By Jonathan Maze
Seven years ago, Sardar Biglari, at the time a little-known activist investor who had taken over a long-forgotten chain known as Western Sizzlin, was agitating for change at Friendly's Corporation. He, like many activists, poked at the company chairman's use of a Learjet, saying that it " symbolizes an ongoing culture, one that doesn't care about its shareholders."
Big apparently has softened his stance toward aircraft in the years since. And this might be why: His own company, Biglari Holdings, helps pay for four private jets, according to FAA Registry information.
Maybe this is why Becker Drapkin hasn't been buying more ? They had material non public info and could not.
Marketcap is $132 million, they are selling a piece for $150 million.
Stock should go much higher, shouldn't it ?
Well, I suspect they don't want to walk away because they have spent a lot of time & money pursuing the deal.
So maybe they would be willing to pay a little more.
But not if they don't have to.
Why bid against yourself ?
Does not say how much of a gain or loss. I presume a gain.
No afterhours trading. Would seem to be a positive to me.
How do you know bad news is coming from the closed stores ? Beyond what Gabelli knows ?
My guess is he will continue buying at least up to 19.99%.
And maybe even beyond, Im not sure if they would avoid the minority interest accounting or not.
Bottom line for me is Im not willing to risk my current position that it drops to $9. Because in the end, PBY will sell for $12-14.
Every stock he touts is.
This guy had bought 9900 shares at $9.92 on 3/12/13.
Then,exactly 18 months later he exercises options for 12,045 shares at $3.78.
in Dec 13 he exercised options for 43,455 at 3.78.
He sold 40,437 shares.
11.33 from 9.92 is just 14.2%.
He still owns 71000+ shares
Feeling sorry for managers isn't why we are here.
Im here for an eventual buyout at $12.50-14.00. One you could miss by trying to get too cute and buying at the exact bottom.
Id love to see $9 and maybe we will. But a "strong sell" at $9.97? That's irrational.
And as for the 20% thing, I have to think there are provisions for hedge funds that go over 20%. If you mark to market, you certainly don't have to also add on 20% of PBYs losses, if any. Nor add on gains.
They can go up to 19.99% but that's a long time off even at their current rate of buying.
I think they are buying for an eventual deal that will make everyone money. Except you.
This company will be sold. Its just a matter of exactly when and exactly what price.
To say the stock is a "strong sell" just shows how irrational you are. Consumed by your hatred.
Im considering buying more but certainly will load up if it falls to $9 again.
I just called Casa Bonita Denver and the girl said they got the lease situation resolved so its not closing anytme soon.
Im guessing that paying off debt takes priority over getting the filing up to date but I believe they intend to get caught up.