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IBKR keeps telling me it's interest when I challenge them!
"Thank you for contacting IBKR Client Services.
Kindly note that we believe that the interest payment is correct per our 3rd party tax source, if you have a copy of the 8937 from the corporate action showing that this should be taxed as long term capital gains, please have a copy attached so our back office can review this item."
How did you get this remedied to be long-term capital gains?
Motion granted for settlement, details:
http://www.kccllc.net/medley/document/2110526230222000000000003
Settlement Agreement:
http://www.kccllc.net/medley/document/2110526230222000000000003
And they are, or approved a new buyback recently. Internalizing management this year was important, as then can focus better on BVPS and economic return vs. incentives lingering to grow assets (and therefore outside fees) no matter the return profile.
What a long strange trip it's been...I still remember distinctly bringing this up in business school to a local hedge fund manager at the time, as I scraped together bartending money to sock away small lots when they were offered. Thanks again so so much EI.
-VP
RVI was spun off for the purpose of liquidating the properties in a timely manner at reasonable market values. It has succeeded at this and has returned the value to shareholders over time.
Selling the entire PR portfolio for $550M is a fantastic move here. Actually may have gotten cheaper thinking of the pro-forma numbers....
Item 1.01 Entry into a Material Definitive Agreement
On July 13, 2021, the general due diligence period expired under the Purchase and Sale Agreement, dated as of June 30, 2021 (the “Purchase Agreement”), by and among Retail Value Inc. (the “Company”) and RVT PR Mezz Borrower 1 LLC, a wholly-owned subsidiary of the Company (collectively, the “Sellers”), and Kildare Acquisitions US, LLC (the “Purchaser”). Pursuant to the Purchase Agreement, the Sellers have agreed to sell to the Purchaser all of their interests in the limited liability companies that own all of the Company’s remaining assets located in Puerto Rico (comprising approximately 3.5 million square feet of Company-owned gross leasable area) for $550 million in cash, subject to adjustment for certain closing pro-rations, allocations and adjustments. The sale does not include any cash or restricted cash held by or on behalf of the limited liability companies at closing and the Sellers will retain the right to pursue and collect amounts from tenants relating to pre-closing periods (including amounts relating to pre-closing periods which have been deferred and are to be repaid by tenants sometime after the closing date). Closing remains subject to customary conditions, including but not limited to delivery of estoppel letters from tenants, the accuracy of Sellers’ representations in all material respects and the absence of condemnation or casualty events exceeding $30 million in the aggregate. In connection with the expiry of the due diligence period, the Purchaser posted a deposit of $15 million with the escrow agent for the transaction, which deposit is nonrefundable (except in certain limited circumstances as set forth in the Purchase Agreement) and will be credited to Purchaser against the purchase price at closing. Closing of the transaction is expected to occur by the end of the third quarter of 2021. The Company anticipates utilizing a portion of the net proceeds from the transaction to repay the entire balance of the mortgage loan, as required under the mortgage agreement. At June 30, 2021, the outstanding principal amount of the mortgage loan was approximately $214.5 million.
Not sure on the math, but you probably want to do 1 + 2 minus lawyer fees, then back into the recovery ex-fees x probability from 3 to derive the value on the notes. Disclosure long some of those.
-Pagz
That would be number 3:
Brief Summary of the Combined Disclosure Statement and Plan
The Combined Disclosure Statement and Plan is premised upon maximizing the remaining
value of the Debtor’s assets. Specifically, the Debtor has three primary assets: (i) cash on hand,
(ii) income stream generated from the Remaining Company Contracts, less the costs of operations,
and (iii) Causes of Action, including potential claims against certain current and former Insiders.
On the Effective Date, the Liquidating Trust will be established for the benefit of creditors holding
Allowed Claims, and the Debtor will transfer all cash on hand and the right to the Causes of Action,
including the net proceeds from the Causes of Action, all of which will be vested in and retained
by the Liquidating Trust. Additionally, on the Effective Date, the Debtor will transfer its right to
all equity distributions from its non-Debtor subsidiaries which result from the non-Debtors’
continued performance under the Remaining Company Contracts, and such right will vest and be
retained by the Liquidating Trust. All distributions on account of Allowed Claims will be paid
from the Liquidating Trust, which shall be funded on the Effective Date from the Debtor’s cash
on hand.
Docket #0244 - COMBINED DISCLOSURE STATEMENT AND CHAPTER 11 PLAN OF
REORGANIZATION AND WIND-DOWN OF MEDLEY LLC
A good history lesson here maybe for those of us that are newer, looking to establish a Liquidating Trust I see:
http://www.kccllc.net/medley/document/2110526210706000000000003
If one ever needed a bailout on a name, getting 'memed' is your chance.
