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They recently put Couchmans secretary's phone number on the Myrexis website. I would contact her:
CONTACT US
Myrexis, Inc.
c/o Couchman Management LLC, 630 Fifth Avenue, Suite 2260, New York, NY 10020, US
801-214-7800
iwona.wisniewska@myrexis.com
Hey Aqua, do you have contact information? Would love to reach out to confirm he is still working on trying to monetize this shell (cash and NOL’s).
I never thought I would see this thing so low. Bid at .007! Geez. Cash value alone this could be liquidated over .03 and that is just liquidation. Factor in the value of the tax carry forward and it is substantially more. I just don’t know what to make of it. JMO
Been a long time. Need to look back at Golf Trust and some other deals he had to see how long it took to materialize. Don’t remember as it has been a long time since I looked at the timeline for those.
I was the 65k bidder at .016 that got filled today. I still have hope with this one. A couple months from now will be 6 years of being dormant so that will mean that the statute of limitations will be up for anyone to be able to file any kind of lawsuit against the company
Soon this will be a risk free opportunity for MYRX to acquire another profitable company to utilize the $150 million in NOL's. Basically I'm hoping 2019 will be the year that MYRX gets utilized.
Grabbed some more down here today. Not sure why at this point lol
Someone keeps bid jumping me but maybe I should be glad with the small fills of 200 shares.
I have no idea where the volume is coming from. I picked up another nice block of shares. Buying at .023 ask is a no brainer. According to previous filings, couchman paid the equivalent of .035 for his shares and that was at a big discount at that time. He got his shares cheap since he would be using his time and incurring the cost of having the shell.
Where the heck is the volume even coming from at this point? It will trade almost nothing for months then have a large volume day. Can’t just be MM’s. Would love to see something happen with this one.
.021 ask for MYRX is an all time low. Great price to get in at IMO. I picked up a nice chunk of shares today.
Yes, tons of potential here. Has to be interest just anyone’s guess as to when something materializes. Much less attractive shells without the cash and NOLs doing well. Someone continues to scoop up those .04s when they are available.
Couchman is a very professional guy. I have asked him for information and he says that I need to look at the previous filings. He won't give out current information unless it is released to the public first.
I really like the fact that MYRX has nearly $150 million in NOL's
Has anyone reached out to Couchman lately for any updates?
Who knows as it has been this long. With it trading around cash and those NOLs and this shell it has excellent potential.
It's been a while since I have been on here. I think MYRX is at its lows. I am very confident in the CEO. It shouldn't be long before the shell is utilized IMO
Finally got my entry. Took quite some time. This is a good looking shell trading near cash with around $150million NOL to monetize. These take patience but should do well. Many other shells out there much less attractive than this one that have had success.
Thanks for the info. It would great if the NOL's would never expire. That would make this more valuable. I have a guess as to why the CEO won't answer questions about the company but it's only a guess.
Thanks for the insight. Who knows if anything gets done but agree the expiration lift would be nice for MYRX. Although it appears plenty of time left on the NOLs at the moment. I believe 2019-2025 is when they would roll off.
Have a slug of MYRX stock as well. Tax reform, if passed, could actually be beneficial to MYRX. On the one hand, reducing the corporate tax rate for all businesses would make the NOL less valuable (since you would only be shielding a 20% or 25% tax rate rather than a 35% tax rate). The mitigant here is that MYRX's gross NOL value is so large that it still has value even if the tax rate is lowered.
But on the other hand, there is an additional point that would make the MYRX NOL more valuable if passed. There is discussion in the GOP blueprint about eliminating the time limitation on NOLs, which would mean that businesses would have unlimited time to make use of the NOL. You can see that here:
https://www.bna.com/corporate-closeup-federal-b73014462490/
Elimination of Net Interest Expense Deduction and NOL Carryforward Limitation
Currently, businesses can deduct net interest expenses from federal taxable income as it is incurred. The GOP blueprint allows for deductions only against net interest expenses for future loans while Trump’s proposal permits taxpayers to choose between the aforementioned full expensing of capital assets and the net interest expense deduction.
Specifically, the GOP blueprint allows for net interest expenses to be carried forward indefinitely and allowed as a deduction against net interest income in future years. Notably, the blueprint also allows for “net operating losses to be carried forward indefinitely and… increased by an interest factor that compensates for inflation and… return on capital." Currently, the federal tax code allows 20 years for an NOL carryforward.
I still own my block of MYRX shares. Jonathan Couchman is still the CEO of this company and has a proven history of getting things done. I have talked to him before. Great guy with excellent business ethics.
Anyone still follow this?
