I held AIRT for a long time and it ultimately ended up being one of my best investments. I give much of the credit to Nick Swenson but good fortune seems to also have played a role in the 100% PPS rise in less then two months.
I will continue to follow AIRT but this is my last post on this board.
Good luck to all.
I have no other insight other then to say that it has been manna from heaven! I view the last couple of trading days as an "opportunity".
Good luck to all.
Why would anyone be critical of AIRT given last quarter's results and the positive comments expressed by Swenson? I am all for meaningful discussions but when someone raises the same question over and over again without regard to the responses, it gets a little tedious.
Sorry for being perceived as "testy" but I find it difficult to find any fault in Swenson's game plan given the obvious benefits bestowed upon the shareholders this year.
With all do respect, you sound like a broken record. I think you missed the fact that Swenson made big changes by kicking out Clark and then promoting Michael Moore to President of Global Support. A good manager can do wonders for turning around a business.
UPS is at a new yearly high and the explosion of online shopping bodes well for the air courier business. Also, have for followed the services business? Each month there are new postings for jobs at airports services by Global Aviation Services.
Have you noticed that the institutional investors have stuck with Swenson? Fidelity has not sold a share of it's 10% position. I am not aware of any other selling.
Meanwhile, the stock has moved from $13 to $18 and shareholders had plenty of opportunities to bail out along the way given the good volume. You may not have confidence in the business model but the stock is up 50% YTD.
It surely acts as an impedes for BDX to prioritize settling the litigation. Ironically, the injunction has the greatest significance to RVP shareholders since it will make BDX think twice about filing an appeal and delaying the final disposition. They must make this litigation disappear ASAP and will end up costing BDX for expediency and damage control.
For the 4th time, I will repeat the fact that Judge Davis has NEVER been reversed by the 5th circuit.
They spent years and $100s of millions on research and the company is now not worth 1 cent a share. Non business professionals should not be running publicly traded biotech companies.
Quite candidly, I would not own this stock other then the fact that they took BDX to the cleaners. If not for the verdict, the company's ownership structure and executive (i.e. Shaw) compensation would be a complete turn-off. Shaw's track record for generating profits and/or shareholder value has been terrible. His specialty is suing (and beating) BDX.
I will have to recalculate Shaw's stock holdings. Shaw still has a duty to the shareholders despite what appears to be an obvious hatred of BDX. The Board of Directors would be sued if they fail to vote in favor of a BDX takeover at the "right" price.
Where did you come up with 50%? Fully dilluted, the filings show that he controls less then 40%.
By the way, I noticed that this is your first post. With all due respect, I am always suspicious of a posting by someone who posts "out of the blue".
The case would be marked "settled" and the injunction rendered "moot" and thus terminated, as a matter of law.
BD has to settle before the final judgment is entered. The clock is ticking.
A technical analysis may not be applicable to a thinly traded stock with a such a low float. It held $16 today on very good volume - a very impressive showing.
I just checked Texas District Court case law on the assessment of post judgment interest. It appears to be based on Treasury Bills so the rates are nominal. I was initially under the impression that Texas law would govern which would provide for a 5% assessment.
Regardless, we are looking at a $360mm+ judgment and injunctive relief. This equates to about $12/share fully diluted. After taxes and payment of another $15mm in attorneys fees, the net to shareholders should be a minimum of $8/share based just on the judgment. Based on my assessment that BD will lose an appeal, the present value of the verdict should be in excess of $4/share; i.e; a generous 50% risk discount.
The intrinsic value of the company adds another $3+/share based on $1+ for the intellectual property, intangibles & technology, $1 for the real property and equipment and $1 for the cash in hand and a/r. That makes the company's present value approximately $7. This assessment does not take in consideration the tax loss carry forwards which could provide substantial benefit to a acquirer who is profitable.