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IntelGenx Technologies Corp. Message Board

ofir_menkes 3 posts  |  Last Activity: Sep 30, 2015 6:19 PM Member since: Jul 27, 2008
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  • ofir_menkes ofir_menkes Aug 10, 2015 10:58 AM Flag

    The spp part has run its course. the $85M sale (at way inflated price) has removed a lot of the potential
    to use it as a tool to gather new funds. it was too short sighted. look at what happened to the spp
    share price since then.

  • Reply to

    bluestem ..menkes and joster..

    by starteam003 Sep 22, 2015 6:19 PM
    ofir_menkes ofir_menkes Sep 25, 2015 2:13 PM Flag

    Company is not on the verge of BK at all. the Park Inn by Radisson just opened in Bucharest a few
    days ago. with that in place, the hotel complex should be able to generate NOI of 14M Euro.
    The complex has 61M Euro debt and its value could easily exceed the book value of 140M Euro.
    on top of the equity, Elbit loaned the complex 11M Euro for the buyout (98% now belongs to Elbit).
    The PR you are seeing is for the two hedge funds in control, arguing how to manage plaza centers (45%
    owned by Elbit). DK was expecting quick returns and York, who is the largest share holder in Elbit and
    appointed the plaza manager, is not delivering so far good appreciation.
    Lets see if something positive happens here. the asset values here justify a much higher price.

  • Reply to


    by starteam003 Sep 30, 2015 5:38 PM
    ofir_menkes ofir_menkes Sep 30, 2015 6:19 PM Flag

    Plaza has 4 remaining active properties (in operation with a NOI). one of them was Liberec. this mall
    is not doing very well and its NOI is low (due to stiff competition and some mismanagement).
    One of the reasons the mall was neglected was due to the fact that the loans against it were too high
    to support. my understanding was that Plaza was responsible for the mortgage, but it seems I was
    wrong. cutting the debt against the property could allow Plaza to invest properly in it and develop it and
    would increase the equity.
    Anyway, that is good news.

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