They are still in line to receive another 12.5 million which was being held back by the Choice buyer pending completion of all late fillings . It also seems that while Wayne will be out of sight he will hardly be uninvolved. It seems that the people running Huizenga Holdings will now be running Swisher. Also curious is a footnote in the 10-k that all of the stock owned by Steve Berrard and two other officers has been pledged as collateral to Wayne as per ahem certain obligations they have. That certainly keeps Wayne very much in the picture. What does any of this mean? Not much if Swisher keeps burning cash and running in the red.
As I said in an earlier post I am an old Coolbrands shareholder who at this point is content to hold on to the shares I still have left.
Take Care all
OK-It is a bit difficult to sort through all of this. So then that 66 million does not include the 10% holdback written into the Choice sale pending Swisher's finally getting all their filings current. BTW-AB if you are correct that they can only survive here by selling off bits and pieces then they are following in Coolbrands old footsteps. As a former Coolbrands shareholder I certainly know about that business plan of survival. I lived through it after their whole business operating model collapsed in a heap. Michael Serruya one of the chiefs responsible for that collapse is still around here and it would seem present at these conference calls.
Odd-Didn't they already announce a couple of months back that they had around 80 million in cash and 13 million in debt at the end of the 4th quarter. That would be after that last Choice payment was made.
Published late yesterday in the Globe and Mail. That is a Toronto newspaper. It goes over the whole saga. As a former Coolbrands shareholder who still has a sizable position here The Globe and Mail I am quite familiar with. They covered the Coolbrands saga from day one. Nothing all that new but the view from our northern neighbor is a nice read
Because there has been no agreement yet for either an offer much less an acceptance. There has been a proposal "subject to an examination of the company’s finances" . That qualification is the reason for the discount. This could fall apart or just maybe you could get another bidder. As I mentioned earlier Anheuser Busch was talking to DE's largest shareholders before the latest news about buying up their shares so lets just say right now things are fluid.
As an aside it turns out for all of us former Sara Lee shareholders that all those years we were told Sara's sum of the parts was worth more than the whole have now found that to be correct.
Anheuser-Busch could also kick the tires here. There are not a lot of pure plays left in coffee so a bidding war of sorts isn't all that ridiculous.
They have it would seem reduced slightly their holdings here and there is mention made in the latest Swisher filing of an issue with an unnamed investor group which could lead to monthly penalties due to Swishers failings in getting their filings done in a timely manner. Fidelity isn't mentioned by name but who else would it have been.
Unless you are talking about something else those loans according to the S1 filed when the Coolbrands merger was announced were exchanged for equity upon closure of the merger.
So Friday they put up amended filings for the first three quarters of 2011 and now have put up there the 10-k for 12/31/10. I thought we would be looking at the 10-k for 2011 or are they restating both