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I missed the news.
Thank you for sharing.
I think it’s more likely than not that KBKCP remains outstanding until the maturity date in 2028. It provides a source of capital.
I’ve been waiting for the 2020 annual report to arrive in order to learn how many, if any, shares were repurchased during the year.
I’m somewhat indifferent in regards to redemption based on deeply-discounted purchase price. Nearly all of my shares are sitting in a retirement account. The fact that KBKCP no longer trades will keep me from investing in another long duration deal.
Since no financial details were released, holders will probably have to wait until the 2021 annual report is available unless the facts are disclosed as a subsequent event in last year’s overdue report.
I would have assumed this is related to the change in SEC rules for Pink No Information stocks, but I am not sure if that actually resulted in any delistings.
It is an interesting coincidence that at the same time, U.S. Growth Fund closed on the sale of Local Hive Honey.
https://www.prnewswire.com/news-releases/falfurrias-capital-partners-makes-first-fund-v-investment-with-acquisition-of-local-hive-a-leading-brand-of-raw-and-unfiltered-honey-301386569.html
KBKCP might be getting redeemed sooner than you know. I'm actually hoping that doesn't happen in 2021 because I own some in a taxable account and my income is already too high this year!
KBKCP has been assigned CUSIP 48241E206
Investors will now have to wait for a tender offer, early redemption or maturity on 11/30/2028 to cash out.
5
Received a letter dated 1/05/21 from Chuck stating Caveat Emptor securities set to liquidate-only after 1/31/21.
I believe Chuck was the last retail brokerage firm to allow trading in securities deemed Caveat Emptor by the OTC Markets Group.
If anyone knows of any available options, please let me now.
Thank you.
EI
KBK CAPITAL CORPORATION (KBKCP) (9/24/20)
Last Trade [tick] 10.0100[+]
Volume 2,000
Net Change 1.5100
Net Change % 17.764706%
52 Week High 10.0100 on 9/24/2020
52 Week Low 6.1000 on 02/27/2020
Day High 10.01
Day Low 9.50
9.00 1000
10.01 1000
2020 American Honey Queen: Mary Reisinger
Mary Reisinger is the daughter of Peter and Stephanie Reisinger of Parker, Texas. She is a senior at the University of Texas at Dallas, studying speech-language pathology. Mary is an active volunteer in the Collin County Beekeepers Association and currently tends to six hives of bees. Her interests, in addition to beekeeping, include reading, hiking, camping, church and catching up on current research.
https://www.linkedin.com/company/rice's-honey-co-/videos/
KBK CAPITAL CORPORATION (KBKCP) (7/15/20)
Last Trade [tick] 8.50 [+]
Volume 100
Net Change 0.49
Net Change % 6.12%
52 Week High 8.5000 on 7/15/2020
52 Week Low 6.1000 on 02/27/2020
Day High 8.50
Day Low 8.50
San Antonio food-maker seeks bankruptcy protection (2/25/19)
By Patrick Danner
San Antonio-based Mexican food-maker Papa Grande Gourmet Foods, which sells products under the brand name Andy Garcia Foods, has filed for bankruptcy protection.
Papa Grande and an affiliated company each filed Chapter 11 on the eve of a scheduled state district court hearing where lender TransPecos Banks was going to ask a judge to appoint a receiver to take control of the business.
The bankruptcies put a halt to Tuesday’s hearing.
TransPecos had sued Papa Grande and principals Kenneth and Hilda Garcia on Feb. 5, alleging the company was insolvent or “in imminent danger of insolvency” and in need of $1 million “to stay viable.”
Ron Smeberg, Papa Grande’s bankruptcy lawyer, said in an email that the company experienced growing pains as it tried to move from a “mom and pop” business to a “more corporate structure.”
“While restructuring in Chapter 11, Garcia Foods is working to be more efficient and more technologically advanced, while expanding into new markets and staying family focused,” Smeberg said.
Austin attorney Cleveland Burke, who represents TransPecos, said the bank had no comment.
