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Washington Prime Group Inc. (WPG)

NYSE - NYSE Delayed Price. Currency in USD
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2.1000-0.0800 (-3.67%)
At close: 4:00PM EDT
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  • S
    Spencer
    🔥JUST IN🔥: Cygnus Capital reports significant holdings of WPG common, series H and Series I shared. Over $2.7m. based on history they likely also bought calls. This company has a history of purchasing undervalued real estate stocks.

    Source: https://www.sec.gov/edgar/browse/?CIK=1823527

    Top 3 filings posted today April 7th. Look it up this is real folks. 🚀🚀🚀
    Bullish
  • J
    Jerry
    Amazing how WPG published great news in the middle of Pandemic about all the new spaced they leased 2.1 Million sf
    N now that economy is opening back up not 1 positive press release
    Residential Real Estate is crazy
    Commerical Real Estate has to be increasing as well

    I see a bright future
    Just my Opinion
  • J
    Just Me
    Anyone holding the bonds? After the cbl rsa (89% new equity to bonds) Thinking of buying some bonds here.
  • D
    Dusty Chestnut
    Washington Prime Group (NYSE:WPG) stock climbs 8.1% in premarket trading after Truist's Ki Bin Kim upgrades the stock to Hold from Sell as the analyst lacks downside conviction "at these price levels."
  • D
    DoublinDown
    Just extend maturities and WHEN the market improves sell off a few assets to reduce debt. Get it done!
  • S
    Svaleal
    Lack of any news keep the stock bound into this range with a short interest average around 30%.
  • D
    Dusty Chestnut
    This forbearance agreement extension is really interesting. Many people, myself included, viewed the previous forbearance period as a formality, simply used to allow WPG to prepare and submit their bankruptcy filing. If WPG had stopped negotiating with its bondholders and decided to file for bankruptcy, they would have done so by now.

    This extension is a clear indication that WPG is making progress in the negotiations with bondholders, they wouldn't extend forbearance and continue negotiations if WPG thought negotiations were futile. This move appears to support the idea that WPG WAS in fact using the threat of bankruptcy as a negotiating tactic.

    There's always the possibility that WPG is negotiating what exactly will be included in their bankruptcy filing and bankruptcy will still be needed to complete its restructuring.
  • A
    Alindallas2000
    Dear Mr. Conforti:
    To my everlasting regret, in 2017 I began purchasing common stock In WPG, eventually accumulating a holding of about 30,000 shares in several brokerage and retirement accounts. As this represented one of my largest single holdings, I assiduously listened to quarterly earnings calls and tried to perform an in-depth analysis of your financial results. Two things stood out. First, you seemed to have an intelligent and workable plan to reposition the company; secondly, you seemed to have come up with a way to finance the program without seeking new debt or cutting the dividend. Indeed you were quite adamant that neither of these steps was necessary.
    I will admit that I found your “comedy routine” to be juvenile and insulting to the intelligence of the investors and analysts. But I also recall in every call you complaining bitterly that the company and you were not getting the respect from the market that you deserved for the work you were doing, as reflected in the declining pps. In retrospect, if anything, you were getting more respect than you deserved. You clearly should have listened when the market told you the company needed to cut its dividend 3 years ago. Instead you doggedly stuck with it. Think what the company could do today with an extra $220 million. While you finally, belatedly cut the dividend, you continued to maintain it on the preferred stock for reasons that entirely escape me. Perhaps all of this was due to your personal financial needs and those of other directors. But these were clearly imprudent payments.
    Last year when the company paid the $250 million loan, you were quite certain that this meant the company now had no debt challenges until 2023. How quickly that “optimism” turned to ashes. When you finally admitted last fall that the company had engaged financial advisors, you were again most clear that this in no way meant the company was looking to reorganize through a recapitalization or a bankruptcy. I don’t know if this is actionable misconduct under the securities law; however, I do know it was a reprehensible misrepresentation.
    While I know that you will surely blame the pandemic for the company’s financial failure and your mismanagement, that fault will be misplaced. While the pandemic exacerbated the problems, this company was headed for financial ruin long before March 2020. It was just being covered up.
    In looking back, I now realize you have engaged in a continuous pattern of misleading those of us who invested our hard-earned money in this scheme and are likely to lose it all. Of course you and your cronies will undoubtedly reserve for yourselves a large chuck of any new equity coming out of the restructuring via a generous MIP, to top off the $11 million you took last month (which should have been paid to the creditors). Hopefully someone will lead the effort to require that unearned money to be disgorged. And you can be sure I will file an objection to any plan that allows you to further benefit at our expense.
    What an outrage!
  • A
    Alindallas2000
    Forbearance agreement extended to 4/14.
  • s
    stocktracker000
    4/14 Wed is new delayed deadline. go check SEC filings...

    Hopeful that no BK since the deadline is on Wed instead of Fri. Would not be surprised if another delay is filed...

    Still BK filing anytime. We shall see next week...

    Good Luck to all and do your due diligence always..
    Neutral
  • S
    Spencer
    Shorts playing with fire today. The 13g on the Cygnus acquisition only showed up on their own Edgar profile not WPGs so not sure how many people know about it.
  • K
    Katitsa
    Sorry, I've not been watching this, but have owned a sizeable number for two years, bought for dividends. Why the drop from $6 March 3 to $2 March 4. I don't see announcement on their site. Earnings were later. Disappointed.
  • S
    Solid
    Yahoo just updated book value today. $16 per share is what they’re now saying.
  • F
    FightOrFlight
    PEI went through the same thing several months ago. Emerged from bankruptcy with more cash and less debt. Still not out of the woods but much stronger after this same maneuver. PEI preferred now trading around $10.
  • S
    Solid
    Very good news. Buy more while you can.
  • s
    stocktracker000
    So, company is looking for DIP financing of 150M...

    Can't sell any assets at fire sale price. Better to hold on to them through BK and then work it out later when market improves...

    Better to clean the books and start fresh then delay the inevitable...

    Good Luck to all and do your due diligence always...
    Bearish
  • .
    .
    looks like this s is about to bite the dust, down it goes every day
    Bearish
  • 0
    0x4A6F7368
    FYI either today or tomorrow is the last day for WPG to work a deal with their bond holders, or get an extension (if such a thing exists), but then the company has up to 3 days to make a SEC filing to reveal the information. So don't get your hopes up for today or tomorrow. This is worth a little risk, so just buy and hold if you are interested in owning shares as a long-term investment. I don't care what day traders do. Good luck!
    Bullish
  • D
    Dusty Chestnut
    Lets get everyone up to speed here. The 10K clearly states "In connection with the Restructuring, we expect to enter into a DIP Facility." DIP Financing is basically a loan from a new lender, who would have priority over all other stakeholders (bondholders, shareholders) in the event of a default on this new loan.

    The explicit intent of DIP financing is that management has a plan to turn the company around, they just need more time and money to do so. If the bankruptcy court agrees, the plan is approved. This planning period does involve input from shareholders and bondholders:

    "The negotiation process for business' tend to take at least a couple of months, as it is required to distribute goods among shareholders, with the goal of getting their investment back. After the negotiation, the parties concerned, that is, shareholders, creditors and the bankruptcy court, must green light the reorganizing plan."