Since SCEI-holders are very unlikely to get their promised October treat,
they should plan to trick the tricksters (including politicians) come Halloween.
How many ways could that be done? Study market history for a clue.
TEJON MOUNTAIN VILLAGE, LLC STATEMENTS OF MEMBERS’ EQUITY UNAUDITED
Tejon Ranchcorp DMB TMV,LLC Total
Balance at June 30, 2014
$ 35,739,608 $ 65,738,608 $ 101,478,216
as promised "before the end of October". How likely is that scenario?
"Fool me once, shame on you. Fool me twice, shame on me."
Executive Profile* Robert A. Stine
Director, Member of Executive Committee and Member of Real Estate Committee, Tejon Ranch Co.
Age 67 Total Calculated Compensation $99,994 As of Fiscal Year 2013
This person is connected to 38 board members in 4 different organizations across 4 different industries.
Mr. Robert A. Stine, also known as Bob, served as the Chief Executive Officer of Tejon Ranch Co. from May 1996 to December 17, 2013. Mr. Stine served as President of Tejon Ranch Company from May 1996 to September 2013. He served as the President and Chief Executive Officer of Collins Development Co. from June 1986 to March 1995. Mr. Stine has been a Director of PacWest BanCorp. since 2000. He serves as a Director of Pacific Western BanCorp. of Pacific Western Bank. He has been a Director of Tejon Ranch Co., since May 1996 and Valley Republic Bank since 2008. He serves as Member of Advisory Board at Invite Media, Inc. He served as Lead Director of PacWest BanCorp. since 2007. He served as a Director of Bakersfield Californian from 1999 to 2009. He is a Professor of Statistics at The Wharton School. Mr. Stine's research has been published in top-tier academic journals such as American Statistician, IEEE Trans. on Information Theory, J. Amer. Statistical Assoc., and Sociological Methods & Research. He is the recipient of the Miller-Sherrerd MBA Core Teaching Award, 1993-94, 2003; the David W. Hauck Award for Outstanding Teaching, 2001; and the Excellence in Teaching Award (Undergraduate Division), 2001 and 2003. He served as Independent Consultant from March 1995 to April 1996. He holds Ph.D. and Master's degrees from Princeton University and a BS from the University of South Carolina. Mr. Stine received a B.S. from St. Lawrence University and an M.B.A. from the Wharton School of Business, University of Pennsylvania.
Web Search of Topic shows TRC executives and employees listed as Real Estate Agents, e.g.
Bielli Gregory S-Tejon Ranch Company
Real Estate Agent
Do they have individual licenses? Do they make Agent commissions on real-estate transactions
in addition to their compensations from the Company? Double-dealing incentive unethical?
Top Institutional Shame-holders
Holder Shares % Out Value* Reported
Royce & Associates, LLC 1,397,385 6.79 44,981,823 Jun 30, 2014
Vanguard Group, Inc. (The) 980,775 4.76 31,571,147 Jun 30, 2014
Dimensional Fund Advisors LP 593,703 2.88 19,111,299 Jun 30, 2014
Price, Michael F. 520,000 2.53 16,738,800 Jun 30, 2014
Gamco Investors Inc 441,219 2.14 14,202,839 Jun 30, 2014
BlackRock Institutional Trust Company, N.A. 435,930 2.12 14,032,586 Jun 30, 2014
Towerview LLC. 2,600,000 12.63 83,694,000 Jun 30, 2014
Third Avenue Management, LLC 2,369,185 11.51 76,264,065 Jun 30, 2014
London Company of Virginia, (The) 2,133,082 10.36 68,663,909 Jun 30, 2014
BlackRock Fund Advisors 302,030 1.47 9,722,345 Jun 30, 2014
Top Mutual Fund Holders
Holder Shares % Out Value* Reported
Third Avenue Value Fund, Inc. 1,221,894 5.93 37,890,932 Apr 30, 2014
Third Avenue Real Estate Value Fund 941,627 4.57 29,199,853 Apr 30, 2014
Pennsylvania Mutual Fund Inc 534,823 2.60 17,215,952 Jun 30, 2014
Touchstone Funds Group Tr-Touchstone Small Cap Core Fd 406,931 1.98 13,099,108 Jun 30, 2014
Royce Value Trust, Inc. 342,600 1.66 11,028,294 Jun 30, 2014
Vanguard Small-Cap Index Fund 249,221 1.21 8,022,423 Jun 30, 2014
Vanguard Total Stock Market Index Fund 237,419 1.15 8,031,884 Mar 31, 2014
DFA U.S. Micro Cap Series 214,847 1.04 6,662,405 Apr 30, 2014
iShares Russell 2000 ETF 201,206 0.98 6,476,821 Jun 30, 2014
Professionally Managed Portf-Hodges Fund 185,000 0.90 6,258,550 Mar 31, 2014
Compare this update to show who has been adding or reducing TRC shares since 2013 at top.
Royce and Gamco were biggest buyers while London and Third Ave. were notable sellers.
Note that the 52-wk high was made October 29, 2013 at 38.79. (Yahoo! Key Stats)
It's down 31% so far this year!
