Parsad

http://finance.yahoo.com/news/biglari-holdings-rights-offering-seems-173037263.html Cheers!

I think Warren jumped the shark after sitting in on the "Money Team" with Mayweather on the weekend! Very funny, and only he could do it, but at some point...damn it man, get a grip! Seeing Munger in a gold, metallic track suit with gold chains on was bad enough, but it's time for some decorum from these two old hipsters. Soon they'll be hanging out with PDiddy and Two Chains. Cheers!

Would be fair if the PP priced same as MPIC's cost basis. I will go all in. ;D. MPIC is participating in the private placement like any other partner. We will be putting in the maximum we can of $1.5M. Cheers!

Giant leaps there Parsad. On the Covestor front, I don't manage the site and it is only a financial services portfolio (no leverage or options) reflected there since Covestor started tracking results. I actually started with Covestor tracking back in 2007 or so when the site first launched and have been investing much longer. http://site.covestor.com/about-us to learn more about the company. This was actually the most accurate statement made in the whole discussion, as you only show results from 2009, but operated from 2007...you were questioning my investing acumen and said that the whole thing smelled funny...buy my entire record is out there, while yours isn't. The post response illustrates two things to me. One I was asking questions about the company and its prospects/financials. What I got back was redirected comments about my personal investment history and business acumen which is not only way out of line but also ridiculously inaccurate. Two, realization that none of my questions were answered directly and still no clarity to prospects and financials. You should know better than anyone that I can only say certain things about a public company. I cannot give material financial information to people where it has not been disclosed to other shareholders. As such, you can slander me any way you feel, but I'm beholden to shareholders reading quarterly and annual filings 6-12 months out after you make such statements. The comment on the Director post has nothing to do with you. It has to do with management as a Board issuing options and shares at $0.05 one month before a PPM at $0.18. The other dilutive actions taken speak for themselves. To attract someone of quality to assist in the turnaround, we had to make a sacrifice in compensation, since we didn't have cash sitting on hand to sign this person up. Adding this individual changes the face of part of our business due to history and performance. You would have suggested we sit there and do nothing! If investors feel my addition, changes to the board, the addition of this other talented individual, all of the things happening at head office in the last 3 months, do not warrant the higher private placement price, they don't have to subscribe. It's as simple as that. None of these things existed at the company 3 months ago...they do today, including other things in the works. The private placement price is based on these changes in our estimate. Investors have every right to do what they think is prudent. Cheers!

Those shares Junto referred to weren't issued to me or Alnesh. Dilution is very important and I would prefer not to issue shares unless we are getting back more in intrinsic value than we are giving up. The person that those shares were issued to is going to add far more in intrinsic value than we gave up. That's about all I can say on the subject. Cheers!

Biglari and Parsad is a poor comparison. Biglari's track record going into Western Sizzlin I am quite confident was better than Parsad and there was a salvageable company in all this investments. I am not sure this is the case with Premier. Look at the revenues versus the built up losses. I am not sure this ever was a viable company. You have no idea what you are talking about. Do you even remember Western Sizzlin? I was one of the investors in it, and it was running up losses like any other distressed business. Sardar closed stores, cut costs, aligned compensation, adjusted pricing of the menu, and RAISED CAPITAL BY ISSUING STOCK BELOW BOOK FOR WORKING CAPITAL AND INVESTMENT PURPOSES. I have not met Parsad and hold nothing against him. Purely looking at this as an investment option given the data in front of us and what has been shared by the company and Parsad. The gap required to make acceptable returns and dilution prospects are too large for this to be a good investment at these levels. Again, you have no idea what changes are happening at the company, and I cannot disclose anything because it is a public company, so your opinion is one without all of the data and facts. In other words, you have stressed an opinion when your analysis is completely inconclusive!

