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Southern Copper Corp. Message Board

dar200 194 posts  |  Last Activity: 36 seconds ago Member since: Nov 16, 1998
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  • Reply to

    Griffin merger vote ?

    by pcs.jr56 Dec 1, 2014 10:28 AM
    dar200 dar200 Dec 3, 2014 10:57 AM Flag

    They can't until they get their stock unless they want to short in anticipation of receipt to cover.

  • Director Clunet Lewis did a cashless (except income taxes) early exercise of all the options he had on sui stock. In each case, he sold enough shares to pay the strike price for each exercise.

    He exercised on 1,500 at 32.63 and sold 843 at 58.05 to pay for the 1,500. These expired on 5/20/16, in about 1.5 years.

    Also, 1,500 at 29.54 selling 763 to pay for them. These expired on 7/28/20.....somewhat less than 6 years from now.

    Also, 1,500 at 37.35 selling 965 to pay for them. These expired 7/27/21.

    So, he got 1,929 shares paid for entirely by the profit between 58.05 (the sell prices) and the strike prices (a cashless exercise). All he has to do now is pay income tax on 111,945, the spread between 58.05 and the strike prices.

    Obviously, there is a reason or reasons which caused Lewis to conclude he was better off risking his money (shares) now and paying income taxes now than waiting for years with no money at risk.

    By exercising now:
    He begins collecting dividends.
    He starts the holding period on the shares acquired.
    He limits his tax hit to a known amount of income and a reasonably certain tax structure. This becomes compelling if he believes the price of the stock will be much higher (with an unknown tax system) as the options approach expiration.

    Exercise of in the money options which are about to expire gives no hint on what the insider thinks of future stock prices. It's take your profit or lose it. Early exercise, especially VERY early exercise, to me is a bullish signal.

  • Griffin press release on yahoo.

  • If you held your griffin american shares in a brokerage account, please post here the name of your broker and when the nrf shares appeared in your account.

  • Reply to

    NorthStar Corporate Income, Inc. IPO

    by going_broke_fast Dec 5, 2014 8:53 AM
    dar200 dar200 Dec 5, 2014 11:57 AM Flag

    Yeah, but given nrf's track record on getting effectiveness in a timely manner (rxr supposed to be 3Q and still not effective), don't expect any fees until 4Q 2015. And remember, nsam only gets half a fee on co-sponsored deals. I estimate (until facts indicate otherwise) next to no fees in 2015, maybe 6 to 8 million in 2016 and 15 million in 2017 providing they sell all 1 billion by end of 2016.

  • Reply to

    Any griffin shareholders here?

    by dar200 Dec 4, 2014 12:44 PM
    dar200 dar200 Dec 5, 2014 8:16 PM Flag

    Thank described what will happen to griffin sshared which were NOT held in a brokerage account. I want to hear from someone whose griffin shares were held in a brokerage account, such as Schwab.

    That just gave me an idea. I'll call Fidelity tomorrow and ask them what happened at Fidelity holding griffin shares. If I get a useful answer, will post here.

  • Reply to

    Any griffin shareholders here?

    by dar200 Dec 4, 2014 12:44 PM
    dar200 dar200 Dec 6, 2014 4:25 PM Flag

    Thank you. It appears custodial accounts got overnight electronic shares credited, just like a traded stock that gets shares in a merger.

  • Who performed, "40 Miles of Bad Road" ????

  • Reply to

    OFF TOPIC-----age quiz

    by dar200 Dec 9, 2014 3:31 PM
    dar200 dar200 Dec 9, 2014 3:48 PM Flag

    Isn't google wonderful when the answer just won't come to mind.

  • dar200 by dar200 Dec 9, 2014 4:53 PM Flag

    When it's a birthday, it can be dreaded. When it's a new all-time high on the stock price, it's great.

    More to come, imo. Lewis got it right with his early exercise.

  • Reply to

    OFF TOPIC-----age quiz

    by dar200 Dec 9, 2014 3:31 PM
    dar200 dar200 Dec 9, 2014 8:30 PM Flag

    If you were twanging a guitar while you were driving up a 50 degree slope, you win the Duane Eddy award.

