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IntelGenx Technologies Corp. Message Board

ofir_menkes 426 posts  |  Last Activity: Jun 19, 2016 7:16 PM Member since: Jul 27, 2008
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  • Reply to

    TOLD YOU SO!

    by dragon.slipper Mar 29, 2016 11:27 AM
    ofir_menkes ofir_menkes Mar 29, 2016 11:38 AM Flag

    so if they can put a dividend of less than $1.1, but instead $0.7. is that good or bad?
    in the meantime they have enough cash to pay down their notes or get more projects.
    by the way, I agree about their morals.

  • ofir_menkes ofir_menkes Mar 29, 2016 11:45 AM Flag

    they are ringfenced. sune owns 34% of the llc that owns the companies that own the
    projects. glbl has its own accounts. that is my understanding.

  • Reply to

    Sure SUNE may file BK, but

    by jeffjwang Mar 28, 2016 11:10 PM
    ofir_menkes ofir_menkes Mar 29, 2016 1:35 PM Flag

    I do not think I would want to be Wuebbels's redemption. without sun being in control, he
    will be out very quickly. I do not know if the India projects are liened to global or not.
    One more thing: class B shares will get dividends only after class A (common shares) get
    3 straight years of at least $1.1/share. does not like those are worth much unless glbl
    does well. if glbl is given good projects at good prices (assertive to glbl), sune will retain
    a large piece of value in it. glbl has the money to finish quite a few projects.
    good luck to us.

  • Reply to

    buying point

    by jackmiami740 Mar 26, 2016 9:53 PM
    ofir_menkes ofir_menkes Mar 30, 2016 2:06 PM Flag

    it is worth much less - class B gets dividend after 3 straight years of class A $1.1
    per share of dividends. sune owns only 2M class A units.
    Class B is worth only as a holder of voting rights, but I doubt sune will be able
    to get away with much in regards to decisions. best move for sune would be to
    let glbl pick the most likely projects to be finished, finish them (provide cash
    flow from their $1B+) and increase cafd to way above $128M per year. that will
    give economic values to IDR and class B shares. in that scenario, glbl does not
    have to pay back their notes. right now the note's proceeds are sitting idle while
    glbl pays 9.5%/year. until now sune paid the interest, but those days are
    probably over.
    Anyway, good luck.

  • Reply to

    GUTU 2015 10-K

    by rkboulet Mar 11, 2016 7:04 PM
    ofir_menkes ofir_menkes Apr 1, 2016 11:28 AM Flag

    the loans were to pay for the trustee - all the overhead and regulatory stuff.
    I think this year they should be able to pay it back and keep up with the current year (and maybe
    have leftover to pay unit holders...).

  • Reply to

    This board is dead...

    by johnjones4741 Mar 31, 2016 10:30 AM
    ofir_menkes ofir_menkes Apr 2, 2016 1:33 AM Flag

    equity in glbl and terp will be the most of the collateral for any dip. why would
    anyone of the lenders or sunedison want to hurt its values?
    glbl is the only entity with capacity to relieve sune from projects and finance its
    finishing steps while retaining value for the restructured sune (through class
    B shares that will become valuable again if the company can produce at least
    $1.1/share per class A of cafd for three years in a row).
    retaining projects and getting awarded $600-$800M of value in a couple of
    years sounds like a good deal for most, but the sune current management are
    just too smart to be so simple. they prefer complexity. we are witnessing how
    well that is going. simply bizarre. once those idiots are gone, sune can go and
    focus on business instead of dramas (probably after bk at this point) and glbl
    could be used as originally envisioned and pitched.

  • ofir_menkes ofir_menkes Apr 2, 2016 1:36 AM Flag

    have you looked at glbl's balance sheet? the financing was equity and the notes money is still in cash.

  • Reply to

    I'm starting to scale out

    by thespiderandthefly Feb 24, 2016 11:37 AM
    ofir_menkes ofir_menkes Apr 2, 2016 2:22 AM Flag

    why not go and buy glbl? that is the craziest valuation I have
    ever seen in my life (20 years in the markets as an investor).
    you buy over $1B (of real equity) for $250-$300M valuation
    (ignoring class B until they get equalized after 3 years of
    full $1.1/share dividends to class A). once the sune
    nightmare of a management finally gets disposed off, this
    thing will have even more value to it.
    It is a no brainer. I wish it goes lower, so I can average down
    bellow my $2.65.

  • Reply to

    Future

    by joebush34 Mar 29, 2016 11:29 AM
    ofir_menkes ofir_menkes Apr 3, 2016 2:10 AM Flag

    I think they consume lpg (ethane mostly) for their ethane crackers. it is very different than
    lng and cheaper to process and ship (less need to reduce temp).

