Condor Hospitality Trust Inc fka CDOR

[Enterprising Investor]

Supertel Hospitality Announces Sale of Hotel Properties for $3.65 Million (2/03/15)

NORFOLK, NE--(Marketwired - February 03, 2015) - Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it has closed on the sale of two economy hotels.

The 49-room Super 8 in West Plains, Missouri sold on January 15, 2015 for $1.5 million. The company closed on the sale of the 83-room Super 8 in Green Bay, Wisconsin on January 29, 2015 for $2.15 million. Supertel will use the proceeds from the sales to reduce debt.

About Supertel Hospitality, Inc.

Supertel Hospitality, Inc. (NASDAQ: SPPR) is a self-administered real estate investment trust that specializes in the ownership of select-service hotels. The company currently owns 54 hotels comprising 4,666 rooms in 20 states. Supertel's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Choice and Wyndham. For more information or to make a hotel reservation, visit www.supertelinc.com.

http://www.marketwired.com/press-release/supertel-hospitality-announces-sale-of-hotel-properties-for-365-million-nasdaq-sppr-1988489.htm

[temp luvs amy]

Due diligence?

Do you even know the name of the CEO?

http://www.businessweek.com/small-business/business-forms/venture-capital-due-diligence-checklist

[stocktrademan]

Supertel Hospitality, Inc. [$SPPR] due diligence

bullish for a 70-100% run...can go higher



$SPPR

DD Notes ~ http://www.ddnotesmaker.com/SPPR

##### recent news/filings ~ source: finance.yahoo.com

Tue, 01 Jul 2014 20:09:07 GMT ~ SUPERTEL HOSPITALITY INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exh
read full: http://biz.yahoo.com/e/140701/sppr8-k.html
*********************************************************

Thu, 12 Jun 2014 20:53:44 GMT ~ Supertel Hospitality, Inc. Announces Sale of Four Hotels
[Marketwired] - Supertel Hospitality, Inc. , a real estate investment trust , today announced that it has closed on the sale of four hotels with an aggregate of 314 rooms since the end of the first quarter March 31, 2014. ...
read full: http://finance.yahoo.com/news/supertel-hospitality-inc-announces-sale-205344683.html
*********************************************************

Wed, 11 Jun 2014 17:04:07 GMT ~ SUPERTEL HOSPITALITY INC Financials
read full: http://finance.yahoo.com/q/is?s=sppr
*********************************************************

Tue, 10 Jun 2014 21:22:18 GMT ~ SUPERTEL HOSPITALITY INC Files SEC form 8-K, Other Events, Financial Statements and Exhibits
read full: http://biz.yahoo.com/e/140610/sppr8-k.html
*********************************************************

Tue, 10 Jun 2014 14:02:49 GMT ~ Supertel Hospitality, Inc. Announces Results of Rights Offering
[Marketwired] - Supertel Hospitality, Inc. , a real estate investment trust , today announced the results of its previously announced offering of subscription rights to purchase shares of its common stock, par value $0.01 ...
read full: http://finance.yahoo.com/news/supertel-hospitality-inc-announces-results-140249054.html
*********************************************************

##### chart ~ source: stockcharts.com



##### chart ~ source: eoddata.com



##### company info ~ source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/SPPR/company-info
Ticker: $SPPR
OTC Market Place: Not Available
CIK code: 0000929545
Company name: Supertel Hospitality, Inc.
Incorporated In: VA, USA

##### extra dd links

Edgar filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000929545&owner=exclude&count=40
Latest filings: http://www.otcmarkets.com/stock/SPPR/filings
Latest financials: http://www.otcmarkets.com/stock/SPPR/financials
Latest news: http://www.otcmarkets.com/stock/SPPR/news - http://finance.yahoo.com/q/h?s=SPPR+Headlines

Major holdings: http://data.cnbc.com/quotes/SPPR/tab/8.1
Insider transactions (1): http://finance.yahoo.com/q/it?s=SPPR+Insider+Transactions
Insider transactions (2): http://www.secform4.com/insider-trading/SPPR.htm
Insider transactions (3): http://www.insidercow.com/history/company.jsp?company=SPPR

