Or it means that the sponsor wants a stronger hand in the operations. I would think they see value but beware getting screwed by the sponsor.
Whomever advised the company of this move should be taken out and shot. I agree it needed to happen but blindsiding the market with a snap announcement is terrible forethought.
I think they have a vested interest in maintaining the div. I also think they were confident the 1st Q was weather related and that would be made up over the course of the year. The change in investment managers could be a positive or could be a negative if they intend to increase risk to shoot for larger returns.
I can't imagine they can get too crazy in that regard.
Guys I will not push this. I really like Frank and I am long at a much higher price. The stock makes no sense if the bonds are offered at 45 and it is not an odd lot.
Best to all
The refiners in general had a tough Q but this is extraordinary. There is some hope that WNR might sweeten the terms. Right now everyone would opt for the cash. Possibly they might offer more stock, I don't think they want to see all that cash walk out the door.
I expected something; the bagel really blindsided me.
It probably means little but I will vote "NO" and send them some sort of communication proposing better terms. Margins could stabilize this Q so there may be some going away present to keep us quiet.
possible but they are a small fish in this game. It could work out either way. For all purposes, it looks like they will be sitting across the table from the Korean Govt. Now that Hanjin has indicated they are insolvent, things could get real interesting.
"When the elephants want to dance..."
Good news, no matter what, it is not a knock out blow for CPLP.
My statement was too optimistic. Looks like Danos and Zodiac are being constructive during the talks and Navios, Eastern Pacific, and CPLP are still taking a hard line.
For more color, listen to the SSW conf call yesterday
nothing new here what is news is that HMM came to agreement over lower rates with two ship lessors. None will work unless all agree and so far CPLP and 2-3 others have not budged.
He is talking about Pvt Capital because the public markets are currently closed to all but the best shipping companies.
that is not the case in my opinion. They need to pay for those things and all they can do if HMM returns them is sue and re charter at a loss. The asset write down will entangle their bank line. Not a lot of boats for sure but a ??mm a pop it is an issue. Agree the rest of the business in running very well.
Looks like ship owners are taking a hard line. CPLP is not in the driver's seat. If the ships come bouncing back there is no place for them. That will necessitate a value write down. It won't look pretty. I guess there is one more full dividend ahead but a cut will be needed. I get the story but watch out for potholes.
because they usually do...Agree that strong news could nullify any effect but mgt needs to get the re split done now to re claim a listing and attract institutional money. Only the lunatic fringe buys quarter stocks.
I own some, no reason to buy more until the reverse split gets done. It will trade down post split. There is no window for trial results before the reverse.