Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I wouldn't go anywhere near Legendary's offer ....
Major major dilution of equity .....
Takes equity liquidation value (worst case scenario) DOWN from $1.11 to something like 40 cents ...
and takes book value per share down from approx $2.40 to something like 87 cents per share ...
its a rotten deal for equity ... consider it dead on arrival .... it should not be allowed by the court ... motion DENIED!
if they would like to exchange their debt for equity then they need to do it near book value per share ....
just one person's view .....
Added another 50k .....
looks like i got filled on 50,000 MMPI shares at 15 cents while i was away .... intend to put more bids below the current price
and i haven't fully got back into all the MMPI data and info flow yet ...
its taking a lil longer than i thought ....
hope all is well for everyone ...
Back home and ready to go ...
lil tired tonight but plan on doing some MMPI work over the weekend ....
nice whirlwind trip in Europe and now ready to get back to MMPI business
hope all is well with everyone ...
Chinatown ....
is a very nice piece of property .... in Chinatown
now vacant with lots of potential
Looks like ..... lots going on ...
while im on vacation
now in Lisbon, Portugal and unable to get full access to my office email and unable to respond to UST solicitation email
will respond on Friday when im back in the U.S.
dont worry be happy, ill be back in no time
a view from the top .....
the best offer so far is from RM ....
keep these numbers in mind as offers are proposed ...
imo, MMPI is worth approx $1.11 per share in liquidation ....
and worth north of $2.40 per share on a going concern basis ...
and so the thugs at Legendary lowered both to .22 and .48 with no cash buyout
and Hartland offered .16 per share cash buyout or .10 plus an option to buy in ??
if we can receive $1.11 per share upon liquidation why is anything less acceptable ...
so from the top of a hill in Barcelona ... imo, RM has the best offer on the equity poker table
a view all the way from ........
Barcelona, Spain
The legendary offer appears to be very very very dilutive and not favorable to current equity ....
The legendary investors look nastier than RM ... in my view they can have their properties in lieu of forclosure and go away ....
just one view from across the ocean
eyes on the ground and in court ....
I've inspected almost 100% of the properties ..... LA is in my backyard .....
for now, also watch the BofA legal battle as this could be key ...
also, imo, you are being given a chance to grab shares here and if you dont take them someone will/should ...
(ei, can you please send me a copy of your SEC letter to my yahoo address, thanks in advance)
last thing ..... will be on vacation for a couple of weeks but plan on being connected ...
i like your idea in theory ..... but
please explain your fear level ...
it needs some splaining ...
please tell the board if you have a bid for any MMPI shares ...
or are you simply waiting for some type of whoosh lower ... and if so what is your MMPI fear level ...
cant be lower than 8 pennies cuz RM is bidding 8 cents
and even if you fail to post the above, since you've asked the board members essentially to NOT buy shares, please be sure to at least post on the board WHEN to buy ....
since RM is bidding 8 cents and three other plan proponents lined up, then imo its 10 cents down from here and a dollar up from here .. 10 to 1
good luck to all
Thank you ......
a few sellers are showing up ....
Nice day .....
just added 50K shares of MMPI at a nick below 20 cents
more bids below this market ... need more sellers ...
New Value ..
she ruled on the New Value issue ....
which is about equity .... old and new
Her signature is just ...
a formality .. as she's instructed them to draft the order for her to sign ... and that order really doesnt directly affect anyone other than RM ...
RM has personally guaranteed lots of the loans, so if MMPI is unable to pay the he's personally on the hook ...
but there was some other really important matters covered in her rulings .....
please reread the filing and direct your attention to her rulings .... ill send you a pdf copy of the filing if you would like ...
The judge has ruled .....
I believe the judge has ruled on the matter .... amongst several other matters on June 11
see declaration of Geher and other info in Doc 1537 which includes ....
-------------------------------------------------------
ORDERED that that portion of the Court's tentative ruling, attached as Exhibit "A" hereto, entitled "Is the provision in the Plan to enjoin creditors from enforcement of certain guaranty
obligations against non-debtor guarantors during the course of the Plan properly included in the Plan?" is hereby incorporated herein by this reference and made the final ruling of the Court; and it is further
ORDERED that, as a matter of law, the "Temporary Enforcement Injunction" contained in Article IV. 0 of the Plan violates Bankruptcy Code § 524( e) and cannot be included in any plan of
reorganization or forced upon any creditor in a plan of reorganization.
-----------------------------------------------------------
Sellers needed and a TWO year anniversary .....
where have all the MMPI sellers gone?? .... as i am trying to add MMPI shares without having to hit the offer .... i may need to adjust and either raise my bid or simply take shares at the offer .... anyways ...