These numbers are not in thousands. June 30 (before PPM) shares outstanding 52,934,978 before considering numerous warrants and options outstanding. The kicker is that on August 5, 2014 the company issued "700,000 options to purchase shares of the company, as well as 3,000,000 common shares at a deemed value of $0.05 per share to a director of the Company as a signing bonus." Awfully close to the PPM raise. You haven't got the slightest clue what you are talking about! You think these were granted to me or Alnesh? What an idiot! Now you have to cover the spread with new revenues, reduced expenses, or additional businesses. If you return ~10% of the raised PPM money, the company breaks even. If you reinvest in the business, it looks like good money after bad (the company has never been profitable and has amassed $14 million + in losses). If you invest in other businesses, you have to cover the drag of the existing operation plus return an acceptable amount to shareholders who will be diluted significantly to the benefit of the pre PPM shareholders, directors, and debt holders. Show me the history to support the potential market out-performance from investment prowess and business knowledge to drive market beating returns? I didn't see an answer to those questions on the board or in the filings. Again, someone with zero knowledge of what is happening at the company level, assumes that the existing businesses are stagnant, and that operating costs and capex are fixed. Andy, you state that you have 8 years of business experience in your Covestor portfolio, yet you only show results from September 2009. Talk about cherry picking and what doesn't pass the smell test! http://covestor.com/andy-schornack/financial-services Again good luck, but I am not sure why you wouldn't start from scratch if you wanted a public investment vehicle versus working through this company. Because numbnutz, we had already injected some capital into the company, and to salvage that capital I had to force terms on the company to save it. Once that was in the process, the company's future relied heavily on a change in management. This wasn't the route we expected, but the route we ended up taking because of the existing management's failures to save the ship!

I skate to where the puck is going to be, not where it has been. - Wayne Gretzky

We always expected to price the placement between 15 and 18 cents based on what we felt were fair and accurate valuations. Since the market close the previous day had a bid of 17 cents and an ask of 19.5 cents, we priced it at the higher end at 18 cents in the announcement. Cheers!

You are looking at the financials as they stood when the company was headed for bankruptcy. That did not include the new board, me, Alnesh, our team of directors at Corner Market Capital, my ability to allocate the capital being raised, the deals we are working on, or the potential of our existing asset management business if wrapped into the company in the future. The biggest option that investors will have to make a decision on is what value do you price the new reinsurance business we will be participating in. How do you value the management team that is launching that business? Does historical performance mean future success? These are things I have no control of in the investor's decision making process, and you will all have to decide for yourself if the current price makes sense to you or not, based on the changes that are occurring. All I can say is that I will eat my own cooking as always and am in for the long-term! Cheers!

Yes, but not quite yet. Towards the end of the year, I will put out some feelers for what we are looking for. Cheers!

So you guys can all thank Jeremy when you meet him! He organized the meetup. WHERE = Back Bay Bistro 1131 Back Bay Dr, Newport Beach, CA 92660 PARKING = When you arrive at the address, drive through the gate and towards the back of the parking lot towards the boat dock landings. Back Bay Bistro is in the back corner of the parking lot and offers free validated parking for 3 hours. WHEN = Saturday, September 13th at 11:30AM. Saturday morning the Bistro has an “all-you-can-eat” brunch buffet for $28 (or $31 if you want your meal to include “all you can drink mimosas.”) Let me know if you will be attending for sure at cornermarketcapital@gmail.com. Cheers!

Avast for some reason views the Chinese characters in sections of the site as malware. I've reported it, but they have not updated their false positive list. I'm in the process of revamping the technology side of the company, so upgrades and changes to the site, etc, will be happening. Currently, our Clinic Director looks after the site, so he may not be fully aware of how to get these things fixed. If you use any other anti-virus program, or non-PC operating systems, you probably won't get the false positive. I don't get it on my computers running Norton's or Microsoft Defender...I don't know of any problems with Apple or Android either. Cheers!

Again, Sedar.com...look at Management Information Circular. Naturally, it won't be current, but I can't comment on anything until filed. The next Management Information Circular will give you more up to date information, but that is a ways off. You can also dig around SEDI to see changes in holdings and work it out. Cheers!

Sedar.com. Keep in mind, we are in transition...the current financials aren't pretty. Cheers!

