trigger a 13d requirement. Weren't they originally about a third of outstanding common at the original filing? The verbiage in the filing is the thing that caught my attention. Feels like something sizable is in the works, finally!
Hi Folks, Been awhile since I've posted but still holding fast on a very large position in GSL. CMA CGM's latest 13d filing is an interesting one though and it prompted this post to see what the community thinks. They are now holding ~43% of the common A class after what looks like additional accumulation. The filing indicates that CGM believes the shares are undervalued weighted against business prospects and they may be considering a board change/expansion to capitalize on this opportunity. This actually surprises me that they would not already be the "big dog" at the table and basically be directing the longer term corporate strategy. Are they also frustrated with what has been a basically 4 year status quo? While other groups (SFL, NNA come to mind) are taking advantage of distressed pricing to expand, GSL has continued to stick with the rather long in the tooth "predictable cash flows while deleveraging the balance sheet" strategy. Any thoughts as to what might transpire here?