RegSho: http://www.regsho.com/tools/symbol_stats.php?sym=SPPR&search=search

DTCC: http://search2.dtcc.com/?q=Supertel+Hospitality%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information: http://www.spoke.com/search?utf8=%E2%9C%93&q=Supertel+Hospitality%2C+Inc.
Corporation WIKI: http://www.corporationwiki.com/search/results?term=Supertel+Hospitality%2C+Inc.&x=0&y=0

Short Sales: http://www.otcmarkets.com/stock/SPPR/short-sales
Insider Disclosure: http://www.otcmarkets.com/stock/SPPR/insider-transactions
Research Reports: http://www.otcmarkets.com/stock/SPPR/research
Historical Prices: http://finance.yahoo.com/q/hp?s=SPPR+Historical+Prices
Basic Tech. Analysis: http://finance.yahoo.com/q/ta?s=SPPR+Basic+Tech.+Analysis
Company Profile: http://finance.yahoo.com/q/pr?s=SPPR+Profile
Key Statistics: http://finance.yahoo.com/q/ks?s=SPPR+Key+Statistics
Industry: http://finance.yahoo.com/q/in?s=SPPR+Industry
Insider Roster: http://finance.yahoo.com/q/ir?s=SPPR+Insider+Roster
Income Statement: http://finance.yahoo.com/q/is?s=SPPR
Balance Sheet: http://finance.yahoo.com/q/bs?s=SPPR
Cash Flow: http://finance.yahoo.com/q/cf?s=SPPR+Cash+Flow&annual
Market Watch: http://www.marketwatch.com/investing/stock/SPPR
Bloomberg: http://www.bloomberg.com/quote/SPPR:US
Morningstar: http://quotes.morningstar.com/stock/s?t=SPPR
Bussinessweek: http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=SPPR
Barchart: http://www.barchart.com/quotes/stocks/SPPR
OTC Short Report: http://otcshortreport.com/index.php?index=SPPR
Investopedia: http://www.investopedia.com/markets/stocks/SPPR/?wa=0

http://www.pennystocktweets.com/stocks/profile/SPPR

##### last known share structure ~ source: otcmarkets.com

Market Value: $6,150,701 a/o Jul 11, 2014
Shares Outstanding: 2,901,274 a/o Apr 30, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01

##### business description ~ source: otcmarkets.com



DD Notes ~ http://www.ddnotesmaker.com/SPPR
a11k

[temp luvs amy]

This is so depressing!

I sold out, and have to wait a month so my loss sales don't wash out.

Glad I kept the SPPRO. LOL

[temp luvs amy]

yesterdays action had all the earmarks of a short-squeeze.

Maybe? It certainly had the earmarks of a pennyland Slow PO.

I went from underwater to underwriter in about 30 minutes.

Fun. Fun. Fun.

[56Chevy]

When a maturity date on a loan has been extended 8 previous times the 9th one shouldn't come as a total surprise...or perhaps it did...yesterdays action had all the earmarks of a short-squeeze.

Hard to know what nearly 1 million shares being traded just before a long holiday w/e was really all about?? ":-0

Marker:
Supertel Hospitality (SPPR)
$2.445 up 0.805 (49.09%)
Volume: 930,125

[Enterprising Investor]

Revolving Credit Facility Extended (7/01/14)

On June 30, 2014, Supertel Hospitality, Inc. (the “Company”) entered into a Ninth Amendment to Amended and Restated Loan Agreement (the “Amendment”) with Great Western Bank (the “Lender”) to extend the maturity date of the revolving credit facility under the Amended and Restated Loan Agreement dated December 3, 2008 by and between the Company and the Lender from June 30, 2014 to August 30, 2014.

http://www.sec.gov/Archives/edgar/data/929545/000090044014000071/sppr8k_july1.htm

[temp luvs amy]

I just hope Daniel's trading team was awake.

Conversions would reduce debt.

[temp luvs amy]

Yesterday they got an extension on their loan.

Maybe they bought swaps last week? The filings say they are allowed to. I bought TBT 3 days ago, swaps, and I am very happy.

[bacc]

Why the spike in price, Any news?

[Enterprising Investor]

Supertel appears to be in play.

[temp luvs amy]

Wow! There really is a light at the end of this tunnel.

[Enterprising Investor]

Hotels Lacking Amenities Lure Buyers Seeking High Returns (6/19/14)

Hotels with the fewest amenities are proving among the most attractive to U.S. lodging investors as they search for higher returns.

