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Pep Boys - Manny, Moe & Jack Message Board

wornwrench 39 posts  |  Last Activity: May 21, 2015 10:57 AM Member since: Sep 30, 2011
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  • 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

    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.

  • 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

    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

    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

    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

    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.

  • 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

    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'.

  • 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


    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

    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.

  • 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.

  • 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.
    to think what the next one will be like. sidelines.

  • 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?

  • Reply to

    Q1 2015 GDP

    by thewisejman Apr 25, 2015 10:58 AM
    wornwrench wornwrench Apr 28, 2015 1:16 PM Flag

    If the market currently has jitters because of the thought of a rate rise,
    then yes, that may happen. However, the "sell in May" also seems to be
    in the works, and I don't think a poor GDP will help that.

  • Reply to

    What's up with SVU?

    by sofyam263 Apr 29, 2015 1:17 PM
    wornwrench wornwrench Apr 29, 2015 3:36 PM Flag

    under insider transactions on yahoo. Jana's been selling some since 1/15 too.

  • Reply to

    What's up with SVU?

    by sofyam263 Apr 29, 2015 1:17 PM
    wornwrench wornwrench Apr 29, 2015 4:09 PM Flag

    Their 45,990,736 shares from 3/21/13 and Kimvue's 8,173,362 shares were not sold!
    They were distributed among Symphony's people who have interest. They have however
    given up their voting ability though. Find the 4K, footnoted.

  • Reply to

    PSEC is a going to $7.50...

    by s.eranger Apr 30, 2015 9:45 AM
    wornwrench wornwrench Apr 30, 2015 11:43 AM Flag

    Interesting, I haven't heard anyone discuss what will happen to
    the dividend when the CLO is out of the portfolio. Sure they'll replace it,
    but when and with what? And with the 1.1B worth, that will put psec
    down more than one point.

  • wornwrench wornwrench May 1, 2015 10:03 AM Flag

    That's reuters translation. The ceo said the year's eps to be low mid tens growth. .12 or .13...
    The cfo said 3rd would be lower and 4th will be more normal. est. 2.32 for the year with 1.26 out,
    leaves 1.06 between the next two with the 3rd being lower than the 4th. If the dollar goes down
    and gas goes up, problem solved. Gas is already climbing.

    Sentiment: Hold

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