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Yeah. That, and there was a lot of trading with a base around these levels in late April before spiking up nicely. This thing does need to hold here for a bit though.. right now I think it's scaring off the less daring buyers.
Re: GGWPQ & MPG
Sold out the last of my GGWPQ at 2.08. Scaled out at 1.27, 1.65, and 2.08 over the last 3 days. 255% net! (from a .62 entry) I might re-enter this guy with my profits if it pulls back a little further. Some people are looking for $8 bucks on this thing.
Added MPG at 1.03. Scaled in from 1.37, 1.22 and now 1.03. Average cost per share including commission is 1.16.
GGWPQ +48% View URL for catalyst. (Ackman's comments)
http://finance.yahoo.com/news/Investor-Ackman-sees-13fold-rb-15371451.html?.v=1
GGWPQ +44% KABOOM!
GGWPQ +35% 1.77 new HOD
GGWPQ +31% on 10 times avg vol
GGWPQ +23% on breakout volume
Probably right. Either way, I'm happy :)
I didn't get my 1.02 fill :( It was there for just a brief moment, but no go.
GGWPQ doing admirably with volume.
I'm not out of MPG. Chart isn't either, AFAIK. Crappy few days. Wish I had peeled some off yesterday at the 1.30s, but one can't see the future. I still think its a good company, but I'm starting to get worried about price support.
I'm not fearful about it, but I am concerned.
In the end though, my position isn't terribly big in it, so I can afford to wait. I think if someone gets out now, they're selling at/near the bottom.. but I could understand if someone was overweight in the position and wanted to pare it down a little to preserve capital.
EVPH again touched its highest price ever to date today. No overhead supply/resistance. This thing can keep going. Don't anyone give up on the 'ol EVPH yet!
--
Chart, I'm very sorry to hear about your mom. Such a heavy emotional burden. Wishing you the strength to endure and to treasure your time with her and your family, and to make the time count.
GGWPQ just started going nuts
Taxpayers owning 70% of GM. Turns my stomach.
lol. ah well, we finished nicely up. hope we see some good follow-thru tomorrow.
Don't give the EVPH bid-sitters anything!
The spread is over 25%.
If you look at the chart, we had the same thing just days prior to thursday. Spike up.. then flat after just a small dip.. then BOOOM. Lets go for another.
MPG pushing back up.. cmon big close!
slap dat ask! hahaha.
MPG: Weeeeeeeeeeeee!
Awesome :D Given whats happened to a few of the others you've called master's option... this makes me very happy.
New MPG Board Members... Good stuff!
http://www.marketwire.com/press-release/Maguire-Properties-Inc-NYSE-MPG-994607.html
I think this is VERY positive for Maguire:
"Mr. Gillfillan currently serves as Partner of Meriturn Partners, a private equity fund that purchases controlling interests in distressed middle market manufacturing and distribution companies. He is the retired Vice Chairman and Chief Credit Officer of Wells Fargo Bank, NA, where he was responsible for all facets of credit risk management, including direct oversight of the loan workout units that had peak problem assets in excess of $7 billion. During his tenure at Wells Fargo Bank, Mr. Gillfillan also served as Vice Chairman and Group Head of the Commercial & Corporate Banking Groups and Executive Vice President, Loan Adjustment Group where he was responsible for marketing and servicing all bank loans, deposits and capital market products as well as managing the loan workout function for the bank. "
Being able to re-work your debt-load when business is rough is the key for these REITs. It's very promising to me that they have someone on their board who lived and breathed this world. This guy should be able to advise the company on the best possible way to maneuver in this credit-sensitive environment.
Glad to see MPG showing some life!
Good stuff- sounds like a productive weekend :)
Good morning, WU!
Hope everyone had a great extended weekend, and didn't get too wet. It rained like the dickens here!
May 16, 2009
thanks man, you too!
Net-net its good for MPG longs. A few phrases:
"trading close to asset value"
"worth holding for risk-tolerant investors"
"takeover premium relative to peers"
In other words, not a lot of downside (which is why they're getting large investments in their preferred shares by others in the industry) and also a potential buy-out target for others in the industry because their price is so low.
My average is currently 1.27. Hoping for the best for all!
Funny you mention getting bought out. I pulled the S&P report on Maguire from my Scottrade account and saw these:
------
We think a recent investment in MPG's
Series A preferred shares by Winthrop Realty
Trust (FUR: strong sell, $9) will spur management
to consider strategic alternatives. In the
meantime, we think the trust's shares are trading
close to asset value and are worth holding
for risk tolerant investors.
Risks to our recommendation and target price
include less than expected success in raising
proceeds from asset sales and potential defaults
on outstanding mortgage debt.
Our 12-month target price of $2.00 is based primarily
on our NAV model, using recent market
transactions and a one-year cash yield of 6.0%.
This implies applying a multiple of 13.3X our
2009 FFO estimate of $0.15, reflecting a takeover
premium relative to peers.
------
Thanks Chart :)
Having a BBQ Monday with my dad - served in vietnam in the radio research division, involved in the cambodia push from the 1970s. Awarded the bronze star after intercepting VC communiques and having units diverted. I love my dad - has a heart of gold.
So tempted to short gold right now.
But... I'm not going to. Simply too much momentum and trend behind it right now, especially with all the weak dollar talk. I don't fully agree with it, but I'm not going to fight it just yet.
ONT definitely looking good today. I added to my freebies a few days ago at .429.
Probably same reason EVPH sometimes has a wide spread -- accumulation. everybody that really wants to buy is hitting the ask.. and there are just bid sitters out there in la-la land.
Could mean good things, but who knows. I haven't done any DD on ICRD. In the case of EVPH, Chart likes it plus it seems to have a viable business plan in the right market.
EVPH GREAT GOOGLY-MOOGLY!
Hah, I'd love that.
Haha, awesome! I decided to double down on MPG.. bought some in at 1.22... walked off to drop a deuce, and came back to a 1.31!
Very awesome.
EVPH 0.35 x 0.37
2% penetration of yesterday's 20 day moving average is 1.28. That's my line in the sand for MPG. It'll be hard to sell though if it closes below that just because the market as a whole I think has been most responsible on its action today.
Good question. I want someone to throw up a L2. At this point I can't rule out MM manipulation, but yeah that spread is pretty damn big.
Crappy day for commercial real estate :/