Blackstone Group LP (BX), the world’s largest alternative-asset firm, is close to an agreement to buy a group of select-service hotels from Clarion Partners LLC for about $800 million, adding to its already sizable portfolio of such properties, a person with knowledge of the deal said yesterday. Barry Sternlicht’s Starwood Capital Group said today that an affiliate agreed to acquire TMI Hospitality Inc., including more than 180 limited-service hotels owned by the Fargo, North Dakota-based company.

Investors are drawn by the lower operating costs and higher returns at select-service hotels compared with more upscale properties. The segment -- which lacks restaurants and have limited beverage and other service offerings -- includes brands such as La Quinta, Super 8 and Days Inn. Purchasing such properties and boosting their profitability is often easier than acquiring and remaking higher-end hotels.

“The returns are very attractive and the financing for these deals is much easier and cleaner to underwrite,” said Samantha Fisher, a Los Angeles-based senior vice president at investment-services firm Jones Lang LaSalle Hotels. “Limited service doesn’t have a big food and beverage component. These things can almost run themselves. Whoever is the buyer doesn’t have to put much into them to see returns quickly.”

Highest Total

Last year’s $6.2 billion in select-service hotel deals was the highest total since before the last recession, according to Jones Lang LaSalle data. The sector accounted for 30 percent of all U.S. hotel-transaction volume in 2013, on par with the peak years of 2006 and 2007. Jones Lang expects transactions to grow to $6.5 billion this year.

Starwood Capital’s acquisition of TMI Hospitality’s properties for an undisclosed amount adds to the 103 select-service hotels Starwood and its investors already own.

The purchase “offers Starwood Capital the exciting opportunity to build on our investments in select-service and extended-stay lodging,” Suril Shah, senior vice president of acquisitions at Starwood Capital, said in a statement today.

NorthStar Realty

Among other buyers in the sector is NorthStar Realty Finance Corp. (NRF), which said earlier this month that it bought 47 limited-service hotels for $933.9 million in a joint venture with Chatham Lodging Trust. Also this month, American Realty Capital Hospitality Trust Inc., said it’s paying $1.93 billion for a group of 126 hotels, most of which are limited-service properties, including Hampton Inn, Hilton Garden Inn and Homewood Suites locations.

Photographer: Aaron M. Sprecher/Bloomberg

A Hampton Inn & Suites advertisement is displayed on billboard along Interstate 45 in Galveston, Texas.

Andrew Backman, an American Realty spokesman, and Joe Calabrese, a NorthStar Realty spokesman, didn’t return telephone calls seeking comment on their companies’ purchases.

The U.S. hotel industry has recovered since the financial and real estate market meltdown. Room rates in the first five months of this year hit a record, according to Jan Freitag, senior vice president at research firm STR Inc. This year through May, the average price for a hotel stay nationwide jumped to $113.58 a night, up 4.1 percent from a year earlier, according to Hendersonville, Tennessee-based STR.

Blackstone’s agreement would be for 47 extended-stay Residence Inn and Homewood Suites hotels, with a majority located in the top 25 U.S. markets, said the person with knowledge of the negotiations, who asked not to be identified because the deal hasn’t been completed.

Hampton Inn

Christine Anderson, a spokeswoman for New York-based Blackstone, declined to comment on the talks. Paula Schaefer, a spokeswoman at New York-based Clarion Partners, didn’t return telephone calls seeking comment.

The deal would follow a transaction in September, when a Blackstone affiliate agreed to buy 16 hotels, including Hampton Inn and Holiday Inn Express properties, from Hersha Hospitality Trust for $217 million. Blackstone’s $1.3 billion acquisition of hotel owner Apple REIT Six Inc. was completed last May, which followed a $1.9 billion deal in 2012 for the Motel 6 and Studio 6 budget chains.

The Apple REIT Six hotels “generate 15 to 20 percent more revenue than the competitive set they compete against, they have higher gross operating profit margins and they offer very attractive cash-flow yields,” A.J. Agarwal, senior managing director at Blackstone’s real estate division, said in an interview last year. “We’re just economic investors, focused on providing the best returns for our limited partners, and these assets accomplish that.”

