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VLTC company acquired. Shareholders will receive $0.86 for each share of VLTC.
FINRA deleted symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
Carl raised bid price to $0.86. NEWS-PR enclosed.
Cboe Global Markets : Voltari 13D Filing From Carl Icahn Shows He Sent Letter To Co. Board Related To Potential Acquisition Of Remaining Shares At Raised Price Of $0.86/Share In Cash
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03/05/2019 | 06:05pm EST
Voltari 13D Filing From Carl Icahn Shows He Sent Letter To Co. Board Related To Potential Acquisition Of Remaining Shares At Raised Price Of $0.86/Share In Cash
Benzinga Newsdesk 3/5/2019 4:26:03 PM
March 5, 2019Board of DirectorsVoltari Corporation767 Fifth AvenueNew York, New York 10153Ladies & Gentlemen:As you know, on December 7, 2018, High River Limited Partnership and its affiliates ('us' orMarch 5, 2019
Board of Directors
Voltari Corporation
767 Fifth Avenue
New York, New York 10153
Ladies & Gentlemen:
As you know, on December 7, 2018, High River Limited Partnership and its affiliates ('us' or 'we') offered to acquire the remaining shares of common stock, $0.001 par value per share ('Common Stock'), of Voltari Corporation ('Voltari') not owned by us, in a transaction pursuant to which Voltari stockholders would receive $0.58 per share in cash for their shares of Common Stock. On February 19, 2019, we amended our offer to increase the offer price to $0.68 per share and on February 25, 2019, we again amended our offer to increase the offer price to $0.80 per share.
We hereby further increase our offer to $0.86 per share of Common Stock in cash, subject to the same conditions set forth in our original offer letter.
We look forward to hearing from you.
Very truly yours,
HIGH RIVER LIMITED PARTNERSHIP
By: Hopper Investments LLC, its general partner
By: Barberry Corp., its sole member
By: /s/ Keith Cozza
Name: Keith Cozza
Title: Secretary and Treasurer
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Original document
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CBOE Holdings Inc. published this content on 05 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 March 2019 23:04:08 UTC
https://www.marketscreener.com/CBOE-GLOBAL-MARKETS-6306029/news/Cboe-Global-Markets-Voltari-13D-Filing-From-Carl-Icahn-Shows-He-Sent-Letter-To-Co-Board-Related-T-28116401/?utm_medium=RSS&utm_content=20190305
If Carl continue to pursue and buys remaining shares we may have solid movement
Volume way too low for me
Oh ya, same here. Enjoyed the last run up to $20
Saw that. Kind of funny I’m the last person to post here a year ago. I’m long gone though
A little volume here today,
Watched this yesterday. Weird action on l2 once again
Crazy level 2 was empty not too long ago
May18,2016 $VLTC acquired real estate parcel in Flanders, NY. Property is subject to lease w/ 7-Eleven, Inc. @7eleven , the original term of which expires in December 2029. http://bit.ly/2klk6pn @Carl_C_Icahn
@Carl_C_Icahn 52% $VLTC owner adds to insider holdings. http://bit.ly/2klk6pn @ShortSqueezed1 @Insidertracking
Delisting before next year
is @Carl_C_Icahn $VLTC about to get @ShortSqueezed1
http://www.dazetrader.com/site/is-carl_c_icahn-vltc-about-to-get-shortsqueezed1/
$VLTC 10-Q, items that stood out for me...
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12372378
Voltari Corporation
Notes to Condensed Consolidated Financial Statements
(unaudited)
3. Real Estate Investments
During 2015 and 2016 we acquired two real estate properties, one located in Long Branch, NJ and the other in Flanders, NY.
+++++++++
5. Revolving Note
On August 7, 2015, we, as borrower, and Koala Holding LP (“Koala”), as lender, an affiliate of Carl C. Icahn, our controlling stockholder, entered into a revolving note (the “Prior Note”). Pursuant to the Prior Note, Koala made available to us a revolving loan facility of up to $10 million in aggregate principal amount. Borrowings under the Prior Note bore interest at a rate equal to the greater of the LIBOR rate plus 350 basis points, per annum, and 3.75%, per annum. The Prior Note also included a fee of 0.25%, per annum, on undrawn amounts and matured on the earliest of (i) December 31, 2017, (ii) the date on which any financing transaction, whether debt or equity, was consummated by us (or our successors and assigns) with net proceeds in an amount equal to or greater than $10 million, and (iii) at our option, a date selected by us that was earlier than December 31, 2017. Subject to the terms and conditions of the Prior Note, we could repay all or any portion of the amounts outstanding under the Prior Note at any time without premium or penalty, and any amounts so repaid would, until the maturity date, be available for re-borrowing. As collateral for the Prior Note, we pledged and granted to Koala a lien on our limited liability company interest in Voltari Real Estate Holding LLC (“Voltari Holding”). As of March 29, 2017, borrowings on this facility totaled $5.0 million.
