ragnarisapirate Posted November 2, 2011 Author Share Posted November 2, 2011 This will be an interesting case to watch and, since I still own some shares, be a part of. Thanks for updating your thoughts here. Curious, did you take off some of your position today on this news and the subsequent nice bounce? Thanks for reading. To answer your question, I didn't sell any shares today. Link to comment Share on other sites More sharing options...
17thstcapital Posted November 2, 2011 Share Posted November 2, 2011 Think most people would agree with you that the real estate value is very understated on their books. However, now that this is a liquidation, I wonder how big the unsecured bucket will be here. Current liabilities + long term debt is nearly $100mm and this doesn't include any landlord claims that could add to the total. Obviously, you would have the inventory liquidation to offset a big chunk of this but there will be a deficiency for sure, real estate value aside. This also doesn't sound like a quick liquidation (for the best) and so with all the advisors they have and will have, professional fees could be hefty as well. Any thoughts on the claim pool? I know its too early. FYI, I'm long this and added earlier today. Was definitely not expecting this big bounce today though given the limited disclosure. Link to comment Share on other sites More sharing options...
Junto Posted November 2, 2011 Share Posted November 2, 2011 Docket filing and affadavit: http://www.scribd.com/stephaniegleason Link to comment Share on other sites More sharing options...
keerthiprasad Posted November 3, 2011 Share Posted November 3, 2011 Definitely pathetic management. I was not expecting today's jump in price at all either. Not sure what to make of it. I honestly think there will be some money left over, however I think there is a ton of risk involved here (not just uncertainty). Either way, I wish I could've had more time to look at the numbers! Link to comment Share on other sites More sharing options...
ragnarisapirate Posted November 3, 2011 Author Share Posted November 3, 2011 Definitely pathetic management. I was not expecting today's jump in price at all either. Not sure what to make of it. I honestly think there will be some money left over, however I think there is a ton of risk involved here (not just uncertainty). Either way, I wish I could've had more time to look at the numbers! A lot of it depends on the leases... Also who comes out to bid on the properties... Tomorrow will be an interesting day as well. I can't imagine that there will be a whole lot of shorts left. Link to comment Share on other sites More sharing options...
17thstcapital Posted June 13, 2012 Share Posted June 13, 2012 Anyone still following this situation? I sold my shares earlier in the year and haven't kept track since. Stock's been trending lower every week it seems. Link to comment Share on other sites More sharing options...
eclecticvalue Posted September 2, 2012 Share Posted September 2, 2012 I noticed it is coming out of bankruptcy. The re-org will have great board members that want to maximize value for shareholders. The great part is that the re-org will have properties. I know one of the properties will sell, I need to know how many properties will they get out of re-org. At least these properties will not be on fire sale and take time to maximize. I am planning on reading the confirmation plan soon. Link to comment Share on other sites More sharing options...
ragnarisapirate Posted September 2, 2012 Author Share Posted September 2, 2012 I noticed it is coming out of bankruptcy. The re-org will have great board members that want to maximize value for shareholders. The great part is that the re-org will have properties. I know one of the properties will sell, I need to know how many properties will they get out of re-org. At least these properties will not be on fire sale and take time to maximize. I am planning on reading the confirmation plan soon. I for one, am really looking forward to seeing how this turns out. They now have some fantastic leadership and are getting a steal as far as the interest rate goes on their new liabilities. Plus, they are left with some real special pieces of property. Link to comment Share on other sites More sharing options...
eclecticvalue Posted September 2, 2012 Share Posted September 2, 2012 Oh definitely, although I hear they will issue new stock @ $2.49 so I want to wait for that drop. The price has risen too fast lately. I probably should have established a position in the low $3's when I had the chance. Link to comment Share on other sites More sharing options...
ragnarisapirate Posted September 2, 2012 Author Share Posted September 2, 2012 Oh definitely, although I hear they will issue new stock @ $2.49 so I want to wait for that drop. The price has risen too fast lately. I probably should have established a position in the low $3's when I had the chance. Sort of; it's a rights offering. There will be a touch (I think ~13%?) in dilution, but it is mainly to cash out Marcy Syms @ that price. Plus, it is basically backstopped by the new leadership of the company. It works out great for everyone because the company can get going again (without the CEO that BKd the company) and the backstop parties can buy more of the stock without bidding the price up. Link to comment Share on other sites More sharing options...
gfp Posted September 17, 2012 Share Posted September 17, 2012 New ticker here - TPHS, Trinity Place Holdings http://finance.yahoo.com/news/syms-corp-emerges-chapter-11-170000958.html They even hired MTO as legal counsel... Link to comment Share on other sites More sharing options...
Studesy Posted September 17, 2012 Share Posted September 17, 2012 New ticker here - TPHS, Trinity Place Holdings http://finance.yahoo.com/news/syms-corp-emerges-chapter-11-170000958.html They even hired MTO as legal counsel... Is TPHS trading today?...can't seem to get a quote. SYMSQ seems to no longer be trading. Link to comment Share on other sites More sharing options...
Junto Posted September 26, 2012 Share Posted September 26, 2012 For those interested http://feedproxy.google.com/~r/MarketFolly/~3/1YIeZh9gFEQ/mick-mcguires-marcato-capital-files-13d.html Link to comment Share on other sites More sharing options...
Studesy Posted September 27, 2012 Share Posted September 27, 2012 Looks as though the first trade on TPHS took place yesterday on over the counter markets. $1.1000 103 OTO 09/26 A doozy....103 shares! Link to comment Share on other sites More sharing options...
eclecticvalue Posted September 27, 2012 Share Posted September 27, 2012 Wow, it is trading around that price. Am I missing something? Link to comment Share on other sites More sharing options...
Studesy Posted September 27, 2012 Share Posted September 27, 2012 Wow, it is trading around that price. Am I missing something? I was thinking the same thing. We can't really take that trade price to heart because the volume was so low...but still makes you wonder. I have a small position in sysms and it showed up as TPHS in my account yesterday....but no real meaningful volume. Link to comment Share on other sites More sharing options...
17thstcapital Posted September 27, 2012 Share Posted September 27, 2012 Wow, it is trading around that price. Am I missing something? These are market order trades that get filled when people with small positions discover they own something called Trinity Place Holdings and just want out. Opportunity for folks to throw in low ball bids and potentially get lucky and get filled. Link to comment Share on other sites More sharing options...
gfp Posted October 10, 2013 Share Posted October 10, 2013 Just noticed this, in case anybody here is still following this bit of real estate - http://www.sec.gov/Archives/edgar/data/724742/000114420413053774/v356625_ex99-1.htm http://www.sec.gov/Archives/edgar/data/724742/000114420413053835/v356676_pre14c.htm http://www.sec.gov/Archives/edgar/data/724742/000114420413053661/v356378_8-k.htm Link to comment Share on other sites More sharing options...
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