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Hudson City Bancorp, Inc. Message Board

btdarb 92 posts  |  Last Activity: Sep 12, 2014 12:53 PM Member since: Dec 19, 2006
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  • Reply to

    It's pretty simple

    by value_detective Sep 12, 2014 12:32 PM
    btdarb btdarb Sep 12, 2014 12:53 PM Flag

    Sounds like a decent strategy to me. I think it's going to be a while longer than most of the usual posters here for PWE to get back to the $10 range, even if the accounting issues they're investigating turn out to be relatively minor. It only saw a $10 price tag a couple months back because of the initial uncertainty around the Russia/Ukraine situation, but energy prices have declined substantially since then. Look at the recent performance of some of its Canadian peers, who don't have questions about their financials; they're all down substantially over the last two months.

    You've got yourself covered either way, so good luck!

  • btdarb btdarb Sep 12, 2014 12:35 PM Flag

    What he's "doing here" mostly is being "Ignored".....

  • Reply to

    Interesting take on Goodwill by this poster...

    by ador Sep 6, 2014 5:53 PM
    btdarb btdarb Sep 8, 2014 3:56 PM Flag

    Yep....I just threw out my last "pocket protector" and green visor last week! Again, best of luck here; let's hope we get some good news over the next few weeks!!!

  • Reply to

    Interesting take on Goodwill by this poster...

    by ador Sep 6, 2014 5:53 PM
    btdarb btdarb Sep 8, 2014 3:36 PM Flag

    I graduated from LaSalle University (then LaSalle College, so I'm showing my age a little) with a degree in Accounting, before formerly working (now retired) for the Vanguard Group as a Financials Analyst, but perhaps you're right....maybe I need a refresher course....sort of doubt it though....

    Best of Luck here; we'll all know soon enough.....

  • Reply to

    Interesting take on Goodwill by this poster...

    by ador Sep 6, 2014 5:53 PM
    btdarb btdarb Sep 8, 2014 2:59 PM Flag

    Come on, lionelman, I thought you were smarter than that. Of course they have a DIRECT bearing on each other, and here's how:

    " we know that the cash-flow data that supported that goodwill was overstated."

    Think about that: if the acquired assets, on which the amount of "goodwill" being carried is based, were not actually generating the amount of cash flow that was being reported because of inaccurate accounting, then by definition PWE has likely been misreporting (overstating) the "goodwill" those assets are supposedly creating. The bottom line: PWE's management had better be prepared to address ALL the issues raised as a result of their questionable accounting practices. Let's hope for their sake, and for ours as shareholders, they will do exactly that!

  • Reply to

    Interesting take on Goodwill by this poster...

    by ador Sep 6, 2014 5:53 PM
    btdarb btdarb Sep 8, 2014 1:55 PM Flag

    And you've got to be amused by the fact that some moron gave a "thumbs down" to wanting to know what PWE is really worth....not the sharpest knife in the drawer, I'll bet.....

  • Reply to

    Interesting take on Goodwill by this poster...

    by ador Sep 6, 2014 5:53 PM
    btdarb btdarb Sep 8, 2014 12:04 PM Flag

    Thank you. I just want to finally know the truth about what PWE as a company is really worth, as should everyone here.....

  • Reply to

    Goodwill

    by akhpatel Sep 8, 2014 10:44 AM
    btdarb btdarb Sep 8, 2014 11:51 AM Flag

    Read their balance sheet and find out.....

  • Reply to

    Interesting take on Goodwill by this poster...

    by ador Sep 6, 2014 5:53 PM
    btdarb btdarb Sep 8, 2014 11:49 AM Flag

    Greetings, lionelman17. I can see that, as usual, ador completely missed the point of the Milstead article, and I fear you may be missing its point as well. Here is THE most important issue being raised in the article:

    "Goodwill does not sit on a balance sheet indefinitely. If the cash-generating power of the acquired businesses cannot support the amount of goodwill, companies are supposed to determine that it’s “impaired,” write it down, and take that writedown as a charge against earnings. (Many dismiss these charges as “non-cash,” but they represent failed acquisitions paid for with the valuable currencies of cash or company stock.)"

    Contrary to ador's PWE cheerleader-like interpretation, Mr Milstead's article does NOT, in any way, show that "he just does not understand the issues". Based on his excellent description of what "goodwill" is and how it's created, I'd say he knows exactly what he's talking about, and his article is raising a VERY important question: is PWE carrying an "asset" on its balance sheet that has a highly-overinflated valuation?

    PWE must come out of this with NO additional questions about their numbers, so IF they need to take a hit to the value of their "goodwill", now's the time to do it....

    Good Luck!

  • Reply to

    Sorry, here's the rest and most important piece.

    by ador Sep 6, 2014 12:16 PM
    btdarb btdarb Sep 6, 2014 1:27 PM Flag

    Greetings, ador. The information you posted is good, but doesn't really address the question of what the "goodwill" PWE is carrying on its Balance Sheet is actually worth. That's the REAL question brought up in the Globe and Mail article a few days ago. I don't particularly care whether or not they are "required" to disclose its value only under certain circumstances. If they are carrying an "asset" with an overstated value, well, that's something I certainly do care about. The "management" of this company needs to come COMPLETELY clean when they announce the results of their review, so as not to leave any doubt in anyone's mind that ALL the numbers they're reporting can be trusted. If nothing else, PWE owes its investors at least that much....

