I doubt they could give away either the "business" or the ship wreckage with all the court mandated #$%$.
A reverse split. A massive money losing business. A private placement for anyone who wants to call in ?
Still no filing. (As of yesterday)
Stock inching down to $14.50.
I forgot to mention that TWMC also had a tender offer. Last year at $5.10. I did nothing and the stock was in the low $3s yesterday.
Millers form 4 for yesterday...
Bought 244.607 at $3.175 avg.
And today, the volume is 188k+ so they almost certainly bought more.
Miller has been buying for months now but this was their biggest block recently.
Stock is up to $3.24-3.29 apparently as others saw the form 4 and join in.
I paid $3.11 for mine.
I don't get the impression Sweetwood is the guy. Plus he is 66 and might not want it.
On the other hand, if the company is in play, a buyer might want their own man as CEO.
Selling it for $12-13 would be fine with me.
During a Dec. 9 conference call to discuss Pep Boys’ quarterly financial results, Sweetwood addressed the search for a new CEO. He said on the call that “the search is well underway” and Pep Boys is “moving diligently to have a new chief executive onboard as soon as possible.”
An analyst pointed out that Pep Boys’ prior CEO had a strong background in service and retail. (Odell joined Pep Boys in 2007 after a stint as the executive vice president and general manager of Sears Retail & Specialty Stores. His background also included time as vice president of stores for the Sears Automotive Group.) Sweetwood was asked if Pep Boys is looking for something different in its next chief executive.
“We’re looking for someone who is strong in service, hopefully has some retail,” Sweetwood said. “We view this as a pretty plum job actually — for someone to step into a business that has a tremendous amount of potential, that has a one share of a $200-billion market and participates with no dominance in the service area. It’s a very, very fragmented market. There are no barriers to success in the industry in our area of focus. So, we’re looking for the person who can energize us around that.”
He added that, at this point in the search, “we’re still at the top of the funnel; we’re looking at everyone.”
Different firms do it different ways.
And even the company has their own DRIP.
Fidelity says : Dividend reinvestments are priced at the average price that the security is purchased by Fidelity.
Fidelity pre-identifies all customers that will be reinvesting their dividend and goes to the market to purchase shares three days prior to the payable date. We purchase as many shares as possible on a best-efforts basis, determine the average share price, and reallocate these shares proportionately to the customers that are reinvesting their dividend. This process typically results in a different reinvestment price than the price that the security is currently trading
Disclosure is the only reason the SEC hasn't shut this company down by now.
Its fairly obvious whats going on here. Its disclosed.
That said, I know they have put out 12 years of false & misleading press releases. Almost all made to sound "material" but none requiring an SEC filing. (Which means they were not material at all)
I am on record as calling him a criminal, a con-man and the company a scam.
I believe that to be 100% true. An any objective observer would agree.
This is a worthless company with a $29 million market cap.
They have no prospect of ever having material revenues let alone earnings. Its all smoke & mirrors.
Its not practical to short it. If it was, it wouldn't have a $29 million market cap.
Anyone think a buyout of Biglari might be on the table ?
As a BH shareholder, Id king of like to see them cash out of some or all of their CBRL position.
But, Biglari might be willing to hang in there for the long term and get control later on.
He will probably live longer than anyone on the board.
John A. Gordon @JohnAGordon · 21m21 minutes ago San Antonio, TX
SNS has added a variety of flavored frech fries for upcharge...why not $MCD $WEN $JACK and others?
Steel wants the company for below fair value. The company, despite board & president changes, wont sell it for what Steel wants to pay. And they also wont do anything to keep the stock from tanking if a deal doesn't happen.
Why, exactly, did we replace the president & pay huge severance charges if nothing changes ?
Apparently they have cash & the outlook is bright. They need to get out & tell the story AND they need to commit to supporting the stock in the open market with a buyback.
If they believe the company is worth $11.40-12.50 or more and they have plenty of liquidity, then they should file a plan to buy shares and then place an order with a broker to buy all the shares they can get at $8.50 or less.
And Don't just announce a buyback & not follow thru. Commit to buying any & all shares below $8.50.
That, at least gives current holders some confidence that they have a little liquidity in the event we want to sell some.
Cant blame anyone for selling but I am holding. Most of my shares were bought at lower prices, I want to defer the gains hopefully for years to come and Im hopeful that some of our concerns will be addressed at the annual meeting april 9th. I continue to be concerned at the LACK of information for those of us unable or unwilling to make it to the annual meeting every year. The LEAST they could do is make a webcast or a transcript available.
Essentially, I see it as those who cant go to the meeting are at an informational disadvantage.
PS, since the rights offering is apparently going to be a yearly thing, I might have to get into the habit of selling a little once a year just so I can participate in the rights offerings without increasing my already large position.
Considering lowering the price for a financial buyer. Possibly to $3-3.5 million. I think they will pay a 5-6% brokerage commission if & when its sold.
Reason being the cost of upkeep.
Im going with $3.25 million as a worst case scenario=3.06 million net=51.5 cents per share.
But, I think they have some cash too. Possibly $1.8 million ? Although they would probably have to keep some set aside in a liquidating trust for so long.
So 27-28.5 cents possibly in cash.
Looks like a reasonable worst case is 78.5 cents, in a year or two.
Im sure not selling at 55 cents.
Growing the company is going to be them merging something into it Id imagine. And that might involve issuing more shares & such.
There is room for sweetheart insider deals. Even though Roberts at least kept them from blatently diluting us.