rogermunibond Posted January 31, 2014 Share Posted January 31, 2014 http://www.bloomberg.com/news/2014-01-31/leucadia-beef-unit-to-close-plant-with-1-300-workers.html Closing Brawley CA plant. Link to comment Share on other sites More sharing options...
scorpioncapital Posted January 31, 2014 Share Posted January 31, 2014 "In comparison, Cargill Inc's Plainview, Texas plant, which closed in a year ago because of tight cattle supplies, boasted a daily slaughter capacity of about 4,500 head." Talk about being behind the curve, their competitor saw the writing on the wall at least a year before. Link to comment Share on other sites More sharing options...
robface Posted February 6, 2014 Share Posted February 6, 2014 probably a more complex issue than that as cattle stock seems more regional and the stock is different ie SoCal probably has more dairy cattle, so vs. Cargill's Texas plan probably a different situation Link to comment Share on other sites More sharing options...
scorpioncapital Posted February 6, 2014 Share Posted February 6, 2014 I also remember Buffet's statement that they seldom give up on a business unless it's going to lose money indefinitely. Not easy to make these decisions for sure. Link to comment Share on other sites More sharing options...
bookie71 Posted February 6, 2014 Share Posted February 6, 2014 Don't know if they process pork or not, but if they do this could have contributed to their decision: http://www.foxnews.com/us/2014/01/11/widespread-pig-virus-threatens-to-bump-pork-prices/ Link to comment Share on other sites More sharing options...
scorpioncapital Posted February 8, 2014 Share Posted February 8, 2014 http://www.ivpressonline.com/news/local/iid-to-consider-reduced-energy-rate-for-national-beef/article_d25f6b1c-8e32-11e3-8fec-001a4bcf6878.html?mode=jqm Perhaps the plant closing wasn't so bad. Link to comment Share on other sites More sharing options...
thepupil Posted February 28, 2014 Share Posted February 28, 2014 Letter and 10-K out today, as well as exchange of some legacy RE assets for shares of HOFD https://www.bamsec.com/filing/9622314000008?cik=96223 https://www.bamsec.com/filing/90951814000103?cik=96223 https://www.bamsec.com/filing/9622314000006?cik=96223 Link to comment Share on other sites More sharing options...
constructive Posted February 28, 2014 Share Posted February 28, 2014 I like that letter a lot. Handler seems like a worthy successor to Steinberg and Cumming. (Although, it would be nice if investment bankers paid themselves a little less.) Link to comment Share on other sites More sharing options...
racemize Posted February 28, 2014 Share Posted February 28, 2014 I'm sad that they cut the BVPS page. I wonder if they still consider that relevant? Seems like they would? Link to comment Share on other sites More sharing options...
Liberty Posted March 1, 2014 Author Share Posted March 1, 2014 I'm sad that they cut the BVPS page. I wonder if they still consider that relevant? Seems like they would? Yeah, that's too bad. Maybe they felt it wasn't their track record and wanted to start fresh..? Link to comment Share on other sites More sharing options...
scorpioncapital Posted March 1, 2014 Share Posted March 1, 2014 Well, they do say that excluding a bad year data point does wonders for your track record :) However, I got the impression from the letter they are loading the gun, lots of cash to deploy and a few concentrated assets held long term. I'm just wondering if it's worth holding a full position for the new future investments over the next five years. The last five years have seen the sp500 trounce leucadia. Is the next five years likely to do the opposite or should one be more pro active? Views? Link to comment Share on other sites More sharing options...
robface Posted March 2, 2014 Share Posted March 2, 2014 Read the letter...glad to see they are keeping up the tradition, but wish there was more market and general commentary...also, they mentioned MLI was "sold where future value creation did not meet our return expectations"...I think it was sold as a block trade at $42 when the stock was trading at $48 and now its at $62...could be wrong, but seems like there was a chunk of value left on the table Link to comment Share on other sites More sharing options...
skanjete Posted March 3, 2014 Share Posted March 3, 2014 I can't say I'm impressed with the letter, on the contrary. I miss quantification of results, evaluation criteria and evaluation itself. Link to comment Share on other sites More sharing options...
jouni1 Posted March 3, 2014 Share Posted March 3, 2014 yep, it wasn't as easy to make an assumption of the worth and condition of the businesses. i have faith in handler and think he's going to make the right choices but i felt a bit left out after reading the letter. Link to comment Share on other sites More sharing options...
Liberty Posted March 18, 2014 Author Share Posted March 18, 2014 Richard Handler’s Leucadia National Corp. (LUK) added $253 million to its investment in Philip Falcone’s Harbinger Group Inc., more than doubling a bet on the owner of businesses from consumer goods to insurance. Leucadia agreed to buy 23 million preferred securities in Harbinger Group from Falcone’s hedge funds for $11 apiece, Harbinger Group said today in a statement. That adds to common stock Leucadia acquired last year, now valued at $244 million. Link to comment Share on other sites More sharing options...