  • Reply to

    good article in Globe and Mail about.,....

    by mdb4403 Sep 3, 2014 9:55 PM
    btdarb btdarb Sep 4, 2014 11:48 AM Flag

    Greetings, ed. Agreed, their physical assets do have value attached to them, but you've got to admit it's a little hard to believe that after all these years there's that much value left in the assets they acquired as part of their Canetic Energy Trust purchase. I just want them to come clean on ALL their numbers when they announce the results of their review, so we're not left with any more questions about what's worth what......

  • Reply to

    good article in Globe and Mail about.,....

    by mdb4403 Sep 3, 2014 9:55 PM
    btdarb btdarb Sep 4, 2014 10:13 AM Flag

    OK, you raise some fair points. From an operational and debt standpoint, PWE has made some improvements (remember that Q1 production actually DECREASED on a quarter-over-quarter basis, however) recently. But the article raises what I think is a very legitimate question: IF that "goodwill" figure is highly overstated, then PWE's book value IS overstated. (Now you know why I was so disappointed that they didn't put up the "For Sale" sign) We'll know soon enough.

    I don't always agree with what our friend mdb4403 has to say, but he did the Board a favor by bringing the article to our attention, so thanks to him. I value other opinions, as opposed to just taking on faith what the company has to say, especially now.....

  • Reply to

    good article in Globe and Mail about.,....

    by mdb4403 Sep 3, 2014 9:55 PM
    btdarb btdarb Sep 4, 2014 9:31 AM Flag

    Greetings, gsi. So, please give us your opinion as to "what PWE is really worth". The article's author draws one conclusion, and because you disagree you label it "wildass speculation". Mr. Milstead could label your claim "that PWE assets are probably worth in far excess to its book value" as pure speculation on your part as well. The big problem this accounting mess has brought into the light of day is that NOBODY knows "what PWE is really worth" right now, so his "idle speculation" is every bit as valid as yours until we get concrete numbers to the contrary.....

  • Reply to

    good article in Globe and Mail about.,....

    by mdb4403 Sep 3, 2014 9:55 PM
    btdarb btdarb Sep 4, 2014 8:59 AM Flag

    It is indeed an interesting article, and it gives an outstanding explanation of the concept of "goodwill". I'd strongly suggest all the regular posters here, both the believers and non-believers in the PWE story, give it a look. It also suggests to me a possible reason why according to the CEO they "considered a sale" last November, but decided against it: perhaps any potential acquirers out there aren't able to get an accurate read on how much PWE is actually worth? Food for thought.....

  • Reply to

    PERFORMANCE Speaks for ITSELF ~ twoblackcats

    by twoblackcats88 Sep 2, 2014 10:35 AM
    btdarb btdarb Sep 2, 2014 2:02 PM Flag

    He actually sprained his wrist, but not by patting himself on the back. Just "Ignore" him, and let he and all his alter egos continue to talk to each other.....

  • Reply to

    next update every 2 weeks

    by harrytcpw Aug 28, 2014 10:44 AM
    btdarb btdarb Aug 28, 2014 5:02 PM Flag

    Greetings, lionelman! You're probably right, but hey, it doesn't hurt to ask. Maybe some enterprising young analyst will ask them about those decomissioning liabilities on the next conference call......

  • Reply to

    next update every 2 weeks

    by harrytcpw Aug 28, 2014 10:44 AM
    btdarb btdarb Aug 28, 2014 11:23 AM Flag

    Greetings, harry! This is an excerpt from a Globe and Mail article dated August 21, 2014:

    "Meanwhile, Penn West continues to auction assets in an effort to pull itself out of financial trouble. But, again, history is hurting this process. Penn West at times in the past decade bought assets in order to push its numbers closer to the targets it had set. Those properties, including some acquired through the Canetic takeover, often came with heavy decommissioning liabilities.

    The liabilities, which are the highest in the Canadian oil patch for a company its size, mean companies now considering buying Penn West’s assets must account for those risks, Mr. McCrea said. Penn West “hasn’t been getting top dollar” for the assets because of the decommissioning liabilities, he said."

    Next time you talk to IR, I'd be curious to get their stance on this; perhaps it's the reason why we haven't yet seen the big asset sale they promised to have completed by the end of this year?

    Thanks.....

  • Reply to

    Dividend Coming

    by long_term_investor1 Aug 27, 2014 2:36 PM
    btdarb btdarb Aug 27, 2014 4:35 PM Flag

    Didn't we cover this topic when I posted the same quote back on August 15? Since their long term "turnaround" plan assumed continuation of the dividend at its present level, unless their books are complete garbage I'd expect them to continue it as planned. What's your sense of it?

  • Reply to

    No Material Change

    by georgia_stock_investor Aug 26, 2014 6:32 PM
    btdarb btdarb Aug 27, 2014 11:33 AM Flag

    Greetings, cowley_ed! I'm hoping it doesn't take three more announcements for them to give the "OK, we've cleaned up our mess" signal!

    Good luck with your options!

  • Reply to

    Believe me or not PWE is up for sale

    by besmarter8 Aug 26, 2014 8:20 PM
    btdarb btdarb Aug 27, 2014 11:31 AM Flag

    There's always the possibility of the company being sold, but I don't think it's a strong possibility at this point in time. Don't forget that back in November, 2013, when the stock was above $11 per share, according to the CEO they "considered a sale", but opted instead for their long-term turnaround plan. So now they're going to sell with the stock price below $8.00? I just don't see it.....

HCBK
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