O'Rourke called the big market crash of January, 2012, and went to all gold bullion, remember? I think he said his bunker didn't even have an AM radio antenna, let alone internet. He may still be down there. You'll need at least 5 megatons to knock on his door effectively, he bought himself one of those converted Minuteman silos along North Dakota Route 200.
29,710 at $2.99 and 27,300 at $3.03 on Wednesday, for a total of $171,552. Now he has only 3,894,684 left. Bummer having three in college at the same time! And they all want the jack up front, at fall registration.
Your frontal appendage could USE a little shortening, don't you think? That nose has gotten longer every time you POSTED for the last two and a half years. Winter's coming on...it'll be nice to drive a car that has a windshield again, trust me.
Expect an announcement any time now that Moggie covered last week in the $2.55 range. It will not include the information that it was only 900 shares. Or, he might decide just to go back and REMOVE each post in which he declared he shorted at $3.20. He still hasn't noticed that although removing a post also hides all the replies in "thread view," all replies are still visible in "message list" mode.
I guess I can somewhat see your point about having certain data-points out there for discussion in the conference call, but it doesn't have any such value for me because of that one word in the tables appended to the press release, namely, "(unaudited)". I'm always going to wait for the SEC filing before I react to any number, because until then, I can't really put their feet to the fire, anyway.
My example will always be the "Amazing Warrants" issued congruent to a private placement in March, 2006. In the press-release share-counts, back before Becker-Drapkin, when 1.6 million shares MEANT something to the diluted EPS, those warrants kept popping in and out and changing in both exercise price AND exercise expiration date, and it wasn't until 2011 that the auditors finally pinned it down in an AUDITED 10-K.
So to me, it would be useful to have AUDITED Statements of Cash Flows to talk about, but as long as conference calls precede audited reporting, no thanks. Their chief value is thus nuance and speculation, and you can't call a conference call a "primary source" for making investment decisions. In the final analysis, I'm not much of an "investor" in the first place if I'm dependent on analysts to point out trouble in the business.
When 666 comes, do you really think a call to 911 is going to help? "Hello, operator. Yah, I just beheld a beast rise up out of the sea, having seven heads and ten horns, and upon his horns ten crowns, and upon his heads the name of blasphemy. You think you could send out a patrol car? Thanks."
Oh, you know as well as I do that I was mocking the guy to whom you originally responded in this thread. I bought 4500 Friday at the "ask," but I waited until I saw 2300 available and five different sellers at the price (four at that "possibly unlimited" quantity of 100,) and I got them all instantly for .0001 less than the "ask." As soon as they announce the sale of NDS and the securing of the new credit facility, then the market will be free to value Speed as a pure-play ecommerce company.
I bought Navarre in the spring of 2009, with 38 million shares out, for 41 cents, and sold Speed in 2013, with 65 million shares out, in the 3's. Market inefficiency throws your "should be " value vs. price argument out the window, is what he's saying. In the halls of academia, you are correct, but in the real world, you can turn up your nose at some pretty steep returns by basing your decisions strictly on the numbers. You can rage that the market is sometimes stupid, or you can accept it, and play along.
It does no good to stand on a soapbox shouting the truth that bubble operations like Google, Amazon, and Facebook actually have NEGATIVE value--Americans don't want to hear it. We're too busy "reinventing what wealth is." If you feel comfortable with 80% of your money in professionally-managed mutual funds, keep it there. Shoot for the sky with the rest. Speed has $13,000 in their "savings account" at the end of their fiscal year, I have $150 in mine. That makes us a philosophical match.
Keep one finger on that "Sell" button when the market is toppy, but take profits relentlessly when you get to triple-digit returns, and consider letting some run for "lagniappe," I think they call it down N'awlins way. I try never to pretend I can take any of it with me, but I would still like to die with a smile on my face, knowing I never ran out.
I found what I was able to find on page 23 of the DEF 14A filing of last July 29th. The options have a total life of 10 years, and the nearest expiration dates in the table are for 2017, but only officers are covered in the table and not Board members. We get a new 14A at the end of next month, so that will be more current information to look at. Non-employee directors only get 25K options annually, a pretty negligible number compared to the executives, and only a few thousand bucks per year, with the price not having broken out of the sub-one dollar range for quite a while.
They were granted years ago, in three tranches of 300K, 150K, and 200 K, with expiration dates of 2018, 2019, and 2020. The number I cited is approximate, out of a total of 650,000, since some of them are still vesting due to the "25% on the first anniversary of the grant date and thereafter in 36 equal monthly installments" provision. He didn't get them all at once, and he got them as part of his executive compensation package, which would have been voted on by the Compensation Committee of Board of Directors. As far as I know, the compensation plan is subject to a shareholder vote, but not the individual option grants themselves.
Always keep in mind that the company treasury gets money when options are exercised, and that executives may be subject to Alternative Minimum Tax payments when they hold exercisable in-the-money stock options, so at some point we might see him exercise enough to pay his AMT without retaining any cash profit for himself.
He also has 300K at .98 and 200K at 1.23, if you are worried about his not having incentive to see the price much higher than it is.
According to last July's prospectus, the CEO has 1.31 million stock options which are vested, but not yet exercised. Because I like my CEO's to not be stupid, I'd like him to exercise the 630,000 we have provided him at .33, .43, and .47, before he thinks about buying in the open market for 60 cents and up. That he has NOT to this point suggests to me that despite what you consider to have been his "excessive" salary, he has had other more pressing uses for the money, like having one or more children in college, or diversifying the holdings in his retirement funds.
The 20,000 bought on 2-11-14 were for the "Richardson Family Trust," not for his individual ownership, so could not be acquired by exercise of options.
We have a lot of US military personnel residing up there in Canada, do we? Just out of curiosity, why would you EVER be shipping to AAFES from there?
I'm sure that's why Forbes magazine recently profiled Schuster Tanger in its "30 Under 30" profile of the new generation of fund managers. Short more tomorrow, with my unreserved blessing. You are my idol.
There's another thing about Willis that could help square the disparity between what he's doing and what "Vetdav" was complaining about the other day: Navarre Distribution Services is historically geared to home entertainment software and consumer electronics, while Willis' background seems to be in books, shoes and women's apparel, things that are more commonly found in outlet malls. He may know the Tanger family from his Charlotte Russe, Shoes For Crews, or his Baker & Taylor days.
While it's true that outfits like Ingram and Tech Data were the OLD Navarre's competition, they may not have made up the universe of potential buyers from which a guy with Willis' background would necessarily have sought bids on NDS in 2014.
I find it interesting that Red Alder began accumulating its position within a few days after Speed announced its intent to become a "pure ecommerce company" on April 2nd. I've been looking all morning in the EDGAR database for a pre-existing connection between Tanger Factory Outlet Stores (REIT) and B-D, but haven't found it yet. It would explain everything that has transpired, including the SPDC's Board of Directors' willingness to participate.
If you're still shorting SPDC, you are the opposite of "getting it." But, someone will be along directly to confirm that Becker and Drapkin, too, are scions of wealthy families who dabble in investments as a hobby, which will be all the proof you need that you're right. It is nothing more than the archetypical Confederacy of Dunces. Short away!
They have purchased over 500,000 shares SINCE the Becker-Drapkin issue was announced, so I would guess, "No, they're not mad at all."