A TWO year anniversary with MMPI is approaching ...
Although i started following MMPI in the fall of 2006 pre IPO my first purchase was for 2,000 MMPI shares ...
July 2, 2008 at $1.80 per share ... YIKES!
soon thereafter Andrew Murray, the CFO, purchased approx 75,000 shares around $1.95 and that reinforced my opinion that $1.82 would turn out to be a good number ... besides I personally spoke to Murray and he said at that time a FIRE sale of all properties would bring $250 million net to shareholders .... $2.84 per share
since then I have purchased MMPI shares all the way down @ $1.50, 70 cents, 40 cents etc etc etc .... my largest number of shares purchased were at 3.3 cents ... lowering my average cost to approximately 9 cents ...
well TWO years later and MMPI is now at 25 cents .... what a long strange trip this has been .... as i now find myself looking to add MMPI shares and average UP ...... which i really do not like doing ...... but my instincts say .... this is a minimum 4 bagger from this level .....
well then .... just need a few sellers to get in gear and hit my bids .....
and regardless of whether i am able to add more shares .... imo, MMPI needs to exit BK and get on with the business of realizing its book value of $1.77 per MMPI share ...
good luck to all ...
No need for ignorance ....
ignorance may be bliss .... but owning MMPI takes a lil knowledge ...
If you forward an email contact i will send you a copy of three things ...
1. The 2nd Amended POR .... filed June 10 at 11:40 p.m.
2. The 2nd Amended Disclosure Stmt . filed June 10 at 11:49 p.m.
3. Revised Exhibits to 2nd Amended Disc Stmt .. filed yesterday
should make for some interesting weekend reading ... and if you plan on printing be sure you have an extra ream of paper and print cartridge
i will send under the condition that you agree to share your personal analysis of the docs with this board ...
i believe all debt should be considered recourse ... and will use the contrast with MPG ....
MPG handed the keys back to the lenders on SEVERAL of their properties because ..... they were non recourse to MPG ... BK not required ..
MMPI on the other hand has placed all its properties in BK ... to restructure its debt as its recourse to MMPI and or guaranteed by RM ...
anyways .... lots of info in the docs ... good luck parsing the information ..
and dont forget there may be three other PORs submitted before all is said and done re MMPI ...
Its not really that important ....
long term for MMPI that the Lakers won tonight but ....
for any of you who do not live in LA or know the specific properties owned by MMPI ...
there are some really choice MMPI terra firma near LA Live! and Staples Center.....
mostly undeveloped but nice and very big .... like entire LA city blocks square ....
next time EI makes it to LA we'll need to connect, inspect (properties) and find a nice place to relax and kick up some LA dust as we swig refreshments .... and talk MMPI BK facts ..
good for the Lakers tonight and now lets get MMPI the hell outta BK so we can stop the outrageous legal fees cuz ... at this rate they're getting paid (by the equity holders) more than Kobe ...
Go LAKERS! ...
Gotta cheer the Lakers on to VICTORY!
MMPI (we) owns lots of real estate very near the Staples Center...
Go LAKERS!
MMPI sellers will show up ...
even though there aren't many shareholders left in MMPI, as there are a dozen or so here ...... for the remainder ....
they're in a dark dark cave, no news is being released and they simply have no idea, except for letters containing legalese they've received, what the hell is happening with MMPI ...
half probably cant even pull up a current quote and still think its trading at a nickel .....
it's only been 5 trading days since friday
when they get a call from their broker or their June brokerage stmt arrives and they find out that its a quarter, they'll feel the "shock effect" and hit the sell button (at market) ..
wah, lah, a few more shares handed over to SST
i actually think some posters here felt the "shock effect" on Friday and Monday and hit the sell button .... im sure SST thanks them
the rest of us should stay focused on the BK news flow and stay focused on the cash liquidation value or more
at this stage imo do not be thinking of where to sell but rather where do you want to buy ... just one person's view ...
good luck to all ...
SST doesnt need to ....
buy votes ..... as RM owns 51% and is the controlling shareholder ...
but RM has now opened the door and invited SST, and all equity holders, into his equity kingdom ....
imo, with the door now wide open, MMPI has the potential to turn into a ten bagger even from current levels .... therefore, SST is now adding exposure in MMPI to increase his total return .... imo thats simply a smart plan
keep your eye on the right target ....
good luck to all
you should consider it ....
all recourse debt .... this will allow you to get to the downside number ...
good luck ...
p.s. if anyone listens to the jokester who posted "MMPI is at resistance, take profits" .....and you sell your MMPI shares .. be aware SST is prepared to take them from you at these levels and he most likely aint giving them back ...