And buy some expensive abstract art for the lobby! I've also installed 24 monitors in my office for trading! ;D Actually, I took one of the smallest offices...24 monitors wouldn't fit. The nicest offices are going to be subleased to cut overhead. Cheers! Personally, I'll know that you made it big when your private pictures start being leaked on the internet :-) Congrats Sanjeev, know that you have a bunch of people pulling for you that you can reach out to whenever and for whatever, and trust me, in life as in business, this intangible is priceless. For everything else use your corporate AMEX card now that you're the boss :-) Congrats again buddy. Much appreciated and I couldn't agree more! Corporate cards were all cut up except for one...I don't use it. New fiscal policy for the company was created and given out. We've gotten leaner, but will get even more so. Treat shareholder's money as fiduciaries...not personal piggy banks! Corporate culture is finally headed in the right direction. Cheers!

As the company develops, the name will develop, but the "Premier" name stays. Cheers! Premier Holdings Premier Corner Permierdyne Premier Hathaway ;) Nice ring to it. Premier Holdings was taken...checked it already a few weeks ago! ;D Cheers!

And buy some expensive abstract art for the lobby! I've also installed 24 monitors in my office for trading! ;D Actually, I took one of the smallest offices...24 monitors wouldn't fit. The nicest offices are going to be subleased to cut overhead. Cheers!

They're on a weird exchange that isn't available at most brokers, or is of limited availability (ie. phone only). http://www.cnsx.ca/CNSX/Home.aspx http://www.cnsx.ca/CNSX/Investor-Info/How-to-Trade-Stocks-on-the-CSE.aspx https://en.wikipedia.org/wiki/Canadian_Securities_Exchange I wouldn't be surprised if a move to another exchange happened at some point... Yes, that is one of the goals coming up. Cheers!

As the company develops, the name will develop, but the "Premier" name stays. Cheers!

LOL! Essentially. The funds go into a law firm trust account. They issue the certificate and it is delivered to your broker, or wherever you desire the certificate to be delivered. Mohnish just did one for $110M...I don't think there were any real issues. We are going to be doing one for $10M...I'm pretty sure we can avoid any problems. Cheers! I see. Pabrai didn't do well in 2008. A 66% mark to market loss. While it is quite fine in his fund, it may not work out well as a reinsurance company. Regulators could push for capital raise at that point. How are you going to handle that problem with this new reinsurance vehicle? You'll see. The risk isn't on our balance sheet. Cheers!

Accredited, but as LC said, you will be able to buy shares in the open market...maybe not at the same price as the private placement though. Cheers!

Public company will be investing directly in Bermuda vehicle. MPIC Funds will be the largest shareholder in the public company. All acquisitions of private enterprises will occur through the public company, while MPIC will continue to manage assets as it does. At some point, Corner Market Capital (MPIC's general partner) will be roled into the company like Hamblin-Watsa was in Fairfax, and it will become another cash flow machine for the pubco. Already a public company. Press release will go out in the next couple of days. Will move to a larger listing in the New Year. Cheers! Will this reinsurance company also invest in publicly traded stocks, or only buying out private companies? In other words, will it run similar to Berkshire's model? Yes, but a wee bit smaller! ;D Cheers!

LOL! Essentially. The funds go into a law firm trust account. They issue the certificate and it is delivered to your broker, or wherever you desire the certificate to be delivered. Mohnish just did one for $110M...I don't think there were any real issues. We are going to be doing one for $10M...I'm pretty sure we can avoid any problems. Cheers!

I try to always be as polite as I can… but that post was a very poor one! To endorse it is just as poorly done. The fact is always the same: long term investments might bear wonderful fruits in the long run, but a lot of patience might be required. Because in the short run, instead, they might look like a drag on performance. Therefore, if you think you have a great entrepreneur, who will maximize value in the long run, you want to put him in the conditions to proceed undisturbed. Cheers, Gio Why was it poor to endorse that post? I don't think he could have made the difference between management and ownership any clearer. Sardar works for the shareholders...his duty is to do his job, not feel "safe". If the shareholders or owners want to toss him on his rear or keep him, that is completely up to them. It's not up to Sardar to entrench himself, but to vote his shares the way he wants...that's it! The fact is that the shareholders kept getting the wool pulled over their eyes and agreed to many of the features that helped entrench him. They finally said enough is enough on the compensation package, and so Sardar had to find a way around it. Did he not feel "safe" enough, is that why he had to buy back the fund business after selling it to the company? Of course not! It had nothing to do with it. He just wanted to remove the cap from his compensation, and no one was going to stop him...not even the shareholders! Can you believe that? Cheers!