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Banyan Rail Services Inc (BARA)

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Last Post: 4/20/2016 5:15:54 PM - Followers: 5 - Board type: Free - Posts Today: 0

 

Banyan Rail Services, Inc. became a holding company upon the acquisition of The Wood Energy Group, Inc. on September 4, 2009. The stock of Wood Energy is its principal asset.  Currently, BARA is focusing primarily on railroad track construction, repair and maintenance businesses, but may explore potential acquisitions in other industries as well.

The company was originally organized under the laws of the State of Massachusetts in 1985, under the name VMS Hotel Investment Trust, for the purpose of investing in mortgage loans, principally to entities affiliated with VMS Realty Partners. These loans were collateralized by hotel and resort properties. The company was subsequently reorganized as a Delaware corporation in 1987 and changed its name from Banyan Hotel Investment Fund to B.H.I.T. Inc. in 1998.

As the result of a public offering in 1986, the company received gross proceeds of $98,482,751. From 1989 to 1992 it experienced severe losses due primarily to a decline in real estate property values and the resulting default on mortgage loans held by the REIT. The company has recorded losses every year since 1989 resulting in the accumulated deficit totaling $87,833,681 on December 31, 2008.

On February 15, 1995, a change in control occurred pursuant to the closing of the sale of shares of common stock to Harvey Polly pursuant to an amended Purchase Agreement dated August 3, 1994.  On January 26, 1995, a tender offer concluded which resulted in the tender to Polly of 128,821.7 shares of common stock or 12.5 percent of BHIT's then outstanding shares common stock for a cash price of $3.50 per share.  Subsequent to the closing of the tender offer, the terms of the agreement also required Polly to purchase from the company a number of shares sufficient to allow Polly to own, by virtue of the combination of the tender offer and the share purchase, not less than 333,500 and not more than 40 percent of the shares of common stock after giving effect to the shares issued in connection with the purchase. On February 15, 1995, Polly purchased 204,776.6 newly issued shares of common stock for a cash price of $2.20 per share. Upon acquisition, when combined with the shares of common stock purchased pursuant to the tender offer, Polly was the beneficial owner of 3,335,983 shares or approximately 27 percent of the outstanding voting shares of common stock.

In September 2000, Summa Holdings, Inc., formerly known as Arrowhead Holdings Corporation, purchased 587,056.3 shares of stock for $1,683,000 (which represented an average cost of $2.87 per share), or 39.2 percent of the outstanding shares from Polly and related entities.  Prior to the sale Polly excercised a to purchase 265,000 shares at $2.20.  Subsequent purchases of shares resulted in Summa owning a total of 624,356.3 shares at total historical cost of $1,737,464 (representing an average cost of $2.783 per share), or 41.7 percent of the outstanding shares on December 31, 2006.

On January 24, 2007, a group of private investors including Polly purchased all of the BHIT shares held by Summa at $2.50 per share. As a result of the transaction, James Benenson, Jr. and John V. Curci each resigned as directors and officers of the company and Paul S. Dennis, Gary O. Marino, Polly and Andrew H. Scott were appointed to fill vacancies in the board.

Effective November 14, 2008, Gary O. Marino was appointed president and CEO of BHIT. Marino will continue to serve as chairman of the board. The board expects BHIT to benefit from Marino's railroad experience as the company focuses on making acquisitions in that industry. 

The company changed its name from B.H.I.T, Inc. to Banyan Rail Services, Inc. on January 06, 2010.  The information above was updated on April 16, 2010 to reflect the impact of 1-for-10 reverse stock split.

Corporate Website: http://www.banyanrail.com/

 

 

