Author Topic: WXMN - Waxman Industries  (Read 8431 times)

bskptkl

  • Sr. Member
  • ****
  • Posts: 274
WXMN - Waxman Industries
« on: February 02, 2018, 11:14:08 AM »
Anybody else own this pos Walker's Manual special?
Book value roughly $15
"take under" proposed at $1.87

Can you say "appraisal rights"?

Thoughts welcome from those that have gone through the process.
« Last Edit: February 02, 2018, 11:32:57 AM by bskptkl »


JanSvenda

  • Newbie
  • *
  • Posts: 43
    • Svenda's Manual
Re: WXMN - Waxman Industries
« Reply #1 on: February 02, 2018, 11:26:10 AM »
Well, the recent buyer certainly can! :) I wonder how much he/she can get, but I have not seen such an outrageous takeout for a while.

Focused on Building Walker's Manual 2.0 - https://svendamanual.com/product/one-year-subscription-to-database/ Feel free to email me at overthecounter@protonmail.ch

My favorite investment? Buying a house for the price of the bricks.

bskptkl

  • Sr. Member
  • ****
  • Posts: 274
Re: WXMN - Waxman Industries
« Reply #2 on: February 02, 2018, 11:27:33 AM »
Well, the recent buyer certainly can! :) I wonder how much he/she can get, but I have not seen such an outrageous takeout for a while.
It traded roughly 30k at $3.17 on Monday. The statement was out by then, though I didn't get in mail until Wednesday.
« Last Edit: February 02, 2018, 11:34:07 AM by bskptkl »

JanSvenda

  • Newbie
  • *
  • Posts: 43
    • Svenda's Manual
Re: WXMN - Waxman Industries
« Reply #3 on: February 02, 2018, 11:33:42 AM »
Well, the recent buyer certainly can! :) I wonder how much he/she can get, but I have not seen such an outrageous takeout for a while.
It traded roughly 30k at $3.17 on Monday. The statement was out by then, though I didn't get in mail until Thursday.

Yeah, are you considering appraising? Unfortunately I do not own any, but I would love to. The valuation is ridiculous.

I guess you are aware of this post - https://www.valueinvestingblog.net/waxman-industries/
Focused on Building Walker's Manual 2.0 - https://svendamanual.com/product/one-year-subscription-to-database/ Feel free to email me at overthecounter@protonmail.ch

My favorite investment? Buying a house for the price of the bricks.

bskptkl

  • Sr. Member
  • ****
  • Posts: 274
Re: WXMN - Waxman Industries
« Reply #4 on: February 02, 2018, 11:39:06 AM »
Well, the recent buyer certainly can! :) I wonder how much he/she can get, but I have not seen such an outrageous takeout for a while.
It traded roughly 30k at $3.17 on Monday. The statement was out by then, though I didn't get in mail until Thursday.

Yeah, are you considering appraising? Unfortunately I do not own any, but I would love to. The valuation is ridiculous.

I guess you are aware of this post - https://www.valueinvestingblog.net/waxman-industries/
Thanks for link - I hadn't seen that before.
Yes I will perfect appraisal rights.

701 LV

  • Newbie
  • *
  • Posts: 22
Re: WXMN - Waxman Industries
« Reply #5 on: February 02, 2018, 12:56:14 PM »
Wow. An NDA just to be entitled to receive financials on a public company? Yikes. I'd never seen something like that before.

JanSvenda

  • Newbie
  • *
  • Posts: 43
    • Svenda's Manual
Re: WXMN - Waxman Industries
« Reply #6 on: February 02, 2018, 01:04:50 PM »
Wow. An NDA just to be entitled to receive financials on a public company? Yikes. I'd never seen something like that before.

Welcome to OTC. VULC is another one.
Focused on Building Walker's Manual 2.0 - https://svendamanual.com/product/one-year-subscription-to-database/ Feel free to email me at overthecounter@protonmail.ch

My favorite investment? Buying a house for the price of the bricks.

TBW

  • Full Member
  • ***
  • Posts: 221
Re: WXMN - Waxman Industries
« Reply #7 on: February 03, 2018, 08:43:46 AM »
I am in the process of an appraisal, you can go to the Shareholders Forum for help. http://www.shareholderforum.com/

However, things changed recently.  Let me know if the below link doesn't work for you.

Hedge funds face ‘game over’ for buyout strategy - https://www.ft.com/content/bff78906-e2c4-11e7-97e2-916d4fbac0da via @FT

Basically, the appraisal rights was being somewhat abused by hf's but this Dell ruling is taking an efficient market hypothesis that the deal price is correct, and ending this hf strategy.  As a result shareholder forum may not help in every situation like they may have in the past.

However, there are circumstances where you can make a good argument that the market wasn't allowed to find a fair price.  This one seems that way and the price is egregious.  This should have merit despite the Dell ruling.  So these cases still are worth fighting, just a warning that recent decision does make this bit harder.

Are their financials you can send me?  I would like to take a look and can speak to people in the know about their thoughts on how this could proceed.  And I may be interested too.

So far there has been a good bit of upfront paperwork, but IB was pretty good.  Can't speak to rest of process as its still ongoing. 

PM me if you have any more direct questions.  Not sure how much I can help but would be happy to try.

bskptkl

  • Sr. Member
  • ****
  • Posts: 274
Re: WXMN - Waxman Industries
« Reply #8 on: February 03, 2018, 10:12:27 AM »
I am in the process of an appraisal, you can go to the Shareholders Forum for help. http://www.shareholderforum.com/

However, things changed recently.  Let me know if the below link doesn't work for you.

Hedge funds face ‘game over’ for buyout strategy - https://www.ft.com/content/bff78906-e2c4-11e7-97e2-916d4fbac0da via @FT

Basically, the appraisal rights was being somewhat abused by hf's but this Dell ruling is taking an efficient market hypothesis that the deal price is correct, and ending this hf strategy.  As a result shareholder forum may not help in every situation like they may have in the past.

However, there are circumstances where you can make a good argument that the market wasn't allowed to find a fair price.  This one seems that way and the price is egregious.  This should have merit despite the Dell ruling.  So these cases still are worth fighting, just a warning that recent decision does make this bit harder.

Are their financials you can send me?  I would like to take a look and can speak to people in the know about their thoughts on how this could proceed.  And I may be interested too.

So far there has been a good bit of upfront paperwork, but IB was pretty good.  Can't speak to rest of process as its still ongoing. 

PM me if you have any more direct questions.  Not sure how much I can help but would be happy to try.
3rd Q financials start on p 128 in info statement attached to first post.

Packer16

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 3203
  • Go Riders Go! Go Pack Go!
Re: WXMN - Waxman Industries
« Reply #9 on: February 03, 2018, 11:38:52 AM »
One issue here that I ran into when attempting one of these is that the Delaware court requires $1 million in share value to bring an apprasial action.  Given the market cap, you need own a large number of share & it needs to be big enough to for the lawyer to make money on the contingency.  Good luck, one the surface it looks like an uphill battle.

Packer