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Wilhelmina International, Inc. Message Board

ethison 425 posts  |  Last Activity: 1 hour 28 minutes ago Member since: Oct 3, 2007
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  • ethison by ethison 1 hour 28 minutes ago Flag

    Seems to have come to an end.
    The problems of a relatively thinly traded small cap.........any meaningful selling drives down the price.....no long line of ready buyers.

  • Reply to

    Muck doesn't understand markets

    by ethison May 2, 2015 1:47 PM
    ethison ethison 2 hours 10 minutes ago Flag

    I must agree. Pragmatic is perhaps a better word, in this case, than forthright.

    If the board were more than a rubber stamp, they probably should net out from the cad bonus number the profit made on the property sale.

  • Reply to

    BEFORE SIGNING OFF

    by muckahoy88 2 hours 54 minutes ago
    ethison ethison 2 hours 16 minutes ago Flag

    Mr. muckahoy,

    I find it hard to believe that you are endlessly stressed out over 9,800 shares if you have a MULTI SEVEN figure portfolio. It makes as much sense as Davis posting all day and night. You two have a great deal in common.

    "But his inference".........the word you meant to use is implication. And no, I don't find myself to be an Expert on markets. Knowledgable perhaps. Excellent basic understanding.
    I don't open a fine French restaurant and once I get a steady clientele, decide I should change over to Chinese takeout joint. That is what you suggest for RAS. Illogical in very way.

    Yes, I have made excellent money from RAS. What you are missing is how I made the money. Your implication is that I went long and just held for the last two years. I'm not telling you when bought or sold, if I used options, or owned or sold securities other than the common.

    I wish you longevity, health & happiness as you leave us. Eliminating 9,800 shares from you large portfolio will certainly improve your stress levels and give you piece of mind.
    Adios Amigo.

  • Reply to

    Muck doesn't understand markets

    by ethison May 2, 2015 1:47 PM

    I think that RAS was rather forthright in noting a meaningful portion of the projected CAD for 2015 will come from the planned sale of three properties. They mentioned it in their investor presentation and in the CC/related documents. I don't think management has always made full disclosure, however the only reason we are even aware of the potential "extraordinary gains" is because they told us about it.

  • Reply to

    PLAN FOR RAS

    by muckahoy88 May 5, 2015 8:00 PM

    Institutions own over 50 million shares of RAS.

  • Fav,
    I haven't compared RAS to all the companies you have listed, but if book value is the measure you want, are you willing to give RAS credit for the hidden equity in its real property? Presumably the others you list are most likely true M-REITs and have no hidden value on the BS. RAS also has a few hundred million of Rait 1&2 debt owned to it that is consolidate thanks to gaap. Possible some of these M-REITs have some assets eliminated in consolidation too, we would need to look closely at each one.

  • In 2015.
    The company was going to double in size once again. How will it get the capital? I thought they might issue debt. Maybe. The shares are moving close to their starting point.......low 8s if I recall properly.

  • Reply to

    WHAT WAS OFF 42%

    by muckahoy88 May 4, 2015 4:20 PM
    ethison ethison May 4, 2015 8:55 PM Flag

    I think you should try to make whatever point you think you are making without screaming.
    If your point is any good, others will understand without screaming.

  • Reply to

    Trained cost accountant, really?

    by ethison May 2, 2015 4:09 PM
    ethison ethison May 2, 2015 5:49 PM Flag

    Now I see why the board police might delete your posts.
    Not all cost accountants are financial accountants. This calls into question all your claim about yourself.
    Never expressed your thinking? RAS should eliminate the Prefereds because they are too expensive. RAS should stop lending and be just be a real property REIT. Who's thinking was that? Are you posting for others that have thoughts?

  • Muck. I need to start new threads or you will kill your posts to kill mine. Stop it.
    You realize that a cost accountant is very different than a financial accountant. Look them up and you will see that you are not making a strong case for your expertise or analytical ability, right?
    The lending business CAN BE a great business especially when the banks are at a stand still.
    If a poster points out the flaws in ones thinking, they are not detractors and they are not knocking you.
    It is cowardly to delete others posts that show the flaws in your thinking.

  • Reply to

    THE NUMBERS LIE

    by muckahoy88 May 2, 2015 2:12 PM
    ethison ethison May 2, 2015 2:19 PM Flag

    1. How do you plan to retire the prefereds?
    2. The new securitizations generate returns in the high teens, more than double the cost of the prefereds.

    Your may be Drum as Joel says, or you are just throwing out red hearings for the weak minded.
    There are lots of complaints one can have with RAS and its management, you have just picked a few poor ones.

  • Reply to

    Muck doesn't understand markets

    by ethison May 2, 2015 1:47 PM
    ethison ethison May 2, 2015 2:12 PM Flag

    Joel, I've made a lot of money from RAS. I not interested in documenting it, or beating my chest at every little victory. Some here like to do that. Others love to issue red herrings or, maybe they are truly Drum.
    I try to stick to RAS talk and macro economics and am happy to have intelligent posters poke holes in my thinking.