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#98   These guys suck. They prob sold a $hellKing 04/20/16 05:15:54 PM
#97   8k, "Item 1.02 Termination of db7 04/20/16 04:36:00 PM
#96   Banyan Rail Services Inc. Announces Agreement to Acquire Enterprising Investor 02/18/16 02:30:49 PM
#95   depends on the situation.. if Marino had just db7 09/25/15 02:34:39 PM
#94   Paying 25 percent more than private investors would Enterprising Investor 09/25/15 02:07:40 PM
#93   been watching this as I agree with you db7 09/25/15 12:40:43 PM
#92   That might be a record. Ive had $hellKing 07/28/15 03:44:42 PM
#91   More like 20 years. Enterprising Investor 07/28/15 03:42:17 PM
#90   Wow you been holding through 2 splits and $hellKing 07/28/15 03:41:17 PM
#89   Marino is the real deal. Enterprising Investor 07/28/15 03:32:54 PM
#88   My goodness 3200 to 64... Now its $hellKing 07/28/15 03:23:15 PM
#87   Do you think they found something already? $hellKing 07/28/15 03:19:09 PM
#86   BARA is actively seeking acquisitions of leading companies Enterprising Investor 07/28/15 03:13:50 PM
#85   OS 6.4 mil officers own about 6 mil $hellKing 07/28/15 02:17:50 PM
#84   The Company’s board of directors and officers directly $hellKing 07/28/15 02:17:14 PM
#83   AS very very low and about maxed out $hellKing 07/28/15 02:04:04 PM
#82   A sign of an update coming or a $hellKing 07/28/15 02:03:22 PM
#81   This Site Has Been Disabled $hellKing 07/28/15 02:02:59 PM
#80   On second thought. This management is horrible. $hellKing 05/19/15 11:37:36 AM
#79   Not too bad for insider records. There $hellKing 04/28/15 05:17:02 PM
#78   I posted wrong thing. There were 2 $hellKing 04/28/15 05:03:43 PM
#77   BARA Does a 1 for 10 and gets $hellKing 04/28/15 01:32:22 PM
#76   Gary Marino beneficially owns 5,514,725 shares (12/29/15) Enterprising Investor 01/13/15 08:15:01 AM
#75   Preferred Stock and Common Stock Enterprising Investor 11/19/14 11:10:19 PM
#74   FORM 10-Q: Enterprising Investor 11/19/14 11:09:50 PM
#73   Banyan Rail Services Announces New Directors, Executive Promotions Enterprising Investor 10/18/13 05:30:57 PM
#72   BARA: one for 5 reverse split: Renee 09/18/13 05:45:14 PM
#71   Some buying..Rails and oil boom go along to free_bee 09/16/13 09:27:36 PM
#70   Venue Change (3/15/13) Enterprising Investor 03/15/13 10:08:49 PM
#69   He gets $50K and the people who actually RRTIE BUNDLER 01/16/13 03:39:59 PM
#68   Ryan Receives Retention Bonus (1/08/13) Enterprising Investor 01/14/13 11:47:25 PM
#67   Another case of a perfectly good shell investing Enterprising Investor 01/14/13 11:43:51 PM
#66   The Wood Energy Group, Inc. filed a voluntary Enterprising Investor 01/14/13 11:41:24 PM
#65   Wood Energy Group Adds Macey as Vice President Enterprising Investor 02/03/12 01:08:02 PM
#64   Wood Energy Group Names Ryan President (1/24/12) Enterprising Investor 01/24/12 10:58:09 PM
#63   BARA closed at $3.00 on 1/06/12. Enterprising Investor 01/06/12 10:05:50 PM
#62   Wood Energy Lease Agreement with LNW Enterprising Investor 01/06/12 10:01:06 PM
#61   BARA closed at $1.10 on 12/28/11. Enterprising Investor 01/06/12 09:43:25 PM
#60   Gary Marino benefically owns 1,713,497 shares (12/28/11) Enterprising Investor 01/06/12 09:33:42 PM
#59   Wood Energy Group to Expand Operations, Relocate to Enterprising Investor 11/10/11 04:55:19 PM
#58   Patriot Rail Services Inc owns 686,283 shares (7/06/11) Enterprising Investor 07/08/11 06:56:26 PM
#57   BARA Adds Redfearn as President, Ryan as CFO (5/13/11) Enterprising Investor 05/13/11 09:13:39 AM
#56   Baffling move down today in light of the 56Chevy 04/11/11 05:34:30 PM
#55   This is excellent news on many fronts...but the 56Chevy 04/09/11 01:21:12 AM
#54   BARA Subsidiary Enters Rail Tie Service Agreement with Enterprising Investor 04/08/11 11:37:50 AM
#53   Amendments to Articles of Incorporation (3/14/11) Enterprising Investor 03/15/11 05:23:34 PM
#52   Gary Marino benefically owns 942,339 shares (3/02/11) Enterprising Investor 03/07/11 09:17:20 PM
#51   Nice move on BARA today! 56Chevy 02/11/11 03:53:40 PM
#50   Gary Marino benefically owns 853,443 shares (1/25/11) Enterprising Investor 01/27/11 11:56:45 PM
#49   NOL carryforward $3,853,051 (9/30/10) Enterprising Investor 11/23/10 05:57:27 PM
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