....with the .10 move upward today, that basically doubles the implied price of the CVR (net of the $6.44 cash), so that changes the risk-reward somewhat from Friday. If the things were tradable, I might be more interested, but they wont be.
You clearly have no idea what you're talking about. The cash portion of the deal is $2.85. You aren't getting the CVR for "free" as you seem to think because the stock closed at $3.26. This will not be a CVR that trades like CELGZ or GCRVZ. You're locked in. So if you're certain the drug's sales will be good, great. Keep it. But if, several quarters from now, sales are stagnant, or if there's a health scare, or if a competing drug comes along, you're stuck. So, while a misinformed simpleton such as yourself can make an idiotic statement such as "you have to do nothing...", that's only true in the sense that you'll BE ABLE TO DO NOTHING as the CVR goes to zero, because you're stuck with the thing, unable to get out of the trap your arrogance and stupidity put you in.
So, once this deal closes, you'd better believe they hit their sales target with the drug, because $2.85 is all you get. If sales targets get made, great, but if ENDO can't make the drug sell, you will not be able to change your mind and dump the things.
Cheapest of all the IEP-controlled subs, just bought Place Lumiere Casino in St Louis well below replacement cost in a forced sale, IEP values it at $25 per share, and that's before the Place Lumiere deal. I think he figures a way to take it over, complete his huge Fontainebleau project in Vegas and then sell the whole thing off again.
TPCA very undervalued, no debt net of cash. Substantial NOL will prevent TPCA from paying cash taxes for years. On an EBITDA basis, very cheap.
Says undervalued. Carl's always done well with casinos.
Why do you think the recap gets extended to May? All reports I've read suggest NBG asked for more time, but troika is taking a hard line. Alpha Bank just put its plan out to meet deadline.
Now trading at $0.70 on the dollar (par is $25). Bad news for common.
Correct. FNV gets to fund this over several years. I expect div hikes to continue, and BTW, gold has done very well since this deal was announced.
Does anyone have recent pricing on JCP credit default swaps? The last quote I saw showed a significant spike in costs to insure JCP debt.
And yes, Gold River Trend is included:
"Under terms of the royalty agreement, the Company will receive US$35 million for a 2.25% NSR royalty on production from the Company's Timmins West Complex. The Timmins West Complex includes the Company's Timmins and Thunder Creek deposits (collectively the Timmins West Mine), the 144 property, the Thorne property (Gold River Trend) as well as a number of wholly owned and joint venture claims on the west side of Timmins, Ontario."
Under terms of the royalty agreement, the Company will receive US$35 million for a 2.25% NSR royalty on production from the Company's Timmins West Complex. The Timmins West Complex includes the Company's Timmins and Thunder Creek deposits (collectively the Timmins West Mine), the 144 property, the Thorne property (Gold River Trend) as well as a number of wholly owned and joint venture claims on the west side of Timmins, Ontario."
By the way, the royalty included Timmons West, Thunder Creek and Thorne properties among others.