Author Topic: SYTE - Enterprise Diversified  (Read 231539 times)

Foreign Tuffett

  • Hero Member
  • *****
  • Posts: 992
Re: SYTE - Sitestar
« Reply #160 on: August 16, 2016, 08:34:27 AM »
stepping back from this dilution and how it was done.

I haven't seen a really good case made for why this company should continue as a going concern.


Neither have I


gg

  • Full Member
  • ***
  • Posts: 224
Re: SYTE - Sitestar
« Reply #161 on: August 16, 2016, 09:20:54 AM »
stepping back from this dilution and how it was done.

I haven't seen a really good case made for why this company should continue as a going concern.


Neither have I

It does not seem likely that liquidating the assets at this point would yield a distribution that is meaningfully higher than the current share price. So, might as well make an attempt to create value (by attempting to growing earnings and compounding capital)

TBW

  • Full Member
  • ***
  • Posts: 210
Re: SYTE - Sitestar
« Reply #162 on: September 08, 2016, 04:02:05 PM »
Anyone else going to the shareholder meeting?  If so let me know I would be happy to organize a meet-up the night before.

rkbabang

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 4371
Re: SYTE - Sitestar
« Reply #163 on: September 09, 2016, 07:30:25 AM »
Interesting.  Frank posted to a message board here:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=125043195

This guy is delusional, he still thinks that he is Chairman of the Board.  This is what he wrote:

"You can't trust what these guys say in my opinion. They go onto the Board under false pretenses and took over under false pretenses.

I am still a Board member and the Chairmen of the Board, I agreed to resign but not immediately like they claim. To officially resign, it must be in writing which it never was. Dan Judd s also a Board member and has been pressured to resign. I have not had any Special Board meetings nor any Board meetings after I left the company nor had Dan Judd after he left.

Whatever actions they are taking may not be legal in my opinion and not to the benefit of the company. We have never voted on anything to my knowledge. The company is in liquidation mode and there is too much conflict of interest. Doubling the amount of shares at a discounted rate in order to have complete control is theft also in my opinion.

I have seen this happen when I merged my company into Sitestar and other management took over. My large ownership position was diluted and the share price crashed to under a penny. That other management also created a separate company, borrowed money, invested it into different things and to this day, I don't know where that money went. I hope this doesn't happen here.

There is no reason to issue more shares as they have enough cash. They kicked out the renters from the rental properties and sold most of the properties. There isn't going to be much of a business left soon. This HVAC business makes no sense. Does anyone in management know anything about that business?

I for one am not going to vote these guys in on the Proxy. I am not sure that they even have proper authorization to even hold the vote. Why would they need to? They have complete control.

Frank
"

Ballinvarosig Investors

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 752
Re: SYTE - Sitestar
« Reply #164 on: September 09, 2016, 01:10:36 PM »

Gamecock-YT

  • Hero Member
  • *****
  • Posts: 583
Re: SYTE - Sitestar
« Reply #165 on: September 09, 2016, 05:36:34 PM »
Anyone else going to the shareholder meeting?  If so let me know I would be happy to organize a meet-up the night before.

There's a few COBFers in the Charlotte area that could be interested.

eclecticvalue

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 573
Re: SYTE - Sitestar
« Reply #166 on: September 09, 2016, 10:28:45 PM »
Will there be someone taking notes at the annual meeting?

TBW

  • Full Member
  • ***
  • Posts: 210
Re: SYTE - Sitestar
« Reply #167 on: September 10, 2016, 05:40:37 PM »
Planning on meeting sunday night in Charlotte at 9pm. PM me for more details will pick a place when I get a sense for how many people want to join.

LR1400

  • Full Member
  • ***
  • Posts: 158
Re: SYTE - Sitestar
« Reply #168 on: September 13, 2016, 09:58:16 AM »
I don't have a clear picture as to why they are liquidating the real estate portfolio. I believe someone noted they are moving that capital to the HVAC business.

Is the real estate overvalued and they are able to sell out for large numbers?

Renting out houses is reasonably passive, especially when using a property manager. Often you get ok cash flow and long term wealth when held for awhile.
I'll be watching that HVAC business, that could do pretty decently. It could be a good roll-up platform. I do see HVAC being reasonably hard to scale though. I understand it has been done, but it seems tough.

rkbabang

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 4371
Re: SYTE - Sitestar
« Reply #169 on: September 13, 2016, 10:18:03 AM »
I don't have a clear picture as to why they are liquidating the real estate portfolio. I believe someone noted they are moving that capital to the HVAC business.

Is the real estate overvalued and they are able to sell out for large numbers?

Renting out houses is reasonably passive, especially when using a property manager. Often you get ok cash flow and long term wealth when held for awhile.
I'll be watching that HVAC business, that could do pretty decently. It could be a good roll-up platform. I do see HVAC being reasonably hard to scale though. I understand it has been done, but it seems tough.

I'm assuming they think that they can earn loftier returns elsewhere.  I'm just glad that many of these properties are no longer going to be sitting vacant and deteriorating anymore.  If you are not going to make use of them in some productive manner (and the former management wasn't) selling them is certainly the best option.  It also seems as if they are getting slightly more for them than expected which is a nice bonus.   Now we will see how the current management uses the capital.