I tried with one and called Vanguard who appears to be the largest owner of NRF according to Yahoo Major Holders, unless of course they sold these positions at later dates. These add up to 28.98% of NRF. I don't know whether the line items I copied will post evenly, but here they are:
Vanguard Group, Inc. (The) 27,711,604 15.35 363,576,244 Mar 31, 2016
Vanguard Specialized-REIT Index Fund 13,270,837 7.35 157,524,835 Jan 31, 2016
Vanguard Small-Cap Index Fund 3, 778,198 2.09 64,342,715 Dec 31, 2015
Vanguard Total Stock Market Index Fund 3,471,288 1.92 59,116,038 Dec 31, 2015
Vanguard Small Cap Value Index Fund 2,129,958 1.18 36,273,186 Dec 31, 2015
Vanguard Extended Market Index Fund 1,970,933 1.09 33,564,990 Dec 31, 2015
I telephoned Vanguard and they would not allow me to speak to anyone concerning their investments. I have to write them and they will pass this along to someone to consider and not even a promise of a response.
Obviously, you have to have connections with Wall Street's higher people to make contact.
Good luck. I'm voting NO to the merger write now. I have made a lot of money in the past with NRF and still have a profit with my remaining 15,000 shares plus, but I do not think this merger is at all equitable.
MEMP was trading at a somewhat higher PPS not that long ago when oil was below $50. Seems like it ought to recover. If oil can stay at around $50, you would think at least the present quarterly distribution will be maintained.
I think it's just the OPPOSITE. It's more like NRF is getting ripped off compared to NSAM. And LItt wants more??!! Good luck with that.
octo: ".i just don't see nsam as having a lot less value than nrf."
But is it worth $128 MILLION MORE than NRF???? (this little cash prize) while both companies get about the same amount of stock in the new company.
Octo, I made a lot of money with NRF having bought a boat load several years ago when it was low and sold a large portion of it when it was high at a great profit. I still even have a profit in my remaining 15,557 shares, so I made money with Hamo. I'm still planning on holding on and I hope the new company will prosper with a higher per share price to offset the decline in the dividend, but what has been done I do not think was equitable to NRF holders.
octopusink: "cutting nrfs debt/cap from 72% to 48% with the newco is a massive change."
Yes, but all of NRF goes into the new company, not just the debt, so you have to include the $1.5B of cash they received from property sales and all of their property and assets. In other words, all of the assets are transferred as well as the liabilities, so basically the Net Asset Value. It's not reasonable that NSAM gets basically an equal amount of stock that NRF does of the new company plus a $128 MILLION CASH for transferring a lot less tangible value.
Do your REALLY think this is any close to fair deal with NSAM getting about the same percentage of the new company as NRF plus $128 MILLION CASH PAYOUT??!! And NRF with A MUCH LARGER asset total as well as operating cash flow? It's amazing they make a proposal like this and expect all large NRF holders just to vote for the merger? What am I missing? NRF should be entitled to a larger slice of the new company than NSAM.
MY MISTAKE. I recalculated new dividend. The old NRF div was annual $1.60, not $1.40 and it is more like a 26% REDUCTION to NRF holders!!!!!!!!
It seems hard to understand why all the large institutions and funds holding NRF common would vote their consent for the equity/fiarness of this merger, but I assume they will likely do so. I don't think a deal with Colony is necessarily bad, I just think NRF deserves a larger slice of the new pie than NSAM. Surprising not one question was raised about this at the conference call this morning. And now NRF holders willl have a dividend cut as well in the new company. I did the calculation with the new div x shares to be issued to NRF holders and I came out with about a 15% total reduction in the payout to each shareholder from the current NRF payout to shareholders. With all the cash NRF took in from their asset sales, I was looking forward to maintenance of the existing $1.40 payout or maybe even an increase. That's toast.
How is it even close to equitable for NSAM to receive basically the same amount of stock in the new merged company as NRF plus a $128 million cash receipt no less and NRF assets dwarf NSAM's assets and the cash flow from operating activities of NRF is ballpark 4X NSAM's? What am I missing?
Most of what I see from the Nasdaq stats are "Disposition (Non-open market)." The CEO, Weinzierl, was most active, but note he still has 570,856 shares as of 5/31/2016 compared to 485,093 shares on 6/19/2014 when he "Aquisition (Non-open Market)" got 105,263 shares and on 11/11/2014 actually did a direct Buy of 60,000 shares for a total of 545,093 shares. He actually has more shares today than a few years ago when the stock price was much higher.
Looking at the other insiders, I disagree that there has been a cascade of insider disposition or selling of most of their shares.
