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General Category => Investment Ideas => Topic started by: oddballstocks on May 02, 2018, 01:06:58 PM

Title: VULC - Vulcan International
Post by: oddballstocks on May 02, 2018, 01:06:58 PM
This is a name I've followed for years.  It's as dark as they get.  I've been on a few email chains with information going back and forth, but this is probably the biggest information dump out there for Vulcan. 

Enjoy!

http://www.oddballstocks.com/2018/05/vulcan-still-plenty-of-value-to-be-found.html
Title: Re: VULC - Vulcan International
Post by: Jurgis on May 02, 2018, 01:38:18 PM
Nice writeup.

Although you probably should not have disclosed the source of the info publicly. Sources are to be treasured. 8) I'd suggest to edit it out, but it's your blog and your call.  8)
Title: Re: VULC - Vulcan International
Post by: oddballstocks on May 03, 2018, 04:35:46 AM
Nice writeup.

Although you probably should not have disclosed the source of the info publicly. Sources are to be treasured. 8) I'd suggest to edit it out, but it's your blog and your call.  8)

I called it out on purpose. The Chairman is very litigious, and he needs to know his siblings have broken rank.

In some ways the post was written to him. Maybe I will edit and say family member.

Title: Re: VULC - Vulcan International
Post by: mbrock77 on May 03, 2018, 06:00:25 AM
Hi Nate, thanks so much for sharing these documents.

Question: don't you need to back out deferred income taxes on those securities from any NAV calculation?
Title: Re: VULC - Vulcan International
Post by: wabuffo on May 05, 2018, 06:25:53 AM
Nate on your blog, you rhetorically asked...
Quote
It's also worth considering why Vulcan isn't considered an investment company, and regulated as such considering the majority of their value is public stock investments. 

I'm sure you know this, but, Vulcan wouldn't likely be considered an investment company for the same reason that Munger's Daily Journal isn't.  Vulcan is probably shielded by the same case that protects Munger -- National Presto Industries vs the SEC.  This case, in turn, relied on a long-past precedent from the 30's based on Tonopah Mining (a Ben Graham investment, IIRC...) that used five criteria to identify operating companies vs investment companies. 

The key factor is that as long as the CEO and Board can prove that most of their time is spent running an operating company (even if it loses money), then the Company is not an investment company from a regulatory standpoint.

Here's Munger's response to the SEC when the SEC came sniffing around DJCO for exactly the same question in 2013.
https://www.sec.gov/Archives/edgar/data/783412/000143774913003140/filename1.htm (https://www.sec.gov/Archives/edgar/data/783412/000143774913003140/filename1.htm)

Cheers,
wabuffo
Title: Re: VULC - Vulcan International
Post by: Okonomen on May 06, 2018, 11:59:20 AM
is the value only in their stock market holdings? That value can quickly decline though... And mgmgt seem extremely unfriendly towards minority shareholders. And if these investments were to ever become real value to an investor, i.e. paid out, a big tax bill would be the result?
Title: Re: VULC - Vulcan International
Post by: Scunny Bunny on August 15, 2018, 09:38:37 PM
This is an excellent article on VULC telling you explicitly how to get an annual report IF you are a holder, plus the history and a little about some of the personalities. Updating the table of holdings suggest portfolio is now ~$163million https://seekingalpha.com/article/4185059-vulcan-international-epitome-dark-company
Title: Re: VULC - Vulcan International
Post by: Grafter on October 13, 2018, 10:55:46 AM
It looks like the company is set to dissolve, per their recent press release:  https://www.otcmarkets.com/stock/VULC/news/FOR-IMMEDIATE-RELEASE?id=206645

