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ARCI I don't see the transition as much of an issue
Jack Cameron is 75. He was dragged back in a while back but perhaps now wants to just focus on the recycling and offload much of the admin.
SPRS What's holding up that buyback?
They authorized $500000 in November and haven't repurchased any yet. Wonder what the hold up is - the price looks ripe for it now.
CMT vs. STS
On the call, they said the Class 8 (large truck) market is slowing. That's where CMT plays. STS in in the Class 3-7 (mid-size) segment which is holding up.
WILC: Wow, I just spoke to that crook
Thanks again, KIK, for recommending Newsware years ago. It found the Israeli article about the raid Wednesday and I was able to unload before the halt.
Google translate does a pretty darn good job of translating Hebrew to English:
SEC arrested on Wednesday for allegedly aided the Gortoboi officers to spend $ 3 million fraud Willi Food coffers, and create a cumulative distortion of tens of millions of shekels reports cluster of companies "Israel 18". Gortoboi ia banned from reaching the offices of the companies for 45 days
Gregory Gortoboi, owner of a cluster of companies "Israel 18" (which includes, among others, the BGI and-Willi Food) suspected crimes of fraud , released today (Friday) to house arrest 14 days, which would be allowed to meet only the criminal lawyers of his - it was agreed between the ISA greatest advocate of a businessman with Russian and Israeli citizenship Ruth Litvak and Moti Lazar. In addition, the set Sgortoboi deposit a bank guarantee of NIS 1.2 million, and would not be allowed to reach the offices of the companies for 45 days.
Gortoboi arrested on Wednesday as part of the Authority's investigation on suspicions of fraud under aggravating circumstances, crimes reported to mislead a reasonable investor, falsifying corporate documents, fraud, breach of trust and money laundering. Along with him was also arrested Joseph Schneersohn, director Willi Food and former CEO of BGI, he was released to house arrest yesterday of four days.
"Israel 18" is the controlling shareholder of the chain of several public companies, including BGI, Bi.as.di Crown, and Willi Food-public investment controls Willi Food International is traded in the United States. Yisrael 18 "estimated duties 50 million factors which it acquired a 20% stake Bi.as.di, and Lbi.g'i.aii debt of 7.2 million repayment date close to bond holders.
According to the findings of the investigation, the company deposits shown in the consolidated financial statements of BGI as current assets are liquid. It is suspected that during the relevant period were Gortoboi and Schneerson with other factors to allow unlawful withdrawal from a subsidiary of the Willi Food significant sums, totaling millions of dollars.
According to the findings of the investigation, during January 2016 were transferred from a subsidiary of the Willi Food sum of 3 million dollars to the alleged investment in bonds of a European area of ??activity is not related to the food sector which engages International. According to the findings of the investigation, it is an exceptionally large investment and the essence of the Company's securities portfolio, as is alleged in this investment was a loan guarantee given to the individual needs of Gortoboi.
As part of another case, there are apparent findings, according to which in 2013 made Schneerson distortion of the financial statements of Bi.di.as amount totaling tens of millions of shekels, in the presentation of the balance of current assets located abroad and who will be used to repay the Company's obligations, including the payment of debenture holders' h. The actual amounts are not available to the Company, and do not constitute current assets. It is suspected, use non-genuine Schneerson documents for this purpose.
Anyone still follow WILC?
Soap opera here. The stock dropped today as their offices were allegedly raided.
http://translate.google.com/translate?hl=en&sl=iw&tl=en&u=http%3A%2F%2Fwww.calcalist.co.il%2F
Stockholders are afraid the big cash coffer is being looted to pay debts of the parent.
I spoke to co-Chairman and controlling shareholder Grtoboi (Gurtovoy is the English spelling) just a couple weeks ago.
He had reached out through the proxy firm because I had voted No on every single proposal.
He was very forthcoming with plans on how to improve shareholder value.
Not off to a good start.
BTW, I wasn't the only one voting No.