TRC looks like a gerontocracy. Its Nominee Committee considers (v) the director’s age (DEF 14A p. 7)
but doesn't specify what's desirable. Unless an older individual is exceptionally gifted,
the energy of youth should outweigh the experience of elders in choosing the leadership for an
enormous enterprise like TRC. Around age 60, wise leaders must frankly consider whether a
younger apprentice has more vitality to do a better job. Think twice about new hires over 50.
fyi: Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255
BAC has the only bank branch in Arvin located at the north end of TRC.
Poe's parent law firm is also based in Charlotte:
Three Wells Fargo Center, 401 South Tryon Street, Suite 3000, Charlotte, NC 28202
Coincidence or connection?
During 2013, the Compensation Committee engaged Poe Consulting to assist in the review of executive
compensation and in 2012 engaged Poe Consulting in a review of director compensation. The decision
to engage an outside compensation consultant was not recommended by management.
Poe Consulting 2013 fees were $55,000. Its fees in 2012 were $15,500.
Web Search of Topic showed Parker Poe Consulting LLC, a South Carolina limited liability company
and wholly-owned subsidiary of Parker Poe Adams & Bernstein LLP.
State of Investors, Plaintiff vs. Greedy Bob and TRC Directors, Defendants
In the Yahoo! Court
Count 1: Investors accuse Defendants of wrongfully looting TRC through excessive compensation.
reside in Lebec currently?
About how much of his time did Bob Stine actually spend working at TRC during recent years
as its President and CEO while at the same time he was involved with banking in Bakersfield?
"Valley Republic Bank since 2008. He serves as Member of Advisory Board at Invite Media, Inc.
He served as Lead Director of PacWest BanCorp. since 2007. He served as a Director of
Bakersfield Californian from 1999 to 2009." (Bloomberg)
Is or should TRC be entitled to some clawback for his only part-time commitment.
fyi: Invite Media is a display advertising and exchange bidding company that was acquired by
DoubleClick, a subsidiary of Google Inc. on June 3, 2010. (Wikipedia)
Prima facie is used in modern legal English to signify that on first examination, a matter
appears to be evident from the facts. In common law, prima facie denotes evidence that
– unless rebutted – would be sufficient to prove a particular proposition or fact.
Prima facie is often confused with res ipsa loquitur (literally, "the thing speaks for itself"),
the common law doctrine that when the facts make it self-evident that negligence or
other responsibility lies with a party, it is not necessary to provide extraneous details,
since any reasonable person would immediately find the facts of the case.
The difference between the two is that prima facie is a term meaning there is enough
evidence for there to be a case to answer. Res ipsa loquitur means that because the
facts are so obvious, a party need explain no more. (source: Wikipedia)
Why have there been no arrests in HERB's prima facie fraud yet?
Are American politicians complicit in a cover-up ahead of an election 4 weeks hence?
Vengeance is way overdue here and in China!
Just BAD decisions? No! The Private Placement was a MALEVOLENT decision perpetrated
by EVIL WALL STREET Manipulation. The American and Chinese crooks must be PUNISHED
to set a firm example of zero tolerance going forward! It's the ONLY way to restore investor confidence.
You're simply an apologist and collaborator to argue for better decisions at this point.
CGA probably has a lot of cash at this point in its annual business cycle.
Actions do indeed speak louder than words. Buy back MANY MORE shares than were
privately placed at a very steep discount to $2.25. The CEO should work gratis
(without any cash or other compensation) for at least 3 years to make amends
or even better forfeit his ill-gotten shares and be fired.
The Manipulator(s) responsible for the Private Placement must be
immediately identified and permanently barred from the securities industry.
CGA's entire Board of Directors must resign or be replaced by regulators.
No independent investor can have confidence in any of them ever again.
The same remedy should be applied to the many other cases where
similar hostile acts against shareholders have occurred.
One bank in Arvin - Oh no! America's worst... Does TRC need to go to Bakersfield?
Buy more shares? Perhaps only at a much lower price and after
CGA announces it's repurchasing many shares to make amends.
Fool me once, shame on you. Fool me twice, shame on me!
The Private Placement diluted current shareholders, always an unfriendly act!
Chairman and CEO Tao Li should've bought his shares in the open market instead.
Rather than pay a token cash-dividend, shouldn't CGA be repurchasing its shares.
This is a sucker play by naked short-sellers to fool unwary individuals.
CGA is now preparing for the outdoor fertilizer market in the N. Hemisphere next year.
TRC employees can make donations to whatever causes they choose from their own wealth.
It's quite inappropriate to use corporate assets unless all shareholders also gain value!
Those poor buzzards are obviously lost. Shouldn't TRC ask the biologist to relocate 'em
in their home in Los Padres National Park's Ventana Wilderness (Central Coast of California).
Who is or should be paying for the following Plan measures?
Providing GPS tracking devices that can help officials monitor condor movement patterns,
including identification of birds that might be in trouble and where to find them;
Establishing a 37,000-acre USFWS Condor Study Area; and
Employing a full time on-site biologist and establishing a condor education program.