Author Topic: What are you buying today?  (Read 1836095 times)

writser

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Re: What are you buying today?
« Reply #5450 on: June 28, 2020, 05:01:22 AM »
On page 34 of the preliminary proxy they say:

Quote
which implies a per share distribution with an aggregate value of between approximately $2.98 and $5.97 based on 117,285,043 shares outstanding as of April 24, 2020 .
[..]
We used the following assumptions when calculating the range of estimated distributable value of cash and other non-cash assets:
[..]
(vi) certain tax provisions of the recently enacted Coronavirus Aid, Relief, and Economic Security Act, which allow net operating losses generated in tax years beginning after December 31, 2017 and before January 1, 2021, to be carried back to each of the five preceding tax years for federal income tax purposes

And  as Bill mentioned, The ~$14.5m CARES tax benefit is already reflected in the Q1 2020 financials dated May, 8 and discussed in the May, 7 conference call. So I would guess that that number is also included in the per share estimates in the proxy filed on May, 7.

Of course the information in the proxy is quite sparse so far, the company gives no actual scenarios or examples. So what numbers they are precisely using in the low- and high-end of the range is anyone's guess, as far as I know. But I wouldn't say it has not been taken into account.
« Last Edit: June 28, 2020, 05:05:33 AM by writser »
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Gregmal

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Re: What are you buying today?
« Reply #5451 on: June 29, 2020, 11:11:50 AM »
Bought some SWKH

benchmark

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Re: What are you buying today?
« Reply #5452 on: June 30, 2020, 12:12:01 PM »
bought more PDLI (a liquidation special situation) and some BRK.B at the lows at the end of the day (couldn't help myself - even though I already own some).

wabuffo

What's the PDLI liquidation play? simple google didn't yield anything

wabuffo

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Re: What are you buying today?
« Reply #5453 on: June 30, 2020, 12:21:05 PM »
What's the PDLI liquidation play? simple google didn't yield anything

https://www.sec.gov/Archives/edgar/data/882104/000088210420000057/pdli-2020def14adoc.htm#se100117011f048748132db3631831519

You got some reading to do.  Cop a squint at the sections entitled:
"general information about the dissolution and plan of dissolution."
"Proposal #3"

wabuffo
« Last Edit: June 30, 2020, 12:43:01 PM by wabuffo »

Gregmal

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Re: What are you buying today?
« Reply #5454 on: June 30, 2020, 12:35:07 PM »
Starter in RPTX

Spekulatius

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Re: What are you buying today?
« Reply #5455 on: June 30, 2020, 05:07:33 PM »
More D-Fens: BAESY and a bit of LHX.
Life is too short for cheap beer and wine.

Maple Fun

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Re: What are you buying today?
« Reply #5456 on: June 30, 2020, 08:09:39 PM »
Bought some preferred shares of Husky Energy: HSE.PR.A, HSE.PR.G; 9%+ dividend yield from a solid investment grade issuer;
Its ultra-long term (2037 maturity) bond trading at 5.4% YTM, so the credit spread is simply too large to ignore...

Every Banana Counts

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Re: What are you buying today?
« Reply #5457 on: July 01, 2020, 05:16:24 AM »
TWTR

cknucks

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Re: What are you buying today?
« Reply #5458 on: July 01, 2020, 07:16:28 PM »
IAC.

lnofeisone

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Re: What are you buying today?
« Reply #5459 on: July 02, 2020, 08:51:32 AM »
Added some CEQP preferred.

Some highlights of my thinking:
1) CEQP's contracts with CHK were changed in 2017 and I don't think CHK will be able to reject these in Ch11
2) If CEQP fails to pay on the preferred, the preferred rate starts to go up