Good catch ....
previously i believe i concluded the 845 Flower (717 Ninth) and Chinatown equity was not included ...
i need to reprint and review MORs....
regardless ... it will not change my numbers ....
MMPI cash liquidation number remains at $1.11 per share and
MMPI book value near $2.50 per share ....
and RM's new POR says ..... we may participate as equity holders ...
and so i say .... well allright now .... eventually the MMPI shares will be valued between $1.11 and $2.50 or higher ....
nada, zippo, see ya has been permanently taken off the table ...
i have placed nice sized bids just below the market ... not waiting till i can zero in on the exact book value $$
good luck to all ..
Dont start the party just yet ....
there will be a time to celebrate but imo we're not there yet ..
anyways ...... from MMPI's Disclosure Stmt filed June 10 ...
----------------------------------------------------
As of April 23, 2010, there are 87,845,789 shares of Common
Stock issued and outstanding held by approximately sixty holders of record.
----------------------------------------------
May MOR equity of $194.6 million needs ...
to be adjusted upwards by $35 million to include equity from
717 9th St. ($19.5 million in net cash) and Chinatown - $16 million ..
717 and Chinatown are not included in the MOR ...
Total equity for MMPI is approximately $230 million or $2.60 per MMPI share ....
think about this .... the 717 cash balance of $19.5 million is greater than the total market value of MMPI at 22 cents ...
time to .. get two or three more secured creditors to fall like dominoes .... get a POR approved .... and get outta BK ... we need to stop paying the outrageous legal fees ... cuz its depleting MMPI's equity ...
MMPI shares are currently being transferred ....
from weak (unknowing) hands to very strong hands ....
the number of shareholders are down to something like 69 per MMPI's latest disclosure statement ... and are being picked off one by one
SST is prepared to buy shares at these levels as evidenced by his recent filings ..
and SST has bought shares within the last year at nearly twice these levels ....
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000950123%2D09%2D039990%2Etxt&FilePath=%5C2009%5C09%5C01%5C&CoName=MERUELO+MADDUX+PROPERTIES%2C+INC%2E&FormType=SC+13D%2FA&RcvdDate=9%2F1%2F2009&pdf=
imo, it looks like SST plans on going the distance with MMPI
im okay with creating wealth slowly ....
I really have no MMPI time frame ....
if its my opinion, that the WORST case scenario is a five bagger, then three or four years isnt really that long ....
and if it turns into a ten bagger over five or seven years all the better ...
but there's one thing i do know ... after last Friday ... its time to buy, not sell, MMPI
good luck ...
EI, you're doing lots of work ...
thank you.....
no offense taken from any of your posts ... today, yesterday or tomorrow
just making sure together we stay focused on the right target ...
the goal is to leverage this board to our mutual advantage so we may increase our return on MMPI as the circumstances change in our favor ...
my plan is to provoke thought on the merits of being long MMPI by challenging your (my) thought process ...
my intentions have never been to offend anyone ...
im very long MMPI, i bot several hundred thousand shares on Friday and in the days ahead intend on buying more MMPI shares as the opportunity presents itself ...
if things on the ground change again, i reserve the right to change my plans ...
good luck to all ...
things on the ground changed last Friday ...
eom, im puzzled why would you post that you hope someone else (SST) would continue to buy MMPI shares until a $1 ....
do you know what you own?
here's my point ....
its my opinion that MMPI, if liquidated (we'll call this the worst case scenario), would be able to make a liquidating cash distribution of $1.11 per share ..
if it exits BK under a viable POR its current book value is $2.50 and should be realized ......
what was holding the share price way down was that RM said he planned on canceling your shares ... you were going to get nada, zippo, see ya ....
Last Friday RM changed his tune and said aw right ..... for another 7 pennies you're in ...
and get this ...his plan has a extremely powerful anti-dilutive element .... he'll retire shares at 8 cents ... do you know the anti-dilutive power of every share retired at 8 cents or anything less than book would do to the BV of MMPI? .... do the math ..
SST is a smart man .... he very easily gets this ..
and here's a link to an easy to read Form 4 for SST
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001144204%2D10%2D033797%2Etxt&FilePath=%5C2010%5C06%5C16%5C&CoName=MERUELO+MADDUX+PROPERTIES%2C+INC%2E&FormType=4&RcvdDate=6%2F16%2F2010&pdf=
you need to be smart, realize a very big MMPI green light is now flashing and like SST, take shares away from the unknowing .....
this is an opportunity and the smart person knows when to seize an opportunity .....
would like to see you start posting that you are taking MMPI shares alongside of SST so you'll be the one realizing the 5 or 10 bagger ahead ... why let someone else take it
good luck to you ... and all
SK will not have "refund risk" ... what?