G. Willi-Food International Ltd. (NASDAQ: WILC) (the “Company”) announced today that at its Special Meeting of Shareholders held on February 2, 2016, the following proposals did not obtain the necessary shareholder majority and did not pass:
Proposal 2 –
to approve an exemption and indemnification letter for Mr. Gregory Gurtovoy for a three-year period commencing July 28, 2015;
Proposal 5 –
to approve the terms of office and employment of the Company's interim Chief Executive Officer, Mr. Ilan Admon;
Proposal 6 –
to approve amendments to the Compensation Policy for Company Officers and to extend the policy for a term of three years from approval by this Meeting; and
Proposal 7 –
to approve the terms of office and employment of the Company's incoming Chief Executive Officer, Mr. Iram Greiver.
IEHC says .17 - .19
NT 10-Q just filed
SMID: Hopefully, just a margin call
The last Q that SMID filed had detail about the outlook for each business segment and it looked good.
Hope nothing changed suddenly business-wise.
SMID: 387197 dumped at $1.77
Somebody really wants out lately. I bought a bunch yesterday and had limit orders that were leapfrogged by the big block sale.
IEHC sometimes files during the day
11/16 10-Q After
11/9 NT 10-Q After
8/14 10-Q During
8/10 NT 10-Q After
7/10 10-K During
6/25 NT 10-K During
Cramer and another false idol
I wrote this in 2010. Enjoy.
Cramer is an ex-hedge fund manager and current star of CNBC’s Mad Money show. He’s on TV every day and has legions of followers. How did he get there? Not by making money for people, it seems. Indeed, following his recommendation over the last decade or so would have been disastrous. Some examples:
On February 29th, 2000, Jim Cramer gave his "top 10 stocks" that are "going to make it in the New World". I actually saw that show and he was advising everyone to sell all their “old economy” companies and go “all in” on the internet darlings. Here’s the actual quote…
You want my top 10 stocks for who is going to make it in the New World? You know what? I am going to give them to you. Right here. Right now.
OK. Here goes. Write them down -- no handouts here!: 724 Solutions (SVNX), Ariba (ARBA), Digital Island (ISLD), Exodus (EXDS), InfoSpace.com (INSP), Inktomi (INKT), Mercury Interactive (MERQ), Sonera (SNRA), VeriSign (VRSN) and Veritas Software (VRTS).
We are buying some of every one of these this morning as I give this speech. We buy them every day, particularly if they are down, which, no surprise given what they do, is very rare. And we will keep doing so until this period is over -- and it is very far from ending. Heck, people are just learning these stories on Wall Street, and the more they come to learn, the more they love and own! Most of these companies don't even have earnings per share, so we won't have to be constrained by that methodology for quarters to come.
So, if you can't own the retailers, and you can't own transports, and you can't own banks and brokers and financials and you can't own commodity makers and you can't own the newspapers, and you can't own the machinery stocks, what can you own?
A-ha, that just leaves us with tech. That's why we keep coming back to it. That's why, despite the 80% increase in the Nasdaq last year, we are looking at another record year now. It is by that process of elimination that I have picked my top 10. And my next 10 and my next 10 after. Only tech companies are worth owning. The rest? You can have them.
This was delivered just weeks before the Nasdaq began its 80% plunge. Some of these (i.e. Exodus) were bankrupt and worthless in short order. Ouch.
Note that this was not one bad stock pick – we all have those. This was a recommendation to move whole portfolios to exactly the wrong place! Anyone who did so may not recover for decades if at all. Cramer skated right through this. I just don’t get it.
Here’s another lulu. On March 3rd, 2008, Jim Cramer strongly defended Bear Stearns, proclaiming that the company was fine and that investors should not pull their money. Less than a week later, Bear Stearns had collapsed.
One more, even though there are plenty. On September 15th, 2008, Cramer welcomed the CEO of Wachovia, Robert Steel, onto his show. Cramer recommended the stock, and two weeks later, was apologizing to his viewers after Wachovia plunged from $10 on September 26th to less than $1 on September 29th.
