Guest roark33 Posted August 19, 2019 Share Posted August 19, 2019 At a certain point, this company will be valued less than the company's investment in Alluvial, which I believe was $10m, at which point another activist will need to come along and kick Kiel out? Link to comment Share on other sites More sharing options...
DTEJD1997 Posted August 19, 2019 Share Posted August 19, 2019 At a certain point, this company will be valued less than the company's investment in Alluvial, which I believe was $10m, at which point another activist will need to come along and kick Kiel out? An interesting observation...but what amount of debt does the company have? Yahoo! has it listed as about $8mm? As for Alluvial, I believe that most of their positions are thinly traded to downright illiquid. If they had to unwind their positions relatively quickly...they would probably have to take a mark down. I am also going to guess that if there is a market correction, some of their positions might be getting hit hard? How much are the royalties on the home services truly worth? Hard to say...but I would think lower rather than higher. The interweb division may through off some decent money in the upcoming 12 months...but what will it be worth 1 year or so from now? Then the remaining asset is Mt. Melrose. Not surprised if they take another hit there. SYTE hit a 52 week low today. I would not be surprised if we see that repeat multiple times in the upcoming 12 months. Link to comment Share on other sites More sharing options...
Spekulatius Posted August 19, 2019 Share Posted August 19, 2019 At a certain point, this company will be valued less than the company's investment in Alluvial, which I believe was $10m, at which point another activist will need to come along and kick Kiel out? An interesting observation...but what amount of debt does the company have? Yahoo! has it listed as about $8mm? As for Alluvial, I believe that most of their positions are thinly traded to downright illiquid. If they had to unwind their positions relatively quickly...they would probably have to take a mark down. I am also going to guess that if there is a market correction, some of their positions might be getting hit hard? How much are the royalties on the home services truly worth? Hard to say...but I would think lower rather than higher. The interweb division may through off some decent money in the upcoming 12 months...but what will it be worth 1 year or so from now? Then the remaining asset is Mt. Melrose. Not surprised if they take another hit there. SYTE hit a 52 week low today. I would not be surprised if we see that repeat multiple times in the upcoming 12 months. The presentation lists the debt at ~$1.07M. Most of the debt was attached to Mt. Melrose and is now gone after they de-consolidated it. It’s unlikely an attic ist has a chance to get control since Steven Kiel owns so many shares (684k shares, directly and indirectly via his fund. Link to comment Share on other sites More sharing options...
DTEJD1997 Posted August 20, 2019 Share Posted August 20, 2019 Hey all: One odd thing I noticed in the report was this: "We also had some liabilities that will clear out. We have $151,004 in accounts payable and have negotiated large discounts to many suppliers." I wonder why they have managed to negotiate (or will) large discounts with these suppliers? Were these accounts not properly billed in the first place? If not, why were these Home Services A/P taken over by the acquirer? Odd. Link to comment Share on other sites More sharing options...
gg Posted August 20, 2019 Share Posted August 20, 2019 TRIAD GUARANTY Enterprise Diversified owns a note payable and warrants to acquire approximately 2.7% of Triad Guaranty, Inc., a post-bankruptcy shell company with approximately $500 million in Net Operating Loss carryforwards that begin to expire in 2028. Anyone know the background behind this? Link to comment Share on other sites More sharing options...
ragnarisapirate Posted August 29, 2019 Share Posted August 29, 2019 Color me curious as to what this special announcement is going to be on the 17th. Any guesses? I may be reading too much into what could be a small matters of semantics, but I think it is interesting that this is noted as being a “letter to shareholders”... https://gallery.mailchimp.com/2511717cdf1bae9a0638c942a/files/acc3535a-43ca-418a-bd32-3ad7739d2763/Q2_2019_Willow_Oak_Investor_Letter.pdf Link to comment Share on other sites More sharing options...
Tim Eriksen Posted August 30, 2019 Share Posted August 30, 2019 TRIAD GUARANTY Enterprise Diversified owns a note payable and warrants to acquire approximately 2.7% of Triad Guaranty, Inc., a post-bankruptcy shell company with approximately $500 million in Net Operating Loss carryforwards that begin to expire in 2028. Anyone know the background behind this? Sitestar participated in debtor in possession financing for Triad (TGIC). I believe initially they were putting up $100,000 at a 10% interest rate and received warrants. They may have done a little more than $100,000 based on having warrants to acquire 2.7%, or Triad didn't get the whole amount they hoped to raise. I haven't heard if they have been able to create a business. The business had $500 million in NOLs but little to no assets. Link to comment Share on other sites More sharing options...
rkbabang Posted August 30, 2019 Share Posted August 30, 2019 Color me curious as to what this special announcement is going to be on the 17th. Any guesses? I may be reading too much into what could be a small matters of semantics, but I think it is interesting that this is noted as being a “letter to shareholders”... https://gallery.mailchimp.com/2511717cdf1bae9a0638c942a/files/acc3535a-43ca-418a-bd32-3ad7739d2763/Q2_2019_Willow_Oak_Investor_Letter.pdf New Willow Oak partner. Link to comment Share on other sites More sharing options...
ragnarisapirate Posted August 30, 2019 Share Posted August 30, 2019 Color me curious as to what this special announcement is going to be on the 17th. Any guesses? I may be reading too much into what could be a small matters of semantics, but I think it is interesting that this is noted as being a “letter to shareholders”... https://gallery.mailchimp.com/2511717cdf1bae9a0638c942a/files/acc3535a-43ca-418a-bd32-3ad7739d2763/Q2_2019_Willow_Oak_Investor_Letter.pdf Good find. Totally missed that! New Willow Oak partner. Link to comment Share on other sites More sharing options...