Grenville Posted March 18, 2014 Share Posted March 18, 2014 "Upon acquisition of the Preferred Interest, together with the 18.6 million shares of HGI common stock acquired in September 2013 and previous purchases, we will beneficially own (including as a result of our right to sell the HGI Shares into which the Preferred Interest is exchangeable) 41.6 million common shares of HGI representing approximately 28.6% of HGI’s currently outstanding common stock and 20.1% of HGI’s common stock assuming the conversion of all of HGI’s outstanding Series A and Series A-2 Participating Preferred Stock. Upon the exchange of the Preferred Interest into the HGI Shares, our total net purchase price of the HGI Shares and the 18.6 million shares of HGI common stock purchased in September 2013 will be $406.5 million, or $9.77 per share." from sec filing regarding the transaction: http://www.sec.gov/Archives/edgar/data/96223/000090951814000126/mm03-1714_8k.htm Link to comment Share on other sites More sharing options...
Grenville Posted March 25, 2014 Share Posted March 25, 2014 "Leucadia Invests in Harley-Davidson Leasing Company" http://www.digitaljournal.com/pr/1810621 Chrome Capital, the nation's leading lessor of pre-owned Harley-Davidson motorcycles, has completed a $20 million equity investment from Leucadia National Corporation, a publicly listed diversified holding company (NYSE: LUK). The investment, which was completed on March 10, 2014, may be increased to $86M to fund Chrome Capital's growth plans. Link to comment Share on other sites More sharing options...
Grenville Posted April 2, 2014 Share Posted April 2, 2014 Proxy is out. Thought this was interesting, they show Ian Cumming's ownership. 13,451,242 3.7% http://www.sec.gov/Archives/edgar/data/96223/000093041314001565/c77050_def14a.htm Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 2, 2014 Share Posted April 2, 2014 Handler, Leucadia’s Chief, Takes Pay Cut in New Role http://dealbook.nytimes.com/2014/04/02/handler-leucadias-new-chief-takes-pay-cut-in-new-role/?module=BlogPost-Title&version=Blog Main&contentCollection=Investment Banking&action=Click&pgtype=Blogs®ion=Body Mr. Handler, who became chief executive of Leucadia after the merger last year, earned $3.1 million in 2013, according to a regulatory filing on Wednesday. The previous year, his compensation totaled $19 million, higher than that of Jamie Dimon, the chief executive of JPMorgan Chase. A primary driver of the lower pay was the disappointing performance of the Jefferies subsidiary, where Mr. Handler is still chief executive. The performance of Jefferies fell short of a predetermined target but above a minimum threshold, producing a bonus for Mr. Handler of $1.8 million, the filing showed. If Jefferies had done better, Mr. Handler might have received up to $12 million. As in past years, Mr. Handler took a base salary of $1 million for 2013. The rest of his compensation included items like a driver and the personal use of company aircraft. Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 9, 2014 Share Posted April 9, 2014 Leucadia National Corporation CFO to Retire for Health Reasons http://www.reuters.com/article/2014/04/09/ny-leucadia-national-idUSnBw096273a+100+BSW20140409 Leucadia National Corporation (NYSE:LUK) today announced that Joseph A. Orlando, its Chief Financial Officer, intends to retire by August 31, 2014, due to orthopedic health issues that require his attention. A search is underway to recruit Mr. Orlando’s successor. Link to comment Share on other sites More sharing options...
Grenville Posted April 9, 2014 Share Posted April 9, 2014 Leucadia National Corporation CFO to Retire for Health Reasons http://www.reuters.com/article/2014/04/09/ny-leucadia-national-idUSnBw096273a+100+BSW20140409 Leucadia National Corporation (NYSE:LUK) today announced that Joseph A. Orlando, its Chief Financial Officer, intends to retire by August 31, 2014, due to orthopedic health issues that require his attention. A search is underway to recruit Mr. Orlando’s successor. Sad to see another member of the old guard depart. Link to comment Share on other sites More sharing options...
thefatbaboon Posted April 13, 2014 Share Posted April 13, 2014 Is there something weird with the pricing of the puts&calls Jan 2015 expiry? $25 strike put bid at 4.3 asked 4.7. $25 call bid at 0.4 asked at 0.75. The put seems expensive and the call absurdly cheap. Link to comment Share on other sites More sharing options...
no_free_lunch Posted April 13, 2014 Share Posted April 13, 2014 There is a post earlier on the leaps. Link to comment Share on other sites More sharing options...
gfp Posted April 14, 2014 Share Posted April 14, 2014 I think the options you are looking at are old Jefferies options that are now based on .81 of a LUK share [81 shares per contract], that's why the pricing looks odd. LUK2 vs LUK. http://www.cboe.com/publish/TTStockSM/13-086.pdf http://www.ise.com/assets/documents/optionsExchange/productNotices/equity_corp_actions/2013/2013-026$Jefferies_Group_Inc_(JEF)_-_Merger_With_Leucadia_National_Corporation_(LUK)$20130228.pdf Link to comment Share on other sites More sharing options...
woltac Posted April 14, 2014 Share Posted April 14, 2014 I can't say I'm impressed with the letter, on the contrary. I miss quantification of results, evaluation criteria and evaluation itself. I could not agree more. The fact that Premier Entertainment was sold for $250 million is meaningless without a recap of the cash flow that when into it. Just one example of many of what is missing from the letter. Hopefully, Mr. Handler will gravitate toward the style of letters written by Mr. Cummings and Mr. Steinberg in years past before writing the 2014 letter. Link to comment Share on other sites More sharing options...
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