On March 29, 2017, we and Koala amended and restated the Prior Note (the “Amended Note”). Pursuant to the Amended Note, Koala made available to the Company a revolving loan facility of up to $30 million in aggregate principal amount (the “Commitment”). The Company may, by written notice to Koala, request that the Commitment be increased (the “Increased Commitment”), provided that the aggregate amount of all borrowings, plus availability under the aggregate Increased Commitment, shall not exceed $80 million. Koala has no obligation to provide any Increased Commitment and may refuse to do so in its sole discretion. The Amended Note provides that the net proceeds thereunder in excess of $10 million will be used by the Company for the acquisition, improvement, development, modification, alteration, repair, maintenance, financing or leasing of real property, including any fees and expenses associated with such activities. Borrowings under the Amended Note will bear interest at a rate equal to the LIBOR Rate (as defined in the Amended Note) plus 200 basis points, per annum, subject to a maximum rate of interest of 3.75%, per annum. The Amended Note matures on the earliest of (i) December 31, 2020, (ii) the date on which any financing transaction, whether debt or equity, is consummated by the Company (or its successors and assigns) with net proceeds in an amount equal to or greater than $30 million, and (iii) at the Company’s option, a date selected by the Company that is earlier than December 31, 2020 (the “Maturity Date”). The Amended Note also allows the Company to, upon written notice to Koala not more than 60 days and not less than 30 days prior to the Maturity Date, request that Koala extend the Maturity Date to December 31, 2022. Koala may, in its sole discretion, agree to extend the Maturity Date by providing written notice to the Company on or before the date that is 20 days prior to the Maturity Date.
As of September 30, 2017, borrowings under the Amended Note equaled $5.5 million. The outstanding balance, including interest of $0.3 million, totaled $5.8 million.
++++++++
As of September 30, 2017, our Series J preferred stock had an aggregate redemption value of approximately $55.4 million, including paid-in-kind dividends of $24.4 million and accrued dividends of $1.8 million. We recorded accretion associated with our Series J preferred stock of $0.7 million and $0.6 million for the nine months ended September 30, 2017 and 2016, respectively.
In connection with the closing of our rights offering on March 30, 2015 , entities affiliated with Mr. Carl C. Icahn, our largest shareholder, became the owner of approximately 52.3% of our common stock, which resulted in a change of control of the Company. This constituted a redemption event pursuant to the terms and conditions of the Series J preferred stock, and as a result each holder of shares of Series J preferred stock had the right to require the Company to redeem all or a portion of such holder’s shares of Series J preferred stock. Entities affiliated with Mr. Carl C. Icahn waived their option to redeem Series J preferred stock in connection with the change in control resulting from the completion of the rights offering that closed on March 30, 2015. On April 13, 2015, we redeemed 29,316 shares of Series J preferred stock for approximately $1.0 million in cash from holders not affiliated with Mr. Carl C. Icahn. Following the April 13, 2015 redemption of Series J preferred stock, entities affiliated with Mr. Carl C. Icahn became the owner of approximately 97.9% of our Series J preferred stock.
++++++++++
7. Liquidity and Capital Resources
Our principal needs for liquidity since we began executing our transformation plan in August, 2015, have been to fund operating losses, working capital requirements, capital expenditures, restructuring expenses, acquisitions and integration and debt service. Our principal sources of liquidity as of September 30, 2017, consisted of cash and cash equivalents of $0.6 million, and our ability to borrow on our Amended Note . See Note 5, Revolving Note, of our condensed consolidated financial statements for more information.
+++++++++
10. Subsequent Events
On October 11, 2017, the Warrants to purchase 1,014,958 shares of common stock, expired without any such Warrants being exercised.
++++++++++
Any future acquisitions are intended to be initially financed through borrowings available under our Amended Note (as defined herein) with Koala Holding LP (“Koala”).
