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Prospect Capital Corporation Message Board

davidbdc2001 10 posts  |  Last Activity: Jul 15, 2014 2:12 AM Member since: Nov 12, 2008
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  • Reply to

    Current stock price

    by lamboman_48 Apr 28, 2014 10:12 PM
    davidbdc2001 davidbdc2001 Jul 15, 2014 2:12 AM Flag

    Well I have a mixed opinion. I was happy we can finally fully develop the gallery and surrounding area and was hoping we'd swing for the fences. Instead they have indicated that we'll look for a partner.

    Then we bought that mall in Northern Virginia - an area we don't really have a presence - and we gave away 1/2 of the gains through 2017 (that's off the top of my head). I really don't understand that - we paid a strong cap rate and then further agree to split any of the near term gains. That doesn't make sense to me. I really felt we overpaid for that property. The selling firm has publicly stated they wanted to move properties - given that I would have liked to see a better cap rate and no way sharing of the gains.

    Outside of that I think we are pretty much fully valued. Not expecting a lot to change going forward and the dividend seems fairly secure at this level. Would have much rather spent some of the No. Virginia money on the Gallery and own that outright. But that's just my opinion of course.

  • Just released Q2 earnings and it was strong. Slightly higher production. Will be interesting to see what dividend is paid out. Also refinanced bank line at lower rates. So should be further strong cash flow as we move forward - looking forward to hearing what they have to say.

  • davidbdc2001 davidbdc2001 Jun 26, 2014 1:45 AM Flag

    Its too soon to know. But it is a little worrying. If larger firms like Pioneer are allowed to export more than just condensate it might move them to bypass firms like APL and just build their own distillation processing facilities. Currently there is little incentive for them to do this and in their interest to allow other firms to process and transport. That equation could change.

    In the short term probably doesn't mean much - and if larger changes are in store the possibility of acquisition would also be in play. APL/ATLS is small potatoes for some of the larger companies.

  • Reply to

    NAPTP MLP conference

    by bosox_pats May 21, 2014 6:32 PM
    davidbdc2001 davidbdc2001 May 22, 2014 10:23 PM Flag

    Bosox,
    Is that 8 cents per quarter or annual?

  • Reply to

    NAPTP MLP conference

    by bosox_pats May 21, 2014 6:32 PM
    davidbdc2001 davidbdc2001 May 22, 2014 4:48 AM Flag

    Most Bullish presentation????

    Come on - when have we had one that wasn't bullish???

    So accretive means.... not really accretive after all. I mean we've been promised 1.1 coverage since inception.

    Seeing is believing. This time last year we were being promised $2.80 this year. I'll be happy with any increase later this year in the distribution.

  • Reply to

    ATLS Conference Call

    by bosox_pats May 9, 2014 7:02 AM
    davidbdc2001 davidbdc2001 May 9, 2014 11:41 AM Flag

    The last thing we need is more financial engineering.

    We need to integrate all the pieces from all these acquisitions - improve efficiency - and do our best to grow organically. These calls are tiring - its a different story - with different emphasis every call or two.

    Growing DCF will grow the unit price. The reason our unit price is down is that no one can figure out what the heck is going on. There is no consistency to the approach - and while you want management to be able/willing to change when needed - its like its a disease.

    I couldn't believe the call yesterday and its past time for Cohen to remove himself as CEO and just hold a place on the board. And his son needs to be sent packing.

  • davidbdc2001 by davidbdc2001 May 8, 2014 4:06 PM Flag

    Not good at all. Period. I don't care that winter came. It came last year and the year before and year before that and will be here next year - surprise surprise.

    Even if you "exclude winter", we would have only had a coverage of 1.0.

    In case anyone forgot - it was just a year ago.... blah blah blah - we'll have solid coverage of at least 1.1 - 1.15.

    Its tiring.

  • Reply to

    Last 3Q's behind ATLS

    by bosox_pats May 3, 2014 3:11 PM
    davidbdc2001 davidbdc2001 May 7, 2014 10:40 AM Flag

    Well, as I said time will tell. But you should be aware of the history that exists here.

    You say that the expansions funded by the converts will increase DCF by 20% - well it better because the converts will increase units by 20% - not much room for error there.

    Cohen owns ATLS shares. And IMO he is too focused on getting to high splits and we have made some poor choices recently (I have no issue with the smaller ARP purchases). At a time where management said they had the "pick of the litter" in terms of buying assets larger companies were looking to divest - they sure made some interesting picks!!

    As an owner - I hope for the best - but I expect that the distributions we currently receive may be what we're going to be receiving. At one point in time some of the firms you mention were projecting $5 distributions for Atlas in 2015-16 timeframe. We are nowhere near that and I'm expecting sub $3 next year. Now that's not the end of the world but I would not be expecting units to be over $60 anytime soon. Just my two cents worth.

  • Reply to

    Last 3Q's behind ATLS

    by bosox_pats May 3, 2014 3:11 PM
    davidbdc2001 davidbdc2001 May 6, 2014 2:16 PM Flag

    Bosox,
    Like the optimism but I hope you realize that its likely that "we have what we have". Keep in mind that to purchase TEAK we issued convertibles - that means that soon there will be another 16 million units? with a claim on DCF. That's about a 20% increase in units for APL. We've already written off $50 million - and I suspect there will be more to come. In essence, we have a situation where all our organic growth is being consumed by the acquisition. We will struggle to growth distributions on the APL side.

    ARP time will tell. Nothing more on those promised Marcellus wells. Didn't have a big raise in the partnership program. So I don't see huge growth.

    But time will tell. We may not see $3 distributions on ATLS. Obviously I hope we do.

  • Reply to

    Sale of pipeline

    by jberns2421 May 5, 2014 5:02 PM
    davidbdc2001 davidbdc2001 May 5, 2014 5:41 PM Flag

    I don't know - if its just the pipeline then I think its a decent price and about as good as could be expected. Keep in mind that with CVX no longer involved there is more risk associated with ensuring volumes going forward.

    The announcement said a division - as long as its really just the pipeline then I'm ok with it.

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