ragnarisapirate

The ceo just bought nearly $4mm in stock from one of the major holders who is reducing his stake. Seems as bullish of a call as I can think of. https://www.otcdynamics.com/thry-thryv-inc-ceo-and-president-joe-walsh-purchases-block-of-shares-of-thryv-common-stock-from-mudrick-capital/

Peter kamin of CLWY, RWWI, and TTSH fame has filed a 13d on this company, and, it seems like there is some I retesting stuff in the pipeline once the feds give the go ahead for hair testing in the trucking industry. May take a year or so to recover, but this seems really cheap in the low sevens, considering there is basically no leverage, they have a history of dividends, and the like. https://cdllife.com/2020/mandatory-hair-testing-is-one-step-closer-feds-confirm/#:~:text=The%20proposal%20seeks%20to%20sample,tests%20are%20cheaper%20to%20administer

They had their debt call yesterday. It seems like there will be appetite for this, and that the debt is going to be structured safely. Plus, the soon to be former debt holders now own the majority of the equity. So, it seems like the incentives will be decent.

I think that this uplisting is a done deal. If they were delisting to save time, energy, and money, they will totally do this, just to avoid a proxy fight. This seems like it will do some wonderful things for the stock price, and really help it to get to full value- sooner, rather than later. Cool thing too, is that I would venture to guess that the business now has $0 debt. Looking forward to the K.

It is in run off mode. But what is cool here, is that a PE firm owned it, and had it for like... 7 or 8 years. So, they were looking to sell, hence the good price. Not a lot of people lining up to buy... AND THRY can harvest profitability from these sorts of businesses, and grow their SaaS business because of the interesting setup they had at YP. I think that there will be more of these deals coming. I also wouldn't be surprised if they refinanced ALL their debt and got a better rate as part of this deal. Seems to me like it would be easier to underwrite debt for the WHOLE company than have do deal with all the amendments and such that the current debt holders would have to do. PLUS... the current debt holders also hold the lion's share of the equity. So, one would think that they would make more money from their stock appreciating from the company cash flowing more, than they would by getting a few more points in interest on their debt the hold. Seems pretty interesting. I think.

New 13d filing from B Riley. This is not bad. Takes an already not huge float, and basically reduces it. https://www.sec.gov/Archives/edgar/data/1464790/000121390020026043/ea126709-13dbriley_tileshop.htm

For the time being, it seems like expansion is over. They are paying down debt. And with Kamin in control, capital allocation will make sense- much like it does at Calloway’s Nursery (CLWY). Additionally, in the depositions that recently occurred from the going deregistration that happened, the stated goal is to sell the company. So, we know there is a likely catalyst.

No thoughts on CLWY at this point, but, I really like Peter Kamin’s other project right now. It is going to benefit from the same HD sales that you mentioned, too! :) Tile Shop TTSH https://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/tts-tile-shop-holdings-inc/10/ It seems to me like tile shop is reminiscent of CLWY in prolly 2015/2016? It’s suuuuppper cheap right now.

This is good, and google trends seems to indicate that traffic is back. [/img]

Looking at Y/Y #s, it appears that the debt reduction is from liquidating inventory. At 3/31/19 they had 140 stores, $50 million in debt, and $110.8 million in inventory At 3/31/20 they had 142 stores, $37.5 million in debt, and $86.3 million in inventory If you look at year over year numbers, that would appear to be the case, but the q over q numbers indicate a different story. Especially, because the inventory wasn’t as needed due to covid. Additionally, there was more debt that they paid off, that the y over y numbers don’t reflect. Interestingly, they just filed an 8k where they restored their executives salaries, to pre covid levels, so, I am guessing that store traffic is back. The store here in town seems very busy. Also, there are some new board members. I am very excited to see the new q numbers. I am guessing that Kamin is working his magic.

Looks like they are settling this, and the company is paying nothing. Insurance is paying 12mm in damages. Company looks crazy cheap right now and paid of a boat load of debt last quarter. Lots of optionality; and, it is very obvious from the court filings that the company will be sold at some point.

Forebearance is just kinda the name of the game with these businesses. I don’t think it’s an issue. Pretty common in these types of lending situations. I hope that you are on the call so you can ask about it! :)

I believe the bonds aren't moving because they blew their entire cash balance on new loans in Q1. You don't think that's a major issue? No, I don't think they have substantially burned off cash & short term since the last conference call. It is down, but only about $3mm? That might be due to commitments that they had, but had not yet funded/paid for? So I don't think your assertion is correct. Will find out in the Tuesday conference call. Am i reading the release wrong? Dec 31, cash plus "investments" were 35MM, March it's 18MM. They bought some investments but they also sold an equal amount according to the CF statement: Purchase of investments and marketable securities (17,417,059 ) Proceeds from the sale of investments and marketable securities 17,428,603 so looks to me the decrease in cash equivalents is due to originating new loans. I might be wrong so please correct me. Yes, the decrease in cash is from new originations. However, when you are working off the dec31 Q, you are working with old info. Prior to today, the newest info that was out was on the conference call that they had for that 10Q. On that call, they said that they had $21mm in cash, on the date of the call. So yes, quarter over quarter, they lent out a nice bit of money- but, base on the last info we had, not nearly as much.

I believe the bonds aren't moving because they blew their entire cash balance on new loans in Q1. You don't think that's a major issue? No, I don't think they have substantially burned off cash & short term since the last conference call. It is down, but only about $3mm? That might be due to commitments that they had, but had not yet funded/paid for? So I don't think your assertion is correct. Will find out in the Tuesday conference call. Yeah, on the last conference call, they said they had $21mm in cash. This Q, their cash went down, but was largely offset by short term investments. Read, treasuries and such. I see this as a non issue, and actually, a pretty good development. Also note that the property owned is going down, which a lot of people were freaking out about. Furthermore, they sold some of their investments for a GAIN of $544K. I don’t see how this could have been much of a better Q, unless they had bought back debt. But, they want that cash to provide safety to the company, so, I can’t blame them. This should be trading for no less than book.

I know it’s kind of a dog on the governance, but I believe EZPW is buying back. They had a plan in place, and we’re doing so at a steady rate on a monthly basis, and even had it set up so that they could buy under certain conditions when the company was in possession of material info... Will get an update in the next week or two, when they report earnings and all that, but I’m hoping they bought a ton back in the past month!