Can you please explain your entire post .... as quite frankly, i didn't understand any part of your post ...
------------------------------------------------------
SK will not have "refund risk".
All plans should provide value that is competitive. How each gets there may differ. The most important thing is a quick conformation process. Secured creditor support is crucial to success.
New capital infusions need not be large.
Now if only someone could help me get my portion of principal, interest and the $1.5 million bonus for accepting the plan, I can redeploy my funds!
----------------------------------------------------
IMO, liquidation value in cash is $1.10 per share
Book value is $2.50 per share
Please explain clearly what your fellow equity holders can expect per share from "all plans should provide vaue that is competitive". More value? and value to who? and in what form?
how will a competing plan provide us either $1.10 per share or $2.50 per share ..... or more ...
or are you just talking about the potential short term daily stock price fluctuation ... of MMPI
IMO, any competing plan will most likely be dilutive to current equity holders ... not good in the long term
just trying to stay focused where i need to be ....
good luck to everyone
Glad you pointed that out ....
Thanks for pointing out my "sold at 50%" discount error .....
that was important as i can take another opportunity to emphasize whats really important here .... which btw you seem to have fully and completely missed .....
the critical element of the post isnt 50% or 29.2% discount as IMO thats totally irrelevant ......
what IS really important is that MMPI has reached another settlement agreement ... thats IMPORTANT
and i made a big mistake in my post .... after your post i went back and reread the settlement agreement ...
The settlement involves $15.2 million in debt ...
The agreement calls for the following ...
$9.0 million at 4% interest only all due in 5 years.
$6.2 million paid as follows
1. either 50% cash payment in full satisfaction
or
2. $6.2 million at 1% fully amortized over 5 yrs, pd qtrly
this means the weighted avg interest to be paid by MMPI is lower than my prior post ... savings goes to equity holders ... no additional legal fees ... all good
and pay attention ... MMPI is moving forward in reaching agreements with secured and unsecured creditors in advance of voting on a POR ... there's been so many ive lost count, from the biggest MMPI creditor to the lowest creditor
I labeled it a "divide and conquer" POR .... and its happening .... they have reached a significant number of agreements with a material $$$ amount of its secured lenders
RM is also now letting existing equity holders to participate in a post BK MMPI ...
Keep your eye on the right target ....
good luck to all ...
Since liquidation will provide $1.11 cash per share
and book value is north of $2.50 per share ...
how much will the competing plan being considered by SK offer current equity holders per share ......
if SK presents or recommends anything less in a competing plan than liquidation value, in cash, for all equity shareholders, they should refund their legal fees immediately ....
IMO, MMPI is on its way out of BK, equity intact at $2.50 less legal fees ....
not quite sure the legal fees being paid are worth it at this stage ....
still prepared to get longer MMPI as the opportunity presents itself from here ....
good luck to all IHUB posters, readers and followers
Hey Jude .....
Hey Jude, dont make it bad,
take a sad song and make it better
na na na, na na na na
MMPI has settled another $15 million in debt ... on the Lenwood property ...
term of 5 years ..
interest only payments at 4%
the bank that owned the debt went BK (of course), seized by the feds and loan sold at 50% discount, new owners can wait and collect 4% which means 8% ...
the dominoes related to the divide and conquer plan continue to fall into place ....
and RM is allowing you to participate in the equity offering for an additional 7 small pennies .....
soon enough this will be a done BK deal for MMPI .... POR approved ...
im taking more MMPI shares when the opportunity presents itself
hey Jude, don't be afraid
You were made to go out and get her
The minute you let her under your skin
Then you begin to make it better
Hey Jude, don't let me down
You have found her, now go and get her
Remember to let her into your heart
Then you can start to make it better
Good luck to all
The shock effect .....
the shock effect of a spike higher in a Company's stock price ..... will naturally bring out sellers who are simply uninformed about why the price is moving higher ...
more likely than not they are not doing any work regarding the Company .....
if you're not reading the PACER filings, or following EI on the IHUB board then owning MMPI is like being in a dark tunnel w/o much information being provided ..
some equity holders have given up and cant even find a quote of MMPI and all they can remember is that its in BK and trading for a something near a nickel .... then a friend calls and says HEY did you see MMPI's price and they say WHAT? im selling NOW before it goes back to a nickel .... and WHAMMO ... they click the sell button of their mouse .... sell ALL at market
this creates an opportunity .... to buy even more shares ...