  • Reply to

    CAD & OTHER

    by muckahoy88 May 1, 2015 11:45 AM
    ethison ethison May 2, 2015 2:06 PM Flag

    IRT's dividend is admittedly very high. Management even noted it in earlier CC when silly analysts asked if they were likely to raise it even more. Is the dividend honey for those with a sweet tooth? Perhaps.
    IRT is very young. Realty maybe 18 months old in reality. Yes, FFO exceeded dividend in one quarter ( by, I believe, a penny) because IRT did a cash raise and then took 3 months to buy the properties that were under contract. Management was actually complimented during previous cc for deploying cash so rapidly in comparison to others.
    UDR and others are probably very good investments. I believe that if one looks at the states UDR operates and the types of properties they own that they are very different than IRT, which is probably why IRT has been able to relatively easily raise capital from Wall Street and buy plenty of properties in tertiary markets that have limited sex appeal.
    Yes, they do need to pay a steady dividend to maintain steady investor interest. If they decreased the dividend because of a penny less FFO two quarters ago, bells and whistles go off and undue concern would enter into weak minded investor's heads.
    Perhaps IRT started off with too high of a dividend, and now they must maintain.
    IRT appears to be doing OK. Not the investment of the century, but mostly executing the plan that they presented.

  • Muck since you have twice killed off my explanation of why RAS can not suddenly start retaining all earnings, I needed to start a thread so you can't kill it. It is certainly cowardly to avoid other posters arguments by killing off your original nonsensical posts. Twice cowardly in one week is just too much. I So, let us start again!
    REITs are different than other companies because shareholders expect to get steady dividends from REITs. RAS now has a steady ownership group including 65% institutional investors that expect distributions of cash. If RAS were to suddenly change and declare no dividend it would alienate the existing shareholder base. Then, once tax loss carry forwards are used up, RAS would be forced once again to change tactics and start to pay out 90%, again alienating shareholders that had bought anticipating growing retained earnings.
    Muck if your arguments are so weak, or so poorly thought out that you feel the need to kill them off and to kill off the rebuttal of those arguments, perhaps you should stop posting until you have a clear thought you feel confident in.

  • Reply to

    RAS PPS/Valuation

    by sardi150 May 1, 2015 6:08 PM
    ethison ethison May 2, 2015 11:37 AM Flag

    Spin.
    The spin is that REITs are different than many other companies.
    The spin is that what your propose would cause a cosmic shift in what set of stockholders would be interested in holding the company's shares.....both today .........and later causing another major shift when the tax loss carry forwards run out. It's not the way any board would want to build a following in the stock.
    If you can't understand my point, you probably should not own any individual stocks and Stick to mutual funds.

  • Reply to

    IRT. CFFO

    by ethison May 1, 2015 1:10 PM
    ethison ethison May 1, 2015 10:39 PM Flag

    Borrowers have leverage over their lenders when lenders are afraid, or unwilling to foreclose. Example of when lenders are unwilling to foreclose......when they already hold too much "other real estate owned" an asset category that bank lenders generally hate. Example of when the lender is afraid.......when there are unknown factors, like contaminated soil that will cost and indeterminate amount of money to clean up.
    The properties we are talking about are high occupancy multi family properties durning a stable economic backdrop. Why do you think IRT is able to borrow long term low fixed rate against these properties? They are perceived as having very predictable cash flow that will easily repay the loans.
    Joel, you are right, I am too patient.

  • Reply to

    IRT. CFFO

    by ethison May 1, 2015 1:10 PM
    ethison ethison May 1, 2015 7:25 PM Flag

    The mortgages can not be renegotiated. The lenders have first mortgages against high occupancy properties. Borrowers need to have some form of leverage to renegotiate. IRT has nothing to put the fear of God into the lender.

  • Reply to

    IRT. CFFO

    by ethison May 1, 2015 1:10 PM
    ethison ethison May 1, 2015 3:51 PM Flag

    IRT does have two mortgages financed through RAS. Both are low interest floating rate loans, not the 5.7% variety.

  • Reply to

    IRT. CFFO

    by ethison May 1, 2015 1:10 PM
    ethison ethison May 1, 2015 2:15 PM Flag

    Not sure how IRT could miss on revenues. Growing at a break neck pace.

  • ethison by ethison May 1, 2015 1:10 PM Flag

    Came in at 19 cents compared to last year's 17 cents.
    Occupancy is high and IRT says it is just digesting what it bought last quarter.
    Management claims opportunities remain the same. Cheap financing for properties with 6% to 7% cap rates.
    Shares off slightly based on low volume.
    Analysts' questions seemed fine and no apparent disappointment. 4 analysts on the call.

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