Goldman Sachs

American Realty is acquiring the Equity Inns lodging portfolio from subsidiaries of Whitehall Real Estate Funds, which are sponsored by Goldman Sachs Group Inc. (GS) The purchase consists of 126 hotels with 14,934 rooms in 35 U.S. states.

“There has been a large amount of money pent up, and finally big portfolios this year and last have come to market, and investors had a possibility to go after them,” said Fisher of Jones Lang LaSalle Hotels. “Everybody is seeing that operating performances are still going up, that there is still growth. I suspect we’ll see more of this.”

To contact the reporter on this story: Nadja Brandt in Los Angeles at [e-mail]

http://www.bloomberg.com/news/2014-06-19/hotels-with-few-amenities-lure-investors-seeking-higher-returns.html

[tsoprano-1]

Surprised to see you here Chevy, when I looked at messages. Been following for a couple years but haven't pulled the trigger yet. Since you think it has a chance I will stop in more often. Take care.

T

[mrholty]

As long as mgmt. hits what they said they were going to do in a reasonable timeframe they are probably doing all right. I've watched too many companies with the same song and dance each quarter.

Yes, I'm looking at you PMFG and AXPW. Different stories but mgmt. trots out the same story about how the turn is coming. It never does.

[56Chevy]

I appreciate the encouragement MH...SPPR remains to be seen if it's really such a good idea. I think it will be in time. EI and I both think Management could have done a better job of getting the word out that they were even having a rights offering ...and follow that up with a slew of PR's telling the world what you plan to do with the money.

Rights offerings are like throwing a successful party... there's a good way...and a not so good way...these guys fell somehwere inbetween imo.

They're getting rid of the dog properties and that's great...the plan is to replace them with upscale properties. If they can do that I think we've got a winner.

We'll see eh.

Marker:
Supertel Hospitality (SPPR)
$1.43 down -0.04 (-2.72%)
Volume: 6,883

[mrholty]

Chevy -

Those sales equate to a price of approximately 25k per room in aggregate.

Baymont - $26k
Super 8 (Omaha) - $15.8k
Super 8 (Boise) - $26k
Super 8 (Iowa) - $41.2k

That may make sense as the property in Clarinda is the only hotel in town on an interstate and looks fairly new only. The one near Omaha has more competition and is older.

FD: No position but I like stalking Chevy as he has great ideas.

[56Chevy]

The four sold hotels include:

•65-room Baymont Inn and Suites, Brooks, Kentucky sold April 24, 2014 for $1.7 million
•101-room Super 8 hotel, Omaha, Nebraska (West Dodge) sold May 6, 2014 for $1.6 million
•108-room Super 8 hotel, Boise, Idaho sold June 4, 2014 for $2.8 million
•40-room Super 8 hotel, Clarinda, Iowa sold June 11, 2014 for $1.65 million

*These were exactly the type hotels in the portfolio that needed to go. I view this as a positive.

[temp luvs amy]

One nice thing about the current RES position.

They still haven't hit 34% of the O/S in physical shares.

They maintain the flexibility to buy shares on the open market.

1.3/.34 = 3.82 million shares.

The OS is around 4.67 million.

They apparently believe that the Limited Partners need to file the Form 4 updates promptly, as fully deputized officers.

[temp luvs amy]

BTW, the Form 4's indicate a transfer of rights to Efanur, the Limited Partner. There is no indication of the convertible being transferred to them.

Maybe Efanur knows how to work it?

[temp luvs amy]

I would hope that RES isn't that stupid, but they could be.

They could easily hold the convertible and pay the money in cash to exercise the rights. The convertibles would likely require a 6 month lockup, and the rights would create free trading shares.


The Form 4's indicate a disposal of the rights, in a timely fashion.

IDK, but the company needs the cash, and RES needed to show they can wear big boy pants.

Conversion of debt isn't really "proceeds," is it?

[Enterprising Investor]

Well they did!

It turns out that 937,500 and 312,500 add up to 1,250,000. When multiplied by $1.60, it magically becomes $2 million, which is the amount of the loan that delivered as payment.

I know, everyone wants to see it in writing. It will appear the next 10-Q.

[temp luvs amy]

Thanks, but I was advised to read the Form 4's, where the real information is found.

