I knew the historical reference…I was wondering if ethison is a star follower…my mother did her own astrological math and charts….scary sometimes what she would tell me about girl friends that I had with only the benefit of knowing their time of birth, date and year!
If she only would have told me where their hot spot was my adolescence and young adulthood would have been far more enjoyable…..
b-RAS…back when RAS went down to a buck and less (pre-split) Davis constantly pushed to 'back up the truck' as they say…If I had listened to him, I wouldn't still be underwater today!
K1…the step you may have left out between #4 & #5 is the assignment additional revenues or income attributed to the increase in shares. AND not to 'start a fire storm' but someday Taberna may provide additional income. Yes or no?
I'll be interested to see if what Davis counters with….I'm currently considering adding shares your post is the type of analysis I am looking for! Not saying it is accurate but I'm trying to determine if increased dividends are in the future beyond the next two or three quarters...
Not a joke question….after a very positive CC with strong earnings and the likelihood of another dividend increase possible, why is the price slipping prior to the distribution announcement?
I am thinking of adding shares for the first time a more than a few years! What am I missing?
I don't think you will see a 90% payout until RAS has offset all of it's losses carried forward and thereby required to do so. We have to assume that they put this added cash to work. That's what is was doing before they lost it to begin with!
Sentiment: Strong Buy
In the "long-term sentiment disclosure" drop down box, too bad there isn't an option for "wish I bought more at 50 cents" option…
I did buy more at $7, then doubled down at $5 and a little more at $3…then I gave up….
Davis is correct in the fact that we knew RAS could earn money and was worth more than it was selling for, as for myself, I began to think the Cohens may sell us out on the cheap with some sort of parachute for themselves….After all where did Daniel learn all his tricks?
My $3 shares remain under water, so the recovery isn't all that it is being painted to be….That's $3 shares down from a high of $37+ and several years in the $20's still under water.
For me RAS is like an old girl friend that you meet in a bar after midnight…She really hurt you...but….you'll still want to sleep with her anyhow! Like dividends..it eases the pain...
FYI: I don't count dividends or ROC as lowering my cost basis like Davis does…one's money should be earning something wherever it is parked!
Just curious…yahoo has been acting strange of late…freezes or will not open a message..anyone else having trouble? My last post included #$%$ instead of completing a word ending with 't the word the.
All other aspects of my computer are fine.
FYI: I don't type unsuitable language on this site or anywhere else...
If RAS took stock in lieu of cash, wouldn#$%$ value remain income and therefore subject to distribution? It could work work based upon their current payout ratio but could pose a problem if they had to adhere to the 90% rule….yes or no?
I guess i got the impression that NOLs were being used up quicker than previously thought, there-by, requiring RAS to reach the 90% payout requirement sooner rather than later.
Is is safe to say the federal write-off cap is higher than the State cap? Or did RAS have higher reportable losses to the State?
Your current projection is basically the same as before with the Federal lasting into the distant future, however, recently you often mention (in dividend type threads) that the burn off of NOLs will push up the dividend, as if it is pending in the very near future. Why? Or am I mis-interpreting your commentary?
Davis, what is your current projection for the extinguishment of NOLs? It seems they are burning through them quicker than originally thought. Wasn't long ago you opined that it would be 3+ or more years.
When you refer to Cohen…Do you mean AFN was ran by a Cohen (Daniel in this case) or AFN was managed by the Cohen Companies. I thought..(can't exactly remember the proper name) Cohen & Co was a separate financial organization that took over AFN and issued their shares in exchange for AFN shares on a less than desirable pro-rata share which required the Alesco BOD to vote and accept the terms then sent it to the shareholders to vote. (Which didn't mean much as the BOD controlled enough shares to pass push it through. As I remember, virtually all the posters on the message board reported voting no but our shares only added up to a million +...
I have long thought, that until the right people can buy or control all of the stock, this thing isn't going to move! They are not going to share any income or asset appreciation with strangers…I can't prove this but too many odd things happen to this now very lightly traded security…..Doesn't take too much money to jerk this thing around…
I can't imagine the AFN principals willingly letting their liquid assets go into a cash starved sinkhole without the promise of a carrot down the road. Again…can't prove it…AFN didn't have much going but they had plenty of cash, at a time when cash was in very short supply and Cohen & Co was running out of time. AFN should have been in the drivers seat but chose to sit in the back.
Time will tell...
Ethison…I was not referring to you in regards to the cash cow comment.
After the American Home Mortgage failure RAS was asked and denied having any investments in residential properties or mortgages, only to admit a few months later what was in the Taberna's…doesn't sound like full disclosure to me…If it was common knowledge, why would analysts have asked in the first place?
I received $1,700+ from the 1st settlement and a couple of hundred from a second. But I suppose some revisionist will reclassify those payments as a dividend and hope no one can remember..
There are times I'm not sure the current Davis is the same one from '07& 08.
If they did….no one would ever buy the stock! This is more than you asked for but here is some history.
When RAS bought Taberna is was squished into a year end deal. The press release was something like "Oh by the way we bought a small financial that fits into our expanding model." None of us on the message board knew exactly what they bought at the time. There were postings asking questions and even Davis was among those who had no idea. That should give you you an idea of how well this thing was shrouded in secrecy. ….
Eventually we found out it was run by the Cohen's son Daniel and the properties financed under their umbrella were predominately residential and located in California…as in the Stockton area. Prior to this, RAS invested/financed strictly commercial & multiple dwelling properties mostly east of the Mississippi. At this point you should know the rest...
For the last few years we've read threads like "Taberna is healing or repairing" and now because there appears to have been a bump in Q4 interest income , it is now being painted as a potential cash cow for RAS…hope all the hyperbole is right...
I have had posts never make it or be instantly removed. I had REMOVE also on two of my recent replies which never made it to the opening page for messages. The content was inquisitive in nature and mild when compared to some of the scathing commentary on this board. Not really a new thing….but does seem to happen during times of turmoil.