Real Property Acquisitions —In connection with the execution of our transformation plan, on September 17, 2015, we acquired a real estate parcel in Long Branch, New Jersey. The property is subject to a triple net lease with JPMorgan Chase Bank, N.A. ("Chase"), the original term of which expires in June, 2020 (with two, five-year renewal options), pursuant to which Chase is responsible for the payment of basic rent as well as the payment of real estate taxes, maintenance costs, utilities, tenant's insurance and other property related costs. Refer to http://investor.shareholder.com/jpmorganchase/sec.cfm for the financial statements of the tenant. The purchase price was approximately $3.63 million. As of September 30, 2017, the average annual rental income for the property over the remaining term of the original lease is approximately $203,000.
On May 18, 2016, we acquired a real estate parcel in Flanders, New York. The property is subject to a lease with 7-Eleven, Inc. (“7-Eleven”), the original term (the “Original Term”) of which expires in December 2029 (with four, five-year renewal options (the “Renewal Term,” and together with the Original Term, the “Term”)). During the Term, 7-Eleven is responsible for the payment of basic rent, as well as the payment of, subject to certain exceptions, real estate taxes, utilities, tenant’s insurance and other property related costs. The landlord is responsible for certain maintenance and repair costs. The purchase price was approximately $2.82 million. As of September 30, 2017, the average annual rental income for the property over the remaining Original Term is approximately $163,000.
++++
Revenue for the nine months ended September 30, 2017 increased $61 thousand as a result of the addition of the Flanders property in May, 2016.
++++
General and administrative, excluding depreciation
For the three months ended September 30, 2017, general and administrative expense, excluding depreciation, declined by approximately $0.3 million from the three months ended September 30, 2016, due to a:
- $0.1 million decrease in personnel costs; and
- $0.2 million decrease in various other administrative costs.
For the nine months ended September 30, 2017, general and administrative expense, excluding depreciation, declined by approximately $1.0 million from the nine months ended September 30, 2016, due to a:
- $0.4 million decrease in personnel costs, resulting from January 2016 staff reductions, as well as staff reductions in connection with our transformation plan;
- $0.5 million decrease in accounting, legal and professional fees resulting from the execution of our transformation plan and acquisition of the Flanders property and completion of our IRS audit; and
- $0.1 million reduction in various other administrative costs.
It will kill you on a flatlined stock with a high interest. Some people dont even know they are being charged, fees are hidden deep in an activity statement.
Might have been me!
Its been like this for a while. Someone keeps paying me 35% short interest rebate on my Interactive Brokers shares for the past 3 months.
$VLTC still almost half a million short out there and their time is running out!
Icahn just filed to take Cadus private, little over 3 years after acquiring majority stake. Had to wait 3 years not to trigger section 382. VLTC should be on the same path with 20X the amount of NOLs. March 30 2018 it will be 3 years.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12025379 The following tables set forth, as of April 21, 2017, certain information regarding the ownership of our common stock, by (1) each person known to us to beneficially own 5.0% or more of Common Stock; (2) each of our named executive officers and directors and (3) all of our executive officers and directors, as a group. This information is based upon information received from or on behalf of the named individuals or from publicly available information and filings with the SEC by or on behalf of those persons.
Beneficial ownership, which is determined in accordance with the rules and regulations of the SEC, means the sole or shared power to vote or direct the voting or to dispose or direct the disposition of our Common Stock. The percentage of our Common Stock beneficially owned by a person or entity assumes that the person or entity has exercised all options and warrants and converted all convertible securities, the person or entity holds that are exercisable or convertible within 60 days of April 21, 2017, and that no other person or entity exercised any of their options or warrants or converted any of their convertible securities. Except as otherwise indicated below or in cases where community property laws apply, to our knowledge, the persons and entities named in the table possess sole voting and investment power over all shares of common stock shown as beneficially owned by the person or entity. The percentage of shares beneficially owned is based upon 8,994,814 shares of Common Stock outstanding as of April 21, 2017.
Name
Amount andNature ofBeneficialOwnership
Percent ofClass
Entities affiliated with Carl C. Icahn (1)
4,739,620
52.7 %
c/o Icahn Associates Corp.
767 Fifth Avenue, 46 th Floor
New York, NY 10153
Directors and Executive Officers:
Jaffrey (Jay) A. Firestone
14,351
*
Peter K. Shea
—
*
Kevin Lewis
8,503
*
Sachin Latawa
—
Kenneth Goldmann
Yes. But just go through the filings it is all there..... https://www.otcmarkets.com/stock/VLTC/filings $VLTC is basing out here. might be a long hold but this is the place to buy
To your knowledge, does he own common shares?
