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Pep Boys - Manny, Moe & Jack Message Board

wornwrench 29 posts  |  Last Activity: Apr 14, 2015 12:15 PM Member since: Sep 30, 2011
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  • choices could start with...
    Have enough shares sold after the split to help
    normalize the earnings number?
    When will the mulling around slow down?
    Swing trades must be loving this one.
    Ma and V both lowered swipe fees for Canada,
    will it have much impact?
    Any others?

  • wornwrench wornwrench Apr 10, 2015 1:36 PM Flag

    As they stated, it's valued at 1.1B by itself, all bonds, no assets.
    psec valued at 6.5B with the spin still inside. Would the price be
    a ratio between the 2 values? $1.40 But it will still be like owning
    a set of bonds, but with high manage fees. Take the 1.1B away,
    and psec will be 5.4B for a little while, but hopefully grow with
    better assets/investments.
    AND THIS IS ONLY THE FIRST OF THREE SPINS ?! I can't bare
    to think what the next one will be like. sidelines.

  • wornwrench wornwrench Apr 10, 2015 10:24 AM Flag

    In general, true. However understand that as a BDC, you already own it. They're splitting it off
    and asking you to buy most of it again. The rights are a discount to the value being split. We get
    the rights, not the full value of our investment.

  • Reply to

    Very Simply...

    by immediateoffer Apr 7, 2015 10:22 AM
    wornwrench wornwrench Apr 7, 2015 2:56 PM Flag

    Whoa, you got something wrong here. The shareholders get the rights for free as holders.
    The rights are valued at a discount to the actual shares of PLYD. So far, the rights will be
    an equal percentage, by amount, to the existing and offering shares of psec and plyd.
    The rights can be traded, if the scenario flies, on plydr if you've submitted your cert. of
    rights holdings that you're supposed to get from psec. Of course there will be dilution,
    the same amount of psec shares out for less total holding at the offering. They will reinvest
    the money to bring it back. Value set at 1.1b. vs. psec at 6.5b now. soooo. 5.4b at change.
    It's a dividend because you already own it, they may change it to a distribution, but still taxed.

  • Reply to

    Theaters

    by yertle120 Apr 6, 2015 9:49 AM
    wornwrench wornwrench Apr 7, 2015 10:49 AM Flag

    Wow, memories, I remember a story about yertle the turtle.
    Anyway, agreed. People are still going but maybe not so much for the
    less headlining flics. I'm curious as to the earnings est. being so low.
    Was a good quarter compared to last year gross flics. from mojo.

  • Reply to

    Spinoff question.

    by coroscant72 Apr 2, 2015 10:12 AM
    wornwrench wornwrench Apr 2, 2015 10:30 AM Flag

    So far, they will set a nasdaq listed pyldr for the rights to trade. Personally I don't like it.
    Get the rights, deal with the documents and the "turn in process", pay fees for the trades,
    if kept- put money into a CLO that shows NO assets. Good for psec to get rid of it and
    turn it to cash for less risky investments. I believe the pps for psec will go down at least
    the amount of the rights initially. I'm in psec for psec's future, not a CLO. I'll sell prior and
    pick them up again lower, I hope.

  • Reply to

    Dumbest Article Ever

    by buy_undervalued_stocks Mar 31, 2015 5:30 PM
    wornwrench wornwrench Apr 1, 2015 1:07 PM Flag

    Even Kramer would "gibbs slap" D. bank for saying they lowered the yearly EPS to 2.60 from
    10.30 something. LOL when did anyone ever put that number up. kinda obvious what they were doin'.

  • wornwrench wornwrench Mar 31, 2015 10:14 AM Flag

    The recent past, Fitch lowered several BDCs to BBB from BB.
    BB being investment grade, BBB being first step junk. The more
    the letters, the lower the grade.

  • Reply to

    Saw Home

    by orangedigit Mar 23, 2015 12:41 PM
    wornwrench wornwrench Mar 30, 2015 9:45 AM Flag

    Well, you're not alone. It did well on it's opening.
    Timing wasn't well thought out. End of quarter.
    Next weekend would have been better. They need
    385M gross to break even. That way they may have
    been able to break the writedown trend. unfortunate.

  • Reply to

    COERCION of CAPTIVE Shareholders

    by jimcooper28 Mar 24, 2015 3:19 PM
    wornwrench wornwrench Mar 24, 2015 4:12 PM Flag

    And either way we have to pay a fee for the choice. A question for you!!
    What happens if they do get pyldr up and trading the rights and they don't
    sell the necessary 75.1% of stock, which would close the offering. Do all
    the rights tradings reverse? I know the fees wouldn't.
    He's not the only CEO to play the market for fools.

