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GTX - Garrett Motion


hasilp89

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My fidelity account. Changed from being listed with cusip number and no price (yesterday) to GTXAP with $9.75 ask today. Granted there is no bid or volume so this price is similar to the one I made up in my head (not necessarily relevant)

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I didn't get all of my preferreds - Schwab tells me Kurtzman Carson Consulting (transfer agent) apparently rejected my accredited shares. Which is baffling. Has this happened to anyone else? Schwab is going to investigate....but I was told they have 'final say.'

 

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PF financials posted reflecting new capital structure. Nothing new really just confirms final cash and debt after payoffs.


im seeing an EV of about $4.5b (344m of fully diluted shares @ Friday closing px, mip is 31m shares, conservative to include the whole thing?.) $1.2b credit facility, $549m of pref b and ~$240m of cash. 8.6x mgmt estimated 2021 ebitda of $502m. They’re definitely sandbagging. Q1 adjusted for the fortune the lawyers, advisors and accountants made is $176m. Trades at 6.4x that run rate. I’m confident in business performance despite headline EV threat, turbo penetration will increase even as EV’s start taking share. Good return thus far but likely that this still has lots of room to run.

 

https://d18rn0p25nwr6d.cloudfront.net/CIK-0001735707/8acaab52-4581-47d3-a897-908bf2967361.pdf

 

Edited by hasilp89
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On 5/28/2021 at 8:37 AM, hasilp89 said:

my accredited shares are still unregistered though (despite sending the paperwork twice). Assuming others are in the same boat there.

Hasilp, are you gauging this (non-registration) because your name isn't in the S-1 or for some other reason?

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19 minutes ago, benhacker said:

Hasilp, are you gauging this (non-registration) because your name isn't in the S-1 or for some other reason?

Not 100% sure what you’re asking. I was just commenting on EV since prefs started trading and PF cash/debt numbers were now available.

only question I have on the accredited shares right now is how I get them back into my brokerage from eq share owner services. Not stressing about that though as I’m not planing on selling in the near term.

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On 5/30/2021 at 6:23 AM, hasilp89 said:

Not 100% sure what you’re asking. I was just commenting on EV since prefs started trading and PF cash/debt numbers were now available.

only question I have on the accredited shares right now is how I get them back into my brokerage from eq share owner services. Not stressing about that though as I’m not planing on selling in the near term.

I just meant to say "what data point" are you using to say your shares are still unregistered.  Transfer agent showing them as "restricted" or something else?

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34 minutes ago, benhacker said:

I just meant to say "what data point" are you using to say your shares are still unregistered.  Transfer agent showing them as "restricted" or something else?

got you - my accredited pref a shares were transferred to EQ Shareowner services from my brokerage account a few weeks back. it is there that they are listed as restricted. This is despite my name being listed on the s-1. my assumption is that i'll need to call eq to get them back into my brokerage. if anyone else has done this successfully please lmk.

 

image.png.f47ef62976c9d41641a695ebd512c907.png

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1 hour ago, hasilp89 said:

got you - my accredited pref a shares were transferred to EQ Shareowner services from my brokerage account a few weeks back. it is there that they are listed as restricted. This is despite my name being listed on the s-1. my assumption is that i'll need to call eq to get them back into my brokerage. if anyone else has done this successfully please lmk.

 

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After the 90 day lockup period is over, they might automatically get moved back to your brokerage account. Not sure though...

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3 hours ago, hasilp89 said:

got you - my accredited pref a shares were transferred to EQ Shareowner services from my brokerage account a few weeks back. it is there that they are listed as restricted. This is despite my name being listed on the s-1. my assumption is that i'll need to call eq to get them back into my brokerage. if anyone else has done this successfully please lmk.

 

image.png.f47ef62976c9d41641a695ebd512c907.png

Thanks, I'm in same boat.  I'll be calling them early next week to deal with this... I assume some delay is reasonable.

 

If anyone calls sooner and figures out the process, feel free to share.

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A live look at the customer service department of EQ Shareowner Services as their call center operators respond to GTX Preferred Shareholders asking to transfer their shares.

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wabuffo

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1 hour ago, wabuffo said:

A live look at the customer service department of EQ Shareowner Services as their call center operators respond to GTX Preferred Shareholders asking to transfer their shares.

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wabuffo

yup - pretty much what I'm expecting ...

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18 hours ago, minte2k said:

Switched all my common into Pref.

What was your rationale? Won’t they trade inline with the common (as this is what they convert to) + accrued dividend? Sure they are higher up in the cap structure, barely, but that would only matter if they went BK...again.

My thinking - is that spread (PV of 58 cents a year for probably 2-3 years at most) worth the tax liability at this point given the healthy gain on the common.

could be looking at it wrong.

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  • 2 weeks later...

registration statement was filed and I received a letter from KCC to complete and send to EQ. Assuming others got this. To confirm this is just to remove restricted status and allow me to move shares to my brokerage account right? Some of the language makes it sound like I am selling, however i just want to hold them in my brokerage account.

 

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On 6/14/2021 at 7:09 AM, hasilp89 said:

registration statement was filed and I received a letter from KCC to complete and send to EQ. Assuming others got this. To confirm this is just to remove restricted status and allow me to move shares to my brokerage account right? Some of the language makes it sound like I am selling, however i just want to hold them in my brokerage account.

 

I called Equiniti Trust Company and they said that when we are ready to sell we send in the form they sent us.  

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