Shooter MacGavin Posted February 24, 2018 Share Posted February 24, 2018 Hi guys, anyone familiar with this company? It's 58% owned by hedge fund Tontine and it's manager Jeff Gendell. If anyone follows Patrick Industries, and the incredible return that stock has had since CEO Todd Cleveland took over, with controlling holder Jeff/Tontine, you may also be familiar with this story. (Gendell controlled, Todd on board, roll-up) However, I see today that IESC filed a POS AM (POST-EFFECTIVE AMENDMENT NO. 2 TO FORM S-3 ON FORM S-1), with the ability to sell almost all shares. I'm not sure if they're preparing to offer them to the market or not. This document looks like an initial prospectus but I honestly can't decipher what the intention here is since I'm not too familiar with this document. https://www.sec.gov/Archives/edgar/data/1048268/000119312518054328/0001193125-18-054328-index.htm Is anyone familiar with IESC and/or this document? Does this document mean Jeff/Tontine is going to sell all their shares or are they just leaving the door open for the future and doing some kind of amendment update? My initial thought was Jeff was getting out of the name entirely, which obviously is a big red flag. But now I'm not so sure. Would appreciate your thoughts. Thank you. Link to comment Share on other sites More sharing options...
KJP Posted February 24, 2018 Share Posted February 24, 2018 I'm a shareholder. Updating the registration statement does not require Tontine to sell any shares. Link to comment Share on other sites More sharing options...
Shooter MacGavin Posted February 24, 2018 Author Share Posted February 24, 2018 got it. thanks. So do you think they are intending to sell shares or merely updating their registration? Do you know why they are required to file an amendment to their registration? I have seen them file this before, but it didn't look like an offering prospectus I don't think. Link to comment Share on other sites More sharing options...
KJP Posted February 24, 2018 Share Posted February 24, 2018 got it. thanks. So do you think they are intending to sell shares or merely updating their registration? Do you know why they are required to file an amendment to their registration? I have seen them file this before, but it didn't look like an offering prospectus I don't think. I don't have any insight into whether Tontine wants to sell, but with all the NOLs it seems too early to sell. I haven't looked into the '33 Act regulations enough to know why they needed (or wanted) to convert from an S-3 to an S-1. Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted September 11, 2018 Share Posted September 11, 2018 Recent insider buying: http://iesholdingsinc.gcs-web.com/node/15251/html Link to comment Share on other sites More sharing options...
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