  • Reply to

    Barry’s Extortion Scheme

    by jimcooper28 Mar 24, 2015 12:22 PM
    wornwrench wornwrench Mar 24, 2015 2:39 PM Flag

    Actually he has the basis facts right, but jumped in a negative almost paranoid barrel.
    Throwing out the clo portfolio is a good thing for psec. It's notes, not assets, value is
    questionable. They made their money, get rid of the risk. Captive investors don't see
    the risks, they follow the leader, is what I think he's saying. An offer to buy cheap, got
    their attention. and it pays dividends! How will the analysts see it? It has to sell 75.1%
    to go thru or it stops and the rights should market on plydr says the n-2. And he's right
    about the tax thing, gotta do something.

  • Reply to

    Spin news off no good?

    by pet2401 Mar 24, 2015 9:45 AM
    wornwrench wornwrench Mar 24, 2015 1:46 PM Flag

    As in it's a draft, not finalized, it DID spell out a ratio...the % of total psec shares will equal
    the % of total pyld shares. And they have applied for a symbol, pyldr, for the rights to trade.
    That's important as the rights will be treated as a distribution/dividend at year end valued
    partially on psec's earnings/profit. Interesting that officers and affiliates of psec MAY not be
    able to get rights. Seeing it's a CLO, it's a rough call, being mostly notes, not assets.

  • Reply to

    Nav neutral

    by covadlegal Mar 20, 2015 9:20 AM
    wornwrench wornwrench Mar 20, 2015 10:10 AM Flag

    Think of them as "options". They're called warrants, which I haven't heard anyone else mention,
    which were in the N-2 with the rights. They're offered at a discount to the public price. They should
    be given as a percentage of psec shares held. How and when, don't know.

  • Reply to

    Verizon and Hearst corp.

    by wornwrench Mar 11, 2015 1:10 PM
    wornwrench wornwrench Mar 13, 2015 11:52 AM Flag

    looked it up. paid 33.5 for it, sold 25% to hearst for 80 with usage of their highways.
    Add 6% for fox and that's 69% before costs. hmmm. What gets me is that all these articles
    about saving money seem wrong. Glendale probably cost 40. that's taxes under 200K year.
    Now they have 1.3M to start per year going up 1.5% yearly and less assets.
    They have 6 flics in the works after home, so he trims staff and grabs $$$.
    Looks like China needs more $$$.
    Of course starting a theme park is a nightmare every which way.

  • wornwrench by wornwrench Mar 11, 2015 1:10 PM Flag

    So Verizon buys 200 hrs. of awesomeness. In the article it mentioned that Hearst corp.
    owns 25% of awesomeness tv. didn't know that!

  • Reply to

    FSC rose 3.21% to 7.08

    by thewisejman Feb 12, 2015 10:00 AM
    wornwrench wornwrench Feb 12, 2015 3:18 PM Flag

    2 things caught my attention... The volume up then down...
    was 700K shorts before the climb to 8.50, adding maybe 3M of the 7 M traded,then as you said 24M traded down with 3 M sub $7. Seems like a buy down to me. Also, the nu CEO isn't listed as
    an insider holder as of the last listing. Maybe he bought?
    Of course this "Lenny" thing seems to ring right also.
    Your thoughts?

  • Reply to

    Where does PSEC go after Jan. 20th ?????

    by sholley111 Jan 21, 2015 11:36 AM
    wornwrench wornwrench Jan 22, 2015 12:09 PM Flag

    That would be the negative point of view. The other side would include things like...
    Insiders would be privy to info about oil drilling, inventories, and price changes before
    we would as they are in oil. Insiders would also have a much better idea what the plans
    of the company are for spinoffs. And they have lowered the divy to appease those who don't understand where the divy comes from and will show the difference with the special
    divy quarterly. It's when they don't buy as the pps is falling that their confidence for the
    future is lower. Their in it to profit longer term.

  • wornwrench wornwrench Jan 9, 2015 10:13 AM Flag

    Many people have been fooled by the disconnect between
    the market and the economy, even by the statistics.
    Sure he's probably trying to drum up business or promote the stock.
    But he's not trying THAT hard, he didn't mention the spin-offs!

  • wornwrench wornwrench Dec 22, 2014 11:44 AM Flag

    8356, right and confusing.
    A short sale is tagged to a long share. Only one short for each long can happen.
    Usually borrowed, on margin, carries interest about 0.06% per month if held.
    The company pays the dividend to the longs as of the count at closing before X day.
    The shorts held, pay the dividend to the company at the same time. Both actually
    pay on the pay date. Alot of shorts don't hold, that's why there's a large buyback
    at the end of the day. Shorts held, on margin, pay interest of about 0.6% per month.
    Each brokerage has only so many shares of a company available. This can cause
    a lack of shares to short when the short interest is high.
    There is such a thing as a cash short sale, but that's different, and uncommon.
    I'm long this one. good hunting.

  • wornwrench wornwrench Dec 9, 2014 11:17 AM Flag

    That's the big question going forward. The CEO was not clear and
    the written words involved private capitalization, off the market.
    We certainly can hope for the best, or at least not negative.
    Back to the edge of the seat! Early 2015.

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