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Hmmmm, I wonder why we've been seeing such large, sustained volume levels since announcement of sale?
I bet I know - could it be those at Star Insurance and their family and friends getting in on this sweetheart deal - buying up main portion of a company for $4.xx while stock price sits at $5.3X!?
This is off the cusp / without a deep dive but =
Prior to sale - we rarely had days of 100,000 + volume. Now we are having many days of such volume including many days at 1mm plus.
Again - this is just my thinking out loud and not based on reports or other but I also wonder:
Do they (people causing these large spikes in volume) know the date of record has yet to be set and that final payout will be based on this formula: (final sale price / # of shares outstanding) = payday?
As a result of this - this is my question:
Does the more shares bought up since sale price finalized and eventual date of record = smaller pieces of pie for us?
Hi Rock,
Quick FYI - I have pinged investor relations with such questions numerous times before but have NEVER rec'd a response.
Have you ever received a response form our investor relations? I understand there are items that can't be discussed due to rules, regs, etc. but nothing from my clear, succinct, messages.
WalkingHome,
Many thanks for the quick reply. Understood - I was curious what the next event of interest would be. When is this hitting the NY court system? I'd assume this should / could wrap up yet this year?
Off to crack open a Red White and Blue!
More important than the children bickering and the devolving of this once very useful board - I'd like to try and get us back on the right track....so here goes...
Question - is there a date of record for the cash dispersement? Or is it anyone that owns the stock on the day the proceeds of the sale to Star Insurance are sent out?
Is the amount we will be receiving simply the final sale amount divided by # of shares outstanding and this cash will be sent directly to our brokerage account?
If this is the case - I am assuming the stock price will fall to sub-.50$ again?
If there is no date of record - the large volumes of shares being bought are not good for our slices of the pie? Correct?
Any idea when cash-0-la will be dispersed?
RE: Increase in purchase price by Star -- purchase price has been increased by $36.5 Million to $429 million in cash.
This is a 9% increase in their offer. Well, better than nothing but if the stock price reacts as it did to the original announcement - do we expect SP to go up 9% as a result? This put us at $4.8X or so. Far below the $5.3X we were trading at before the board tried to "max our shareholder value".
I still respect management of this company and disagree with the negative comments by other posters that they are milking this, no transparency, etc. They could have thrown in cards long ago and as a result screwed many other entities. They did not - and pulled this company from $.08/share to over $4.00.
Snowberry - do you even own shares ?
Rich,
Appears by your comment - you don't feel there will be any additional offers coming in? Just asking - I'd like to hope we would see additional entity/entities offer a better deal to "...max shareholder value..." as board stated in prior earnings release...
But alas, as we know - "hope" is not a strategy and I sure would hate to see what would have happened to our investment in Syncora if the board hadn't "tried" to "max our value"?! We'd be at $2!
Time to go crack a Keystone Light.
Here is more info:
https://www.marketwatch.com/press-release/syncora-holdings-ltd-announces-agreement-to-sell-syncora-guarantee-inc-for-3925-million-to-star-insurance-holdings-llc-and-corporate-governance-change-2019-08-15-21841340
The cash purchase price for SGI represents a premium to the closing share price of Syncora's common stock on March 1, 2019, the trading day prior to the announcement of the process.
Greedy board members? Perhaps they could be but I actually respect them quite a bit. Why? How easy would it have been in 2008-9 to just call it quits and screw those who trusted them (Syncora) with their business, risk management, active policies, etc. ?
They actually took the hard path to pull themselves out and revive a company that was at 8 cents / share if I recall properly.
While I understand - there are many facets that affect bankruptcy - but in the end, someone get screwed and get left holding the bag or huge loss. Syncora board did not take that route. I am glad they didn't looking at my return for the last couple yrs.
Banjo - are you related to Snowball? IMO
Hi WowMan! OK - good - I appreciate your vote of confidence in not on Syncora but also Sorrento and Vericel. I own all three but sadly, lots of SRNE and its lost half it value as management has always been tight lipped, no news on products/approvals, very little PR work, very little involvement in industry, rumors of HK listing falling on their face, etc. - then throwing in dilution schemes out of the blue and I'm down 50%. Doh.
On other hand, VCEL has done well. Too bad I loaded up on SRNE rather than VCEL.
Hello WowMan,
I've pinged you before eon this and know this is not correct board but what are your thoughts on Sorrento? Do you still have? If so - optimistic about their product pipeline or? Thx ----
Hello Board,
WOW - I enjoy your optimism. While I've not been around as long as you - I entered in the sub-$1 area and am hanging on as you are.
Things that make you go hmmmm:
I look at the volume to day and it is 2,114 shares or something like this and we are up 2 cents. Good direction.
What I don't understand is how can a buy of 600,000 shares impact SP the same as today's move of 2 cents.
Just pondering out loud...
...and it's gone...
Oh well, back to my Keystone Light.
Since we are in a lull here,
WOW - Are you still in Sorrento? Have any thoughts on it? Dead $ or is a POP in the near future?
