It sure seemed they were in a hurry to pay up. I guess they figure they can support the stock which, maybe they can do if they could possibly take a much bigger position.
Im pleased we are back above $3 but the deal still smells to me. It looks very much like a sweetheart deal for BD allowing them to dump their stock at higher prices and then buyback at $3 with a healthy dividend to boot.
We might be at $4.25-4.50 right now had they not done that.
On June 5, 2014, Books-A-Million, Inc. (the “Company”) entered into an agreement with Harsha Gowda to repurchase 655,596 shares of common stock of the Company held by BlueShore Global Equity Fund, L.P., a fund controlled by Mr. Gowda, at a price of $2.15 per share, which price represents a $0.03 discount
Shares Short (as of May 15, 2014)3: 6.46M
Short Ratio (as of May 15, 2014)3: 14.20
Short % of Float (as of May 15, 2014)3: 19.10%
Shares Short (prior month)3: 6.81M
Not that I know what to do with that info but you have to think that some of them are feeling some pain and some have covered. Some, like fred, had no choice in the matter.
Never heard of them prior to todays filing.
I wonder if they are as mad about the "inside" deal with Becker Drapkin as I am ?
I don't blame BD for doing it. I blame the board for allowing it to happen if not participating in trading on inside information. (When BD sold)
Just another reason I don't short.
But, it sounds like they did you a favor. Supposedly, if they run out of shares to borrow they can force you to cover. I thought they would give you a few days though or something.
It was a lighthearted jab in good fun.
But, look at the chart and tell me where resistance is.
I agree this quarter isn't going to look good but Im confident that they will turn this chain around.
X-mas should be when the results just start to show. I expect them to continue in the new year and going forward.
Form 4 BIGLARI HOLDINGS INC. For: Jun 02 Filed by: JOHNSON WILLIAM
06/02/2014 P 72 A $ 424.92 300
And before some moron cracks that's its ONLY $30K, send me $30k or shut up.
What the heck ? No wonder they were in such a hurry to dump their common. They had material inside information about a deal where they can get 7% with no downside and all the upside of the common.\
The board of directors REALLY shouldn't have let this happen. Its just wrong on so many levels.
Sheesh. Why pay retail when these guys are always willing to sell at wholesale.
7% and convertable at $3.00 ?
Why cant long time holders get that deal ?
Went in today. The shopping center has been refurbished so the outside looks a LOT better.
They had a lot of their clearance stuff on the front sidewalk and still more inside.
There were a half dozen things I almost bought because they were good deals.
Most of it was 20% off regular price and then another 50%. So a $9.99 Desk Basketball game was $3.99. Retail price sticker of $25 was still on it.
They had some deals on sheet sets and kitchen matts, I went in to return my hand weeder and the woman in front of me had $550 worth of stuff.
Some of that stuff might even be worth buying to resell.
Its really going to open up the store for new stuff. But they are taking a bath on the clearance stuff. So Im not sure the quarter is going to be great. But it should "clear the decks" for the all important Christmas quarter.
I saw another lady with a cart full. She had one of the mini dough makers for $299.99. Looked like a much, much smaller & prettier version of the Hobart machines we used at Pizza Hut way back when. I don't even know if they make dough in the stores anymore nowdays. That was in this weeks ad.
They had an employee staying out front & explaining to people how to figure the discounts. And they had charts. Most of the stuff was effectively 60% off. I picked up an oven mitt that was marked $7.99 which was too high but the clearance price is $3.19.
It was the busiest Ive ever seen it. I went in around 9:30.
Manager was wearing Jeans and none of the employees had name tags on.
They had a help wanted stick in the ground sign in the little bit of grass before the parking
Oh well, I forget what I paid....$2-3-4 ?
Its in my IRA so I don't need to know.
Thanks to longtimefollower for pounding the table here so hard.
I guess he sold out at $6 though.
I got the 4 page flyer in the mail last Saturday.
Nothing in it interested me but if it did, I wouldn't have wanted to wait a week to go get it.
The back page talks about their 20,40 &60% items and then it says take an additional 50% off the lowest marked price.
Which is confusing because the price isn't marked. They have regular price, then the stickers, so you're doing math in your head, first 20% off the regular price then 50% off that, I guess.
I think they should take the time to mark the items themselves.
But whatever, hopefully they wont have much more than a small number of 20% off clearance items in the future. That means buying less & selling more at regular price.
I need to go in there and return that weed puller I bought. Wonder if they are going to give me a problem since it might have been more than 30 days ? I have the receipt.
Time for a few dozen more spammers to post.
I actually think billboards might be effective for CBRL. Biglari was commenting on how much they were paying for them. I don't recall CBRL ever defending what they were paying. Maybe they did and I forgot ?
In any event, the one time dividend wouldn't create value, it would create debt. I don't think it would have helped CBRL shares although it would have helped biglari because he could have cashed out while still owning the same %.
I think it would have helped BH more than it would have helped CBRL.
Theres no chance that CBRL is going to go private. That's silly. The vast majority of its shareholders not named biglari support them.