IMO, this explains some of the intra day volatility ...
the real MMPI target is $1.11 cash in liquidation or accept the rights offering and kick in another 7 cents per share, plug your nose and look to realize book value at $2.50 per share
the Q is not whether a doc sold MMPI ...
early Friday morning when the 2nd Amended POR was reviewed, where the gambler set the MMPI floor price AND more importantly opened the equity offering to ALL equity holders at 7 cents per share ... things on the ground changed ..
i posted that a GREEN LIGHT was flashing and you could buy MMPI shares
so i put my money where my post was and bot more MMPI shares ..... not that this all that critical but my buys on Friday more likely than not exceeded EI's entire MMPI position
apparently SST reached a similar conclusion and put the word out to his team that he wanted more MMPI shares .... smart man
IMO, there's no sense in spending valuable time getting your hands around a company and then not reacting to breaking news ...
so the real question isnt whether drsandcrs is a TEXAN or if he sold MMPI at 10 cents .... but rather
Did any of the regular posters/followers here take advanatge of the breaking news on Friday and BUY?
(please feel free to post a simple yes or a no)
and if not Friday, are you buying any shares this morning at 17 cents ..
ive posted all along that MMPI if liquidated could distribute $1.10 and has a book value near $2.50 .... it now looks like the gambler will allow all equity holders to remain in the game with the potential to realize more than just liquidation value ...
keep your eye on the right target .... cuz todays price of 17 cents may look very cheap in the coming months and years ...
good luck to all ...
what really changed today .......
can someone please explain what really changed today?
and please try to control yourselves over 8 pennies, IMO its not a BFD .. i recommend you slow down your giddyup .... dont let 8 pennies make you feel like the smartest guys in the room ...
ive been around (didnt buy) MMPI since the IPO ... when the gambler bot 3.3 million shares at $10 ....
ive been around when MMPI then traded near $11
i was around when the window washer bot another 1.4 million shares for $10
i was around when the CFO used his own signing bonus to buy 75,000 shares at $1.95 .
i bot shares north of $1
i loaded up my boat when they filed BK near 3 cents
i even bot more shares today after the green lights flashed (at an avg cost of less than 8.5 cents, did anyone else on this board buy today?)... green lights were flashing before the court hearing began
===========================================
so what really changed today?
1. the window washing gambler said okay i give ...... here's a new deal, ill pay all of you to walk away from the table ... or all of you can kick in a lil more ante and participate in a rights offering ...
i like the plan and said so this morning, its a game changer
2. Two additional plan proponents allowed to a total of 4 now ...
which still leaves us with with what do they do with a 51% owner ??
1. screw him he gets zero ?? (yikes, that'll include us) dont want to be long MMPI the day that gets approved
2. seriously dilute him ?? that means us too
3. buy him out ?? that'll raise any competing POR beyond economic feasibility as he aint gunna agree on another 8 pennies from here and they'll need to buy us out too ...
3. exclude him ?? how's that going to be approved
4. include him, but fire him ?? how does this get approved
5. include him 100% and hire him ?? major Q's raised for anyone putting up some serious $$$$ as fresh capital
=========================================
>>>You posted commentary, day in, day out, that appeared, at least to me, designed to discredit the work of EI.<<<
this has been addressed before ... i "challenged" EI ... to post a competing POR ... for a good reason ... which is still valid today .. and its a big Q
look, its not my style to sit around and kiss ass .. and I have given kudos to EI for the work hes doing ... and so maybe the point of my challenge (criticism) of EI is to have him challenge himself and if so ...we'll all benefit ...
======================================================
here's the difference, most of you will be gone when you make a quarter, whoopee,
ive posted previously i believe even in liquidation MMPI is worth $1.11 .... and as a going concern $2.63 (book value) ... im ready to put up more capital, plug my nose around RM and get even more value from MMPI
looks like ill be hanging around much longer than most of you ...
and it doesn't look like it was my stripes that changed today ....
whew ... thats it for today .. good luck to all
Just interested to know ....
did you hit the gas pedal this a.m. when ...
i said you had been given a green light to buy ...
cuz i did ....
5th graders need to be careful here ...
I havent had a chance to fully read or reread the Amended 2nd POR but on its face it has some interesting dynamics ....
and probably way beyond most 5th graders ability to comprehend
Mr. Market is saying ....
Thank You .....
funny how we see different sides of the same coin ...
hey wait a minute ...
that was then .... this is now .....
besides, if i left this board, what would you do without my motion by motion commentary ...
the green light .....
looks like you've been given a green light to go buy more shares ...
MMPI just set the floor at 8 cents ...