OK, now on to my last nominee – the one who epitomizes “I Just Don’t Get It.” He, of course, is Donald Trump.
If getting rich by losing investors’ money makes one a hero in America, well, the Donald has certainly earned his fame.
Hotels, Casinos, Planned Communities…he’s bankrupted them all. His shareholders have been wiped out numerous times in numerous entities and bondholders forced to take haircuts up to 90%. The Donald, meanwhile, is on TV as a business “expert” and charges over a $million for an appearance. Go figure.
Way back in 1992, the Trump Plaza Hotel was forced to file a prepackaged Chapter 11 Bankruptcy. This was the first of many instances where Trump pocketed a fortune and handed investors a pile of garbage
Just this July, Trump Entertainment Resorts filed for bankruptcy for the third time. Nine affiliates of the company also filed for bankruptcy, including Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal.
The THIRD time…with multiple business failures in each. HOW the HECK does he still line up suckers again and again? I just don’t get it.
True to form, Trump extricated himself from the company a few days before the bankruptcy filing and, in spite of all the cash he collected at shareholders' expense, doesn't seem to accept any responsibility. The shareholders were wiped out – the stock is at .005 pending cancellation.
It’s not just shareholders he screws over – it’s real estate buyers as well.
This article came out just a few weeks ago.
SAN DIEGO — Stephen and Linda Drake cast aside concerns about owning property in Mexico because they believed in Donald Trump.
The Southern California couple made a $250,000 down payment on a 19th-floor oceanfront condo in Trump Ocean Resort Baja in 2006 before the first construction crew arrived.
But admiration for the celebrity developer and star of "The Apprentice" has now turned into anger and disbelief as Trump's luxury hotel-condo plan collapsed, leaving little more than a hole in the ground and investors out of their deposits, which totaled $32.2 million.
"I can't even stand to see Trump's face on TV," said Linda Drake, a psychologist whose husband is a commercial airline pilot and financial advisor (My note: He’s obviously not a very good one!).
Investors were told last month that their money was spent and that they wouldn't get a penny back. A single mother in suburban Los Angeles lost $200,000 and won't be able to send her sons to private universities. A Los Angeles-area businessman lost a deposit of more than $1 million on four Trump units, including two penthouses.
The project's collapse comes at a delicate time for Trump, whose casino company, Trump Entertainment Resorts Inc., filed for bankruptcy protection last month. He also is embroiled in a lawsuit to avoid paying debt on the struggling Trump International Hotel and Tower in Chicago.
Trump and his children heavily promoted the northern tip of Mexico's Baja California coast. He sold 188 units for $122 million the first day they went on a sale at a lavish event in a downtown San Diego hotel in December 2006.
"I went out and saw this site, and I was blown away by it," Ivanka Trump said in June 2007. "From the minute I saw it, it was a deal I had to do."
The Trumps remained buoyant even as the U.S. housing market began to crumble. Ivanka Trump assured buyers in an October 2007 newsletter that all Trump projects were immune to a slowdown. "In characteristic Trump fashion, Trump Ocean Resort Baja will be the best of the best, and consequently always in demand," she wrote.
Con man. Crook. Hero.
SVVC: Firsthand's preferred is probably convertible
Series B preferreds usually have convertibility or participation provisions. It would be rare for an early-stage VC firm to take preferreds just for the coupon.
OXBR Anyone concerned with lack of diversification/independence?
Substantially all of the Company’s current reinsurance business ultimately relates to the risks of two entities domiciled in Florida in the United States, one of which is under common directorship; accordingly the Company’s underwriting risks are not significantly diversified.
SNFCA: Isn't the stock dividend a non-event?
A 21 for 20 stock split, essentially.
Earnings and book value diluted accordingly so no ground gained.
Don't see how shareholders ever benefit from stock dividends...
Anyone want an oil shipper?
Didn't think so. 2 words everyone runs from, oil and shipping. The fact is, oil shipping is booming. Low oil prices HELP the shippers.
