DRYS stake in ORIG is 40% of $438MM which exceeds the entire market cap of DRYS by about 25%. How will this play out especially if DRYS opts for BK?
GNW is sitting on $14 CASH per share. Need to do aggressive stock buy back. Start with a Dutch auction for 50% of outstanding shares.
I hope Mr. Leon Cooperman will phone in to future CC's because he really nailed it yesterday. The March dividend cut of 20% followed four previous reductions; no doubt because whenever the stock price creeps up over BV, J.C. waters down stockholder's equity by flooding the market with new shares. Current level of stock price is just projecting more of this trend. Buying here is a bet that current dividend will be maintained and that RSO is serious about watching out for its stakeholders. Reverse splits are generally counter productive, a smoke and mirrors approach, but if as indicated in the CC the company gets aggressive buying shares back, then the stock price should take care of itself.
Added some yesterday but think I'll wait to see if it dips some more after the share consolidation.
Many thanks to Mr Cooperman for his valuable insight..
June 3rd company sells 27.5MM shares @ $7.00 and now bought back 60% of them for $4.50. If like me you were ticked off about the new issue in June, then you should be ecstatic about the buy back.
HFC is 25x earnings while ALDW now at 7.6x.. ALDW looks looks to be manipulated to take a dump every 4-6 weeks. Look at stock price mid January, late February, early April, early June, and now big dive yesterday. Might be smart to add here and watch it start ratcheting up again..