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GMX Resources Inc. Message Board

fieldfan1 5 posts  |  Last Activity: Dec 9, 2014 3:29 AM Member since: Mar 16, 2013
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  • Reply to

    CFP Institutional Ownership

    by quant_invest Dec 2, 2014 8:09 PM
    fieldfan1 fieldfan1 Dec 9, 2014 3:29 AM Flag

    What stock analyzer are you referring to?

  • Reply to

    NAV at $4.06

    by lucidjoe Nov 24, 2014 9:47 AM
    fieldfan1 fieldfan1 Dec 3, 2014 5:30 PM Flag

    So what in their portfolio do you think is sustaining the 23% payout rate? If you could learn that, you wouldn't need to invest in CFP you could just invest in whatever is paying the 23% directly. The reason why you can't do that is because nothing in their portfolio is paying that well. Holding this in the long term is a slow road to zero because the distribution and the NAV will both continue to fall until the fund goes broke and then you will wake up one morning and your shares will be worth zero. If it wasn't for the reverse mergers, the fund would have been delisted by now because the share price would be less than $1. They're going to continue issuing new shares through rights offerings, diluting the NAV, and reducing the unsustainable distribution rate to prolong the time it takes for it to go broke but it WILL go broke and it will go broke suddenly. Anyone caught holding shares will lose everything and you don't know when it is going to happen. It could happen before the closing bell tomorrow, and then what will you do? You'll be stuck with worthless shares in a bankrupt fund that you can't sell and the distributions you collected won't be enough to offset that.

  • Reply to

    Cornerstone announces distributions for 2015

    by lucidjoe Nov 20, 2014 2:42 PM
    fieldfan1 fieldfan1 Nov 24, 2014 5:02 PM Flag

    Current distribution on CLM is .0959. Multiplied by 4 comes to .3836. That is HIGHER than the new distribution of .3680. The yield is actually falling. CRF current distribution is .0871. Multiply by 4 and you get .3484. The new distribution of .3319 is less than that. The yield on that one is also falling. It is the same with CFP.

  • Reply to

    Cornerstone announces distributions for 2015

    by lucidjoe Nov 20, 2014 2:42 PM
    fieldfan1 fieldfan1 Nov 24, 2014 4:56 PM Flag

    It's not quadrupled. Over time Cornerstone has historically reduced the distribution on it's funds so the new distribution takes that into account. The reverse split is cover for the distribution going down to prevent current shareholders from going into a sell off panic.

  • Reply to

    NAV at $4.06

    by lucidjoe Nov 24, 2014 9:47 AM
    fieldfan1 fieldfan1 Nov 24, 2014 4:42 PM Flag

    It actually is return of capital. If you had ever bothered to look past the distribution yield you would know that none of Cornerstone's funds are generating sufficient income to make their payouts. They are using money from the rights offerings (sale of new shares) to make the payments. It's a semi-Ponzi scheme. I say semi only because they do actually have some assets that are generating a return, but not enough to cover 22-23% per year. Even Bernie Madoff wasn't paying that well.

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