I have but I don't like having to. Also don't like the wild price swings it causes and his inability to live with the assets he has.
Im not surprised he increased his stake. I had been expecting it. And frankly, I thought he would increase it more.
There are 3 likely options, fix it, sell it or both and all 3 lead to higher prices.
Good point about taxes. However, Book value already accounts for taxes
And it seems prudent to at least lighten up or explore it.
12.65% was reported in Sept, 2013
13.65% was reported in Jan., 2014
14.67% was reported in Jun., 2014
16.28% was reported in Sept 2014
17.31% was reported in Nov 2014
You're still overvaluing the Jamul note. Nobody would pay even 50 cents a share because of the uncertainty and the long term nature of seeing any money from it.
The only positive I heard in the call was that Lyle was going to do SOMETHING within a year.
Im not sure anyone would pay a lot for the entire company. And the tax assets are of dubious value when ownership changes hands.
The important thing is to stop the bleeding from corporate.
And how much will their golden parachutes cost of if the company is liquidated ?
The stock at current prices is about right given the risks & uncertainties & the high overhead.
Can they find a reasonably priced acquisition that the market would value at more than they paid for it or that Lyle could add value to ?
And how is the investment banker being paid ?
The risk is what they do with the $6.19 in cash. And how much corporate overhead is going forward.
The reasonable present value of Jamul isn't anywhere near even $2 because there is so much uncertainty over ever seeing anything other than interest.
A positive acquisition could make the stock go up. A $8 a share tender offer for say 40% of the shares wouldn't really help much because the remaining company would have even more overhead on a per share basis.
19,263,457 shares outstanding as of May 8, 2014
Im not positive but with other stocks, I know they disclosed buybacks from the end of the quarter to when the q was filed. HALL doesn't show that and it seems hard to believe they would leave that out..
Although maybe its not really leaving it out since the share could changed ?
I missed the buybacks in may & june by not looking at their q.
May 1-31, 2014 55,916 $ 9.51 1,681,628 2,318,372
June 1-30, 2014 21,001 $ 9.71 1,702,629 2,297,371
They bought 2618 at $9.73 avg in July
NONE in August
62,073 at $10.21 avg in Sept.
So they really ramped it up in Sept.
There was no mention of any shares bought In Oct or Nov so Im inclined to think there was not any.
(Typically, companies give that info if the buyback continued)
They could be in there now buying. Maybe they have confidence in the new CEO ?
I don't believe I have went thru their filings in detail in several quarters.
During the call
No mention of it at all ?
There was a filing I couldn't see some time ago. I don't know what that was. Seems odd that they wouldn't mention it at all.
Even if they called it off, shouldn't they say so ?
Or are they still working it ?
Obviously, Im ignorant of how debt is sold.