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Inergy, L.P. Message Board

youcanpickum 6 posts  |  Last Activity: Aug 27, 2014 12:59 PM Member since: May 29, 2000
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  • youcanpickum by youcanpickum Aug 5, 2014 2:35 PM Flag

    Just listened to SLRC conference. 8 to 9% on new senior secured loans, expecting low double digit returns over life of loan with just over 10% leveraged return. This might give some color to the expectations from ACAS senior portfolio. A number of BDCs are turning in this direction. In addition, Divvy rate on SLRC is over 8% with a 14% discount to book. I own ACAS, but not SLRC. This gives some feel for direction at ACAS.

    Sentiment: Buy

  • Reply to

    Impressive lift in NAV

    by foxhsmart Aug 6, 2014 9:46 PM
    youcanpickum youcanpickum Aug 7, 2014 11:45 AM Flag

    I lightened up today. Closed my Aug 15 puts position and sold shares in my IRA. This run up in NAV is simply a reversal of ACAM valuation due to short term rise in NAV at MTGE and AGNC. If rates move up at all we will see the see saw movement downward in ACAM as AGNC and MTGE book values once again drop. I am more concerned about the very low NOI and the "complexity" read "costs" of this transition and 6 month to one year of underinvestment looking forward. I don't feel any urgency to own this. Many BDCs with a senior secured model in place are trading at 10 to 15% discounts to NAV. So upside is more muted now than it might have been six months ago. Still long my oldest shares, but not as excited. Will reconsider more if we sell down to the mid 14s again as I expect we will.

    Sentiment: Hold

  • Reply to

    book value discount

    by mm5002003 Aug 7, 2014 1:36 PM
    youcanpickum youcanpickum Aug 7, 2014 4:03 PM Flag

    The $64000 question is how to value ACAM as a money manager standalone. What would be the appropriate multiple. From that we could derive a valuation on that portion of the company apart from the investment assets which I would continue to value at a discount to NAV.

    Sentiment: Hold

  • youcanpickum youcanpickum Aug 9, 2014 3:39 PM Flag

    What bothers me is that management fees and other expenses have not dropped even though, clearly they are dismantling the one stop business and parking huge amounts of cash in bonds. Where is the drop in overhead and fees? Sure, they will eventually split this thing up when they can find a way to profit for themselves from further inflated fees from numerous entities instead of one. In the meanwhile, why not cut back on unneeded staff in the areas where they are doing almost no deals like the one stop buyout business?

  • Reply to

    KMI- Will ATLS be next?

    by legalbark Aug 10, 2014 7:01 PM
    youcanpickum youcanpickum Aug 10, 2014 11:23 PM Flag

    This is what happens when I go out to dinner with my wife: someone comes along and steals my thought and posts it. Perhaps not a rollup, but a buyout by another mlp to consolidate.

    Sentiment: Strong Buy

  • youcanpickum by youcanpickum Aug 27, 2014 12:59 PM Flag

    One of the scenarios I have not seen here is a going private tranaction. I would not be surprised to seen a transaction in which management combined with a private equity firms offers to go private at NAV or slightly below after deducting expenses. Goldman would be useful for this. Thoughts anyone?

    Sentiment: Hold

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