Author Topic: SYTE - Enterprise Diversified  (Read 289777 times)

Value^2

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Re: SYTE - Sitestar
« Reply #400 on: March 31, 2018, 08:17:20 PM »
.......

Just for the record, i think andgroup's arguments are very weak where he tries to sugarcoat Kiel's self-dealing. In my books, Kiel is similar charlatan like $hitlari.

......
but with InelegantInvestor i agreed wholeheartedly! 


Tim Eriksen

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Re: SYTE - Sitestar
« Reply #401 on: March 31, 2018, 09:46:56 PM »
A lot of the it book value growth came from issuing stock above book value.

Your comment is very misleading.  On a dollar basis yes, but the letter was clearly noting a per share basis.  Only a small amount came from issuing stock at .05 when book value at year end was .0482.   It amounts to about $166,000 of the $2.3 million increase.

Spekulatius

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Re: SYTE - Sitestar
« Reply #402 on: April 02, 2018, 07:34:17 PM »
A lot of the it book value growth came from issuing stock above book value.

Your comment is very misleading.  On a dollar basis yes, but the letter was clearly noting a per share basis.  Only a small amount came from issuing stock at .05 when book value at year end was .0482.   It amounts to about $166,000 of the $2.3 million increase.

Yes, you are correct, the secondary was only slightly above book at that time.
Life is too short for cheap beer and wine.

gfp

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Re: SYTE - Sitestar
« Reply #403 on: April 09, 2018, 07:22:43 AM »
I noticed this morning the proxy was released, I guess last week.  New name for the company is "Enterprise Diversified."

https://www.sec.gov/Archives/edgar/data/1096934/000156459018007801/syte-pre14a_20180406.htm

Value^2

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Re: SYTE - Sitestar
« Reply #404 on: April 10, 2018, 09:17:41 AM »
I noticed this morning the proxy was released, I guess last week.  New name for the company is "Enterprise Diversified."

https://www.sec.gov/Archives/edgar/data/1096934/000156459018007801/syte-pre14a_20180406.htm

They should adopt new corporate slogan:
Enterprise Diversified
"Fees never sleeps!"

InelegantInvestor

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Re: SYTE - Sitestar
« Reply #405 on: April 10, 2018, 09:19:20 AM »
I noticed this morning the proxy was released, I guess last week.  New name for the company is "Enterprise Diversified."

https://www.sec.gov/Archives/edgar/data/1096934/000156459018007801/syte-pre14a_20180406.htm

They should adopt new corporate slogan:
Enterprise Diversified
"Fees never sleeps!"


Steven Kiel got a lovely bonus this year.

frog03

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Re: SYTE - Sitestar
« Reply #406 on: April 10, 2018, 10:09:33 AM »
Steven Kiel talks like Buffett but there are definitely some not so Buffett-like behaviors:
1) Large management compensation (especially relative to the small size of the company and the fact is he doubly collecting with his hedge fund fees...)
2) Change in name



Tim Eriksen

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Re: SYTE - Sitestar
« Reply #407 on: April 10, 2018, 10:33:29 AM »
Steven Kiel talks like Buffett but there are definitely some not so Buffett-like behaviors:
1) Large management compensation (especially relative to the small size of the company and the fact is he doubly collecting with his hedge fund fees...)
2) Change in name

Seriously.  Name change concerns you as non-Buffett like.   A 120k bonus?  That is 2% of the market value increase for the year (excluding the portion due to increased share count).  For the 2 years and a half month SYTE had a 215% return.  Kiel received 300k total for that.  Great deal for shareholders.  I guess some people just need to bitch about something.     

CorpRaider

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Re: SYTE - Sitestar
« Reply #408 on: April 10, 2018, 10:51:59 AM »
It's 20% of increase in book value in excess of a 5% hurdle, computed annually, right? 

InelegantInvestor

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Re: SYTE - Sitestar
« Reply #409 on: April 10, 2018, 10:52:25 AM »
Steven Kiel talks like Buffett but there are definitely some not so Buffett-like behaviors:
1) Large management compensation (especially relative to the small size of the company and the fact is he doubly collecting with his hedge fund fees...)
2) Change in name

Seriously.  Name change concerns you as non-Buffett like.   A 120k bonus?  That is 2% of the market value increase for the year (excluding the portion due to increased share count).  For the 2 years and a half month SYTE had a 215% return.  Kiel received 300k total for that.  Great deal for shareholders.  I guess some people just need to bitch about something.     

Gosh, I really didn't want to dredge this argument back up, but, here we are.
I don't care at all about the name change, as long as he's not changing it to Kiel Holdings.

The compensation question? That's real.
Steven gets paid by his fund to invest in SYTE and he gets paid by SYTE. He's double dipping. The biggest gain he got for his fund was by buying millions of shares at well below market value.

HVAC has been disappointing at best. There is and was a reason that these businesses sell at such low multiples. Asset management has been better, but results cover a period of the market moving straight up. Q1 will likely be less pretty. Legacy real estate is gone, basically, and internet is a slightly improved downward trajectory.  Just about the entire 215% return(im market value, not book value) came prior to the dilutive offering and all of these investments. Oh, and now you have Jeff's business too, which is probably the best asset in there.

You can argue and justify everything, but, ultimately, the optics are terrible. And my experience tells me that when the optics are bad and you need to start explaining why reality differs... well, it doesn't.

We've made different bets here. I respect your opinion, but I think you're missing the point. Integrity matters and the behavior here has been worrisome for some time. You are a frog that is slowly being boiled, and more and more of your profits will go to Kiel, et. al.

Steven talks about trust in his letters but almost every action he has taken has suggested to shareholders that they should not trust him to have their interests at heart.

I hope I'm wrong. I have sold some shares over time, but still hold a fair amount, that I continue to sell as the opportunity presents itself.