  • Reply to

    buying point

    by jackmiami740 Mar 26, 2016 9:53 PM
    ofir_menkes ofir_menkes Apr 4, 2016 12:54 AM Flag

    if they took money without filling an sec filling, they will end up
    in jail. the glbl cash is in a lockbox as far as sune is concernd
    (it is a different company). these guys play around the edge
    of the law, but this would have been way too much.
    look at what the delaware court wrote about the terp lawsuite
    (they basically told sune to stop their games) even before
    a trial took place.
    yes, you can wait for another 0.20-0.30 reduction in price,
    but the chances are that in a year from now its closer to 5 than
    to 2. all they need is for the sune #$%$ drama to be finished.
    by the way, renova (a seller from brazil of 294MW of wind
    projects) owns 15% of the class A of glbl (20M shares in
    exchange for $180M of proceeds...) have a pretty good
    interest in sticking it to sune and they need glbl to go up in
    order to sell and reinvest the money in their projects (
    project financing in brazil very expensive now). they could be
    a good candidate for activism.
    hope you do not lose too much on your short.
    good luck.

  • Reply to

    I'm starting to scale out

    by thespiderandthefly Feb 24, 2016 11:37 AM
    ofir_menkes ofir_menkes Apr 4, 2016 12:33 PM Flag

    I do not think so. the company is suing for a return of the $231M and accuses sunedison at
    misappropriation of funds (Embezzlement in nicer words, I believe). if there was anything else taken,
    the company would have sued for that too (otherwise the officers would be at personal legal risk.
    This is how they are trying to demonstrate they regard their fiduciary duties as they should (which might
    be too late for them).

  • Reply to

    GLBL challenges in the event of Sune BK

    by bobbyraymurcer2 Apr 3, 2016 2:04 PM
    ofir_menkes ofir_menkes Apr 4, 2016 12:35 PM Flag

    India and Uruguay projects which were not received yet are not on glbl's books. the only thing on the book
    is the $231M which was at unrestricted cash on 9/30 (part of over $1.1B at the time).

  • Reply to

    GLBL down 8% on only 50k shares

    by wantstoretireearly Apr 1, 2016 8:55 PM
    ofir_menkes ofir_menkes Apr 4, 2016 12:37 PM Flag

    I agree about India. in India (like wall street) you end up as a millionaire only if you start with a Billion...
    Corruption is everywhere there and if they could sell it to Tata, they should.

  • Reply to

    buying point

    by jackmiami740 Mar 26, 2016 9:53 PM
    ofir_menkes ofir_menkes Apr 4, 2016 12:39 PM Flag

    you are dead wrong. in a year you would be looking at $5 stock if not more. I have been there many
    times before. some believe people who spread panic and some do well over time.

  • Reply to

    buying point

    by jackmiami740 Mar 26, 2016 9:53 PM
    ofir_menkes ofir_menkes Apr 4, 2016 12:44 PM Flag

    in a lot of countries the depreciation vs the dollar is about the same as the inflation difference between
    the countries. that is why ppa's have inflation annual adjustment. anyway, what do I know.

  • Reply to

    If Sune files bk

    by ammoniabob1 Apr 4, 2016 12:58 PM
    ofir_menkes ofir_menkes Apr 4, 2016 1:17 PM Flag

    misappropriation of money is something different than regular unsecured debt.

  • Reply to

    If Sune files bk

    by ammoniabob1 Apr 4, 2016 12:58 PM
    ofir_menkes ofir_menkes Apr 4, 2016 4:16 PM Flag

    Ask David Tepper. he used that claim in the Delaware court. his point was that SunEdison
    was not acting in fairness towards the yieldco's class A shareholders. you should go and
    read what the judge said.

  • Reply to

    SUN AND GLBL equals Enron!

    by dragon.slipper Apr 4, 2016 2:38 PM
    ofir_menkes ofir_menkes Apr 4, 2016 4:53 PM Flag

    you are talking about sune's assets, right? what does it have to do with glbl?

  • Reply to

    GLBL down 8% on only 50k shares

    by wantstoretireearly Apr 1, 2016 8:55 PM
    ofir_menkes ofir_menkes Apr 4, 2016 4:59 PM Flag

    they do have inflation adjustment in those countries (which
    over 2-3 years catches up with the depreciation against the
    dollar). now, I do not want to interfere with your talking about
    it anyway, so please continue...

  • Reply to

    SUN AND GLBL equals Enron!

    by dragon.slipper Apr 4, 2016 2:38 PM
    ofir_menkes ofir_menkes Apr 4, 2016 5:03 PM Flag

    that is my point. lets do that instead of trying to be a fear monger. I saw people
    like you do it (mostly in 2009). I made money from your likes shaking the weak
    hands, but I am trying to put a few words in in order to have people think
    twice before selling at loss so that you and others can cover at a profit.

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