Though I'm uncertain what liabilities and any change of control/golden parachute type provisions there may be that would reduce the value that shareholders receive.
Title: Re: VULC - Vulcan International
Post by: bianji108 on October 13, 2018, 03:14:27 PM
PNC has dropped quite a lot lately..probably affects the liquidation value a lot. Is every sale of securities subject to the corporate tax? Is there any tax-efficient way?
Title: Re: VULC - Vulcan International
Post by: writser on February 14, 2019, 10:55:22 AM
I own a decent position in this name, thanks to the excellent work of Nate Tobik and Jan Svenda. As stated above, the company is liquidating. There's a bit of guesswork involved. The majority of their net worth is in their stock portfolio. What is the composition of the stock portfolio? Have they liquidated it already or not? No one knows. If one takes the holdings from Nate's assessment (http://www.oddballstocks.com/2018/05/vulcan-still-plenty-of-value-to-be-found.html) and plugs in recent stock prices the portfolio should be worth around $150m now. And, to quote Jan Svenda quoting Nate Tobik:

Quote
According to Nate, other VULCís shareholders have confirmed that this is a relatively accurate assessment. One can support this assertion by looking at the income statement or cash flow which did not show any realization of the positions in either 2016 or 2015. Thus, management is unlikely to trade frequently.

So I think it's a reasonable assumption that the portfolio is still more or less the same. There's a capital gains tax liability. If I understand the 2017 tax changes correctly that liability should now be smaller, around $30m - $40m. So the net value of the old stock portfolio is ~$125 per share. On top of that you have a significant real estate portfolio for free (worth ~$25 / share - again I'd refer you to the Jan Svenda article. I'm a bit more conservative about the value of their forest acreage (https://www.landwatch.com/default.aspx?ct=r&type=5,51;6,1825;268,6843&pg=2)). Even if you assume that distributions would be tax-inefficient dividends (over which I have to pay 15% withholding taxes) and that they liquidated their portfolio during the december panic it seems hard to lose a lot of money here.

So, what do we have here? A super dark company with an unknown stock portfolio that will liquidate in an unknown time frame and will distribute proceeds to shareholders in an unknown way while paying an unknown amount of taxes. Usually the market dislikes uncertainty. In this case that's reflected in a last price of $123 while the company could easily be worth $150. The company states in the press release that they have to liquidate within three years but that they intend to liquidate all corporate assets, and distribute all available proceeds to the stockholders, as far in advance of the expiration of the three-year winding-up period as possible. With the majority of their assets being to very liquid stocks I wouldn't be surprised if they pay out a significant distribution this year.

Though again, this is a dark stock - no proxy, no estimates, no investor relations: anything can happen. Maybe they are fully invested in bitcoins and pot stocks now. A negative surprise is certainly possible but at current prices I like the odds.

I'm lazy and I like situations like this. Not much to calculate, no filings to follow, no future to predict. Nate and Jan have done the hard work. Look at the one financial statement (https://www.scribd.com/document/378022423/Vulcan-International-VULC-2016-Financials), read a blog post or two. Decide whether you think the assumptions about the stock portfolio are reasonable or not and whether you can live with the uncertainty. Have a quick glance at the real estate and forest land. That's about it.
Title: Re: VULC - Vulcan International
Post by: wabuffo on February 14, 2019, 11:36:33 AM
writser - have you checked if they have any outstanding lawsuits via PACER or State Courts in OH, TN and MI?   I may be wrong, but I feel like they've had to deal with environmental liabilities in their operating history, too.     

In order to liquidate, they have to convince the Chancery Court of Delaware that they have settled any and all claims before they would be allowed to distribute funds to shareholders.

Do you have a sense for any of this risk?  Its the one area I'd be concerned about if this was a litigious management team and has manufacturing plants with a long operating history that may have environmental issues associated with its past operations.

wabuffo
Title: Re: VULC - Vulcan International
Post by: writser on February 14, 2019, 01:55:29 PM
No, haven't thought of that but it is a smart idea. A quick search on pacer yields no significant recent lawsuits as far as I can see. But I'm no expert on pacer let alone state courts so I might very well be missing something.
Title: Re: VULC - Vulcan International
Post by: wabuffo on February 14, 2019, 02:06:31 PM
I've got a PACER account and will take a look at the Federal Courts to see if they are a defendant anywhere (though I don't have all of their various current opco names.

