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National Western Life Insurance Company Message Board

stillwater9999 45 posts  |  Last Activity: 9 hours ago Member since: Feb 8, 2003
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  • The law was passed as a result of an attempted take over of Dayton Hudson (now Target) in the 1980s.

    A “control share acquisition”
    occurs when a shareholder, directly or indirectly,
    acquires shares that, when added to any other shares
    beneficially held by that shareholder, exceed one
    of three thresholds—20%, 33.33% or 50% of the
    outstanding shares of the issuing public corporation.
    Upon exceeding the initial threshold, the acquiring
    shareholder can vote only 19.99% of the issuing
    public corporation’s outstanding voting shares. The
    remaining shares owned by the acquiring shareholder
    (the “Control Shares”) are stripped of their voting
    rights unless approved at a shareholder meeting by:
    (i) a majority of the voting power of the corporation’s
    outstanding shares (including the shares held by the
    acquiring shareholder) and (ii) a majority of the voting
    power of the corporation’s outstanding shares that are
    not owned by the acquiring shareholder, officers or
    employees who also are directors of the corporation.

    So this could well explain why Mr. Nerges is pausing/stopping at the 20% level.

    Note the law would make it difficult for a hostile take-over of IKNX but it could happen if the company
    was in agreement with the take-over of course.

    sw

  • stillwater9999 by stillwater9999 Sep 21, 2014 8:01 AM Flag

    Another key aspect of this story totally ignored by copperfield, hearnthar and the shorts is that BBSI is providing many other valuable services besides workers compensation as a PEO. They are doing a great job as reflected in their customer retention rates. Their customers are recommending them to other customers creating a very positive growth chain. Listen the most recent investor presentation (Gateway Sept. 2014) on their web site. This story is laid out clearly. There is also some good discussion of the WC issue and the stress testing they are doing currently. (in the Q&A)

    I note that hearnthar (who showed up on this board just recently along with the copperfield piece) has not addressed the excellent article that came out Saturday from Jenks. He has nothing to say about that.

    sw

  • stillwater9999 by stillwater9999 Sep 20, 2014 2:31 PM Flag

    new article by Roselle Jenks out this morning. Since this is an official article (PRO) it was reviewed by editors as opposed to the blog from copperfield. The Jenks article has sound research, the copperfield piece is riddled with mis-statements and falsehoods in my view.

    sw

  • Reply to

    New Analysis Out

    by stillwater9999 Sep 20, 2014 8:54 AM
    stillwater9999 stillwater9999 Sep 20, 2014 2:27 PM Flag

    Very much worth reading as opposed to the mis-statements coming from Copperfield and some of the negative posters on this board.

    sw

  • Reply to

    New Analysis Out

    by stillwater9999 Sep 20, 2014 8:54 AM
    stillwater9999 stillwater9999 Sep 20, 2014 8:54 AM Flag

    Here is a link:

    http://seekingalpha.com/article/2506935-barrett-business-services-a-purposely-dizzying-opinion-littered-with-misinformation

    sw

  • stillwater9999 by stillwater9999 Sep 20, 2014 8:54 AM Flag

    Please read the new piece out this morning written by Rochelle Jenks on seeking alpha. Unlike the blog from Copperfield, this new article did go through some editorial review. In my view, it is a much more honest and thorough analysis. It is a PRO article so it will only be available for a short time to non-PRO subscribers.

    sw

  • Reply to

    2 weeks more til delivery

    by seth1611 Sep 8, 2014 7:16 PM
    stillwater9999 stillwater9999 Sep 20, 2014 7:02 AM Flag

    Still not seeing any B shares. Perhaps Monday. Supposed to have been 9/19.

    sw

  • Reply to

    what is going on with BBSI

    by magilla_s Sep 16, 2014 1:40 PM
    stillwater9999 stillwater9999 Sep 19, 2014 9:10 PM Flag

    BBSI has been in these business for decades and has not imploded. You totally ignore the very substantial risk mediation processes in place.

    sw

  • Reply to

    To BBSI Management

    by stillwater9999 Sep 19, 2014 2:17 PM
    stillwater9999 stillwater9999 Sep 19, 2014 9:05 PM Flag

    I have a call into Jim Miller, have spoken to him a few times in the past. If possible I will post the net outcome. There may be good reasons for them not to put out a statement, but I would like to discuss it with them.

