I am long LNCO and agree with most of your post. But I am also (unfortunately) long MCP and NES which were both considered "Slam Dunks", especially at these deeply discounted prices. Granted, neither has a high, secure dividend, but...........
ESPECIALLY from a poster who just showed up today and has 4 posts? You, sir, should be ashamed. Now go sit in the corner and think about what you have said.
I have witnessed a similar situation of a company's asset being worth less than zero. Quite a few years ago, Waste Management bought out a smaller competitor in Pennsylvania. As part of the state granting permission for the takeover, Waste Management was required to divest some of their landfills to prevent a monopoly. They packaged 4 of their landfills including XYZ Co. and put a price on them. A buyer paid the full asking price WITHOUT the XYZ Co. property. That particular site had been taking in questionable material for many years, and the buyer was extremely concerned that the potential liabilities / clean up costs would be exorbitant.
No need to apologize. Like I said, you gotta do what you gotta do. It's just that I was surprised to see you selling. I have a tendency to fall in love with a lot of stocks and end up holding on much too long. In this case though, I think the dividend is secure and gives it somewhat of a floor. GOOD LUCK!
A wise man once said that it's better to keep your mouth shut and let the world think you're a fool than to open it and erase all shadow of doubt.
My broker w/ Wells Fargo said it was posted on their news wire at 3 AM or so. Their previous price target had been $14. Kind of kills their credibility.
You called it, Gary. Good catch. I haven't read any of the numbers yet, but I really thought that $175 M for TFI was a large positive. Guess we'll just have to wait to see how it shakes out.