That is false info.... when $VLTC was delisted it no longer was required to be reported on 13F.. This is the mistake uneducated bloggers made. Look at date on the blog then compare to date on latest filing that shows he is majority share holder.
13F Alert: Icahn Exits Voltari; Doubles Hertz Stake; Cuts FCX, PayPal
ByJohanna Bennett Feb. 15, 2017 11:09 a.m. ET
http://www.barrons.com/articles/13f-alert-icahn-exits-voltari-doubles-hertz-stake-cuts-fcx-paypal-1487174986
Carl Icahn has sold out of his big stake in the tiny tech company Voltari (VLTC).
In a 13F filing unveiled late Tuesday, the billionaire shareholder activist revealed that as of Dec. 31 he no longer held a position in the mobile-advertising company after selling 4,739,620 shares.
Icahn has backed Voltari, formerly known as Motricity, since 2007, as Barron’s Tiernan Ray reported back in 2015 when Icahn disclosed that he had acquired 4.06 million shares of Voltari at a price of $1.36, following a rights offering by the company.
At $2.15 a share, Voltari's stock has fallen 4.4% today. The stock price has fallen almost 90% since April 2015 when rose above $19 a share, hitting a multi-year high.
Exiting Voltari isn’t the only change to Ichan’s portfolio made during the last three months of 2016.
He more than doubled his stake in Hertz Global Holdings (HTZ) to 29,263,869 shares, while trimming his exposure to PayPal (PYPL), Nuance Communications (NUAN), and Freeport-McMoRan (FCX).
Icahn also added to his stake in Herbalife (HLF), the controversial nutritional company over which he has feuded publically with hedge fund activist Bill Ackman. As of Dec. 31, Icahn owned 22.5 million shares worth more than $1 billion.
Tuesday marked the deadline for big money managers to reveal holdings as of June 30 in 13F filings with the SEC. The quarterly filings are a requirement for investors managing more than $100 million and indicate the number of shares held and the value of each stake at the end of the quarter.
Journalists and investors like to scrutinize — and in some cases mirror – the portfolio moves of Wall Street titans like Warren Buffett and hedge fund gurus. So the reports are closely watched, though it can be a risky business.
First, hedge funds don’t always get it right. Second, 13-F filings generally don’t hit the wires until the very last-minute, so portfolios can lag big market moves or fail to reflect changes. And third, the filings show so-called long positions in U.S. stocks, or bets on which equities managers see rising in value, but not short positions, or investments in bonds or currencies.
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ichan still owns all shares links provided in boxx
Icahn sold his shares. Dilution?
Looks like $VLTC getting some action!!!!!!
PUMA momo walking $VLTC back up gonna trigger a short squeeze soon
$VLTC should trigger short squeeze soon
$VLTC gaining momentum with nice bid support
Any takers to help moderate this board. We are just getting started here.
Things are coming together and the right people are being put in place. newest 8k hints at something in the works.
Can you post a link to the report please
$VLTC report shows company is headed in the right direction.
should get Q1 report today. $VLTC is so undervalued right now.
I caught it at 4 and sold at $15, fun week that was, I'm with you, I just bought back in and plan on buying more.
I caught from $8 to $13. Just started accumulating again when tanked on false Ichan news
Did you get in on the run up last time when it went to $20?
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Market Value1 | $7,645,592 | a/o July 14, 2017 | |
Authorized Shares | 25,000,000 | a/o May 15, 2017 | |
Outstanding Shares | 8,994,814 | a/o May 15, 2017 | |
Business Description
Voltari Corporation ('Voltari' or the 'Company') is in the business of acquiring, financing and leasing commercial real properties. The Company had previously been engaged in the business of providing mobile marketing and advertising solutions to brands, marketers and advertising agencies. In August 2015, we began implementing a transformation plan pursuant to which, among other things, we exited our mobile marketing and advertising business. It is anticipated that the majority of the remaining costs related to the transformation plan will be incurred during 2016. Additional amounts to be incurred during the balance of 2016, if any, cannot be reasonably estimated. While we continue experience losses from continuing operations and discontinued operations we have been reducing those losses as compared to prior periods. We have been funding our operations with borrowings under our Revolving Note as described in Note 6. We expect to continue to rely on borrowings to provide working capital in the near term.
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