wabuffo
Title: Re: VULC - Vulcan International
Post by: dyow on February 14, 2019, 02:10:50 PM
Edit: never mind my previous post

I would have to think through how this would be taxed as a foreigner. Like i said in my previous post i i got hit on my tax slip with a dividend for tax purposes on a tax free spin which should have been a ROC.  Even though this was wrong the i had to back it out manually and hope i didn't get audited. 
Title: Re: VULC - Vulcan International
Post by: writser on February 14, 2019, 02:39:41 PM
I agree that one of the main risks is a tax-inefficient distribution for minority shareholders. The good thing is that the company is at least aware of the tax issue and thought it was important enough to mention in the press release. Iím not an expert on handicapping the tax risk but if you can buy at 125 and get 127.5 in the full-taxation scenario then thatís a risk I can live with. Also I can use the withheld taxes as tax credits where I live. That reduces the risk a bit but is not true for most of you.
Title: Re: VULC - Vulcan International
Post by: dyow on February 14, 2019, 03:01:47 PM
Yeah if you are able use the full withheld amount as a tax credit, it makes a lot more sense and you should get a solid return if they return most of the cash this year, which doesn't seem to be an issue considering the liquidity of most of their assets..
Title: Re: VULC - Vulcan International
Post by: hillfronter83 on February 14, 2019, 05:06:09 PM
I've got a PACER account and will take a look at the Federal Courts to see if they are a defendant anywhere (though I don't have all of their various current opco names.

wabuffo

What is the source of this potential environmental liability? I didnít see this mentioned in 2016 annaul report.
Title: Re: VULC - Vulcan International
Post by: wabuffo on February 14, 2019, 05:43:16 PM
What is the source of this potential environmental liability? I didnít see this mentioned in 2016 annaul report.

I don't know if there is any and I am not saying that there is.  I'm just highlighting one kind of risk that can sometimes pop up with old manufacturing facilities that are being shut down.   And when you are dealing with a company that no longer provides 10-Ks, you have to use your google-fu skills to dig through public databases.

Vulcan did have to deal with some environmental liabilities at a former site in Massachussets in the late 90s.  It settled with the US Federal Govt/EPA and paid ~$4m for its share of clean-up and remediation activities at a Superfund site.

Back when it used to file 10-Ks before going dark, it used to include this comment as part of its legal risk language (could just be boilerplate):
"There may be other potential clean-up liability at other sites of which the Company has no specific knowledge."

The Clarksville, TN plant was a Goodrich Tire Co. plant before Vulcan bought it in 1972 - but the facility dates back to the 30s.

FWIW, here's some EPA reporting for the Vulcan Clarksville, TN plant that highlight some of the chemicals used at the plant and quantities disposed of:
https://iaspub.epa.gov/triexplorer/release_fac_profile?TRI=37041VLCNC1151E&year=2007&trilib=TRIQ1&FLD=&FLD=&FLD=&OFFDISPD=&OTHDISPD=&ONDISPD=&OTHOFFD=  (https://iaspub.epa.gov/triexplorer/release_fac_profile?TRI=37041VLCNC1151E&year=2007&trilib=TRIQ1&FLD=&FLD=&FLD=&OFFDISPD=&OTHDISPD=&ONDISPD=&OTHOFFD=)

wabuffo
Title: Re: VULC - Vulcan International
Post by: Foreign Tuffett on March 11, 2019, 07:00:06 PM
Re their real estate holdings. Note that I've tried to be conservative with these #s:

1) 14K acres of forestland in MI (@ $500 per acre = $7M)

2) Per their last 10-K: "majority interest in the upper seven floors of the ten-story Cincinnati Club Building....approximately 56,000 square feet of finished office space and approximately 32,000 square feet of unfinished and common area space." I am giving this the same per sqf value ($50) as the office building directly below (@ $50 per sqf of leasable space = $2.8M)