RES exercised rights. They didn't convert the $2 million in notes, if I read them correctly.

The clause in the PR which uses the word "proceeds" may be the only defining and tangible information in the whole PR.

Oh, and you're a bit late. They also sold 4 hotels.

Read the news.

[Enterprising Investor]

Form 8-K (6/10/14)

Item 8.01 Other Events.

On June 10, 2014, Supertel Hospitality, Inc. (“Supertel”) issued a press release regarding the results of its previously-announced rights offering. A copy of the press release is filed as Exhibit 99.1 to this Form 8-K and is incorporated by reference into this Item 8.01.

The conversion price of the Series C convertible stock of Supertel, pursuant to its terms, was adjusted in connection with the rights offering to $1.60, the exercise price of the subscription rights. Each of the 3,000,000 shares of the issued and outstanding Series C convertible preferred stock is convertible, in whole or in part, at the option of Real Estate Strategies L.P., or RES, the holder, at any time, but subject to RES’s beneficial ownership limitation of 34% of the total number of votes represented by voting stock of Supertel, into the number of shares of common stock equal to the $10.00 per share liquidation preference divided by the conversion price. Pursuant to the terms of warrants held by RES to purchase up to 3,750,000 shares of common stock, the exercise price of the warrants for a share of common stock, was adjusted to $1.92, equal to 120% of the adjusted conversion price of the Series C convertible preferred stock.

http://www.sec.gov/Archives/edgar/data/929545/000090044014000063/sppr8k_june10.htm

[Enterprising Investor]

Supertel Hospitality, Inc. Announces Results of Rights Offering (6/10/14)

NORFOLK, NE, June 10, 2014 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced the results of its previously announced offering of subscription rights to purchase shares of its common stock, par value $0.01 per share. Pursuant to the rights offering, subscription rights to purchase approximately 1.77 million shares of common stock were exercised, resulting in gross proceeds to Supertel of approximately $2.8 million.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of any securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A registration statement relating to the rights was filed with the Securities and Exchange Commission and was declared effective on May 19, 2014. The rights offering was made only by means of a prospectus forming part of the registration statement.

About Supertel Hospitality, Inc.

Supertel Hospitality, Inc. (NASDAQ: SPPR) is a self-administered real estate investment trust that specializes in the ownership of select-service hotels. The Company owns 65 hotels comprising 5,735 rooms in 20 states. Supertel’s hotels are franchised by a number of the industry’s most well-regarded brand families, including Hilton, Choice and Wyndham. For more information or to make a hotel reservation, visit www.supertelinc.com.

http://www.sec.gov/Archives/edgar/data/929545/000090044014000063/sppr8k_june10release.htm

[vpagano]

http://boardvote.com/symbol/SPPR/communique/679770

Supertel Hospitality, Inc. Announces Sale of Four Hotels

NORFOLK, NE -- (Marketwired) -- 06/12/14 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it has closed on the sale of four hotels with an aggregate of 314 rooms since the end of the first quarter March 31, 2014. Combined gross proceeds of $7.75 million from the sales were used to reduce debt and pay transaction costs.

The four sold hotels include:

65-room Baymont Inn and Suites, Brooks, Kentucky sold April 24, 2014 for $1.7 million
101-room Super 8 hotel, Omaha, Nebraska (West Dodge) sold May 6, 2014 for $1.6 million
108-room Super 8 hotel, Boise, Idaho sold June 4, 2014 for $2.8 million
40-room Super 8 hotel, Clarinda, Iowa sold June 11, 2014 for $1.65 million

"In a manner consistent with our key initiatives we continue to monetize assets in the economy and midscale sectors, reducing the average age of the hotel portfolio and transitioning away from non-core properties that no longer meet our criteria for long-term holdings," said Kelly Walters, Supertel's president and chief executive officer. "The company is currently marketing 14 hotels for sale with gross proceeds to be used primarily to pay off the underlying loans and provide capital to reinvest in core properties."

[temp luvs amy]

So when do the Ethics clauses of the S-11 kick in?

Are they going to tell us how many rights were executed by RES and the board, or let the common fall further to get a better conversion price?

[temp luvs amy]

IDK, did RES exercise?

PR doesn't mention them.

Are they still waiting for a better conversion price?

