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Fifth Street Finance Corp. Message Board

briskit44 279 posts  |  Last Activity: 9 hours ago Member since: Nov 30, 2004
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  • briskit44 briskit44 9 hours ago Flag

    No I didn't mean that, nor is it true. Currently I have zero debt obligation yet do own debt securities. Am I a "non-slave 1%" ? No. I do ok, but certainly not in that 1% of referred wealth concentration.

    Everyone owes everyone is exactly that. Including citizens. The 'National Debt' number that everyone throws around isn't just the government obligation. It is the whole nation, including individuals. The US government has 79% of that 14T.

    How high of a standard one wishes to live typically defines how deep one is in debt. How deep you are allowed to dive is up to someone else. Some folks are extended further than others because an equation says they can.

    In the end everyone dies, so does their debt. Everyday debt dies. Everyday debt is born. It's up to the grand powers to keep that jar balanced until then.

    Debt is the new religion. It keeps the population structured and mostly civil all the while giving them a belief there is something better.

  • briskit44 briskit44 10 hours ago Flag

    Nothing special. The right is equivalent to an open market option that you are given (not purchased).

    Three choices.

    1. Do nothing. Pay no taxes. Not recommended unless you are bent on not making money and therefore paying no taxes.

    2. Sell the right. Pay short term gains of proceeds

    3. Exercise the right and upon sale of equities you adjust your cost basis relative to the strike price of the option vs market close price day of exercised right. (Option Discount).

  • briskit44 briskit44 11 hours ago Flag

    Too much is made about the debt. Everyone now owes everyone around the globe so now that is in play the relative debt level is just par.

    There is effectively only one substantial economy with a low debt level relative to GDP, and that being Saudi Arabia. Hence why they can conduct the current oil power struggle. Even the China economy that everyone now seems to revere has doubled it's debt to GDP ratio in just 4 years.

    It's back to the endless giant jar syndrome. They water will just keep filling the jar. Ensuring the jar doesn't tip allowing to spill out who cares how full an endless jar is ?

  • briskit44 briskit44 15 hours ago Flag

    7300 shares in a company with pending lawsuits. You are a brave soul.

  • briskit44 briskit44 15 hours ago Flag

    what kind of post is that ? "may have filed". They either did or did not of which the latter is the truth. Good to see when any BDC repurchases but $2M is pittance particularly when PSEC is asking for shareholder approval to issue shares below NAV, Item 2 in the 9/10/15 DEF14A.

  • Reply to

    Free loan for the U.S. Governent

    by thewisejman 16 hours ago
    briskit44 briskit44 15 hours ago Flag

    Just goes to show how much big money doesn't want to be in the market. One Month T-Bills traded Monday at -0.02% so those buyers will take a capital loss. Amazing.

  • Reply to

    Trap of the decade.....

    by keltus1952 Oct 5, 2015 3:31 PM
    briskit44 briskit44 16 hours ago Flag

    your web service on those devices are provided by the phone company...

  • Reply to

    Class-Action Complaint

    by jimcooper28 Oct 3, 2015 11:38 PM
    briskit44 briskit44 Oct 5, 2015 9:06 AM Flag

    The provided link is accurate and does work but the jist of it all can be easier obtained by reading any of the press releases from the competing firms that want to steal the class.

  • briskit44 briskit44 Oct 5, 2015 8:13 AM Flag

    Kinder Morgan is a Corporation, not a Master Limited Partnership. A bunch of hysteria over nothing...relative to KMI

  • Accusation:
    TICC is biased and only favors BSP's agreement because it generates millions of dollars in payments to the Board

    Answer: FALSE. TICC Capital Corp. and TICC Management, LLC are two different companies. The TICC Capital Corp. Special Committee is made up of three independent directors who have no financial interest in TICC Management, LLC and will receive no payments as a result of the BSP agreement.

    See how that was done ? Of course TICC Capital Corp Special Committee will receive no payments as a result of the BSP agreement. But what about TICC Managment LLC ? Dirty scoundrels word it in such a way to make it sound like neither will receive payments but that is does not say that.

    Couldn't they say ? Neither TICC Capital Corp nor TICC Management LLC will receive payments as a result of the BSP agreement ? Actually No. Because THAT would be untrue.

    How can anyone trust this clan ? Disguising the truth is much worse than admitting it.

  • Reply to

    Class-Action Filed Against FSC et al.

    by jimcooper28 Oct 2, 2015 4:55 AM
    briskit44 briskit44 Oct 2, 2015 8:17 AM Flag

    I've been barkin (yeah...woof) about this since the F-SHAM went IPO. Bout time these managers siphoning out shareholders dollars have to answer. Between this and the Proxy fight at TICC these BDC managers might start paying attention that the shell game is nearing an end.

  • Reply to

    SLF 2

    by briskit44 Oct 1, 2015 9:12 AM
    briskit44 briskit44 Oct 1, 2015 12:45 PM Flag

    I interpreted the information as Fifth Street CLO Management LLC was the holder of the asset. Now who is actually the principals/investors behind that private entity is not clear, hence my suspicion it's another FSAM sham ola in the making.

  • Reply to

    What to do...hmmm?

    by gambler874 Oct 1, 2015 11:55 AM
    briskit44 briskit44 Oct 1, 2015 12:40 PM Flag

    Appreciative of the cash distribution ? You may not realize the distribution return of capital (ROC) component has been growing every quarter ? You can certainly withdraw a hunk of money from your bank account every quarter and achieve the same result.

