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Inergy, L.P. Message Board

youcanpickum 15 posts  |  Last Activity: Jul 31, 2015 9:07 AM Member since: May 29, 2000
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  • Reply to

    $203m write down of SIR shares valuation

    by marek602 Jul 30, 2015 8:15 AM
    youcanpickum youcanpickum Jul 31, 2015 9:07 AM Flag

    They will only write down or up based upon current price of SIR. They don't pick and choose. It has to be a price that is considered to be a new consistent deck level for that to change. With SIR staying down, they had to write it down as other than temporary. Same will go for a write up in value.

  • Reply to

    Consider This

    by xquestor Jul 20, 2015 10:53 PM
    youcanpickum youcanpickum Jul 23, 2015 8:26 PM Flag

    If I sell property with $100 of income and $60 of debt interest, I get the net cash from the sale, but my net income drops by $40. That is oversimplified of course, but it shows that your post is jibberish. FFO drops when a property is sold unless the cash is used to buy another property with the same or higher net cash returns. In other words, if you sell at a 5 cap rate, you must buy a new property with a 5 or higher cap rate to maintain your cash flow. The only time you would permit a lower cap rate is if you have a much greater rent escalator to overcome the higher cost and lower initial cash flow. Still, ARCP is very cheap here.

    Sentiment: Buy

  • Reply to

    WHAT is going on here?

    by gwashco Jun 15, 2015 2:14 PM
    youcanpickum youcanpickum Jun 15, 2015 10:17 PM Flag

    Not true. TSO moving in sync. Fear of crack spread and WTI spread tightening.

    Sentiment: Hold

  • I would say that I believe we have seen the short term bottom.

    Sentiment: Buy

  • Reply to

    PSEC Article's comment on Dividend

    by daykwd Jun 11, 2015 10:45 AM
    youcanpickum youcanpickum Jun 11, 2015 11:08 AM Flag

    No company or analyst would predict too far into the future regarding dividends or earnings. If the interest rate compression continues, all bdcs and other leveraged holders of adjustable rate securities would feel the pinch. This includes the tons of closed end leveraged bond funds which have been consistently lowering their payouts over the last few years. The special dividend isn't something to look forward to because it is simply a required payout due to BDC rules and will lower NAV by the amount of the dividend in that case since it is out of taxable income not NII. Hope that helps. BTW, I am long over 100k shares and added 40k yesterday. This is a very good level to own and add in my opinion. You are welcome to have yours.

    Sentiment: Buy

  • Reply to

    From IR about share buy back

    by myersrx1 Jun 9, 2015 3:57 PM
    youcanpickum youcanpickum Jun 9, 2015 5:27 PM Flag

    ACAS bought back a sizeable amount of shares and increased book value by over $4 per share. It still trades at a big discount to NAV, but 70% of 20 is better than70% of 16. So buybacks still help. PSEC just called in the 6.95% notes $100myn and are issuing new notes at 4.65% and 5.10% so that goes right to the bottom line. You can find these filings online now.

    Sentiment: Hold

  • youcanpickum youcanpickum Jun 9, 2015 4:40 PM Flag

    COMMON Stock 06/05/2015 P 131,060 A $ 7.575 5,300,786.058 This is from the form 4 filing by John F. Barry on June 5. I added 15000 more at 7.23 today w/ average cost of 8.06 so lets see where we head from here. I figured that we could adjust entire portfolio down by 15% and still trade at a huge discount. Tha this wouldn't change the income stream. So this is short term pain, but longer term recovery IMO.

    Sentiment: Hold

  • youcanpickum by youcanpickum Jun 9, 2015 1:19 PM Flag

    Where did the article go? Hmmm.

    Sentiment: Hold

  • Reply to

    Grier's hot air

    by marionpolk2000 Jun 4, 2015 12:10 PM
    youcanpickum youcanpickum Jun 4, 2015 9:51 PM Flag

    Even worse spinco shares trade down in the after market and PSEC trades even lower, but management fees still rise!

    Sentiment: Hold

  • Reply to

    Grier's hot air

    by marionpolk2000 Jun 4, 2015 12:10 PM
    youcanpickum youcanpickum Jun 4, 2015 9:50 PM Flag

    That's not really necessarily true. The spinco shares could move up and still have PSEC trade where it is. After all, we currently trade 25% below NAV. We all know what NAV is so why would this be different? Just because they are publicly trade, you say? Not always! Often, the illiquid nature of those shares causes a discount so we will have to see. I think this is more about a way to raise money at a time when PSEC can no longer count on secondaries above NAV to increase assets and fees. Simple as that. This is in no way a move to help the shareholders. They actually hope that we help them by buying into the offerings. Thanks, but no thanks.

    Sentiment: Hold

  • Reply to

    Grier's hot air

    by marionpolk2000 Jun 4, 2015 12:10 PM
    youcanpickum youcanpickum Jun 4, 2015 9:44 PM Flag

    PSEC will shift or sell assets to the spincos. They will not begin life as empty containers. So PSEC parent will no longer own those assets. Instead it is likely that they will own shares of the spincos, count those as assets and collect twice, once as direct managers of spinco and once as assets under PSEC management. Nice!! Just not for us! I certainly hope this is not the case, but right now your guess is as good as mine.

    Sentiment: Hold

  • Reply to

    Spinoff pricing

    by marionpolk2000 Jun 4, 2015 12:34 PM
    youcanpickum youcanpickum Jun 4, 2015 9:38 PM Flag

    This question is how a good value for the spinoff helps the discount on the PSEC shares. If I don't subscribe to the spinoff, how is the higher valuation on the spin going to help my share price?

    Sentiment: Hold

  • Reply to

    WEB BROADCASTS!

    by igurumo Jun 4, 2015 12:05 PM
    youcanpickum youcanpickum Jun 4, 2015 12:16 PM Flag

    Look at slide 9. He says that employees per port. company decline. In actuality, graph shows that employee count per port. company has risen. More employees and fewer portfolio companies.

    Sentiment: Hold

  • Reply to

    Option dilution could be only $.85 to $19.27

    by donedealer May 14, 2015 4:07 PM
    youcanpickum youcanpickum May 18, 2015 2:20 AM Flag

    Lower share price only affects the cap gains taxes that the exerciser pays which is based on the sale of shares to cover taxes. Exerciser also pays income tax on the shares based on the strike price of the exercise. Cap gains on difference between strike or purchase price and sale price. However if I had options, I would want price to be as high as possible to sell the lowest amount of shares neeeded to cover taxes.

    Sentiment: Hold

  • Reply to

    Thoughts on the buyout?

    by melodius27 May 6, 2015 3:20 PM
    youcanpickum youcanpickum May 14, 2015 1:28 PM Flag

    No. There is not cash alternative. It is 100% equity swap. 2.75 ceqp for your cmlp.

    Sentiment: Hold