3) Per their last 10-K: 68,612 sq foot "four-story office building in downtown Cincinnati" that they purchased in 1/2015. I believe this building to be 630 Main Street. I also believe that it is mostly vacant, and probably has been since they purchased it. (@ $3.4M cost)

4) 33 acre Clarksville facility, which is now vacant. I think the building is a tear down + possible environmental clean up issues. (@ $100K per acre = $3.3M)

5) Florida property that was held for sale @ YE 2016 (@ $2.5M balance sheet value)

6) Shopping center that they purchased in 2017 (@ $3.8M purchase price). In my model I'm not giving them any credit for any post YE 2016 cash flow despite factoring in the 2017 and 2018 dividends paid to VULC shareholders, so I feel OK about including this.

Total: $22.8 million

Any thoughts?

Title: Re: VULC - Vulcan International
Post by: Hielko on March 12, 2019, 02:13:51 AM
I valued the timberland a significantly higher based on some recent transactions KEWL did in the same area, but besides that I roughly get the same numbers as you do.
Title: Re: VULC - Vulcan International
Post by: writser on March 12, 2019, 02:39:11 AM
My uneducated guess would be that KEWL is buying mostly high quality stuff so I'd be inclined to be a bit more conservative for the Vulcan forestland. I.e. if you have some random shitty plots of land the $900/acre is probably on the high side (if I look around on the internet in that area) and I don't know what kind of land Vulcan owns. But $500 / acre is probably quite pessimistic and if you are lucky they can fetch double (or even triple) that.

In total I agree that somewhere around $20 - $30 for the whole real estate package seems about correct, so ~$25 / share.

That's enough precision for me. At this point we don't even know if they sold PNC and USB for ~$105m during the panic last December or whether they are still holding (current market value would be $125m). Nor are we 100% sure these stocks were in their portfolio to begin with :P .
Title: Re: VULC - Vulcan International
Post by: Hielko on March 12, 2019, 04:50:18 AM
Yeah, no point trying to be super precise when there are so many unknowns.

But one last remark w.r.t. the land values. KEWL bought 14,000 acres in 2017 for $12.8 million. With such a large plot you probably have some sort of averaging effect already. Some of these acres will be poor while some of these acres will be very good. Just like the 14K acres VULC owns. Of course, it is not impossible that these are way worse or better than what KEWL bought, but the bigger the plot, the more likely the quality will be sort of "average".
Title: Re: VULC - Vulcan International
Post by: Foreign Tuffett on March 12, 2019, 08:18:54 AM
It looks like Vulcan's Michigan land consists of two separate tracts. The larger parcel is in Ontonagon County. The smaller parcel is in neighboring Houghton County.

See map on page 9. VULC's land is in tan.

http://users.clas.ufl.edu/mbinford/pub/Forese_et_al_draft2007_Forest_ownership_UPMich_Draft_5307.pdf (http://users.clas.ufl.edu/mbinford/pub/Forese_et_al_draft2007_Forest_ownership_UPMich_Draft_5307.pdf)
Title: Re: VULC - Vulcan International
Post by: writser on March 12, 2019, 09:15:29 AM
Yeah. Not sure if it's super relevant but I posted a link to some plots of Ontonagon land for sale somewhere in this thread (link (https://www.landwatch.com/default.aspx?ct=r&type=5,51;6,1825;268,6843&pg=2)). Maybe some of these are from Vulcan? Seems highly unlikely, I'd assume they go for a block sale. Anyway, if you look at the largest properties they seem to be priced at ~$350 - $1200 / acre, with a median of ~$700 / acre.
Title: Re: VULC - Vulcan International
Post by: writser on April 03, 2019, 01:05:01 PM
Does anybody know when the 10K was released past years? I've been trying to contact mr. Gettler but no luck so far. Was hoping that he might be a bit less secretive now given that the company is liquidating anyway.
Title: Re: VULC - Vulcan International
Post by: JJR on April 15, 2019, 03:37:59 PM
Thanks writser for the head up on this thread.  On the BH board, some have privately asked me if I was Jan, I am not, but I did post on the SA Vulcan thread. 