No dog in the fight here, but Will Meade is a fraud and has many of us blocked on Twitter for calling him out over time. So proceed with caution.
After nearly a decade, I would not have expected this to be my first potential 50-bagger (all-in if those fund are distributed). If only I wasn't a college kid with no money back then....many many thanks EI for the info.
Nearly 2 months since the last trade in these?
http://finra-markets.morningstar.com/BondCenter/BondTradeActivitySearchResult.jsp?ticker=C170460&startdate=08%2F18%2F2019&enddate=08%2F18%2F2020
I see 22 / 34.5 on the bid/ask but rarely check in as I'll hold until finality anyhow.
-V
As always, thanks for staying on top of this one for us EI!
Looks like I have to fight again, ugh.
"This is a follow up to our conversation yesterday regarding how information was reported on your 1099. Our team reviewed the 1099 and the document submitted, and determined that the way that this would be classified is as Taxable Interest. Please let us know if you have any questions about this."
Mine came through on 1099-Int, listed as interest income....is that what it should be? Thanks.
-V
Well I guess I better dig up my own official IRS letter that took a bit of fighting them, like others here. It would be nice to finally get an ultimate resolution to something that's been sitting out there for years.
Thanks EI, needless to say I sadly could not join with a work conflict.
So if $8.85M is gross, what fee schedule will be used? Chapter 11 can depend. I think Chapter 13 is a flat % fee, Chapter 7 looks like a sliding scale for example saw this online:
25% of the first $5,000 disbursed
10% of the next $45,000
5% of the next $950,000, and
3% of anything over $1,000,000.
-V
I could listen in, would just need the exact instructions to be able to.
Most would probably want cash after all this time. I would be open to equity and any other creative resolution though.
Wow, once again back from oblivion.
EI do we have any idea at all what the current entity value looks like? I'm not even sure what the full capital structure is that sits in front of us AICPQ holders these days as I gave up any mental capacity to this one.....
New highs of 35.5. Sure helping weather the overall market pain at the moment.
Trading activity has returned, pushing the price back over $30:
http://finra-markets.morningstar.com/BondCenter/BondTradeActivitySearchResult.jsp?ticker=C170460&enddate=11%2F30%2F2017&startdate=11%2F30%2F2016
Well well well, talk about a blast from the past that is sitting in my junk drawer of gray market unsalable securities. Glad to see you are still tracking the court info EI, interested in seeing how this plays out!
Just looked and see a $27.5 trade w/ settlement of 4/17. That's over 50% move up YTD. Hard to imagine such price action happens in isolation with no update on behind the scenes.
New highs popping up lately, hunting for the mid- $20's.
http://finra-markets.morningstar.com/BondCenter/BondTradeActivitySearchResult.jsp?ticker=C170460&startdate=01%2F19%2F2017&enddate=01%2F19%2F2018
These things don't move on nothing, any news EI? Or maybe a general feeling of higher probability of a settlement (or sooner or combination of both).
Flurry of activity after Thanksgiving has pushed values of these back to highs, look at the volume:
http://finra-markets.morningstar.com/BondCenter/BondTradeActivitySearchResult.jsp?ticker=C170460&startdate=11%2F30%2F2016&enddate=11%2F30%2F2017
That is a laughable first sentence for a non-operating insurer in run-off trying to keep costs low. You would be fired for any management position if you spent your time doing that instead of long-term strategic value creation.
It's out of $1000 actually. $19.50 = $190.50 of $1000 value bonds.
I can tell you I bought mine at Zion's Direct and then transferred to my consolidated account at Interactive Brokers.
It's out of $1000 actually. $19.50 = $190.50 of $1000 value bonds.
I can tell you I bought mine at Zion's Direct and then transferred to my consolidated account at Interactive Brokers.
We just hit a new 5-yr. high on these EI:
http://finra-markets.morningstar.com/BondCenter/BondDetail.jsp?ticker=C170460&symbol=THMR3703969
Denny knows more than anyone on the planet on this name so you'd need to bring some borderline inside information to take that title from him!
I don't post much but it's rather comical that Snowball doesn't comprehend that price (and it's movement) does not equal value. If you can't value a company you shouldn't even be here posting nonsense. The difference on this name (large holding for me) is rather large. We know this. A certain person we should all be thankful for ;)
What are you scheming up old pal? I'm still a holder with some tucked away in my account.
Just a quick comment, that the last trade price of $17.50 that I saw posted would be a multi-year high for our notes:
http://finra-markets.morningstar.com/BondCenter/BondDetail.jsp?symbol=THMR3703969&ticker=C170460
BREAKING: AMC Theaters announces deal to acquire Carmike Cinemas for $30.00 per share in cash, or approximately $1.1 billion.
Congrats on this one EI, hope it is a large holding for you!