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Berkshire Hathaway Inc. Message Board

ss613489 6 posts  |  Last Activity: Dec 15, 2014 9:14 PM Member since: Jul 8, 2008
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  • ss613489 ss613489 Dec 15, 2014 9:14 PM Flag

    Q3 financials had to be delivered to the lenders today, not filed with the SEC with whom they are already late filing. We should know in the next day or two if they delivered the financials on time and if so the company will provide us with the financials and previously announced they would hold a conference call.

  • ss613489 ss613489 Dec 5, 2014 5:20 PM Flag

    I'll try to explain this simply. The reason why cash is expected to be $50 million higher is that the company borrowed $100 million and then repaid $50 million of outstanding borrowings, neither of which were included in the forecast previously.

    As to the long paragraph that you posted, they could have just as easily said that they used the $100 million of proceeds to add to liquidity while using cash on the balance sheet to provide the cash collateral, the money is fungible so the source doesn't matter. The company ended last quarter with $206 million, borrowed $100 million, repaid $50 million and had to use $89 million for collateral paid off $50 million of peaks loans and probably generated cash of $25-$30 million. I own some of this stock so I would like to see good results but this is not that volatile of a business that cash flow changes by $50 million in a matter of a month.

    On my other point we are now worse off by the $3 million of fees needed to obtain the facility and $9 million of annual interest on it, in addition to the interest on the LOC, so good work management.

  • ss613489 ss613489 Dec 5, 2014 3:23 PM Flag

    This news was not good from a shareholder's perspective. In your previous post you attributed the increased cash position to "free cash flow" which is completely wrong since the company stated the increased cash position was due to the fact that they borrowed the money. Even worse, they borrowed it from Cerberus, one of the biggest group of loan sharks around at a rate of nearly 10% and they had to pay about $3 million in fees for that opportunity. As a shareholder I am disgusted by this since we are in this position because of this terrible management group's inability to complete a basic task and file timely financial statements. I think at the upcoming shareholder meeting a proposal should be made to have management pay the increased interest expense we are going to see as a result of their screwups including the expense of the letter of credit that will have to be posted for 5 years.

  • But you can't have a lady running a company where actual strategy and competition is involved since no guy would ever want to take orders from a lady other than his wife at home. Yahoo CEO was just window dressing since the company is just a holding company for Alibaba stock and pepsi CEO, who could mess up selling salty snacks but this company and GM are disasters waiting to happen with ladies in charge.

  • ss613489 ss613489 Oct 16, 2014 2:52 PM Flag

    In May they estimated that they would be making about $115 million of payments to the PEAKS trust over the remainder of the year and according to the 10-K there is not really any change from that figure. The timing of that $40 million may be somewhat new but anyone paying attention knew that it would be paid at some point this year.

    Yes PEAKs should be mostly done by the end of the year and if they generate anywhere near the cashflow they projected at the beginning of the year, they should be on track to generating cash in 2016

  • ss613489 ss613489 Oct 16, 2014 12:52 PM Flag

    There is nothing new in the 10-K and there never was an expectation for there to be since the company already reported its year end 2014 financial results. The only thing different was the presentation of the peaks loans and debt which was already known before. The real news will be tomorrow when we receive new information on Q2 and Q3. Today it was just a relief that the company finally complied with a loan covenant and appears to be on track to be back into full compliance with regulatory agencies.

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