The problem with Vulcan's estimated liquidation value is that we have guess upon guess.  Tom Gettler is giving out no info.  Nobody know if we will get financials for 2018 and if they will be liquidation financials. I will stick by my estimate of $140-$150/share and will be disappointed if it comes in under $140/share and pleasantly surprised if it comes in above $150/share in a reasonable time frame (as in one year happy, 3 years disappointed). 

Will liquidation expenses be on the low side or high side?  My guess is the high side for something that should take very little effort and expense since most of the value is in the stock portfolio.   We should receive one big check early in the process and smaller checks later, but apparently Gettler doesn't see it that way.

The Michigan timberland could sell for 800/acre or it could be more or less (they are not contiguous parcels, but one friend who knows something about timber said the timber is very good).   Same with Clarksville, is it $100K or $300K/acre?   One friend's estimate of $200K is as good a guess as any.   How much will the demolition of the very large Clarksvliie building cost, and a big unknown is the environmental report, but I am assuming good news on that front.   They are starting to demolish the building and the interest in those 31 acres is huge (google it and you can see how attractive this is and there will be a bidding war for it, with Austin Peay the likely victor.)

In the last 6 months I don't know if Vulcan sold a stock like PNC at the lows of $110 or the highs of $140 or if any of the stock holdings have been sold to date, and that moves value a lot, as the stock portfolio and especially PNC is where most of the value resides. Are they selling weekly or plan on waiting for certain price points?  I know they hired tax experts to minimize taxes, but I'm assuming not much will happen on that front.

There are no state corporate income tax for companies that are formed in Delaware but do not transact business there, and that's were the stock portfolio is located.  In addition to federal corporate taxes, state corporate taxes will likely be due in Ohio, Tennessee, and Michigan however on the assets residing and sold there.

So there are likely to be pluses and minuses by the time this liquidation is history.

One friend has a decent relationship with Gettler, while I am persona non grata - which is an understatement.  Gettler said he's getting lots of calls from shareholders.


Friends have peppered him with lots of questions, but received no specific answers on any. 


They were stonewalled, as TG said he can't give info to just one shareholder, to which they replied that's what PR's are for - keeping all shareholders informed in a timely manner!

So the general info from Gettler was:
(1) the liquidation is going very well (but would give no specifics on any asset sales).
(2)  Gettler is working night and day since the liquidation announcement and he is a one-man show.
(3) The liquidation will be completed within the 3-yr time frame.
(4) They are dealing with pension issues and they are down to 2 employees.
(5) Shareholders will be VERY happy with the final outcome (Gettler  emphasized "very happy" as he said it several times), but he would give no details as to why we would be so happy.

Best,
Jim





Title: Re: VULC - Vulcan International
Post by: wabuffo on April 15, 2019, 03:50:13 PM
especially PNC is where most of the value resides.

Hey Jim - good to see you posting!   Its not just PNC, I think USB is the second biggest holding and a significant part of the overall portfolio (though not as big as PNC).  IIRC, Vulcan's cost bases of PNC (~$4/share) and USB (~$1/share) are very, very low, so there would be sizeable capital gains taxes due.  Assuming the bank stocks have not been sold yet, at current prices, I reckon liquidation value is around $140-$150.  But who really knows.

wabuffo
Title: Re: VULC - Vulcan International
Post by: writser on April 16, 2019, 01:34:24 AM
Thanks for your feedback.

We should receive one big check early in the process and smaller checks later, but apparently Gettler doesn't see it that way.