    2014 was a 16 cent return of capital and 2015 is going to be considerably worse. Through 3 quarters looks to be on the order of 43 cents. Not officially published by TICC yet so it's just an estimate.

    If you bought 2000 shares of TICC stock at the start of 2014 for $7.10 and sold it today for $6.80 you might think you have $600 in losses to write off. Not the case you actually have $580 in capital gains to pay taxes on. How can that be ? You sold it for a loss.

    Original cost of stock $14,200.
    Return of capital 16 cents (2014) + 43 cents (2015e) = 59 cents.
    59 cents x 2000 shares = $1180.
    Adjust cost basis for stock = $14,200 - $1180 = $13,020.

    Proceeds from sale 2000 x $6,80 = $13,600 - Cost Basis $13,020 = $580 Gain

    Don't think management is just giving you a raw deal on the PPS of the stock . Many will feel additional pain when/if they decide to exit. Add another reason to your decision.

  • Reply to

    Pressure may come off

    by davidachman Oct 1, 2015 9:37 AM
    briskit44 briskit44 Oct 1, 2015 10:03 AM Flag

    but we do know that the performance of last quarter never sets the price for the future quarter(s).

    Plus the divi for NMM is always announced prior to the earnings report.

  • Reply to

    Pressure may come off

    by davidachman Oct 1, 2015 9:37 AM
    briskit44 briskit44 Oct 1, 2015 10:00 AM Flag

    That juicy dividend will likely light the buying fire again. Can't count how many blogs I have seen recently claiming riches to be had by gaming the dividend. Probably on the same order as the last suckers play, the Options Chains. Thing with the divi play, not only is there a cash distribution on the brain the suckers watch the PPS escalate past the payout spread and start chomping on the capital capture too so it adds to the frenzy.

    The divi game is gaining a lot of momentum as the market is a slow drift downward or a sideways venture which leaves little opportunity other than the next 'beat the market' ploy.

  • Reply to

    BDCs were not meant to hold forever

    by thewisejman Sep 30, 2015 8:34 PM
    briskit44 briskit44 Oct 1, 2015 9:55 AM Flag

    I would disagree to a point. A properly ran BDC like MAIN, at least to date, could be held onto forever. Micky Mouse BDC's like FSC with another shell game in the works certainly is not.

    Since most of the BDCs liquidate the majority of shareholder equity through fees and incentives to the manager your point is correct on a general level.

    Unfortunate that the EXCESSIVE greed of Wall Street has turned what could have been a long term income producing entity into just a trading vehicle. Millions in compensation should be enough but Billions is in order so the segment as a whole is out of favor and likely never to return.

  • Reply to

    Just wondering out loud here.

    by grolsh45 Sep 29, 2015 1:40 PM
    briskit44 briskit44 Oct 1, 2015 9:43 AM Flag

    And your point is accurate also as the cash on the books as of Q2 minus the Aug distribution only leaves enough for 3 quarters at most..but..that is assuming the operating cash flow stays the same which should improve a bit with Cristina. Also there is the option to sell one of the older Panamax ships like the Helios. It's barely (or not even) earning it's OPEX so it wouldn't hit the operating surplus much, if at all.

    The secondary market asset activity has been very robust for Q1 through Q3. Since NMM doesn't break out debt per ship it's hard to state Net cash opportunity for a sale but it is options such as this that can surprise even the staunchest of naysayers.

  • briskit44 by briskit44 Oct 1, 2015 9:12 AM Flag

    FSAM closes their second CLO. What does this really mean and who is the actual owner of this asset ?

    Fifth Street CLO Management LLC.

    And where did this new entity come from ? Surely created from the Fees sucked out of FSC and FSLR either directly or indirectly. Of which FSC has been an 87% contributor. You know the next step is an IPO coming for FSCM. Mark my words. I would place a Vegas bet on that.

    FSC Shareholders have already once been swindled out of their investment dollars so Lenny and Benny could pocket proceeds from the FSAM IPO. Now comes the next. It never ends.

    Through the magic of spreadsheet olympics this curly shuffle has been legalized. From a simplistic standpoint when shareholders buy shares for +$10 that are now worth near $5 it's a crime. These shares are worth $5 because of these shenanigans, nothing else. FSC is a financial asset company not a manufacturer or service provider. The value of the stock should be darn near or above the value of the assets, yet they are not because Wall Street knows this clan is always one step closer to swindling out another slice of investor dollars.

  • Reply to

    Reason Behind Monday/Tuesday Selloff of BDCs

    by jimcooper28 Sep 29, 2015 5:44 PM
    briskit44 briskit44 Oct 1, 2015 8:45 AM Flag

    From an economical model standpoint that theory could has some validity. A modern recession is nothing more than consumers not having money/wealth to spend or the perception that in the near future they won't have that wealth. The rest is just trickle down effects of wallets being slammed shut.

    With the Great Recession (2008) it was the erasure of wealth once overstated assets were corrected. The next recession is most likely a perception driven event so the big question is how long can the populous hold on to the belief that a recession is not looming ? Looking at the last quarter in the market suggests a substantial portion believe we are past the inflection point. When or if do the rest jump on the bandwagon ?

6.35+0.07(+1.20%)Oct 6 4:00 PMEDT