Garcia Foods makes barbacoa, tamales, fajitas, chorizo and other products that are sold at H-E-B, Walmart, Target and other retailers. It also makes products for food-service companies.
Papa Grande has filed an “emergency motion” with its bankruptcy petition asking for court authority to use cash that serves as collateral for loans from TransPecos. The company wants to use the money for ordinary business expenses, including wages and insurance. It pays workers on Fridays. A hearing on the request is scheduled for Wednesday.
“Without access to cash collateral, Debtors’ operations will cease and it will not be able to make its insurance payments, and will not be able to pay its 88 (full-time and part-time) employees,” the motion says.
If that happens, Papa Grande adds, TransPecos’ collateral position will “deteriorate markedly.”
TransPecos has accused the companies of defaulting on about $6 million in loans. The companies also owe $1.6 million in unsecured debt and $110,000 in delinquent property taxes to Bexar County.
Papa Grande proposes paying TransPecos almost $7,000 a month for an equipment loan and line of credit. An affiliated company that owns Papa Grande’s headquarters building at 1802 Jackson Keller, KHRL Group, proposes making $23,440 monthly mortgage payments on the property. KHRL also filed for Chapter 11.
Garcia Foods has been in operation since 1956. Andy Garcia started the business with a $15 investment, making barbacoa with his wife on weekends in their garage, the San Antonio Express-News reported in 1994.
Kenny Garcia, one of six children, entered the family business and took over day-to-day operations in 1999.
A decade later, Kenny Garcia left the business to start Papa Grande with his wife, Hilda. In 2014, though, he bought Garcia Foods and merged it with Papa Grande. TransPecos loaned money for the purchase.
According to the emergency motion, sales had significantly decreased during Kenny Garcia’s absence from Garcia Foods.
The “decrease in sales created an unsuspected uphill battle for Kenny and Hilda Garcia,” the filing adds. Papa Grande was unable to pay its 2017 property taxes and entered into a payment schedule with the county.
Papa Grande says it had anticipated a “stronger tamale season” starting in October and planned to use revenue to catch up on its taxes.
“Unfortunately, the company ran into a cash crunch and (was) unable to purchase sufficient raw material to fully capitalize on the holiday season,” the motion says. “Papa Grande estimates that it lost out on $1 million of revenue and $250,000 in profit during the holiday season, which likely would have been sufficient to bring the property taxes current.”
Papa Grande renewed a $716,000 line of credit with TransPecos in December. Earlier this month, though, the bank accelerated all of the notes and moved to appoint a receiver, according to the filing.
The request for a receiver was “unwarranted” and led to the bankruptcy filings, the company says.
Papa Grande says it is “taking strong corrective action” to ensure a successful Chapter 11 reorganization. It has reduced annual payroll by $400,000 and cut its unsecured debt by $400,000. It also says it is working on new income streams by expanding its area of operation.
In addition, Papa Grande says TransPecos is “over secured” by about $4 million, based on the value of the real estate, equipment and money owed the company. The company says it generates $13 million in annual revenue.
Papa Grande is a “strong example of individuals working hard and building a business that can continue to last for generations to come,” the filing says.
Fort Worth firm buys San Antonio food company at bankruptcy auction (12/06/19)
By Patrick Danner
The longtime family-owned San Antonio company that makes Mexican food products under the brand name Andy Garcia Foods was sold Friday at bankruptcy court auction.
Fort Worth-based Mission Consumer Capital was the high bidder with a $4.8 million offer for the assets of Papa Grande Gourmet Foods, which does business as Garcia Foods.
The company makes barbacoa, tamales, fajitas and chorizo, among other products.
The sale marks the end of 63 years of ownership by members of the Garcia family, who did not participate in the auction because they didn’t have the money.
South Texas’ Yash Properties Royal Palm was the only other bidder. The auction, presided over by Chief U.S. Bankruptcy Judge Ronald King, took about 15 minutes.
Robert “Bobby” J. McGee, Mission’s managing partner, said after the auction that his firm was “really, really excited” about the acquisition of Garcia Foods.