How about a stock trading at 50% of book, pays a dividend which will be at least 4.4% next year, has an active buyback, and trades at about 4.6X earnings (2016 estimate)?
We continue to enjoy the strongest tanker market this decade mainly due to the low price of oil which has resulted in greater oil demand and reduced bunker costs. This 'double-whammy' effect of higher income and significantly lower costs finds TEN perfectly placed as a prime beneficiary. The continued nervousness seen in the overall financial markets is creating positive arbitrage prospects for well funded companies like TEN as it provides unique opportunities to acquire back stock at steep discounts to fair value," Mr. Nikolas P. Tsakos, President and CEO of TEN stated. "We are always mindful of the controlled use of capital so not to derail our strategic growth nor to destabilize the health of our strong balance sheet. However, we feel that at this particular juncture this share repurchase opportunity is fully justified. With the tanker market forecasted to remain strong and with a 33.0% increase in common stock dividends, TEN offers an attractive proposition to those looking for share price appreciation and growing dividends.
TNP
http://finance.yahoo.com/news/tsakos-energy-navigation-resumes-share-141500477.html
WILC (4.33) Departing Managers exercising way above market
This Israeli food company has been muddling along with small profits this year but trades at about a 45% discount to a very liquid TBV with cash and financial assets more than the share price.
G. Willi-Food International Ltd. (NASDAQ: WILC) (the “Company” or “Willi-Food”) announced today that on December 9, 2015, Mr. Zwi Williger, Co-chairman of the Company, has exercised 66,667 options exercisable into 66,667 ordinary shares of Willi-Food par value NIS 0.1 each in consideration for U.S. $433,336 reflecting an exercise price of $6.50 US per option.
The other brother also exercised similarly.
There has been lots of movement at the top with the founding brothers selling a controlling interest, then leaving, then coming back, and now leaving again with a severance so some wariness is warranted.
EEI; What about this one-time item?
During the current quarter, the Company recorded a valuation allowance of $0.9 million as a reduction of deferred tax assets and an addition to income tax expense related to its Brazilian operations. This valuation allowance reduced our earnings per share by $0.18 during the current quarter.
.33 without that?
IEHC posted just .06 due to 84% tax rate
http://yahoo.brand.edgar-online.com/DisplayFiling.aspx?TabIndex=2&dcn=0001174947-15-001672&nav=1&src=Yahoo
Not sure why tax was extraordinarily high.
APT: Good catch on the duty
It looks like they will get duty relief through at least the end of 17.
Certain Building Supply and Disposable Apparel segment products were eligible for this refund and will remain duty free under this program until at least December 31, 2017. Management expects gross profit margin to improve under this GSP duty free program.
Picked up some APT at 1.75
Getting pounded today on relatively high volume - no news that I see.
Last earnings report was weak but the lower quarterly profit was almost completely explained by the parting retirement payout to one of the greedy old geezers who have been running the place. Still one geezer to go but he's mid 70's so may want out soon.
Trades below book, is still profitable, and every few years this rockets when there's a pandemic scare.
Getting rid of the high salary and the 5% of gross profit that Geezer 1 was sucking out should help going forward. It was 800K/yr.
Geezer 2 has the same deal.
IEHC: New Seeking Alpha article
http://seekingalpha.com/article/3523626-recent-numbers-at-this-company-say-buy-hand-over-fist
PDEX: A note on that backlog
Additionally, the June 30, 2015 backlog contains certain orders from our largest customer, which they have asked to reduce by $1.6 million.
hweb: I am in VSR
Sold 40% on that run early yesterday.
Per CC, their first quarter, now nearly complete, will be down due to normal seasonality in government contracts and merger costs from a recent acquisition.
In the longer term, they said backlog and pipeline are strong.
Better be, half the Q4 revenue was from one project.
ANFI Not sure that reported earnings # means much
10:43 am Amira Nature Foods (-37%) falls to new all time low after Deloitte called for an external forensic investigation on ANFI's financials (ANFI) : ANFI down ~77% since Prescience Point updated their short thesis on July 30.
