Moving the Shrimp to Fiji, if the plan works.
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Shiver me timbers!
I am always looking for some good booty.
I know you are married Tina, but if you have any single (female) friends, I am available;)
Thank you boys. I knew you could bring it to me!!!!
Wooo hoo.. Who's your daddy?
I have another AON down at the bottom. Give me more!!!
Thanks for the symbol Lifegear. After you posted it at PAB, I did some EZ DD.
I am sure you are thrilled to see it bid up this morning. I started a bit late on it.
Oh, please do tell. I am almost out of posts for the day, so I can't beg and plead for your views as much as I usually do. In fact, you might get away with some real boners that I can't reply to until tomorrow. Of course, we all know that you have our best interests at heart, so don't spare us any details. I have a good idea what has happened myself, so let us in on any spare details or speculations you might have.
I haven't seen much in your previous posts that goes beyond narcissistic rhetoric, gloom and doom, or fire and brimstone. I would like to know how they plan on making half a billion dollars in reserves and the intercompany debts disappear without a trace.
Just under the bid, sir.
Bring it back down for me!
I want some. Quit holding out on me.
Did I call that retrace or what?
(PAB chat board)
Money flow and the P&F chart look like crap.
http://stockcharts.com/charts/gallery.html?twkgq
I just boardmarked this one. I like the business model, but the financials are a bit shaky. How do you pay for employees with that balance sheet?
It's nice to go for a company paid swim, but watch out for the sharks.
I like the board rules here:
#3. Post about other stocks.
Ok, I will.
I have positions in ACIT, TWKGQ, MRDG, and GWOW.
I base my investing style loosely on Graham/Dodd with some Elliot and Kondratiev thrown in for caution and excitement.
Well the 2008 year of account should be interesting if our boys negotiated that $3 million ransom. I don't know if that oil came to port yet, but if nothing else the insurance company should have a lean on it. I think they should just send the ship into dry dock until the oil company or the Saudi's pay for it. Getting it out of Somali waters was hard (and dangerous) work.
I am just happy that someone else is concerned about feeding all of those starving chilrden. Do you know that they estimate that a child dies every second from starvation or malnutrition? Many of them are in industrialized nations like India and the Phillipines because the governments don't teach the mothers what kind of foods they should give their children. The kids would be better served eating cockroaches and worms than the goverment handouts.
Gotta ask Dondoodit for that one. He is the accountant/actuary, if my guess is correct. He knows more about the actual writing involves, but my best guess for 2009 is ZERO. It is RITC. No more 839. Closed. I don't know who picks up the marine writing, and with piracy in Somalia, I hope its not us unless we get to sell the oil from that $100 million cargo we "purchased" for the $3 million ransom on the ship.
I played that sucker like a violin. I put up 35K reserve for the MM and he dumped on the buyer. He didn't even touch my 3K shares, so I keep the shares and wait for tommorrow. If a filing comes out tonight, solly cholly.
It crossed. I wonder if the MM took the extra 15K, and then whacked the bidder? Watch the bid tomnmorow. I am not allowed to day trade. Whoa, the bid already came back. He wants more!
What does he know?
I decided to make it All or None. I am not in this to show how I can whack the bidder. I am in it to make some cash. If he can't afford $140, he can't have my shares.
I am gonna whack him. $40,000 is too much for a shell. I can form a new company for a lot less. I suppose I'll check for new filings first, and see if anything is on the PR wires.
If he only has 5k shares on the bid, It will be a good opportunity for someone else to pick up the 15K shares he leaves behind. 40K might be too much for me, but it is about as cheap as I will sell.
I wonder how the bidder will feel if I whack him? That is a 40% return on my last 20K share buy. Do you think he put a whole $140 on the line?
No, I gave you plenty of room on the other side of the tree. I don't think I would aim for your shoe if I was trying to hit you:)
They appear to be doing everything they can to avoid returning any value to TGL. Canopius was actually formed from magic-sunny, and magic sunny came from former managers, right?
The market hasn't been very good at estimating the performance of LSRAF over the last 6 years, so I will accept your explanation with that contingency.
You should hate being soooo right about the time you read this and then look at a 7 year chart of LSRAF.
I could help you find that chart if you need it. Please be informed that your past results are indicative of your future performance, but they are not carved in stone.
You got me. I am not impressed with the site.
The oaks is actually a better description of the LSUK business. 839 was the highest reserves of the entire set of oaks syndicates, and if I remember correctly, the last one left to close. It's importance is clear when you consider that it still had a half a billion in reserves as of last year.
