stahleyp Posted February 19, 2020 Share Posted February 19, 2020 According to the 2018 proxy Steven L. Kiel was making $199,766 ($78,846 in salary plus a $120,920 bonus) while they had the following line about director compensation: Directors receive $1,000 for each board and committee meeting attended up to $10,000 annually. So while the stock grant would match his regular salary it doesn't explain why it was called Board of Directors fees in the form 4. Why should anyone get a bonus (let a bonus in excess of 100% of salary!) when the performance has been pretty terrible? Link to comment Share on other sites More sharing options...
Guest roark33 Posted February 19, 2020 Share Posted February 19, 2020 Well, someone could always go on the board and kick him out, isn't that how this whole process started? Link to comment Share on other sites More sharing options...
Gregmal Posted February 19, 2020 Share Posted February 19, 2020 Well, someone could always go on the board and kick him out, isn't that how this whole process started? Except it backfires because companies will go to great lengths to raid the bank and financially punish shareholders by waging war during a proxy fight. It really does highlight how fraudulent the notion of fiduciary duty is. How can management and a board collude to spend practically unlimited amounts of shareholder resources, to fend off a shareholder? It happens a lot. Not saying thats the case here, but it often is. Link to comment Share on other sites More sharing options...
Guest roark33 Posted February 20, 2020 Share Posted February 20, 2020 Yes, my comment was just sarcastic, but maybe there is oil down there....? At some point, just getting rid of everything and keeping the $10m in Alluvial will be worth more than going concern entity. Link to comment Share on other sites More sharing options...
Hielko Posted February 20, 2020 Share Posted February 20, 2020 Maybe Alluvial can buy a stake in SYTE and go activist on them!?!? [/genius mode] Link to comment Share on other sites More sharing options...
IceCreamMan Posted February 20, 2020 Share Posted February 20, 2020 Maybe Alluvial can buy a stake in SYTE and go activist on them!?!? [/genius mode] (head explodes) Link to comment Share on other sites More sharing options...
fishwithwings Posted February 24, 2020 Share Posted February 24, 2020 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? +1 I know one of his top ideas (Nekkar ASA) blew up recently. Link to comment Share on other sites More sharing options...
LC Posted February 25, 2020 Share Posted February 25, 2020 The dude never impressed me with his writing or perceived returns. The research he performed did seem thorough, hopefully he will be successful. Link to comment Share on other sites More sharing options...
Spekulatius Posted February 25, 2020 Share Posted February 25, 2020 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 think they had managed accounts before the fund start, so it’s difficult to give actual returns, as they differ across accounts. Their Podcast series is pretty good and his partner Andrew Kuhn since 2 years ago is a marketing machine. I think it’s an example great team synergy. 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? +1 I know one of his top ideas (Nekkar ASA) blew up recently. FWIW, Nekkar (an equity stub after a merger) was supposed to be a net net, but then it wasn’t, after liabilities (from the merger) showed up. I also think their investment in PRKA at a significant premium to market is a headscratcher. I also wish them well and enjoy they podcast, which is highly recommended. Link to comment Share on other sites More sharing options...
Guest roark33 Posted February 25, 2020 Share Posted February 25, 2020 They were up 18% in 2019 vs 31.5% for S&P. Nekkar, which they sold at a loss and NC quarterly mark to market losses drove the negative results in the fourth quarter. I am not an investor, but have seen the letter. Geoff didn't really have a record before he started with Andrew because he never managed outside money. The problem with their strategy of finding overlooked companies is they just tend to be crappy businesses. Nekkar was that and Geoff admits that, but it will happen again. Overlooked companies is a marketing strategy not an investment strategy. Link to comment Share on other sites More sharing options...
fishwithwings Posted February 26, 2020 Share Posted February 26, 2020 Anyone have the link/know Focus Compounding's thesis for PRKA? I don't see how it's cheap at $.24... Link to comment Share on other sites More sharing options...
bizaro86 Posted February 26, 2020 Share Posted February 26, 2020 Anyone have the link/know Focus Compounding's thesis for PRKA? I don't see how it's cheap at $.24... They must be smarter than me. I sold my shares after the pop they inspired. From their letter, it sounded like they were pretty bullish on the acquisition? If the new park works out like the Georgia one $0.24 is really cheap. If it works out like the Missouri one on the other hand... Link to comment Share on other sites More sharing options...
InelegantInvestor Posted February 26, 2020 Share Posted February 26, 2020 I think $.24-$.26 is probably fair value. Remains to be seen whether Texas deal closes(it's just an LOI) and what the financing looks like. If it throws off a million a year in EBITDA like GA, and financing is non-dilutive, it's a great deal. But we have seen no financials thus far. I've been in this a long time and have confidence in management that has delivered for me in a big way, but I wouldn't have aggressively bought at $.26. I have a lot of reasons to hope these guys are right though. Link to comment Share on other sites More sharing options...
bizaro86 Posted February 26, 2020 Share Posted February 26, 2020 I think $.24-$.26 is probably fair value. Remains to be seen whether Texas deal closes(it's just an LOI) and what the financing looks like. If it throws off a million a year in EBITDA like GA, and financing is non-dilutive, it's a great deal. But we have seen no financials thus far. I've been in this a long time and have confidence in management that has delivered for me in a big way, but I wouldn't have aggressively bought at $.26. I have a lot of reasons to hope these guys are right though. You have more confidence in management than I do. The constant capex in Missouri has been driving me nuts ever since I bought, so I took the gain and moved on. It's easier to improve a good business than a bad one, and they seem hell bent on fixing Missouri. I'd way prefer they acknowledge it was a mistake, shut down/sell, and move the animals/rides to Georgia. Then spend the capex money building a campground, carnival rides, buying an elephant, whatever, to continue improving the great business they already own in GA. Link to comment Share on other sites More sharing options...
