MSD Capital owned 6.507 million at 9/30 while MSD Partners owned 12.774 million.
Yeah, I need a remedial eyeball decimal point class.
No excuse, but I was rushing to get somewhere. I don't use decimal points on my calculator because my "eyeball" method is usually correct. Wag going to put steaks on grill when I did math in head which also requires eyeball decimal placement and said to myself " oh s*h*i*t"
A decimal placement does make a big difference. But given the size of nre and the size of other buyer holdings, I do not consider these purchases ""for show" tokens.
Forms 4 just filed.
Tylis bought 100,000 @ 10.8493 yesterday. 10.85 million worth
Hamo bought 191,000 @ 10.4742 today. 20 million worth.
these ain't tokens like the nrf purchases
Knowledge of preferreds in general.
Knowledge of NRF preferred terms in particular.
Knowledge of how to calculate a percentage decline in price.
Lemmings following lemmings. An opportunity for preferred lovers although I would not buy 9.5% preferred when I can buy 18.5% common.
With 191 million common shares out at 3.00, that's 573 million of common dividends. All classes of preferred combined get 84.2 million per year is dividends. Common dividend has to go to zero before first penny of preferred dividend is cut.
IMO, selloff in preferred is preposterous for those in love with "safety" of preferred. Selling preferred to use proceeds to buy common makes sense to me. Maybe that light bulb just went off in the heads of preferred holders.
Have a buy order in today.
Not selling any or thinking about selling. I'm more concerned about volumes due to warm weather than I am about oil price. Yeah, low volumes as well as low NGL prices will hurt some, but not like price of oil is killing oil producers.
I intend to ride out the cycle.
You have your companies and dates mixed up. Read your sources again and this time pay attention to company name and dates. Use a note pad if you have to. Comprehend what you read. Then you avoid posting trash.
What could they accomplish?
Loud, public complaints. Letters to bod with copy released to public. Tell us about the 39 million writedown on Aerium, something I called to the analysts attention when it was 9 million in 2Q. No analyst had the guts to ask publicly. Then it was 30 million in 3Q and not one word from management about why they have written off more than 60% of their Aerium investment in 15 months.
I don't have time to type 10 other similar questions about compensation, board conflicts of interest, sneaky sec filings, a euro spin that bombed, withholding forward guidance, lack of interim updats, withholding information unless and until disclosure is mandatory. For example, NRE filed a 10-Q for 3 Q and the spin was disclosed as a subsequent event. BUT, nobody has disclosed how many shares they issued. That's not compulsory until 12/31 numbers are due. So a simple, harmless fact is not disclosed until it's compulsory. I have asked by email. No answer.
Well said. This dive is feeding on itself and it's tutes, not retail driving it.
In my opinion, the biggest pop a single event can cause right now would be Steadfast (or one of the other big hedge funds) filing notice with the SEC that it was becoming an active shareholder. The so-called "independent" directors are worthless rubber stamps for a greedy, sneaky, ducking accountability management. Having a shareholder with clout step forward publicly to represent cash shareholders' interests would cause a price explosion.
Hamo and Tylis bought their tokens on 11/11 so it is reasonable to assume the blackout was lifted effective with the 11th for the company also.
Beginning with 11/11 and ending with and including 11/30, there were 12.5 trading days in November when NRF could have been buying. They have to report buybacks by month in the 10-K (and 10-Qs).
When the 10-K is filed, you look for the number of shares purchased in November and divide that number by 12.5. I think you will be very disappointed with the quotient.
I agree, the buyback on the one day they had in September made me believe the buyback was real. Now I believe it's a sham, just like NSAM.
You asked: "The one question would still remain, however: WHY has it tanked SO much in relation to it's peers (VNQ,etc), absent any evidence that we can see?"
The answer is easy. You cannot see a stink.
See my post on IV about WSJ article.
Buybacks shrink the company. Assets are lower (or liabilities higher) while equity declines an equal amount.
Management has a better chance of getting fat bonus shares by using liquidity to buy more property, get bigger. Conversely, management using liquidity to get smaller with fewer shares outstanding decreases their opportunity to loot the company for excessive compensation.
IMO, NSAM proved it's buyback authorization was a bluff (fraud) by its actions in 2Q and 3Q. It now appears that NRF is following suit. How can they not buy back all they can as soon as they can when the dividend yield is over 16% (over 17% this morning)?? When is the failure to buy evidence of fraud?
Musta been a rousing presentation with all those "new" presentation materials. The tutes just loved the aura of trust radiated by management. Yeah, we're gunna buyback big. We're watching out for the shareholders, always looking for ways to unlock value like our spinoff of Europe. Only problem was the fair market value of the publicly traded stock was less than we paid for it. Oh well, the good news is the spin didn't create any taxable income. We know right now approximately what percentage of 2015 distributions will be return of capital, but we ain't gunna tell you nuttin because we can't get a precise number until 2016 when it's too late for you to do any tax planning. Yeah, we're always lookin out for the shareholders.
The stink of NRF management.
I see it. They moved it and now have a dead link on their website. I suppose after this is no longer current info they will move it back to the dead link.
Just went to website to read tax info again about NRE spinoff. 11.38 was the fmv they ascribed to NRE stock.
This is message I got when I clicked on the NRE spin link:
Page Cannot Be Found
The page you are looking for might have been removed, had its name changed, or is temporarily unavailable.
All 3 filed 8-Ks this morning referring to presentation materials on respective company's website.
Little new, but format changed somewhat.
From fbr website:
"FBR 22nd Annual Investor Conference
Tuesday, December 1, 2015
Westin Times Square
270 West 43rd Street
New York, New York 10036
FBR hopes you can join us on Tuesday, December 1, 2015, for our 22nd Annual Investor Conference, which will pair institutional investors with management teams from more than 80 public and private financial companies for a productive day of one-on-one meetings."
NRF and NSAM are listed as participants. NRE is not on the list of attending companies.
Nothing new will be disclosed unless an 8-K is filed before they reveal any new info.
That answer is pure BS. They know right now within 5 percentage points where the year will end up tax wise.
They could easily say, for example, they expect roc percentage to be between 45 and 55% for the first 3 dividends and 80 to 90% roc for the 4th qtr dividend.
They can always add language to the effect that the year ain't over till it's over and material transactions could take place between now and the end of the year.