Guest roark33 Posted August 30, 2019 Share Posted August 30, 2019 I imagine they are bringing in another fund manager, probably small. Link to comment Share on other sites More sharing options...
rkbabang Posted September 18, 2019 Share Posted September 18, 2019 Willow Oak Asset Management and Focused Compounding to Jointly Launch a New Private Investment Fund https://finance.yahoo.com/news/willow-oak-asset-management-focused-123000286.html Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted September 18, 2019 Share Posted September 18, 2019 Willow Oak Asset Management and Focused Compounding to Jointly Launch a New Private Investment Fund https://finance.yahoo.com/news/willow-oak-asset-management-focused-123000286.html Nice to see Geoff getting his own fund Link to comment Share on other sites More sharing options...
writser Posted September 18, 2019 Share Posted September 18, 2019 Too bad for him that Sitestar doesn't have any money left to kickstart the fund. Link to comment Share on other sites More sharing options...
stahleyp Posted September 18, 2019 Share Posted September 18, 2019 Willow Oak Asset Management and Focused Compounding to Jointly Launch a New Private Investment Fund https://finance.yahoo.com/news/willow-oak-asset-management-focused-123000286.html Nice to see Geoff getting his own fund I've heard a lot about him but don't think I've actually seen his returns. He's been around for a while but does anyone know his performance numbers? Link to comment Share on other sites More sharing options...
5xEBITDA Posted September 18, 2019 Share Posted September 18, 2019 What is the point of only partnering with long-only, concentrated, small-cap strategies? It will all blow up at the same time. Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted September 18, 2019 Share Posted September 18, 2019 What is the point of only partnering with long-only, concentrated, small-cap strategies? It will all blow up at the same time. That's a good point. I think both Alluvial and Bonhoeffer do quite a bit of international stuff though. Link to comment Share on other sites More sharing options...
InelegantInvestor Posted September 18, 2019 Share Posted September 18, 2019 What is the point of only partnering with long-only, concentrated, small-cap strategies? It will all blow up at the same time. Good point. They should probably roll up some HVAC contractors in Arizona or buy a bunch of residential real estate in Kentucky to diversify. Link to comment Share on other sites More sharing options...
Moht Posted November 6, 2019 Share Posted November 6, 2019 Anyone looked into this? https://twitter.com/TicePBrown/status/1192118548979691526 What's the magnitude of these supposed liabilities? Very odd... Link to comment Share on other sites More sharing options...
stahleyp Posted November 6, 2019 Share Posted November 6, 2019 Anyone looked into this? https://twitter.com/TicePBrown/status/1192118548979691526 What's the magnitude of these supposed liabilities? Very odd... Crazy! This really is like a nerdy soap opera. Link to comment Share on other sites More sharing options...
NBL0303 Posted November 6, 2019 Share Posted November 6, 2019 Wow - this is a very important Twitter thread - in the sense that I'm amazed that the management of SYTE/ENDI would allow this to play out publicly that much. Their reputation seems to be important to them - as people who rely on doing deals with others, partnering with funds, etc. Maybe the other party was being unreasonable - but wow, that is a wild twist. Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted November 6, 2019 Share Posted November 6, 2019 Wow - this is a very important Twitter thread - in the sense that I'm amazed that the management of SYTE/ENDI would allow this to play out publicly that much. Their reputation seems to be important to them - as people who rely on doing deals with others, partnering with funds, etc. Maybe the other party was being unreasonable - but wow, that is a wild twist. This is exactly the kind of thinking that this Tice Patrick Brown character is counting on. The tweets are a calculated move meant to put pressure on Enterprise Diversified. Brown knows that people will see them, share them, etc. Link to comment Share on other sites More sharing options...
Gregmal Posted November 6, 2019 Share Posted November 6, 2019 Aaaaaaaand, somehow Im not surprised by all of this.... Link to comment Share on other sites More sharing options...
Spekulatius Posted November 6, 2019 Share Posted November 6, 2019 How can someone buy a bunch of houses and then not even check that the houses are there, or check for liens on the purchased properties. Sound like they certified themselves as “totally clueless”. Link to comment Share on other sites More sharing options...
Spekulatius Posted November 6, 2019 Share Posted November 6, 2019 Missing houses etc may be real reason they decided to get rid off that sub, rather than auditing costs etc. It’s really a lot to ask for in terms of bookkeeping if a house is there or not. I guess the buyers DD in this case has been minimal and/ or they don’t like the deal any more. Link to comment Share on other sites More sharing options...
NoCalledStrikes Posted November 6, 2019 Share Posted November 6, 2019 Missing houses etc may be real reason they decided to get rid off that sub, rather than auditing costs etc. It’s really a lot to ask for in terms of bookkeeping if a house is there or not. I guess the buyers DD in this case has been minimal and/ or they don’t like the deal any more. Google Earth works for me. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now