“It’s an iconic San Antonio brand (with) a great legacy,” McGee said. It has “a following by consumers for over 50 years, and we’re really proud to be part of San Antonio.”
During the bidding, McGee told the judge that his group had agreed to hire all of Garcia Foods’ 100 employees and spend an additional $5 million on the plant at 1802 Jackson Keller “to bring it up to code and meet OSHA (Occupational Safety and Health Administration) requirements.”
A court filing listed the plant’s value as $5.4 million.
Mission has a long history of operating and building food companies, and had been eyeing an acquisition of Garcia Foods for four years, McGee said.
Mission’s website show its investments have included: Local Live Honey, a Colorado packer of honey; Jardines Foods, a Buda-based maker of salsas and other Southwestern foods; and Private Harvest, a producer of gourmet sauces and oils.
“We really hope to build a nationwide, authentic Hispanic brand that would be headquartered here in San Antonio,” McGee said of Garcia Foods. “We see a huge need across the country for good-for-you, better-for-you choices among authentic San Antonio-type foods.”
Texas Inc.: Get the best of business news sent directly to your inbox
Mission already has named Jack Kelly to serve as CEO. He has more than 40 years in the food industry, including as president of salsa maker San Antonio Farms. TreeHouse Foods Inc. bought San Antonio Farms for $88.5 million from former Pace Foods owner and billionaire Christopher “Kit” Goldsbury in 2007.
“We’re very excited about the upside in the (ethnic food) category and bringing these terrific products to more consumers,” Kelly said.
Garcia Foods was started in 1956 by Andy Garcia. He launched the business with $15, making barbacoa with his wife on weekends in their garage.
Kenny Garcia, one of six children, joined the family business and took over day-to-day operations in 1999. A decade later, he left the business to start Papa Grande with his wife, Hilda.
In 2014, the Garcias bought Garcia Foods and merged it with Papa Grande.
Papa Grande sought bankruptcy protection in February after its lender, TransPecos Banks, moved to have a receiver appointed to take control of the business. The bank accused the company of defaulting on $6 million in loans and facing insolvency, which Kenny Garcia has disputed.
The Garcias accused the bank in a lawsuit of trying to take away their business. Their lawsuit was dismissed, but they have appealed.
Last month, the Garcias asked the bankruptcy judge to allow them to hang on to their business by paying the highest bidder at auction the amount of its bid plus $100,000. The judge denied the request, saying they could participate in the auction.
Kenny Garcia said he and three family members were fired Friday. The terminations were done by the trustee appointed by the bankruptcy court in June to run the business, McGee said. He plans to offer the Garcias a consulting role in the business.
“We’ll have to work through that, and see how they feel about that,” he said.
TransPecos had tried to force him to sell to Mission for three years, Garcia said.
“They finally got their wish,” he said of TransPecos. “Now, they think they’re Garcias. Bobby McGee is no Garcia, and Kenny Garcia is no McGee.”
McGee said his sympathies go out to the Garcias.
“The food business is much more difficult than it was 50 years ago,” McGee said. “Having experts, people with lots of experience, is crucially important.”
The bankruptcy court on Dec. 16 is scheduled to hear a reorganization plan submitted by the Garcias, but they likely face an uphill battle getting it approved given Mission’s purchase. The sale is supposed to close before the end of the month, McGee said.
https://www.expressnews.com/business/local/article/Fort-Worth-firm-buys-San-Antonio-food-company-at-14887746.php
Mission Consumer Capital acquires Nuevo Garcia Foods, LLC (12/20/19)
Fort Worth, Texas - Mission Consumer Capital ("Mission") is pleased to announce it has acquired Nuevo Garcia Foods, LLC ("Nuevo Garcia").
Nuevo Garcia, based in San Antonio, Texas, has been manufacturing a variety of value-added proteins such as Barbacoa and Chorizo, as well as staples such as Tamales, for over 60 years. The products are primarily marketed under the iconic Andy Garcia brand name.