[temp luvs amy]

As much as I hate what they did, how they did it, and the progress on doing it; I still think it could be a mediocre to decent investment going forward.

I supported the shares at a 5% discount after selling some for a minor premium.

BOL.

[Enterprising Investor]

Committed to the cause - win, lose or draw.

Exercised all basic subscription rights and opted to load up on oversubscription rights.

[DAD2]

Does not look good going forward imo.

http://biz.yahoo.com/e/140530/sppr8-k.html

[temp luvs amy]

Based on the accounting I see, they have no equity stake unless they own the preferred, so it better be legal. I just checked on another hotel REIT to see if the practice was widespread. It seems to be.

I don't know if the other company is also borrowing at 12.5% to buy more hotels when they are barely cashflow positive. I do know that they pulled off their recent offerings, as smooth as silk.

"Total Equity" is an accurate, but misleading term, no?

Total Equity of Supertel is what?

There is near zero liability assigned to the preferred, and preferred "equity" comes off the top of that Total, leaving the Common with nothing. So interesting, and IMHO, so misleading.


So, SOX requires them to state the par value of preferred stock, and show no effective liability as if they never have to pay for them?

I see billions of future angry investors.

Thanks for the tip. Happy trading.

[Enterprising Investor]

Concur. Nothing improper going on.

Managers have more on the line than just their equity stake in the world of SOX. No one really wants to spend time at Club Fed.

http://www.sec.gov/Archives/edgar/data/929545/000092954514000009/c545-20131231ex321a92c07.htm

[Goalkeeper7]

The accounting of share capital appropriately and fairly discloses a rather colourful set of facts. One needs to centre in on the A's and B's to unlock the mystery of what we think the likely break in this log-jam will be.

[temp luvs amy]

The guys that run this company didn't cause the great recession...they're still digging out from under the rubble as are thousands of other companies.

I am sure that's a great excuse, but it doesn't explain the accounting variation. Even if that was perfectly legal, it would seem unethical to state a book value that so grossly misrepresented the equity in such a fashion as the Accountant on this message board seems to have accurately described.

Perhaps I should consult the FASB for further clarity on such ethics and/or competence. Is it actually "paid in capital as it was handled, or should there be a more "honest" assessment of the value of the common stock when convertibles are outstanding?

IDK. Knowing what I now know, I wouldn't have signed off on it, but that's how my ethical standards work. I'm not so certain about yours.

[temp luvs amy]

You may have misinterpreted my statement.

I was simply responding to your suggestion that they needed a gun.

This appears more a failure of analysis than any scheme, but the tricky accounting does give cause for great suspicion. Some just might call it incompetence. I demonstrated the mathematics which would have allowed the conversion price to remain higher, but it's water over the bridge now.

RES hasn't yet committed to conversion or exercise, so further caution is merited until they shit or get off the pot.

EXTRA CAUTION and ACTION is advised for the Board of Directors.

They must avoid any actions which would cause them to lower the conversion price any further and demonstrate further incompetence.

That is why I am so upset with the insider sales. I bought more shares than they sold at a lower price, and sold them a few pennies higher than the conversion price on Friday.

I should thank them for the paycheck, no?

[56Chevy]

I never like to see any investor taking on water and in jeopardy of sinking. I don't think that's funny. Anyone who has invested for any length of time has an "investment gone sour" story. l know I do...more than one...so I feel your anguish... I get it..we all get it.

But I think your assessment of where things really stand has been clouded by your gloomy outlook ...which is understandable ok...but it's very premature. We have a long way to go here. You've convinced yourself you've been swindled and that's simply not the case. The guys that run this company didn't cause the great recession...they're still digging out from under the rubble as are thousands of other companies.

Hang in there... ;)

[temp luvs amy]

I know, I am replying to myself.

The math to find the current TBV is not as easy.

In this case, it's actually easier to predict the future.

The conversion price is still a wild card, but given the fact that I am smart enough to calculate it, the possibility that a White Night shows up, and rescues us from RES, or the chance that RES changes costumes and gets with the program becomes a near certainty.

The value of Real Estate becomes the wild card, and IMHO and in respect of my current holdings, the portfolio diversification to that asset class is a no brainer.

I lost a few G's. I'll get most of it back.

