A nice board member. But his appointment argues against a quick sale.
TUES might have more upside that way anyhow.
Montalto, 66, brings more than 40 years of retail experience to the Tuesday Morning Board. This includes 26 years at Sterling, an operating subsidiary of Signet Jewelers , and the largest specialty jewelry retailer in the United States. During his tenure at Sterling, which included increasingly senior positions culminating in his COO role, the Company grew from a small, privately-held retailer to more than 1,300 stores and sales of more than $3.0B. Mr. Montalto's specific contributions included systems integration, business process development/operations improvement, and numerous brand equity building initiatives.
"Bill Montalto is a first class executive who has held senior leadership positions at one of the top performing retailers in America," said Steven R. Becker, Chairman of the Board. "Bill's operational expertise and extensive knowledge in all aspects of retailing including information technology, real estate and marketing will make him a terrific addition to the Tuesday Morning Board of Directors."
Earlier in his career, Mr. Montalto held systems positions with Saks Fifth Avenue, JCPenney and W.T. Grant.
Im not entirely convinced in their strategy but I think the hype will be good for at least a few quarters.
So I cant rule out a run much higher.
11/25/11 at $3.13
been owning shares since 2008 at 28 cents. But also traded it a bit so my cost basis is around $1.04 for these shares.
Not really pleased with Gilberts continued selling and them not doing anything with all the cash.
Should have sold out years ago at higher prices. My last sale prior to today was $3.49.
I wont be back unless it falls a great deal as it doesnt fit what I look for.
(High book value & insider buying)
1.5 million shares isnt much.
And of course they gave raises & options to their officers.
Hurry up & wait.
Now that they realized the "buy here pay here" method of selling didnt work, maybe they can have a REAL auction this time.
Wait...can you have an auction without bidders ?
If it was a 12 year average term, wouldnt it SAY 12 year avg term ?
Anyway, I looked up the prospectus. Its not on edgar by the way...and it seems the fund does indeed close up shop in 12 years.
"The Fund intends to liquidate and distribute substantially all of its net assets to shareholders on or before August 31,2024
Defined Term. The Declaration provides that the Fund in ordinary circumstances will terminate on
August 31, 2024. The Fund’s trustees may terminate the Fund prior to this date. The Declaration provides
also that the Fund’s term may be extended by the Board of Trustees, without a vote of Common
Shareholders, for one period of up to twelve months. The Fund’s term may only be extended further than
one period with a vote of Common Shareholders.
Because shares of closed-end investment
companies frequently trade at prices lower than net asset value, the Board of Trustees has currently
determined that, at least annually, it will consider action that might be taken to reduce or eliminate any
material discount from net asset value in respect of Common Shares, which may include the repurchase of
such shares in the open market or in private transactions, the making of a tender offer for such shares at net
asset value, or the conversion of the Fund to an open-end investment company. The Fund cannot assure
you that its Board will decide to take any of these actions, or that share repurchases or tender offers will
actually reduce market discount.
100k options at $5.88 that were set to expire on 7/12/13 from 3 years prior.
06/12/2013 M 100,000 A $ 5.88 2,440,774 (1)
No offsetting sale which means he reached in his pocked for the $588k. Kind of like me or you reaching in our pocket for a $20 !
This is mildly bullish because he owes taxes on the gain of roughly 75-95 cents or whatever the price was at the time.(I think)
Its been over a month and I havent seen a recent form 4.
Wonder what that means exactly ?
Did they file that and then start shopping the company ? And if a deal falls through do they want to be able to buy when it drops without waiting ?
Have they been having their broker buy for the last month but just hold the shares and then cross a large block to them at once at an average price ?
That would seem to run afoul of reporting requirements so Im not inclined to think thats it.
Or maybe a hedge fund or two realized that if BD wants more, that TUES is worth more !
Wouldnt it make sense for Homegoods to just buy TUES out rather than competing with them ?
About 27 years ago after I got out of running a pizza hut, delivery was coming to Bham. At the time, there was a local chain with, I dont know 8-12 stores called "Famos Teds".
Rather than competing with Teds, Pizza Hut just bought them out and changed them over to Pizza Huts.
What better why to grow Homegoods ?
Sure, they would have to close a number of stores where they both have stores nearby, but the other efficiences could make up for it.
And TJX could easily pay with shares because their stock is at an all time time.
They could pay $15-17 without blinking an eye.
And maybe thats why the old CEO is no longer around ? He found out they might sell it and he didnt want to fix it just to sell it ?
I love it. I just wonder how effective all this is really going to be in the end.
I can envision the next 5 going just like the last 5 and eventually them just burning whatever is left into the ground and perhaps buying it out of bankruptcy after shareholders are wiped out.
Is anyone on the board just now going to wake up & realize they are as incompetent as the guy that hired them ? And if they do, what can they do other than resign ?
In short, its his way or the highway.
If you want to get serious, offer 60 cents for the entire company.
That'd be harder to turn down than 24% at 50 cents.
My 3 buys were at
$25.56 on 5/22
$24.51 on 6/3
$23.09 on 6/12
My final buy was placed at $23.26 but I think it went ex-dividend and got automatically reduced by 17 cents.
I knew their was a possibility of it declining which is why I bought 1/4 positions at a time. I will buy one more time if it should fall even further.
I can see myself holding this even longer than 5 years.
Current plan is to reinvest all dividends which I I did for the first 2 buys. As long as it trades at a discount to NAV.
If it ever gets to a 5% or so premium, I would probably sell then.
I admit I know very little about income investing but I have determined that now that I am retired and because of the beating I took with the 2008 market decline, I have a lot of money that will never be put back to work in stocks simply because I am more conservative now.
But, I do not need the income so I like the dollar cost averaging/reinvestment of the monthly dividends.
I cant imagine buying a CEF at a premium like when they go public and I have never set a stop loss in my life.
My objective for this investment is to merely outperform what I would have earned had the money been in a 5 year CD or something. Thats about 1.5% without opening new accounts at odd far away banks or credit unions.
But, I would certainly hope that my total return is closer to 7-9% annualized over the long term.
Wonder if the company is being shopped ?
Who would be an ideal strategic buyer ?
I trust BD to do whats best here. But DO NOT SETTLE with the wench. Unless its for $1.
Amazing what has been done with the removal of the wench. Should have been done 5+ years ago.
How do investors and the fund manager/sponser benefit from a 12 year term fund versus a "forever" term ?
What happens when the fund gets wound down ? Do they start selling 6-12 months in advance or just open a new fund and selll all the positions to the new fund ?