Mission acquired Nuevo Garcia alongside Independent Bankers Capital (“IBCF”). Longtime food industry veterans Jack Kelly and Mitch LeBrasseur have been named CEO and COO, respectively. Kelly has previously served as CEO of American Italian Pasta Company, San Antonio Farms, and other food companies; prior to that, he served in senior leadership roles with Haggen-Dazs, Kraft Foods, and Oscar Meyer Foods. LeBrasseur previously served as COO of Ezzo Sausage Company.
Robert McGee, Managing Partner at Mission, said, “We are thrilled to have the opportunity to partner with Jack and Mitch to grow Nuevo Garcia into a nationwide, authentic Hispanic brand. We have great confidence the entire team will grow Nuevo Garcia to become a market leader in this space within grocery stores and restaurants across the country.”
"The ability to team with an experienced equity sponsor such as Mission and their partners, including IBCF, and bring these terrific products to more consumers in a fast-growing category is exciting,” said Kelly.
About Mission Consumer Capital:
Headquartered in Fort Worth, Texas, Mission Consumer Capital is a private equity firm focused exclusively on investing in leading consumer packaged goods companies. We add value to our investments by helping our partners grow - not through complex financial engineering or by loading our investments with excessive debt. The firm targets companies with Annual EBITDA of $2 Million - $15 Million. (www.missionconsumercapital.com)
https://www.missionconsumercapital.com/copy-of-announcements-jardinesale-1
A USFG subsidiary invested about $3.275 million on 12/29/16 in MCC, LP.
At the time, it was the sole limited partner of MCC, LP. The CEO is the founding managing member of the general partner of MCC, LP, Mission Consumer Capital, GP, LLC. The company invested an additional $4.2 million in MCC, LP.
USFG, through MCC, LP, invested $3 million in exchange for a limited partnership interest in Mission Consumer Capital I, LP.
Investment in RH Holdco, LLC is $3 million.
4
Mission Consumer Capital announces investment in Rice's Honey (6/30/17)
Fort Worth, Texas - Mission Consumer Capital ("Mission") is pleased to announce it has made an investment in Rice's Honey, LLC dba Local Hive Honey ("Local Hive").
Local Hive has been a leading packer of USA only raw and unfiltered honey from its facility in Greeley, Colorado since 1924, selling its products under the Local Hive Honey brand. (www.localhivehoney.com)
Mission financed the Local Hive acquisition with Plexus Capital and Centerfield Capital providing the subordinated debt and an equity co-investment, and Enterprise Bank & Trust providing the senior financing.
"The ability to team with an experienced equity sponsor such as Mission and their partners, including Plexus, Centerfield, and Enterprise, brings new life into our company and positions us on a strong platform on which we can drive growth,” said newly appointed CEO Tony Landretti.“Our management team has reinvested in the business along with Mission, and we are excited to be a part of such a vibrant group of investors.”
About Mission Consumer Capital:
Headquartered in Fort Worth, Texas, Mission Consumer Capital is a private equity firm focused exclusively on investing in leading consumer packaged goods companies. We add value to our investments by helping our partners grow - not through complex financial engineering or by loading our investments with excessive debt. The firm targets companies with Annual EBITDA of $2 Million - $15 Million. (www.missionconsumercapital.com)
https://www.missionconsumercapital.com/copy-of-announcements-jardinesale
KBK CAPITAL CORPORATION (KBKCP) (6/10/20)
Last Trade [tick] 8.0100 [-]
Volume 1,000
Net Change 0.0100
Net Change % 1.25%
52 Week High 8.0100 on 06/10/2020
52 Week Low 6.1000 on 02/27/2020
Day High 8.0100
Day Low 8.0100
KBK CAPITAL CORPORATION (KBKCP) (4/09/20)
Last Trade [tick] 8.0000 [-]
Volume 333
Net Change 1.8000
Net Change % 29.03%
52 Week High 8.0000 on 04/09/2020
52 Week Low 3.0000 on 04/25/2019
Day High 8.0000
Day Low 8.0000
KBK CAPITAL CORPORATION (KBKCP) (2/24/20)
Last Trade [tick] 7.5100 [+]
Volume 1,000
Net Change 0.5100
Net Change % 7.29%
52 Week High 7.5100 on 02/24/2020
52 Week Low 3.0000 on 04/25/2019
Day High 7.5100
Day Low 7.5100
After 15 years of deferral already, the only question is if it's your judgement day or theirs!