The series A holders are a bit mysterious. Why they allow the shares to sell at 22 cents is a mystery to me. They must get paid before anything comes to TWKGQ holders. That was clarified again in the details of "the transaction." Previous releases had indicated that the runoff of 839 (not of the oaks) was a split between LSRH, TGL, and TAC. Most of the Oaks was directed to La Salle proper, but 839 was where TGL had interest. As of the last scheme, there appeared to be a partnership between TAC and LSRH where they split half of 839, while TGL got the other half. The RITC closed the door, but left a window open. The described "linked offers" are the remaining window.
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=5596921
"The capital for Syndicate 839 was provided by the Oaks, and the Company, through its subsidiary, LSUK, holds 100% of the beneficial ownership in the Oaks. However, LSUK issued subordinated loan notes to TAC and TGL totalling almost $67 million and, as such, the economic interest in LSUK is effectively held by TAC and TGL."
It certainly indicates that Thomson and I are not the only ones who have made the connection. I tried to link the board of directors this afternoon, but couldn't find any of the old directors who had survived the long news drought. One of the current members is named Armstrong, and could be related to one of the old families. The company has been in business since 1909.
As far as "reality" goes, the shares probably didn't cross. The trade time shows 16:03, and that is technically an AH trade.
The MM just wanted to mark the tape for all of the technicians who might be looking for signals, and for all of the margin calls he could trigger by adjusting portfolio valuations.
I had the bid there first, but evidently the MM liked my research and decided to take the shares instead of delivering them to me at the bid.
http://www.allbusiness.com/manufacturing/fabricated-metal-product-manufacturing/388070-1.html
Maybe I am wrong about the research, but even if I am right, these crooked MM's arent getting another dime of my money. I am taking my marbles and going home. It is a bear market, and if these guys don't get straight, it will stay that way for a long, long, long time.
Does he have them? I would like those if someone can supply them.
Send me a private email if you have them. I don't want to have to split the jackpot. Thanks in advance!!!
My analysis sort of limits the potential. I see it as a quick double if my info is correct. As soon as it balances between the OTC and Toronto prices, the real financial condition dictates the prices. They have some nice business lines, but they haven't exactly been raking in the bucks.
Yes, thatis the cusip I have. Compare that to the cusip of the Toronto and London versions. If I remember correctly, the first five digits are the same, and the last four are probably indicating the country the shares are registered in. What the company should probably do is file with the SEC that they are now "domiciled" in Canada, and then periodically file the foriegn forms for quarterly reports.
Cannacord should know how to do this. I have seen Canadian filings transferred to the SEC before.
If anyone wishes to challenge my belief, you can lay your money down on the bet. I am the one who has jacked up the bid.
Not from what I have seen on Cusips. The other one is Genesis Worldwide II, and it is a subsidiary of a privately held company. Like I said before, I trust Thomson Financial to have it right. It could be a misplaced trust, but I am currently a believer based on what I understand about Cusips.
http://uk.biz.yahoo.com/31032008/323/genesis-worldwide-says-build-ukraine-steel-panel-plant-spelera.html
I have a feeling that the canadian associates don't want the american market to realize the potential for another market to eclipse their sales. They want to market the shares in London and Toronto, so they intentionally leave the connection vague. They are not authorized to sell the "newly" issued share in The US markets.
Is there any wonder I call this a "Special Situation" or "workout" ala Graham-Dodd investing?
This is all I have.
http://biz.yahoo.com/iw/090121/0467668.html
Are you sure those aren't stools?
I thought about this sh!t all night last night and I am almost sure we need a stool softener, because we might be sitting for a while.
As I see it now, the contingent assets almost have to be new notes to cover the old ones. The Book Value of LSRH would have calculated the notes ant the obligation to pay the preferred holders. It is a playful statement to say that the book value of LSRH is $35 million, and then ignore that 20 million of that would be the net of the difference between the 67 million note, and the 87 million inter-company obligation. The 87 million was also playfully stated as "insignificant" in the TGL 8k. That statement is the one I would depend on. In whose world, but reinsurance, is 87 million "insignificant?" Only in a case like this, where the $20 million net is already pledged, and in fact paid to LSRH holders, is the $87 million considered "insignificant."
The five assets are likely contingencies on the oaks, mainly 839, in that if the runoff can pay the debts, it will. If not, the company remains indebted. The assets might include shares in the Arista offering, but the JL has not announced that it does. The Arista offering would be the most feasable way of utilizing the NOL's. TheArista offering would also be the best way of clearing the Swiss Re obligation, which I am assuming was the myterious 40 million. Swiss Re seems to like to keep their name out of it.
I sent you an email on it. It really worked out strange, but the LSRH shareholders did push for an early distribution.
Maybe not. I just read the La Salle 8K from December 2007. The RITC was actually orchestrated by the JPL and Canopius more or less "acquired" 839. The dividend recieved by the La Salle holders was part of "the transaction."
