Just the tell I was looking for! Selim will give Gardner good news, OTW there'd be no interview on the day earnings are announced.
I think you are correct about control, but he still has the ability to "Scorsch" ARCP, as he is already demonstrating. Perhaps revenge is a motive if he has already lost control of ARCP. That would also mean he may have sold or optioned away most of his ARCP shares.
I think that depends on the scope of the work done to date,which must have been pretty limited. OTW, more people would likely have known about the work and word would have probably gotten out.
The capitalized value of the real property, its FMV and the possibility of any impairments, for example, would not have been part of this work. That may come next.
No extension is required for the earnings release, but they may need to ask their lenders for a waiver of their loan covenants or draw the loan down if it is a LOC. I doubt the market would like any of those actions.
An earnings release implies a conference call, which could be very interesting.
Dividend is due. Some say earnings are to be announced. Some say if earnings are not announced, ARCP will be in violation of loan covenants. Some say ARCP will get a waiver in that case.
No one talks about Skorsch's immense conflict of interest made sharper now by the lawsuit between his two companies. Questions will be asked during the CC that should follow the earnings release. And if earnings aren't released?
I have a strangle on this stock just in case Friday is as eventful as people say it will be, so all I want is excitement. Anyone long the stock should look at $8 puts expiring 11/22--last I checked, they were fifteen cents a share. That is cheap insurance against a Skorsching!
I get about the same book value number, but that assumes the FMV of their fixed assets is not less than cost, the debt can be re-financed to match asset lives and implies they remain a going concern. I doubt any corporate buyers want the corporation--too many liabilities..
Q's cannot be issued until the auditors have "reviewed" and signed off on them, a process that comes fairly close to being an audit.
Too many times, I have been in the middle of these battles, with too much invested. This time, I'm on the sidelines, watching and enjoying. I sold out of ARCP months ago for other reasons, glad I did!
I do hope Nick Schorsch has good lawyers--he'll need them. He was there fir the mis-statement, is on both sides of the Cole deal, his fingerprints are all over everything. And now, the FBI is investigating!
This has the makings of a real financial saga, with lots of headlines as each layer of the onion's skin is pulled back and we see what lies beneath. What fun!
If that two months is correct, it raises more questions--who knew what before the last quarter's numbers were released? Bringing in outside auditors (I was one) tells me how seriously this situation was viewed over two months ago, when the decision was made to bring them in. This is just starting.
I'd have to short it--I don't own any. I've just been following it, might be a buy when the smoke clears. ITM, continue your cheerleading!
You are correct--lots of question need answered, such as why and who else may have been involved. Collusion at this level is rarely limited to just two people.
More likely a rehash. My experience as an auditor is that when there is collusion, more than two people are involved. So as you listen to the CC, consider the source.