Exactly.
And I’m prepared to wait until the judgement day.
Assuming they have the ability to pay deferred dividends, it would not appear to be a good strategy to NOT pay them in order to buy back more on the open market. The additional deferral of dividends per quarter likely far exceeds the amount of price discount they can capture by buying back a small quantity.
Expect a new forbearance request.
Market price declines as a result.
Subsidiary then stands ready to buy additional shares at the resulting deeper discount.
The forbearance term ends soon, so there should be some sort of announcement in the next two months. Any thoughts on what that might be?
USFG had $7.7 million in assets at 12/31/18. Equity stood at $1.3 million or $3,865.45 per share based on 347 common shares outstanding.
At 12/31/18 and 12/31/17, respectively, 147,147 and 158,314 MRPS shares were held by unrelated parties and 1,577,853 and 1,566,686 by a subsidiary of the Company.
Accrued and unpaid dividends approximated $4,280,000 and $4,047,000 as of 12/31/18 and 12/31/17, respectively.
During 2018 and 2017, respectively, a subsidiary of the Company purchased 11,167 and 13,920 shares of MRPS at a total price of $29,976 and $24,668 at prices ranging between $1 and $3.50 per share.
Excerpt from the U.S. Growth Fund Corporation Shareholder Letter (8/30/19)
KBK CAPITAL CORPORATION (KBKCP) (12/23/19)
Last Trade [tick] 6.9900 [+]
Volume 1,600
Net Change 0.0100
Net Change % .14%
52 Week High 7.0100 on 07/01/2019
52 Week Low 3.0000 on 04/25/2019
Day High 7.0000
Day Low 6.5000
KBK CAPITAL CORPORATION (KBKCP) (12/18/19)
Last Trade [tick] 6.9900 [+]
Volume 700
Net Change -0.0100
Net Change % -.14%
52 Week High 7.0100 on 07/01/2019
52 Week Low 3.0000 on 04/25/2019
Day High 6.9900
Day Low 6.9900
6.99 700
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 7.0000 [+]
Volume 1,000
Net Change 0.7500
Net Change % 12.0%
52 Week High 7.0100 on 07/01/2019
52 Week Low 2.5000 on 08/20/2018
Day High 7.0000
Day Low 7.0000
7.00 1000
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 6.2500 [+]
Volume 1,000
Net Change -0.7500
Net Change % -10.71%
52 Week High 7.0100 on 07/01/2019
52 Week Low 2.5000 on 08/20/2018
Day High 6.2500
Day Low 6.2500
6.25 1000
Fifteen years and counting.
Ex. Dividend Date 05/20/2004
Dividend Pay Date 06/01/2004
Dividend Rate 0.2375
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 7.0000 [-]
Volume 2,833
Net Change 0.5000
Net Change % 7.69%
52 Week High 7.0100 on 07/01/2019
52 Week Low 2.5000 on 08/20/2018
Day High 7.0100
Day Low 7.0000
7.01 250
7.01 375
7.01 1875
7.00 333
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 6.5000 [+]
Volume 500
Net Change 0.4500
Net Change % 7.44%
52 Week High 7.0000 on 05/30/2019
52 Week Low 2.2500 on 07/17/2018
Day High 6.5000
Day Low 6.5000
6.50 500
KBK Capital Corporation, which provided commercial loans, mezzanine loans, and factoring services to middle-market businesses, was sold.
However, KBK Capital must have been a structured as a subsidiary of U.S. Growth Funds when it was sold. The Capital Trust and its liabilities continue to live on. Shares of KBPCP have been acquired by a "subsidiary" at prices ranging from $1.00 and $3.00 per share, which would be, of course, at very deep discounts to liquidation value.