Yeah, that's one of the key issues and so far I've been disappointed with that. Yes, there are important tax issues etc. etc. but liquidating the stock portfolio and distributing proceeds should be a question of weeks rather than years. Given that they announced the liquidation in October 2018 they could (should?) have distributed $75 - $100 to shareholders already while retaining a comfortable cash cushion. I hope they don't decide to mail us a $145 cheque in October 2021.
Title: Re: VULC - Vulcan International
Post by: Hielko on April 16, 2019, 05:50:01 AM
Hi Jim,

Thanks for your info. I'm also involved in this one, but it's indeed a situation of guess upon guess what the final value will be. I'm sort of okay with that, as long as the initial guesses have been right it could surprise equally well to the upside as to the downside. But it will become interesting if the stock prices of their portfolio will move in a really big way for example since we have no clue if they have sold anything yet or not...
Title: Re: VULC - Vulcan International
Post by: fishwithwings on June 24, 2019, 06:46:22 AM
I donít understand why you guys are still holding the stock. If you estimate the liquidation to return $140 per share, itís only 12% above todayís price and it could be another 2 more years until any distribution is paid.
Title: Re: VULC - Vulcan International
Post by: Foreign Tuffett on June 24, 2019, 09:23:39 AM
I donít understand why you guys are still holding the stock. If you estimate the liquidation to return $140 per share, itís only 12% above todayís price and it could be another 2 more years until any distribution is paid.

Is $140 per share your estimate, or are you just referencing that # because it appeared earlier in this thread? My current estimate is meaningfully higher.

I don't think anyone here knows the liquidation timeline, but one thing I would note is that (assuming its stock positions haven't already been sold off) VULC generates a non-trivial amount of cash flow solely from the dividends it receives.
Title: Re: VULC - Vulcan International
Post by: fishwithwings on June 24, 2019, 09:25:21 AM
I donít understand why you guys are still holding the stock. If you estimate the liquidation to return $140 per share, itís only 12% above todayís price and it could be another 2 more years until any distribution is paid.

Is $140 per share your estimate, or are you just referencing that # because it appeared earlier in this thread? My current estimate is meaningfully higher.

I don't think anyone here knows the liquidation timeline, but one thing I would note is that (assuming its stock positions haven't already been sold off) VULC generates a non-trivial amount of cash flow solely from the dividends it receives.

I'm basing it on what others have mentioned.
Title: Re: VULC - Vulcan International
Post by: Hielko on June 24, 2019, 09:31:33 AM
I guess you never now with this management team, but as long as they continue to own their stock portfolio their assets should more or less generate a market return. So you get the closing of the discount + (or -) the underlying return in the mean time. Secondly, you should think that they should be able to liquidate their stock portfolio faster and distribute the proceeds. But then again... the announced the liquidation last october and nothing has happened so far, so who knows....
Title: Re: VULC - Vulcan International
Post by: Foreign Tuffett on August 28, 2019, 05:47:19 PM
Per Oddball Stocks, Vulcan is putting its timberland up for sale.

http://www.oddballstocks.com/2019/08/vulcan-international-corp-timberlands.html (http://www.oddballstocks.com/2019/08/vulcan-international-corp-timberlands.html)
Title: Re: VULC - Vulcan International
Post by: SI on August 28, 2019, 09:37:08 PM
Why would the timberland not be at a decent discount to kewl of $550/acre given all the non-timber assets kewl has and its mgmt. The previous kewl comp being used was the sky high purchase price of the old mgmt that was the final bullet in convincing the activist to launch the thread the needle proxy battle that he actually won. Has the broker given any indication if the reserve price is greater than $400?
Title: Re: VULC - Vulcan International
Post by: Foreign Tuffett on September 19, 2019, 06:40:25 AM
The company finally put out another press release.

https://www.otcmarkets.com/stock/VULC/news/CORRECTION-FOR-IMMEDIATE-RELEASE?id=240805 (https://www.otcmarkets.com/stock/VULC/news/CORRECTION-FOR-IMMEDIATE-RELEASE?id=240805)
Title: Re: VULC - Vulcan International
Post by: Hielko on September 19, 2019, 01:04:01 PM
The company finally put out another press release.

