Liberty Posted November 12, 2014 Share Posted November 12, 2014 This is officially a thread spin-off from the LMCA discussion thread. Should be less confusing to have all the Broadband-related stuff in the same place. Link to comment Share on other sites More sharing options...
dwy000 Posted November 13, 2014 Share Posted November 13, 2014 Looks like Berkshire (T or T) acquired some Charter shares in 3Q. Somebody should have mentioned to him that he gets them at a discount through LBRDA. Link to comment Share on other sites More sharing options...
merkhet Posted November 13, 2014 Share Posted November 13, 2014 I don't see the 3Q 13-F anywhere... Link to comment Share on other sites More sharing options...
Ross812 Posted November 13, 2014 Share Posted November 13, 2014 I haven't seen subscription rights show up in my account. Would this show up as a holding or do i need to call IB and just ask to oversubscribe? Link to comment Share on other sites More sharing options...
dwy000 Posted November 13, 2014 Share Posted November 13, 2014 http://finance.yahoo.com/news/warren-buffett-buys-charter-communications-200400327.html 2.3M shares. Which I guess for them is a small position. But the PR is worth a fortune. Link to comment Share on other sites More sharing options...
gfp Posted November 13, 2014 Share Posted November 13, 2014 That filing has been out since August. The next filing should be out soon. http://finance.yahoo.com/news/warren-buffett-buys-charter-communications-200400327.html 2.3M shares. Which I guess for them is a small position. But the PR is worth a fortune. Link to comment Share on other sites More sharing options...
merkhet Posted November 13, 2014 Share Posted November 13, 2014 I haven't seen subscription rights show up in my account. Would this show up as a holding or do i need to call IB and just ask to oversubscribe? They're not going to show up until December 10th. Link to comment Share on other sites More sharing options...
Ross812 Posted November 13, 2014 Share Posted November 13, 2014 I haven't seen subscription rights show up in my account. Would this show up as a holding or do i need to call IB and just ask to oversubscribe? They're not going to show up until December 10th. Thank you! Link to comment Share on other sites More sharing options...
dwy000 Posted November 14, 2014 Share Posted November 14, 2014 That filing has been out since August. The next filing should be out soon. http://finance.yahoo.com/news/warren-buffett-buys-charter-communications-200400327.html 2.3M shares. Which I guess for them is a small position. But the PR is worth a fortune. Okay this time there's a real 3Q number. Up to 4.95M shares at the end of 3Q. Plus they (I assume it's Ted or Todd) stepped back up their DTV holding. Maybe cable's not as dead as you'd think by reading the mainstream press! Link to comment Share on other sites More sharing options...
Guest wellmont Posted November 15, 2014 Share Posted November 15, 2014 $700+ million is a big position for them. Link to comment Share on other sites More sharing options...
merkhet Posted November 15, 2014 Share Posted November 15, 2014 $700 million of Charter & another $600 million in Liberty Media, which spit out Liberty Broadband after the quarter ended. Link to comment Share on other sites More sharing options...
jay21 Posted November 15, 2014 Share Posted November 15, 2014 I think its all Ted who manages ~9b. So, yeah. Big. Time to increase for me most likely. Link to comment Share on other sites More sharing options...
sethatk Posted November 19, 2014 Share Posted November 19, 2014 Anyone out there swapped out of the LBRDK shares into the LBRDA shares? Link to comment Share on other sites More sharing options...
Liberty Posted November 19, 2014 Author Share Posted November 19, 2014 Anyone out there swapped out of the LBRDK shares into the LBRDA shares? Kind of. I had swapped all my LMCK for LMCA earlier when they were almost the same price, so I only got LBRDA when the spin-off took place. Link to comment Share on other sites More sharing options...
gfp Posted December 4, 2014 Share Posted December 4, 2014 Terms of the rights offering announced - http://www.businesswire.com/news/home/20141204005484/en#.VIBo2WTF8Zw Link to comment Share on other sites More sharing options...