USGF has been investing in branded consumer product, those found in the food and beverage aisles in specialty retail, mainstream grocery channels, discount and club stores. It also acquires mature, orphan brands in the food sector, personal care and household sectors.
The company has bought and sold product lines through the years. There were issues with some of those sales. Management had to work hard to get some recoveries. A new investment was made near the end of 2016. These are structured as VIEs with USFG being a limited partner.
I have received USGF financials for both 2016 and 2017. Waiting for 2018 to arrive.
USFG had $8.7 million in assets at 12/31/17. Equity stood at $2.4 million or $7,030,73 per share. That is not a typo - there were only 347 common shares outstanding.
EI
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 6.0400 [-]
Volume 375
Net Change 0.0400
Net Change % 0.67%
52 Week High 7.0000 on 05/30/2019
52 Week Low 2.2000 on 07/10/2018
Day High 6.0500
Day Low 6.0500
6.04 375
KBK CAPITAL CORPORATION (KBKCP) (5/30/19)
Last Trade [tick] 6.0100 [-]
Volume 7,234
Net Change 0.0000
Net Change % 0.00%
52 Week High 7.0000 on 05/30/2019
52 Week Low 2.2000 on 07/10/2018
Day High 7.0000
Day Low 6.0000
Hi Enterpring Investor,
This message board only goes back to 3/2016, but it seems like there used to be older discussion of this security. Can you give a brief explanation of how KBKCP got to this point? I know that the company was sold in 2003 and dividends were suspended shortly after, but why didn't they redeem these at the time and how the heck are they still here 15 years later?
I haven't done the full math, but can quickly see that the liquidation value is astonishingly high already - do you believe the company actually has the funds to pay off the remaining holders?
Thanks for any insight!
I will gladly accept the financial impact of redemption at par plus unpaid, accrued dividends.
Please feel free to redeem at any time. I am also willing to wait until the maturity date of 11/30/28 even if my shares are the last ones outstanding. My retirement account will thank you either way.
You see, I fully understand the impact on equity when liabilities are settled for less than book value.
Canter Hanger LLP represents the trustees of the KBK Capital Trust I.
On 4/30/19, the firm sent letters on the trustees' behalf to holders of the TruPS in an attempt to locate all residual ownerships interests in an effort to ultimately wind up administration of the trust.
There is a response sheet to fill out and email or send back via a SASE.
The letter details that less than 10 percent of the original 1,725,00 TruPS remain beneficially owned by holders not affiliated with United States Growth Funds Corporation (fka KBK Capital Corporation).
Most importantly...
"If you are interested in initiating the process of exploring the sale of your interests to the Company, please let us know."
Finally, the financials are in the mail. The letter states 2017, but I think it would be 2018.
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 6.0100 [-]
Volume 100
Net Change 3.0100
Net Change % 100.33%
52 Week High 6.0100 on 05/03/2018
52 Week Low 2.2000 on 07/10/2018
Day High 6.0100
Day Low 6.0100
6.01 100
KKBK CAPITAL CORPORATION (KBKCP) (4/25/19)
Last Trade [tick] 3.0000[-]
Volume 600
Net Change -2.0000
Net Change % -40.00%
52 Week High 5.0000 on 12/14/2018
52 Week Low 2.2000 on 7/10/2018
Day High 3.0000
Day Low 3.000
3.00 600
USFG (fka KBK Capital) began deferring dividend payments in July 2004.
The indenture agreement permitted payment deferral through September 2009.
Subsequently, USFG obtained forbearance agreements from certain shareholders further extending the deferral of dividend payments through 3/31/20.
In consideration of the forbearance, these stockholders' dividends accrue an additional 1.50 percent on the sum of the liquidation value, plus any unpaid dividends from 11/30/09 through 3/31/20.
