Don't say you weren't warned.
Well, his job is to ensure the large discount doesn't continue.
Did he promise to stop the never-ending below market rights offerings ?
Did he comment about how much shareholder money he is continuing to step because apparently he gets butt-hurt whenever anyone says anything negative about him ?
Is he going to sue long term shareholders who mock him too ?
Looks like the SEC is formally investigating Kemper disclosure based on an 8k from the 5th.
On a company this big, it probably doesn't amount to much.
Investigating Estimated Construction Costs, Estimated In-Service Date of Kemper
The only confusion is that between your ears.
The distribution date has NOT yet been set. Thus, anyone who buys before the to be announced date will be entitled to the distribution. Except Sartini. Its really not complicated.
You can buy stock today, tomorrow and probably for another month or so and still get the distribution. And whoever sells it will not.
Please reread this whenever you get confused. Its really not rocket science.
I posted this on 2/21 on SI.
Shareholder letter is out. Maxim continues to bleed big. He spends too much time saying how bad SNS was and taking credit for its turnaround. He deserves credit for the turnaround and nearly everyone has given it to him.
But he lacks modesty.
Didn't touch on the inexplicable proxy fight and his war against Swenson. Nor did he comment on future rights offers or even their recent share buyback.
I really think if he wasn't so greedy, he and everyone would make a lot more money here.
Seems like about that time.
His answer didn't make sense when I heard it yesterday and it doesn't make sense now.
How can you be actively taking stock, have a program where you can buy during a closed period but then be unable ? The only thing that makes sense is it didn't meet their price criteria. Which, I guess is a good thing give how bad the quarter was, did we really want them buying stock at $13.50 ?
I think Sharp is going to need to be sent packing and the company put on the block. Creative Rec and 4ursol are not going to ever be material to this company, its time they stopped beating that dead horse.
"Yes, with regard to the buyback, you know, we're actively taking stock out at this point, we have that in place. To date we haven’t bought any back, we have a program in place where we could buy in a close period, unfortunately we weren’t able to buy that period. So we'll continue on with that program, provided we can buy a packet value that we feel is appropriate."
Its not a loan repayment. Its a return of capital. Or, if they screw it up, they will code it as a dividend.
Ive seen it done both ways in the past.
If your cost basis was $8.00 per share and they pay $1.72, your new cost basis should become $6.28.
Again, if its coded properly.
Are you just fabricating things ? Its not a 13d, it doesn't give purchase prices.
Besides, Ackman is a really smart guy and he liked it at higher levels..
Nobody bats 1000.
One of my concerns is he cranks up the annual rights offerings in an effort to get even more capital.
I really wish he would stop that. Its not fair for small shareholders because we cant economically sell our rights and I don't want to have to buy shares every year no matter what because he is an out of control ego maniac.
Its hard to argue with someone who always says intrinsic value is growing even as shareholder value continues to decline. He has blew thru $39 million in losses on Maxim so far. Not including what he paid for it.
The volume just wasn't there for them too buy much last quarter even if they wanted to.
And maybe they put an undisclosed price limit on it ?
im amazed at how many times a company has disappointed me yet I always get bailed out with time and always make money.
RCKY needs to hire an investment banker and put the company on the block
The only way its not worth the upper teens if they continue to let he current bozo run things.
We should be comforted somewhat by the healthy dividend and the potential buyback which both should limit the stocks downside risk.