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Old Republic International Corporation Message Board

bufoludi 7 posts  |  Last Activity: Aug 3, 2014 7:22 PM Member since: Aug 18, 1999
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  • Reply to

    Income vs DIV payment?

    by ggray1956 Aug 1, 2014 1:57 PM
    bufoludi bufoludi Aug 3, 2014 7:22 PM Flag

    You need to consider both the income tax benefit upon conversion to REIT and the additional paid-in capital, the former in particular.

  • Reply to

    Maybe I underestimated the underwriter ?

    by smaycs4 Jun 10, 2014 3:20 PM
    bufoludi bufoludi Jul 29, 2014 4:38 PM Flag

    I would have more confidence if Ran actually put up some loss reserves as a matter of policy. In fact, shortly after I wrote (September 2011) to his auditor suggesting that not all of their loans could possibly be classified on the balance sheet as short term, they re-characterized a portion from short term to long term. But I fundamentally don't trust him, that is why I couldn't put more money in this after whittling down to a stub position. Ran has had all the chance in the world to create a strong culture, about treating shareholders as partners, but he chose to go a different route. You would be surprised by the short shrift given to shareholders in the 1M share grant prospectus, complete lack of disclosure regarding a compensation report upon which the prospectus was based, and a white-wash by the board more interested in defending Ran's position than providing full and balanced disclosure on behalf of shareholders. The board abdicated any fiduciary duty as gatekeeper, really second class, I was totally unimpressed with these people.

  • Reply to

    Pricing

    by bufoludi Jul 28, 2014 11:47 AM
    bufoludi bufoludi Jul 29, 2014 4:20 PM Flag

    Compare the S-11 on 5/22 and the amended on 7/9, showing 2.5M shares and 2.83M respectively. Search at sec.gov.

  • Reply to

    Maybe I underestimated the underwriter ?

    by smaycs4 Jun 10, 2014 3:20 PM
    bufoludi bufoludi Jul 29, 2014 3:18 AM Flag

    Given the weak demand/poor pricing by the underwriter (woeful indeed!), it looks like pa1702 saw things more clearly than most, viz, questions already about what kind of dividend makes sense.

  • Reply to

    Pricing

    by bufoludi Jul 28, 2014 11:47 AM
    bufoludi bufoludi Jul 28, 2014 12:36 PM Flag

    Something doesn't look right when they originally planned 2.5M shares, later raised it to 2.83M shares based on market reception, and then could only get 1.75M shares done when the rubber met the road. The machinations gone through near the end, and to get just 1.75M shares, suggests they were asking too much.

    Not too long ago, share price was well below book, so why would shareholders mind pricing near book?

  • Reply to

    Pricing

    by bufoludi Jul 28, 2014 11:47 AM
    bufoludi bufoludi Jul 28, 2014 11:56 AM Flag

    Excuse me, originally planned 2.5M shares.

  • bufoludi by bufoludi Jul 28, 2014 11:47 AM Flag

    I'm surprised that they didn't drop the price to get this done, at least at the originally planned 2M share offering. Instead, we got more manipulation of the stock on Friday, a price that is too high $2.85 and a count that is too low.

ORI
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