usdtor05

I wonder what would happen if Cline simply let it go into bankruptcy. I doubt they'd let Foresight continue to use their facilities. What exactly happened with ROIQW? It didn't seem that compelling to me (maybe 50/50 odds) but I'm not entirely aware of what made it fail.

Does your LMCA NAV estimate include the Vivendi payment? When I include that I arrive at slightly over $2B valuation. It doesn't thank you

The discounts right now are as follows: 1. LSXMK - 16% (assuming net debt is 200) NAV - $12.1B, MC - $10.2B 2. Braves - 12% NAV - $1b (nets rights offering at today's price less 20% against the interco) and MC - $901M adjusted for $200M rights 3. Media - 11.4% - NAV - $1.6B MC - $1.7B

You have months between now and when it closes. It is highly unlikely it goes too far below $10...it did goes to $9.99 which is probably what you are referring to. This deal is fine, not great, but it's fine. Wilbur will get it through and in the meantime you have the chance it does trade up.

gross is anyone ever that got a box. they dont take the boxes back. churn is .7%/month so over 5 years it adds up.

He can buy whatever he wants frankly and he put a fair amount of money into the warrants to pay the first half of the fees. Very high likelihood he does something intelligent.

Let's be honest here guys SHLD has to be involved.

Packer, what scenario do you see now that would cause this to not close? I can't think of anything realistic, but I'm still seeing warrant trades go through at 40 cents... Do these become standard warrants if you did not elect the cash/share option....ie the warrants now are just warrants on the common which might make them less attractive and therefore they are trading down.

At IB your warrants will survive unless you tender them for cash+shares. Congrats on this one...with this mod what odds would you say of a deal getting done..interesting the warrants are still only 47cents or so.

Anyone following this turnaround situation? New Board and CEO: Activist investor revamped the incumbent family-dominated board. New CEO, Michael Dean, used to work for Michael Eisner and Bog Iger at ABC/Disney. He's turned around companies before and sold them. Sale of Non-core Assets: In the last year, the company has sold its Computer Systems business and its Uruguay publishing business (why the hell they had this I don't know) which were both money losing businesses and the Computer Systems business was the source of the multi-year audit restatement. This leaves Maintech as the only remaining "non-core" business in the Other segment. This business is profitable and likely does $3-4M per year. On the last conference call, mgmt alluded to the idea that this business could be on the sell block as well. (maybe worth $30-40M?). Substantial Balance Sheet Improvement: Company has $40-50M building in Orange County it is in the process of selling which will free up substantial liquidity on its balance sheet. Additionally, the company has a $17M tax receivable it should be getting in the next 6 months and >$20M of insurance deposits it is working to get back from the insurance company and replace with a letter of credit. Maybe they will restart the buyback or do a tender after the building is sold? Business Turnaround: We have yet to see revenues really stabilize, but the company does business with many Fortune 50 companies and I don't think the core business is broken, it has been badly managed for years. New CEO has started a number of initiatives to stabilize revenue and get it growing again. His goal is to get to 2-4% operating margins on the entire business (inclusive of corporate). It is likely going to take 6-9 months before it really shows up in the numbers, but he is making the right moves to get this business going again (investing in new technology to win custoomer RFPs, investing in the sales team, bringing in people with more staffing experience, driving a change in culture, etc.). Valuation: A stable to growing staffing business here with 3% margins is probably worth at least $350M. With the building likely bringing in net proceeds of $35-40M, and Maintech value of $30-40M, this should provide a minimum of 50% upside to the equity. This situation is definitely getting better not worse but you couldn't tell from the stock price.

Right they always talk about GROSS billings. That being said if it continues to grow like that and you have Graham on the FB board, etc. it should work out nicely. The story of how it was built is pretty inspiring. http://www.washingtonpost.com/business/capitalbusiness/graham-family-scion-built-socialcode-to-help-companies-build-brands-on-facebook/2014/12/05/a3733c6a-7aff-11e4-b821-503cc7efed9e_story.html Will be interesting if Mr. Graham spins it out, retains a portion of the stock and provides some cash and let's his daughter build her own thing. But who knows its a call option. Either way $300M of gross billings from scratch is impressive.

$300 is gross billings, they collect a portion of that, say 10-20%.

wonderful thank you.

where do you see cable one spinoff planned for 7/1?

My Partner and I were just discussing how we think the CPA is actually more useful for investing than the CFA. But you need the accounting degree and can probably just learn it all on your own without getting the CPA itself.