    By the way there is some good discussion of the WC issue on the last investor presentation made by MIchael Elich (Sept. 2014).

    ER

  • Reply to

    what is going on with BBSI

    by magilla_s Sep 16, 2014 1:40 PM
    stillwater9999 stillwater9999 Sep 19, 2014 9:00 PM Flag

    BBSI has been in these business for decades and there has been no implosion.
    You totally ignore the very substantial risk mediation practices that BBSI has in place. That is a key core competency. The Copperfield piece has numerous misstatements of facts. It shows a very clear lack of understanding of the company and more likely a clear desire to misrepresent from what I see. Always be very cautious with people that bring up long laundry lists of weak arguments instead of one or two clear arguments with strong evidence.

    sw

  • stillwater9999 by stillwater9999 Sep 19, 2014 2:17 PM Flag

    Given the very substantial price action in the stock, I would highly recommend a statement coming out from the company.

    Edward J. Roche
    President Freedom Mountain Investments

  • Reply to

    Facts vs. Innuendo

    by a_dart_and_a_map Sep 18, 2014 6:47 AM
    stillwater9999 stillwater9999 Sep 18, 2014 7:07 AM Flag

    I believe strongly that BBSI should put out a statement addressing the issues. I have sent them a message to that effect.

    Edward J. Roche
    President Freedom Mountain Investments

  • Reply to

    what is going on with BBSI

    by magilla_s Sep 16, 2014 1:40 PM
    stillwater9999 stillwater9999 Sep 17, 2014 1:22 PM Flag

    hearthnar -

    What evidence do you have that BBSI is "severely" under reserved for workers comp.? The company has taken two charges, one in 2009 and one in 2012. Based upon the size of these adjustments I see some evidence for modest under reserving but not "severe". In my conversations with Jim Miller the company is getting regular input from accuarials on the size of reserves.

    sw

  • Reply to

    what is going on with BBSI

    by magilla_s Sep 16, 2014 1:40 PM
    stillwater9999 stillwater9999 Sep 16, 2014 3:12 PM Flag

    BBSI Management should respond.

    sw

  • stillwater9999 stillwater9999 Sep 16, 2014 11:11 AM Flag

    He has reached the 20% level and there may be voting rights issues beyond this point. See the DEF filing:

    Pursuant to Minnesota law, certain shares beneficially owned by Mr. Nerges that, when acquired, were in excess of 20% of the Company's common stock have no voting rights because his acquisition of those shares was not approved by a vote of the Company's shareholders.

    sw

  • Reply to

    Down 11%??

    by stillwater9999 Sep 11, 2014 11:42 AM
    stillwater9999 stillwater9999 Sep 11, 2014 11:56 AM Flag

    Now showing 310, people never learn....

    sw

  • stillwater9999 by stillwater9999 Sep 11, 2014 11:42 AM Flag

    Looks someone did a bad trade with no limit set.

    Not seeing any news. Bid is now 295.5.

    Strange stuff...

    sw

  • stillwater9999 by stillwater9999 Sep 11, 2014 10:10 AM Flag

    News pending....

    sw

  • Reply to

    Div +17% to $0.75/Qtly from $0.64/qty

    by alexalekhine Sep 3, 2014 6:28 PM
    stillwater9999 stillwater9999 Sep 3, 2014 9:19 PM Flag

    Did some searching on their patent activity trying to see what the new products might be. Looks like the fluid flow area is fairly active in terms of research but also seeing some on contact lens cases.

    sw

  • Reply to

    Div +17% to $0.75/Qtly from $0.64/qty

    by alexalekhine Sep 3, 2014 6:28 PM
    stillwater9999 stillwater9999 Sep 3, 2014 7:25 PM Flag

    Last year's increase was about 14%.

    sw

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