well I would agree with the daily part of your statement but for you all to say as shareholders we shouldn't try to hold management responsible and expect them to improve things they can directly effect? Interesting ideas you have of shareholder responsibility you have there. I'm sure Madoff and several others would love you two as shareholders. I will sell if the share price continues to decline but I would prefer management gain the confidence of fund managers so the price will go up. that isn't going to happen when they cut off conference calls as soon as the calls become critical or they keep cutting the div which they will have to do again after the spinoffs if they don't increase earnings on the businesses they keep within PSEC..
it doesn't really matter that much. The hit maxes out at 1% and PSEC will make enough money to cover it's DIV all the way up to that 1% which is all that matters, I think we will even still get a special div at some point from non distributed earningst. I just want this dang rights offer to get completed or canceled w/e so that we can figure out what exactly is going on there.
Rights to sell? There is no guarantee that there will be any mkt for the rights. Little is even known about the rights at this point. I hope there is a mkt for them because I would definitely sell mine but I doubt there will be. Hard to say at this point though.
That's completely untrue. KCSA could care less about whether the company is legit or not. They just care if they get paid. We'll see what they come out with, don't think they are going to spend a lot of effort on FARE since there is no way FARE is a major customer for them.
This whole idea of getting PSEC to buy back stock is silly. I don't think the people suggesting such a thing understand what a BDC is. Yeah I'd like the shr price to go up to but not at the expense of the company returns. I'm more concerned about them continuing div and maybe paying a special div than the shr price. That's true only to a certain extent of course but I definitely don't want to see them buy back shares.
Not sure why you would be happy with a 5% return in this stock. If that is all you want there are far safer div plays that pay that much. You paid $10.83 if you've made a %5 annualized return for 4 years so even if it gets to $10 you are going to be making the 12% I assume you bought the stock for.
That said I wouldn't be too unhappy in your shoes. Unfortunately I have lost money in this stock even after dividends in the 2 years I've owned it. I am still hanging in but I'm losing trust in the management. This rights offering isn't making me happy. I think the best I can come out of that is if I'm able to sell my rights which I think is pretty iffy. I'm definitely not buying any of the spinoffs unless the price is a lot less then I think it will be.
This post is rather confusing considering you other post about the company going into decay. I guess you mean KCSA is going to come out with some really good news? I think we all know there isn't any really good news or FARE would have already posted it. I'm sure FARE is hoping KCSA can come out with a more believable lie than they have been able to but I think people know this company too well by now..
Sad to say cause I still own a ton of this stuff so I'd love to see it actually do something but I've pretty much written it off. I think they are supposed to be out of money now so I'm wondering how they are paying KCSA. I would expect to hear something about loan defaults soon.
Yes, I would advise reading it VERY carefully. How the others responding to this post came to their conclusions is baffling to me. I don't see anything to base any sort of conclusion as to whether the offering will be positive or negative. They can't be doing anything other than trusting the company. It all depends on the price of the rights and whether they are fully subscribed and the subsequent market reaction to all of it and none of that is known at this point. I don't want anything to do with any of the new COs, PFAN might be ok but without knowing more about the actual loan specifics I can't say. I'm not interested in CLOs or Class B multifamily property. The latter two might be attractive if their is a sufficient discount to the rights so I could then sell the new stock hopefully at a profit but I would prefer there to be a premium so I could just sell my rights. At this point I'm about ready to sell my PSEC so I don't have to deal with any of it. I've only owned this stock for two years so at this point I'm in the red and was hoping to hold on through all this but I'm wavering on that a lot at this point.
I think I'm just done with this message board. I know you can't use these things for any "real" advice but I was hoping to get some sort of unbiased facts but there is nothing here but biased opinions. I guess only those with a lot of bias one way other post on these things.
Can you explain to me why you think getting the cert is going to make this co a success? I agree the stock will probably pop on that news. Are you planning on selling then? I understand they need the ASTM cert but that is the least of their problems.
So that means you will like it even more when the shr price gets low enough to make the div 50%. Think they won't have any more div cuts? What happens when you've lost 50% on capital and they quit paying divs so you have to sell the stock and take that loss? Not saying any of that is going to happen just saying your argument has some holes.
I don't understand your point at all. They aren't spun off yet and their valuation very much effects the value of the spin off and therefore PSEC so what was this comment about?
I'm sure Wathen is getting paid for his articles so sht8 your comments don't make any sense either. I don't think he really cares which way PSEC goes if he has no position, I would think his interest is in getting paid for his articles. He didn't say anything false as far as I can see though I agree with Johnandtai that the effect of rates rising has a limited effect on PSEC profits. Depends on how fast rates rise and over what periods but max is about .8% over whatever period. SHould still see enough profits to cover DIV and most likely we will also get special div from undistributed profits at some point. Asset valuations are the biggest issue I see, the truth of that is yet to be determined and I'm anxious to get this offering over and done with so we can see where that falls out.
Apparently you can since you posted. I do have PSEC and I like to hear the bear case and there are occasionally a few useful posts from them. The ones who post just to say what idiots we are for holding PSEC and have no usefull facts to share are useless of course but I have those on ignore, just like I have ppl like docph or whatever his id was who post useless msgs on the bull side. Your message was just as useless, If you do so much research and took the time to post why didn't you say why you continue to hold when the price has droppped 30% and div have been cut a similiar amount? Apparently you expect the spin offs to be positive?
not only no answers but they cut the answer session short on the second question that was critical of them. Not a good sign management is willing to be open about things. We obviously need a large activist investor to get involved to get the fee issue straightened out. I'm still waiting to see how much the rights for the spin offs are going to cost , that will say a lot about how interested they are in serving shareholders rather than themselves.
Wait, you are a strong buy and you realize that PSEC trades at a deeper discount than any other BDC? I guess your logic there is that PSEC will trade closer to the other BDC discount rates at some point in the future? My question is WHY do they trade at such a deep discount. I understand your value argument but I assume you've heard of value traps? Not saying this is I just don't like the fact that people on this board seem to be at one extreme or the other. The longs ignore the warning signals and the shorts ignore the good points. Why can't we just have an honest discussion about the good and bad? I just want to know the truth though I realize the chance of obtaining that on a message board is zero guess i can't help hoping though. I don't really care about anyones opinion, I just want to know the actual numbers and facts.
That's absolutely true. I have yet to find a board that want's to discuss the stock honestly using facts. It like a wreck though you can't stop looking at them! :)
I agree with sluman on this. I really tired of hearing this stuff. Common theme in lots of articles, SEC questions and analysts comment . Suspect account and always finding a way to increase the fees paid. I'm wish I had sold when this rights stuff was first announced. Not sure how much more of this stuff I can put up with. In general trustworthy companies don't have this many questions surrounding them.
why would another BDC be interested in bashing PSEC? It's not like PSEC owners are going to go out and buy their stock because they don't trust PSEC. Are there any black helicopters over your house?
man you post a lot. None of your posts ever make any sense, why do you keep doing it?