  • Reply to

    OFF TOPIC-----age quiz

    by dar200 Dec 9, 2014 3:31 PM
    dar200 dar200 Dec 10, 2014 12:39 PM Flag

    No. I got out of the kmi short green, but barely so. It was the price of oil drubbing which bailed me out, not my theory that kmp holders would dump en mass. It was a lousy call, another lesson to stick with what I know.

    I was listening to Sandy Nelson music on Pandora when they played 40 miles. I just wanted to see who was old enough to remember such a classic. You, with RMDs, are certainly old enough, so what's your excuse for being feeble in the brain department?

    Recent price action is par for the course. Eventually, fundamentals win. With nrf, it's eventual recognition as an equity reit, not a mortgage reit. With NSAM, it's when the show me crowd gets spoonfed and sees it's real.

  • 8-K just filed with P&S agreements attached.

    This is a roll-up into sui's partnership (an upreit) so sellers can defer some tax on gain.

    Preferred partnership units being issued at 100 per unit and are convertible into 1.111 shares of common.
    Thus, the conversion price is 90 per share.

    Common units being issued at 61 per unit, convertible into common 1:1.

    I note the P&S agreements (I read 2) require sellers to also contribute two golf courses, I presume for an additional price which I did not find disclosed.

    Don't know what the going-in cap rate is, so have no opinion on whether this is bad, neutral or good for cad per share. I'd like to think Shiffman would not do a deal which is not accretive to per share, but have doubts on that score. It does make sui bigger.

  • Reply to

    Berger properties

    by dar200 Dec 10, 2014 2:41 PM
    dar200 dar200 Dec 10, 2014 6:23 PM Flag

    I looked up the golf courses. Both are linked to communities being sold.

  • Reply to

    Griffin merger vote ?

    by pcs.jr56 Dec 1, 2014 10:28 AM
    dar200 dar200 Dec 10, 2014 7:37 PM Flag

    Go right ahead. These are public boards for anyone to read.

  • The spinoff of nsam was announced on 12/10/13, after the close. Pre-split nrf closed 12/10 before announcement at 9.94. It closed on 12/11 at 11.95, up 20.22% on the announcement.

    In a small IRA where I have held nrf since July, 2012 with no activity other than dripping at Fidelity, the value of the nrf position at the close on 12/10 before the announcement was 19,923. Since then, the only activity in this position has been the split/spin and dripping, so this is a theoretically perfect total return calculation dripping the Fidelity way.

    Yesterday, nrf in this account closed at 19,030 and nsam closed at 21,864, a total of 40,894 from 19,923 one year earlier, a total return of 105.26%. I'd say the spinoff was a big success.

  • Reply to

    One year from spin announcement

    by dar200 Dec 11, 2014 9:32 AM
    dar200 dar200 Dec 11, 2014 11:36 AM Flag

    I'm happy in general and very happy with my reinvestment in nrf.

    I was expecting you to know Duane Eddy as the performer of "40 Miles of Bad Road" in an instant. Too busy with your animals?

  • Reply to

    pathetic performance today

    by octopusink Dec 11, 2014 2:05 PM
    dar200 dar200 Dec 11, 2014 2:37 PM Flag

    I get frustrated and impatient at times too. NRF has had these "spells" of languishing, downish price action for as long as I can remember. BUT, since 2012, nrf's total return has been in the neighborhood of 100% per year.
    Investors, not traders or instant gratification freaks, have no complaints with this record.

    Those who understand the fundamentals just have to be patient.

  • Reply to

    pathetic performance today

    by octopusink Dec 11, 2014 2:05 PM
    dar200 dar200 Dec 11, 2014 5:10 PM Flag

    He became a director last June. Directors are "expected" (if not required) to own stock. Before today he owned none except giveaway shares. While certainly not a negative, I don't see it as much of a positive.

  • Reply to

    Bullish early exercise

    by dar200 Dec 3, 2014 2:40 PM
    dar200 dar200 Dec 12, 2014 10:59 AM Flag

    And he sold all 1,929 yesterday. He cashed in every one he got with this early exercise. No longer a positive signal to me. Now a slightly negative signal if any signal at all.

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