https://www.otcmarkets.com/stock/VULC/news/CORRECTION-FOR-IMMEDIATE-RELEASE?id=240805 (https://www.otcmarkets.com/stock/VULC/news/CORRECTION-FOR-IMMEDIATE-RELEASE?id=240805)
I guess we should be happy that they were generous enough to give shareholders a hint of when a first distribution might be paid...
Title: Re: VULC - Vulcan International
Post by: writser on November 06, 2019, 12:20:04 PM
Bids for the timberland were due October, 11. Status at the real estate broker has been changed (https://americanforestmanagement.com/real-estate/properties/vulcan-timberlands/2079?layout=photos) to 'Contract Pending'. Both PNC and USB, the stocks that supposedly make up the majority of the remaining assets, are up ~30% YTD. The Vulcan Clarksville plant is being demolished (https://eu.theleafchronicle.com/story/news/local/clarksville/2019/10/14/demolition-clarksvilles-vulcan-plant-begins-college-street/3978152002/) and the land could be valuable (https://clarksvillenow.com/local/vulcan-factory-to-be-torn-down-making-way-for-new-opportunities/). If everything goes according to plan VULC could easily distribute as much as $170 per share in a few months.

Of course there is a lot of uncertainty. Are PNC and USB actually part of their stock portfolio? Has the stock portfolio already been liquidated in 2018? What will be the tax implications of the liquidation? What was the timberland sold for? Will there be delays? What do the current financials look like? Nobody knows. Crazy situation with a paranoid CEO.

Still one of my largest positions though.
Title: Re: VULC - Vulcan International
Post by: Foreign Tuffett on November 07, 2019, 11:30:29 AM
~$170 is my best guess for ultimate liquidation value here.

This is speculative, but I doubt any of the equity positions have been sold. Gettler had to have known last year that selling off the timber and real estate was going to take an extended period of time. Why be in a hurry to realize big gains and have to pay a tax bill? Also, why forgo an extra year plus of dividends? Finally, this is a company with a proven history of sitting on its hands for extended periods of time.

My interpretation of the most recent press release is that Gettler, at the very least, wants to have a good idea of what the Clarksville property will sell for before announcing any distributions. Completing "enviromental due diligence" is probably an important part of figuring out what the property is worth. The building itself was only demolished last month.

https://www.theleafchronicle.com/story/news/local/clarksville/2019/10/14/demolition-clarksvilles-vulcan-plant-begins-college-street/3978152002/ (https://www.theleafchronicle.com/story/news/local/clarksville/2019/10/14/demolition-clarksvilles-vulcan-plant-begins-college-treet/3978152002/)
Title: Re: VULC - Vulcan International
Post by: Hielko on November 07, 2019, 12:43:19 PM
I think you are right, but who knows what is exactly going on there...
Title: Re: VULC - Vulcan International
Post by: writser on November 14, 2019, 06:27:41 AM
Yeah, it wouldn't really make sense to liquidate the stock portfolio and then hold on for the cash for two more years until you finish selling some real estate. So I also think it is likely they are still holding shares. But then again, who knows. So far I wouldn't call their approach 100% rational and shareholder-friendly ..

FWIW Weyerhaeuser just sold (https://www.prnewswire.com/news-releases/weyerhaeuser-completes-sale-of-michigan-timberlands-300957820.html) 555k acres of Michigan timberland for ~$300m or $540 / acre. Though the sale was the whole division, personnel including. So I'd guess the bare timberland prices would be lower. ~$500 / acre still seems like a reasonable guess.
Title: Re: VULC - Vulcan International
Post by: Foreign Tuffett on February 05, 2020, 06:21:34 AM
Judging by the photo in link, the demolition of the Vulcan building is complete

https://clarksvillenow.com/local/landscape-architectural-firm-announced-to-provide-streetscape-improvement-plan-for-vulcan-corridor/ (https://clarksvillenow.com/local/landscape-architectural-firm-announced-to-provide-streetscape-improvement-plan-for-vulcan-corridor/)

Title: Re: VULC - Vulcan International
Post by: Hielko on February 05, 2020, 06:56:20 AM
That looks pretty liquidated to me :p