I agree that MYRX looks really interesting. $150M gross NOL in a company led by a CEO that has monetized two NOL shells in the past. Aquaspin, what's your email? Had something I wanted to ask you about MYRX
I was talking about the bids not the volume. There is someone bidding 300,000+ shares below the current 105,000 bid at .063
They keep raising the bid. Makes me think something may happen soon with MYRX
what volume are you looking at, I see none and it is still .06
Big bidders keep trying to out bid each other here. I've never seen this here before. If the company merges with another then we could easily see $1+ again. I think it happens in the next year by how it's trading
I predict another ask slap this morning. I think a .10 break could sent it imo
Looking good with that 310,000 bid at .061! That is like $19,000!
MYRX merger coming? Its $150,000,000 in NOL's has to be worth something!
MYRX - Huge 187,000 bid in at .053! About to come to life?! Someone who puts $10,000 into a shell probably knows something right?!
Sounds good, but doesn't necessarily mean anything will happen soon. Just look at another NOL shell, WMIH. They have an $8 Billion NOL,(somewhere around that number), $700 million cash for M&A, and powerhouse, KKR leading the charge.. Yet, nothing for years...
These are most likely good plays for one willing to sit back for years if need, and wait for the event.
Who knows, maybe this smaller shell would be less complicated to match up.
Gltu
MYRX filed a 15-12 so it won't get delisted. Debt free shell with $1.2 million in cash and well over $100 million in NOL's. Someone big has been bidding so I bet something happens soon
Just that there have been huge bids showing up lately. I've been watching level 2 a lot on this over the weeks and have noticed 200-300k bids. I don't think those are retail bids. Maybe insiders or people in the know? Here is an article a couple years back
Myrexis: Cheap Opportunity On Proven Management Team
Mar. 3, 2014 12:29 PM ET|3 comments| About: Myrexis, Inc. (MYRX)
Erymanthos
Erymanthos
Long/short equity, value, oil & gas, dividend investing
(83 followers)
Editors' Note: This article covers a stock trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.
Thesis: Since distributing most of its assets to shareholders, Myrexis (NASDAQ:MYRX) has been left for dead despite possessing one final valuable asset-a net operating loss carryfoward. The Company is currently valued at $5.4 million, just a fraction of its $147 million net operating loss (NOL) carry forward. The Company's CEO Jonathan Couchman was brought on to monetize this asset. Since joining, Couchman has brought on a former colleague, Michael Pearce, as a director. Both men have extensive experience monetizing such assets, which could potentially generate substantial returns for shareholders uncorrelated with the market.
Background on Myrexis: On 06/30/09, Myriad Genetics spun-off its cancer research and drug development business to shareholders. After spending two and a half years and millions without much success, in February of 2012, the Company decided to suspend all pre-clinical and clinical programs and pursue strategic alternatives. Subsequently on 11/09/12, MYRX announced its plans to liquidate. However, the day the special shareholder meeting was set to take place (on 01/23/13) to vote on the liquidation, the Company announced it decided to cancel the meeting and instead declare a special cash dividend to shareholders of $2.86 per share. On that same day, the Company named Jonathan Couchman as Director, President, and CEO to pursue other strategic alternatives-namely to monetize its NOLs. After going ex-dividend on 02/19/13, the stock fell to $0.17.
Investors have abandoned the Company after it paid the dividend despite the fact that it still possesses an extremely valuable asset with a proven management team.
How to monetize NOLs: It should be noted that there are certain tax rules designed to circumvent "trafficking" of NOLs. Section 382 of the Internal Revenue Code states that if a "change in ownership" occurs the NOL would be subject to annual limitations, which would significantly reduce its value. A change in ownership occurs if one or more "5% shareholders" increase their ownership in the company by more than 50 percentage points over a three-year testing period. For instance, if a 10% shareholder increased his position in the Company to 60% (a 50 percentage point increase), the NOL would be subject to annual limitations.
Obviously with Section 382 in place, the obvious method to monetize a NOL is to acquire an asset with taxable income to offset the losses-this way, a change in ownership never occurs. The second method to monetize a NOL is to be acquired by another company. Of course, this would likely trigger a change in control, which set annual limitations on the use of the NOL. Despite the annual limitations, a company in MYRX's situation is still an attractive target for private companies looking to go public via a reverse merger. The two most obvious reasons to go public through a reverse merger are that it's faster and generally cheaper than a traditional IPO. Fortunately for MYRX shareholders, Couchman and Pearce have completed both types of transactions.