BK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 5.0000[+]
Volume 500
Net Change 0.0000
Net Change % 0.0%
52 Week High 5.0000 on 12/14/2018
52 Week Low 2.2000 on 7/10/2018
Day High 5.0000
Day Low 5.000
230/5.00/230
5.00 500
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 5.0000[+]
Volume 250
Net Change 0.5000
Net Change % 11.11%
52 Week High 5.0000 on 12/14/2018
52 Week Low 2.2000 on 7/10/2018
Day High 5.0000
Day Low 5.000
480/5.01/250
5.00 250
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 4.5000 [-]
Volume 1,752
Net Change 1.1700
Net Change % 35.14%
52 Week High 5.0000 on 12/14/2018
52 Week Low 2.0000 on 12/15/2017
Day High 5.0000
Day Low 4.000
640/3.75/0
4.00 576
5.00 300
4.50 876
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 3.3300 [-]
Volume 2,800
Net Change 0.0800
Net Change % 2.46%
52 Week High 3.5000 on 12/13/2018
52 Week Low 2.0000 on 12/15/2017
Day High 3.5000
Day Low 3.3300
740/3.25/0
3.50 2000
3.33 800
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 3.2500[+]
Volume 690
Net Change 0.2300
Net Change % 7.62%
52 Week High 3.2500 on 05/03/2018
52 Week Low 0.7500 on 11/22/2017
Day High 3.2500
Day Low 3.2500
740/3.25/0
3.25 690
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 3.0200[+]
Volume 690
Net Change 0.5200
Net Change % 20.80%
52 Week High 3.2500 on 05/03/2018
52 Week Low 0.7500 on 11/22/2017
Day High 3.0200
Day Low 3.0200
0/0/0
3.02 690
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 2.6500[+]
Volume 333
Net Change -0.1000
Net Change % -3.64%
52 Week High 3.2500 on 05/03/2018
52 Week Low 0.5000 on 10/05/2017
Day High 2.6500
Day Low 2.6500
0/0/0
2.65 333
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 2.7500[+]
Volume 32,250
Net Change 0.5500
Net Change % 25.0%
52 Week High 3.2500 on 05/03/2018
52 Week Low 0.5000 on 10/05/2017
Day High 3.0500
Day Low 2.2500
0/0/0
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick]2.2000 [+]
Volume 935
Net Change -0.8500
Net Change % -27.87%
52 Week High 3.2500 on 05/03/2018
52 Week Low 0.5000 on 10/05/2017
Day High 2.2000
Day Low 2.2000
0/0/0
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 3.0500 [-]
Volume 6,250
Net Change 0.0500
Net Change % 1.67%
52 Week High 3.2500 on 05/03/2018
52 Week Low 0.5000 on 10/05/2017
Day High 3.2500
Day Low 3.0500
250/$3.25/250
KBK CAPITAL CORPORATION (KBKCP)
Last Trade [tick] 3.0000 [-]
Volume 10,000
Net Change 0.5000
Net Change % 20.0%
52 Week High 3.2000 on 05/02/2018
52 Week Low 0.5000 on 10/05/2017
Day High 3.2000
Day Low 2.5000
1000/$3.25/1000
Nothing.
I don’t expect anything in my mailbox anytime soon.
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KBK Capital Trust I issued 1,725,000 shares of mandatorily redeemable Trust Preferred Securities in 1998. The principal assets of the Trust are approximately $16.0 million in subordinated debentures issued by KBK Capital (now known as U.S. Growth Funds Corporation). The subordinated debentures, which are eliminated upon consolidation of the Trust with the Company, bear interest at a rate of 9.50% and mature in 2028, subject to extension or earlier redemption in certain events.
U.S. Growth Funds owns all of the common securities of the Trust and a subsidiary owns 1,577,853 TruPS shares (at 12/31/18).
The Preferred Securities are redeemable for cash, at the option of the Trust, in whole or in part, at a redemption price of $10.00 per share plus accumulated and unpaid distributions thereon. The Preferred Securities will also be redeemable upon the repayment either at maturity of the Debentures or as a result of the acceleration of the Debentures upon an event of default.
Distributions on the Preferred Securities are cumulative and accrue at 9.50% per annum on the sum of liquidation value thereof, plus unpaid distributions, which have been accrued in prior quarters. Accrued and unpaid distributions are reflected in accounts payable and other liabilities in the accompanying consolidated balance sheets.
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