Got it Mr. Cadillac,
Hmmm, I wonder if we are shooting too high for $11? Do dials lie?
Perhaps we are more close to 10? You will see solid reasoning here - it is not as technically balanced as your conclusions but it becomes more clear towards the end.
Hello Mr. Lincoln,
In the past I've seen cases for $6-7 possibly $8/share based on current business value along with what we could extract from NOL's - but what is your case for $11/share?
Is this hope for a buyout? Street value of NOLs more than $2-3/share if a way to use them is found? What is vision of what the board says is "maximizing shareholder value" mean IYO?
I am curious - I've been here for 4-5yrs and would love to understand what could happen in the rest of the year. WOW - do you have any insight?
I would love to see 11-it's even fun to daydream about this while enjoying a Keystone Light. Ahh, dare to dream!
Are we expecting additional info / more communication from board coming in today after hours which may account for surge in volume?
I recall prior post stating something about this? Am I mistaken?
Actually - I am very positive on this stock. While I suspect there could be a small dip on day 10 - I feel it will only be temporary as the book value and plans for future being hinted at by board will soon come to fruition.
I am with WOW - let's see $5 by EOM!!!
Well, balls may have a point.
Is the board able to buy common shares - I am unsure /lack this knowledge. I assume so and if this the case, one thing I was/am worried about is the board artificially raising stock price by snapping up shares - hence the run up in volume as of late.
Once day 10 rolls around, bonus achieved - shares sold. Perhaps there will be a controlled burn, agreeing to slowly release?
I do hope not but we know - hope is not a strategy.
Conversely - I would like to think that word is getting out of an undervalued stock and something coming soon - correct WOW?
Please don't take my questioning the wrong way board - I am positive on this stock and have been for years or I would not have stayed here. I've enjoyed watching this unfold. It has been GREAT entertainment. It's like the last 2 minutes in a basketball game - where lead changes 4 times!
I was simply trying to gauge what would be best for us, the shareholder - what would be in our best interest at this point. Did not mean to give snowball ammo but I had also expected some thoughts - albeit out of our control - on next few weeks and if it would be better to slip under $4.50 one more time or keep climbing.
Still enjoying the ride! Cheers all longs!
Is it best to slip below $4.50 and reset the 10 Day clock? Why let management off hook on this important bogey. I'd hate for them to to get their carrot then kick feet up and let 'er ride?
Is it too soon to hit this mark or right on time?
Just thinking out loud.
Here since <$1 a share....so, yes - I want max. value.
Yes - Day 1 of the 10-day or more sustained $4.50 stock price level.
9 more to go - correct Irish?
WOW - do you have any thoughts on SRNE? Do you still have? Did you dump, buying more or? Thx!
Are those long still adding at this point?
WOW - are you adding to your position at this point?
WOW1234,
Congrats on good runs on Sycrf and Vcel WOW. Nice job...
I must ask what your thoughts are on SRNE. I too have this along with two above. Is it DOA? Do you still have position? Adding to it?
So - am I understanding this properly - we are saying that "entities" possibly on behalf of Macquarie are snapping up Syncora shares since a settlement will be going against them hence the volume spike? This makes sense...help them recoup losses.
We have 2.5 months for the "$4.50 share price for a sustained 10 days" board bonus prior to its expiration. IF it does happens - I wonder how many shares will be dumped as soon as it hits $4.35, $4.40? Hmmm.
Who is riding past this $4.50?
Denny -
I was your neighbor to the NE - I grew up in Flint, MI! Bear with me as I am a little slow...Ha, Ha...
I remember heading to Detroit with my parents to Como Hall to see the Icecapades (sp?) and plays like Peter Pan. We'd shop at Hudson's beforehand. Saw my first professional baseball game at Tiger Stadium, sitting on wooden benches. This was in late 60's before - well - the city destroyed itself as did Flint.
Last year - I headed back and we went to Comerica Park to see Tigers play. My bro-in-law explained to me how the "locals" are getting upset and the younger "non-local" people are heading back to downtown Detroit en masse and displacing prior group, taking their below market rate apartments and condos and with these new, educated inhabitants come all the cool stuff - coffee shops, bars, Shinolas, etc. On the water, cool architecture, attractive housing/venues = rejuvenation IMO.
I had a great time there walking around downtown Detroit but know it has its unsavory areas too.
WOW, some time ago - you mentioned - S R N E and VC E L.
Do you have any additional input on these>?
Sorry board, I know I am not suppose to post on other entities.
Hmmm, I wonder who this mystery investor/s is/are?
- Can board members buy shares to artificially inflate PPS?
- Is there risk of huge sell off / market being flooded with shares once/if we get to day 10 of $4.5X PPS? This is a concern of mine that I hope does not happen...being an in this stock for many years, I'd hate to give it up at end.
- Does anyone know of there something other than this board's astute assessments of future PPS of $5-6 that may contribute to a sustained $4.5X stock price? Was there any talk on earning call that mentioned getting off pink sheets?
Just random thoughts.