Given that the investment thesis is essentially predicated on Couchman and Pearce monetizing the NOL, it is important to get a good understanding of both people:
Couchman: Couchman graduated with a Bachelor's in Finance from Chico State and currently serves as Chairman, President, CEO, and CFO of Xstelos Holdings, Inc. (OTCPK:XTLS). Prior to that, Couchman served as Chairman, President, CEO, and CFO of Footstar, Inc. until January 2012, at which point Footstar shareholders were converted to XTLS shareholders. Couchman also previously served as director of Golf Trust of America and was involved with their liquidation and subsequent merger with Pernix Therapeutics (NYSEMKT:PTX). In addition to his various board duties, he also serves as manager of various funds/partnerships he founded including Couchman Capital LLC, Couchman Investments LP, and Couchman International Ltd.
Pearce: Pearce has served as Chairman of Pernix Therapeutics Holdings since March 2010. He also currently serves as a principal in Relevant Therapeutics LLC and is a majority shareholder in Hatteras Equity, an acquirer of distressed real estate assets in North Carolina. Acting as Chairman and CEO, Pearce led the repositioning of Golf Trust of America, Inc., which ultimately led to its acquisition (more in this later). From the mid 80s to the early 2000s, Pearce held various leadership in several technology and communications companies such as Hyundai Electronics America, Librex Computer Systems, Ventana Communications, and VocalTec Communications (NASDAQ:CALL). In addition, throughout his career, Pearce has served on the boards of various private and public companies such as Swiss Precision Corporation, Reliability, Inc., and Spatializer Audio Labs, Inc. Suffice it to say, Pearce's experience in various companies over the years affords him with an excellent network to extract value from MYRX.
As previously mentioned, both Couchman and Pearce have a proven track record for monetizing NOLs. I will now detail their prior experience in monetizing NOLs.
Golf Trust of America: As the name suggests, Golf Trust of America, Inc. (GTA) was a real estate investment trust (REIT) formed to acquire upscale golf courses throughout the U.S. On 02/28/01, after a review of strategic alternatives, GTA's Board unanimously decided to liquidate the Company. By mid 2007, GTA had sold most of its assets and was left with a very valuable $85 million NOL. In the fall of 2007, Michael Pearce was brought on the board and shortly followed by Couchman. The Company then began evaluating ways to monetize its NOL. On 10/06/09, the Company announced a plan to merge with Pernix Therapeutics , a specialty pharmaceutical company focused on pediatrics, in the form of a reverse merger. Michael Pearce was responsible for identifying and negotiating this transaction.
By the time Couchman joined GTA as director on 12/14/07, the stock traded at $2.14. Following GTA's last asset sale on 09/26/08, the stock had fallen to $1.50. By the time the merger closed, the stock hit $1.99 and surged to $5.00 the day after it closed. The overall return from the moment Pearce joined the Company (on 09/13/07) to the day after the Company closed the merger (on 03/10/10) was 150.0%. Obviously in this case, Pearce was able to extract significant value from GTA's NOLs through a reverse merger.
Date
That's a bold prediction. What information are you basing your prediction on? I don't see it.
Deregistered a/o Jul 31, 2013.
This stock is a dark zombie.
2017 is the year for MYRX IMO. Huge bids today.
And another huge buy day today. Something about to happen IMO
$1+ very soon IMO
Single trade of 608k shares at 7.5 cents.
Volume is ridiculous but pps is going up strong, besides we have broken sma(20),sma(50) & sma (200) recently
RockHard, forgot it in my previous post,
{See also : http://seekingalpha.com/author/chris-demuth-jr/stocktalk/symbol/myrx }
Hi RockHard
you are right, the link doesn't work now; the person who wrote the doc, a relly good insight IMO is Chris DeMuth Jr.
"
"It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a misplaced bet - that they can occasionally find one."
- Charlie Munger
I look and sift the world for such misplaced bets. When I occasionally find one, I first exploit it for profit on behalf of investors at Rangeley Capital. Then, I write about it for anyone else interested in such ideas. "
______________________________________
{ See http://seekingalpha.com/author/chris-demuth-jr }
I don't know why he disabled the link
I hope he enables it again or at least gives you a copy of the "Myrexis (MYRX) Investment Thesis" if you contact him...
resterner@rangeleycapital.com
Best Regards
iprelude... the link you included in your past post does not function... the message reads:
"Access to this link has been disabled. Please ask the owner of the shared link to send a new link to access the file or the folder."
Kindly send a functioning link or describe the original message contents. Thanks, Steve
1m+ in vol. today for nothing going on. Hmmmmm.....
I know one thing...SOMETHING IS UP and I have a feeling it's something positive. I'm patiently holding.
New board members were added per an 8k out on the 2/20. Also, look at how messed up the stockchart is on MYRX. It's completely upside down.
thought companies are prohibited to distribute in excess of retained earnings
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