InelegantInvestor Posted February 26, 2020 Share Posted February 26, 2020 I think $.24-$.26 is probably fair value. Remains to be seen whether Texas deal closes(it's just an LOI) and what the financing looks like. If it throws off a million a year in EBITDA like GA, and financing is non-dilutive, it's a great deal. But we have seen no financials thus far. I've been in this a long time and have confidence in management that has delivered for me in a big way, but I wouldn't have aggressively bought at $.26. I have a lot of reasons to hope these guys are right though. You have more confidence in management than I do. The constant capex in Missouri has been driving me nuts ever since I bought, so I took the gain and moved on. It's easier to improve a good business than a bad one, and they seem hell bent on fixing Missouri. I'd way prefer they acknowledge it was a mistake, shut down/sell, and move the animals/rides to Georgia. Then spend the capex money building a campground, carnival rides, buying an elephant, whatever, to continue improving the great business they already own in GA. Probably has to do with when I bought. I've been in for years, since it was basically insolvent(after MO purchase and proxy fight). Dale cleaned up balance sheet and executed. Made me a lot of money. Link to comment Share on other sites More sharing options...
Moht Posted February 26, 2020 Share Posted February 26, 2020 Form D out from SYTE/ENDi: https://www.sec.gov/Archives/edgar/data/1096934/000109693420000001/0001096934-20-000001-index.htm So...the stock is apparently undervalued, yet they're filing to issue 70,000 shares (or 2.75% of shares outstanding) as equity compensation. Are they short on cash? Why would you dilute yourself (and more importantly, minority shareholders) down here? Link to comment Share on other sites More sharing options...
Gregmal Posted February 26, 2020 Share Posted February 26, 2020 LOL. The company would have been more profitable with no one doing anything. Yet they NEED to compensate the ring leaders! For what I ask... Link to comment Share on other sites More sharing options...
Spekulatius Posted February 27, 2020 Share Posted February 27, 2020 Form D out from SYTE/ENDi: https://www.sec.gov/Archives/edgar/data/1096934/000109693420000001/0001096934-20-000001-index.htm So...the stock is apparently undervalued, yet they're filing to issue 70,000 shares (or 2.75% of shares outstanding) as equity compensation. Are they short on cash? Why would you dilute yourself (and more importantly, minority shareholders) down here? Yes, they indeed are short on cash, as stated before in this thread. Link to comment Share on other sites More sharing options...
Edward Posted February 27, 2020 Share Posted February 27, 2020 It is incredible to see how smart and capable people get involved in businesses that they have no business managing. Buffett was really lucky (or maybe more competent) at the time he bought into Berkshire that the textile business wasn't worse than it was. At least they were not involved in massive cash dumpster fires or lawsuits. I actually like their fund services business, it's a good idea. But the road to real returns on that is long. Link to comment Share on other sites More sharing options...
fishwithwings Posted March 6, 2020 Share Posted March 6, 2020 I think $.24-$.26 is probably fair value. Remains to be seen whether Texas deal closes(it's just an LOI) and what the financing looks like. If it throws off a million a year in EBITDA like GA, and financing is non-dilutive, it's a great deal. But we have seen no financials thus far. I've been in this a long time and have confidence in management that has delivered for me in a big way, but I wouldn't have aggressively bought at $.26. I have a lot of reasons to hope these guys are right though. The coronavirus situation isn’t going to help the stock - down 50% Link to comment Share on other sites More sharing options...
Spekulatius Posted March 7, 2020 Share Posted March 7, 2020 I think $.24-$.26 is probably fair value. Remains to be seen whether Texas deal closes(it's just an LOI) and what the financing looks like. If it throws off a million a year in EBITDA like GA, and financing is non-dilutive, it's a great deal. But we have seen no financials thus far. I've been in this a long time and have confidence in management that has delivered for me in a big way, but I wouldn't have aggressively bought at $.26. I have a lot of reasons to hope these guys are right though. The coronavirus situation isn’t going to help the stock - down 50% Between PRKA, NC and NKR.OL, it’s not going to be a great year. I still don’t get what they even saw in PRKA and how they deal with the fact that they acquire a huge (for them) position in a total illiquid stock. Link to comment Share on other sites More sharing options...
Guest roark33 Posted March 7, 2020 Share Posted March 7, 2020 First year will be the last. Link to comment Share on other sites More sharing options...
Spekulatius Posted March 7, 2020 Share Posted March 7, 2020 First year will be the last. I hope not. I kind of like these guys, but I sure didn’t want to have my money with them right now. Link to comment Share on other sites More sharing options...
Scunny Bunny Posted May 11, 2020 Share Posted May 11, 2020 10-Q arrived at 4.33pm Friday https://www.sec.gov/Archives/edgar/data/1096934/000143774920010084/0001437749-20-010084-index.htm net assets $226k + Alluvial investment of $8354k = $3.30/share less any contingencies + any contingencies less costs. Link to comment Share on other sites More sharing options...
DTEJD1997 Posted May 11, 2020 Share Posted May 11, 2020 Hey all: I've kind of stopped following SYTE. I checked back into it today and noticed something. I think that they are not getting any revenue from their discontinued HVAC division? Weren't they supposed to get some kind of percentage of revenue? Didn't they sell the whole division for something like $50k + that agreement? If they ain't getting any money from that division in an ongoing payout, then wasn't that almost a 100% loss? Or maybe a 98% loss? Am I correct in my assumption, OR am I missing something? Link to comment Share on other sites More sharing options...
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