I found that this lady:
http://www.cityarbitrators.com/bio.html
Claims the title for orchestrating the canopius side of "the transaction."
The Dec 2007 8K clears up some of my misconceptions. Some of the words cut pretty deep. I am going to have to read through it a few more times to be sure I got it right.
I am not so sure about the unpaid dividends. Typically when corporate dividends are suspended, there is no obligation to ever pay them on a common share. The La Salle dividends are cumulative with that regard, because they were designed as a liquidation and preferred instrument.
I thought the 67 M debt was a TAC note, not an LSUK obligation. My problem with this info and article was the reserves on 839. They were quite large, and the last I had heard was that 839 was simply a managed runoff in a condition known as "reinsurance to close." There would be no reason for them to purchase that asset, since it was closed to new business. It is not a going concern, but is a reserve against formerly written business. A buyer could theoretically be interested in the income stream of well managed reserves, but they were already the manager and would collect the management revenue without purchasing the asset.
The articles and transactions you have described would make no sense under normal operating circumstances. It wouldn't surprise me if it was simply a theft of the reserves that they figure they can hide from us, and which the Trenwick and La Salle shareholders should have been entitled to. Any other purchase agreement would simply make no business sense. If the article is true, it is almost clear evidence of a crime.
It would be very interesting to watch those reserves, and any new writing against them.
The last scheme I read included Trenwick and TAC as equal partners in the 839 runoff and (I believe) also the 20% of 4444. I assumed that TAC was given the responsibility of paying both the LSRAF shareholder preferreds and the 67 M note from their half.
Take into consideration that the reporter has no information other than what he got by gleaning a few reports. It is doubtful that canopious has any more or less interest in 839 as we have discussed previously. Reporters get paid for writing stories, not for accuracy. Just read the any of the rags they print everyday, and you will likely grow as disgusted with journalists as I am. You might want to see if you can get his email address and press him on it. Other than that, I would assume error. Canopius has consistantly stated that they manage the runoff of 839, they have never stated that the acquired it.
I am a big fan of the NY TIMES conservative reporting staff.
NOT!
Anybody on this board? I-box needs updated.
METP, FRZR, WCHG - symbol changed???
IMCX - dissolved by state of colorado
I just checked a few.
Caution advised. Some traders seem to believe that this is not the same company as GWOW.
http://biz.yahoo.com/iw/090121/0467668.html
I tend to trust Thomson Financial, who makes the same connection I do. CUSIP numbers only vary slightly between the pink sheet stock and the Toronto and London Exchanges. The original company was a multi-national named Monarch Machine Tool, and was traded on the NYSE.
If it's another ocean play, I will have to put it on sonar.
Maybe I will just let them hold my coffee while I go for a swim:)
Thanks for that news Tina. Sorry to hear about your husband. I hope they are giving him something good for the pain. I put DPBE right next to ORRV in my interesting oceans watch list.
Has anybody here looked at ABLE?
Do you even consider balance sheets, or do you just follow technicals on this board?
Speaking of technicals, check out the current retrace on ARTA. Unless it exceeds my lower expectations, I think I nailed it.
Mmmmmmmm, worms. I have a great way of increasing the yeild of any worm patch you might have in the backyard of your free house. How is the painting going?
My recent paint jobs have worn off, but that is ok. I needed to let them fall off to buy more shares. It's all part of my devious plan to take over the world.
I see that you found out where the hot chicks in San Diego hang out.
Only 6 boardmarks here.
Ok, I have been doing a little digging, aka forensic DD to find out whats up. These guys have managed to virtually dissolve the company without a trace. According to current information on the State of Utah's web page, back in 2006, they failed to update the Utah State registration, and have let it lapse since then.
So now we have two of the major players working in other companies, and leaving this shell without an office, without a working phone number, and with shares still changing hands. I would think that leaving the company to work for another would be something that the shareholders need to be informed of.
I will post more details of the above if requested, and will eventually update the Ibox. I am planning on getting some letters off to directors for more information. I had read about some court proceedings to settle the debts of some of the centers. Two of the centers appear to have transferred to another company, and I will research that further to see if my suspicions are correct.
For those of us who still think positive, the fact that Chapter 11 has not been initiated, and the centers have changed hands is a positive sign. At least the shell would be clean, and at this price (~.001), a clean shell is a bargain.
Thats my 2 cents, and 2 cents might get you 20 shares.
My infomercial hasn't worked. I can't have a bidding war with myself.
Gee, Wow.
It is a great book. I wonder when the movie is coming out?
Actually it does have a bearing on the current situation. It clears up the slightest thought of any contigent legal liabilities. The company appears debt free in more than simple math. If the insurance reserve standards are met, they should remove the Q.