[temp luvs amy]

BTW, the math is actually quite simple, but I haven't done calculus since high school so I can't give you the equations. I'll try to illustrate the variables, and maybe a good student can supply the equation.

As OS increases, the Tangible Book Value will approach the last negotiated conversion price. The "debt" of $30 million convertibles is converted to equity along the way.

Let's use some simple numbers, so that an arithmetic student can understand.

Let TBV be $10 million, and O/S be 3 million.

TBV per share is $3.33.

Sell 7 million shares at $1.60, and TBV becomes 21.2 million.

TBV per share becomes $2.12

Sell 10 million more shares at $1.60, and TBV becomes 37.2 million


TBV per share becomes $1.86.

Based on the calculus, the TBV/share approaches the conversion price, regardless of the arbitrary number chosen.

[temp luvs amy]

Humorous sarcasm, notwithstanding.....

I pulled the trigger when they cooked the books and made book value appear to be much greater than it actually is.

It wasn't until you guys pointed out the paid in capital was fixed to make the book value appear higher, that I realized my boo boo.

They don't use a gun to take your money in a ponzi scheme. The typical ponzi scheme involves selling an investment in something you wouldn't personally own. Superficial and meaningless small purchases not withstanding. The operators of such a scheme tend to own cars which are more valuable than there share purchases.

[56Chevy]

Tell me again 'dude'...I forget - what year was it those brutes at the company put a gun to your head and made you invest?

[Enterprising Investor]

The more you make, the higher taxes you pay.

Putting away extra cash in a retirement plan is always on the top of my "to do" list. I produce greater returns than some mutual fund.

Tax management becomes crucial when working up the corporate ladder.

When looking at insider transactions, I have always found open-market buys to be a more reliable indicator than sells (as long as the sales are small). Options and restricted stock transactions tend to be "free money" for just surviving.

If management at SPPR (or anywhere else) truly believes in what they are cooking, they will eat it, too.

[LouMannheim]

Interesting. I want to make sure I got this tax deferral thing right.

The employee would have exercised an option in January. Taxes would have been paid in April 2015, but because gain was reinvested in the 401-k throughout 2014 no taxes would actually be due. I think I got it?

[temp luvs amy]

Widows and orphans don't understand the market factors that the original owners applied. They don't read the mail. They probably have no idea what a rights offering is about, if they even read it. They just collect dividends, when applicable.

And the bottom line is that the market moves on big money or big mouths, and these guys have crap for a PR machine.

[temp luvs amy]

and then there's the bright side......

Apathy like that can keep idiots employed as CEO's and CFO's.

[temp luvs amy]

Brief synopsis of Annual Shareholder's meeting:


We can't tell you if the company directors are going to subscribe to the rights offer.

Read the filings.

BTW, almost 50% of the shareholders abstained from voting.

It's very unlikely that they read anything from their broker.

I found it out the hard way. You can't take shares when nobody pays attention to the market. Widows and orphans don't understand the market factors that the original owners applied. They don't read the mail. They probably have no idea what a rights offering is about, if they even read it. They just collect dividends, when applicable.

Apathy has more consequences than many would believe.

[temp luvs amy]

You could be right on that...

I might not have any gain, but the common would lose everything in those circumstances.

The CEO and CFO have an opportunity to make it better by purchasing shares in the open market and filing quickly to accommodate their stupidity.

Shall we pray for a miracle?

[temp luvs amy]

40% of the time, a blindfolded one-eyed chimpanzee can outperform a professional analyst. So we're talking about a blind squirrel who found an acorn?

[Enterprising Investor]

If you are still holding preferred...

then you better hope the rights offering goes real well or else there will be no gain in your future.

[Enterprising Investor]

I try my best to educate.

If I remember correctly, the NationsBank options had a five-year term. They were handed out for several years. I suggested that people wait as long as possible and then exercise in the next year rather than December. Told them to put the money aside and then increase their 401-k contribution to make the tax liability created by the gain go away. Rinse. Repeat.

Then the financial world began to unravel in 2008.

Sometimes it pays off to have guts. Doubled down my C investment in that 401-k when the stock was trading at $1.49 ($14.90 after the reverse split).

Also suggested to someone who worked at Sam's Club in the early years to participate in the WMT plan. A couple dollars put away 30 years ago into the stock should turn into $100 bills.