You're missing something. From American City Business Journals(Mon, May 23) news release under RSO.
"Cohen will resign from the board of Resource Capital and cede his CEO role to C-III Executive Managing Director Robert C. Lieber."
According to Yahoo, Top Institutional Holders, Vanguard was listed was listed as of March 31, 2016 with 15.35% of outstanding common shares, and there were 5 different Vanguard entities under Top Mutual Fund Holders with a total of another 13.63% as of Dec. 31,2015. That's like 29% of he company. Evidently they don't think it's such a disaster. I would say it's a waste of time for anyone to contact them and solicit their views. I once tried to do that several years ago with another stock they had a large position in and they would not discuss their views or opinions as a matter of policy.
I don't know know if NRF will soon turn this around for shareholders, but I'm staying long. Fortunately I made a lot of money on this in the past and sold the majority of my holdings, but still have a profit in the 15,557 shares I still hold. Yes, I am not pleased with the current situation, but I think Hamo will still have to deliver to stockholders. We'll see.
Fear of a rise in interest rates which has been known for weeks and weeks and guess what, it actually helps RSO, so the stock falls. Hope RSO is buying today.
Why would you add 100,000 shares with a very large risk of a stock capital raise and dilution? I hope your faith is correct and CoCo will be such a big smash that it will dwarf the dilution, but that's a big risk. Good luck to you (and me, too, with a nice loss now).
Agree. At CC, when asked about cash requirements going forward, portion of it will come from a capital raise, and it wasn't given any specificity as to stock or debt or even how much. Clearly investors are concerned it's going to be stock and dilution and hence the stock is down again. Most long term believers following Kent Moors have a nice stock loss like me, and I think this company, with a capital raise coming and CoCo still months and months away from any real impact, if it happens, is going to be sometime before we have a stock recovery.
Don, I subscribe to Money Map Press and Dr. Ken Moors, the energy expert who strongly recommended MNGA months ago (for co-co among other reasons), comes out today with an article, "How You Can Protect Yourself from Coal Power's Imminent Demise" without one word about co-co and MNGA. Disappointed and left a comment on the site, but he does not directly answer subscribers.
Personally, I am now finding it more difficult to believe that Co-Co will have a great impact given that the stock price doesn't seem to reflect this possibility, and more troubling, that Carla Santilli has sold and continues to sell a large quantity of stock. If she believed that the company is on the brink of a "revolution worth TRILLIONS," why would she be doing this? Sad, but hey, it's Friday the 13th.
Still long MNGA with 24,000 shares with a nice loss thanks to Kent.
OK, thanks Don. I am planning on holding. I'm long 24,000 shares at an average cost of 1.49. I guess Carla selling she just needs some proceeds now and hopefully isn't planning on unloading all of her 4 million shares, or that's what she was listed with in January, the last insider positions/ sales that Yahoo posts.
Don, I appreciate your great defense of MNGA and the science seems real. I am long MNGA with a nice loss after buying in after Dr. Kent Moors' (Money Map Press) recommendation that you could turn a thousand dollars into a million dollars with this stock. Dr. Moors has given no recent update on MNGA and the company is well behind the time line Moors originally presented for independent verfication of the co-combustion technology.
What is troubling to me which I would like to have your take on is that despite the company's improving situation with sales and their move, and the great hope for helping the utilities burn cleaner coal in the future, the stock is going downhill. Just compare MNGA to so many other small biotechs and start-ups which are in financially much worse shape and often have no sales for their products and their stocks are selling at much higher prices than MNGA, it doesn't make sense. Further more, I have to say it is troubling to see Carla Santilli continuously selling large numbers of shares given the improving outlook and possibilities for the company.
What are your thoughts about these troublesome disconnects?
It's about a 5% yield at today's price. Better than nothing. We'll see what they have to say at the CC. Oil prices appear to be recovering, so maybe by year end the distribution can begin to increase. Maybe also allow cash uses to strengthen company and reduce some debt. I added 2900 more shares of MEMP today before the announcement. Also bought 75 of the 7.625's2021 bonds a few weeks ago at 292 and have a short term 21% gain as the price has risen. Be careful anyone buying these bonds because there is a large difference between the buy and sell prices the way the market works. It's a rip, but the bonds still sell at a large discount and it's a very large total return if you believe in the long term survival of MEMP. Bothers me so much I have been talking to FINRA about this, but I don't think they care, much like the SEC. You know you cannot buy or sell a bond at a specified price, unlike stocks. You can't enter an order this way. You have to accept what the market makers are offering in the BUY and SELL prices. To me this is totally wrong.