JAllen Posted December 4, 2014 Share Posted December 4, 2014 Did anyone notice that they can cancel the rights offering for any reason at any time and you won't be reimbursed the price you pay for the rights? I find that pretty interesting. From the prospectus: Q: If I purchase subscription rights in the market and you terminate the rights offering, will I be reimbursed the price I paid to purchase my rights? A:No. If you purchase Series C Rights in the market and we terminate the rights offering at any time, you will incur the loss of the entire price you paid to acquire your Series C Rights. From this morning's PR: Further, the board of directors of Liberty Broadband reserves the right to not complete the rights offering at any time, including following the completion of the distribution of the Series C Rights, and for any reason [sorry about that formatting!] http://www.sec.gov/Archives/edgar/data/1611983/000104746914009630/a2222390zs-1a.htm Link to comment Share on other sites More sharing options...
giofranchi Posted December 4, 2014 Share Posted December 4, 2014 Did anyone notice that they can cancel the rights offering for any reason at any time and you won't be reimbursed the price you pay for the rights? I find that pretty interesting. How could it be any different? If they terminate the rights offering, no new shares will be issued, and therefore they will receive no funds. Gio Link to comment Share on other sites More sharing options...
Liberty Posted December 4, 2014 Author Share Posted December 4, 2014 Did anyone notice that they can cancel the rights offering for any reason at any time and you won't be reimbursed the price you pay for the rights? I find that pretty interesting. From the prospectus: Q:If I purchase subscription rights in the market and you terminate the rights offering, will I be reimbursed the price I paid to purchase my rights? A:No. If you purchase Series C Rights in the market and we terminate the rights offering at any time, you will incur the loss of the entire price you paid to acquire your Series C Rights. [/size]From this morning's PR: [/size]Further, the board of directors of Liberty Broadband reserves the right to not complete the rights offering at any time, including following the completion of the distribution of the Series C Rights, and for any reason. http://www.sec.gov/Archives/edgar/data/1611983/000104746914009630/a2222390zs-1a.htm I believe they are referring to people who buy rights in the secondary market, not those who receive rights because of Liberty Broadband shares that they own. The money lost would be the money paid to someone else in the secondary market, not the money paid to the company to exercise the rights. Off-topic: Do you use a weird browser plugin that tries to convert HTML to BBcode when you cut & paste, JAllen? Your messages are often formatted weirdly with lots of superfluous code. No big deal, but it's making me curious. Link to comment Share on other sites More sharing options...
JAllen Posted December 4, 2014 Share Posted December 4, 2014 I had just copied and pasted that straight from the SEC filing - no browser plugin or anything. Obviously I didn't preview it beforehand, sorry about that. I fixed the original. But anyways, I realize it's only for those who purchase the rights in the market. And to Gio: good point! I still think it's a bit daunting to potential purchasers, and yes, I don't see a way you could easily undo the open market purchase of the rights. Link to comment Share on other sites More sharing options...
JAllen Posted December 4, 2014 Share Posted December 4, 2014 What's the matter? You can't read that? :) Link to comment Share on other sites More sharing options...
Liberty Posted December 4, 2014 Author Share Posted December 4, 2014 What's the matter? You can't read that? :) Me? About the code? I was just curious because that's not HTML code, so there's something weird going on that is trying to convert HTML to BBcode.. Are you using a strange Amazon browser that is full of bugs? ;) As for the rights, the benefit of the uncertainty about the offering being cancelled can be good for those who want to buy extra rights because the higher that perceived uncertainty is, the lower the rights will be priced in the secondary market. Link to comment Share on other sites More sharing options...
merkhet Posted December 4, 2014 Share Posted December 4, 2014 Someone check my math, but I have it that they will raise about $830 million in the rights offering assuming it's fully subscribed. Link to comment Share on other sites More sharing options...
JAllen Posted December 4, 2014 Share Posted December 4, 2014 Merkhet: what number of rights did you use? The prospectus says 17.66M rights will be registered, which, if multiplied by 40.36 is $713M. Edit: Ok, I officially have no idea what's going on with this software. That time I just typed - no copying or pasting! Link to comment Share on other sites More sharing options...
merkhet Posted December 4, 2014 Share Posted December 4, 2014 Mistype -- I meant $730 million, but you're right it's $713 million. Link to comment Share on other sites More sharing options...
merkhet Posted December 4, 2014 Share Posted December 4, 2014 Over/under on the oversubscription allotment? I can't imagine it'll be terribly material... Link to comment Share on other sites More sharing options...
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