ERS has been halted 3 times this AM
Circuit breakers
ERS (.12) Down 97% and halted?
Huh?
EIL: you were right about the announcement
Federal Government Announces $70 Million Award to Dynamic Structures for Supply of Thirty Meter Telescope Enclosure
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 2, 2015) - The Honourable James Moore, Minister of Industry for Canada, announced on June 30 that Dynamic Structures, a division of Empire Industries Ltd. (TSX VENTURE:EIL), will receive up to $70 million to build the precision-steel enclosure of the Thirty Meter Telescope (TMT), the world's largest earth-based telescope.
The TMT enclosure is one of several key deliverables that Canada will be contributing to the TMT partnership as outlined in the April 6, 2015 press release when Prime Minister Stephen Harper announced Canada will provide $243.5 million over 10 years to support Canada's participation in TMT.
CTIB (3.65) Continued weakness - dilution coming?
The idiots are asking to authorize more shares in their proxy.
They should have refinanced debt ages ago but are not competent enough to get that done.
IFT is also in the life settlements biz
POLXF I did, too
Only got 1000 shares at .87, though, far less than I was hoping to get.
CTIB: Bad financial managers
I have some of this but these guys have proven inept on capitalizing their company. Took debt at distressed rates when they weren't distressed. Have failed to refinance that debt.
On the last call, they said they may issue common, even though common is very low. They just filed a PRER14A with an item to authorize tripling common shares.
They need to can the CFO and hire someone better. Should be an easy search.
IBAL($2) Majority Owner Increases Stake
91-year old Director paying $2.50 in private xactions.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10623151-1649-10865&type=sect&TabIndex=2&companyid=1070&ppu=%252fdefault.aspx%253fcik%253d781902
RWNEY This is a tricky one
If you net out currency gain and change in value of convertibles, they are about break even with caution for 2015H1.
Do you see this as a solid long-term play?
KIK:TCOR About time
My deep value favorites always seem to take years to grow wings.
For example, because it remained undervalued for so long a few years ago and I couldn't help myself from continually buying it, my favorite deeeeeep Canadian value stock has appreciated to a top 5 holding.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69152202&txt2find=hammond
Canadian non-energy companies are really benefitting from the currency situation.
Other Graham stocks like DGIX have earned their perpetual discount via inept or shareholder-hostile (or both) management.
Nice to have some winners in the fold and it is EXTREMELY hard to find value these days. I have a lot of "placeholder" cash parked in short-maturity preferreds with mandatory asset coverage ratios like GLADO and the ilk.
IEHC($5.20) Posts .26 vs. .08
Nice little company. .61 for 9 months.
A few positive mentions in the products section.
A new product line featuring high density connectors is being added to the Company’s product offering. This offering should be available within the next few months. The Company expects the new product line to bring additional revenue.
The standard printed circuit board connectors we produce are continually being expanded and utilized in many of the military programs being built today. We have recently received approval for additional products that we can offer under the Military Qualified Product Listing “QPL.”
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10460124-1047-99971&type=sect&TabIndex=2&dcn=0001174947-15-000181&nav=1&src=Yahoo
Yahoo- Some news links work - not PR Newswire
For me, earnings releases all fail
OT: Anyone having Yahoo issues?
None of the news links have worked all day for me on IE or Firefox.
KINS: That's pretty optimistic math
Disregarding casualty losses will yield pretty good numbers for ALL P + C companies.
Casualty losses, while lumpy, can't be considered one-off and ignored, IMO. It's the very nature of their business.
MRCR The main honcho is no stranger to M+A
David W. Menard has been the Chairman of the Board and Chief
Executive Officer of the Company since May 1999. He is founder,
principal shareholder, President and CEO of Colmen Menard Company,
Inc., a private investment banking firm founded in 1993 that provides
merger and acquisition, corporate finance and business advisory services.
David W. Menard was co-founder, President and a fifty percent
shareholder of a predecessor affiliate founded in 1983. During the past
twenty years, David W. Menard has managed and overseen, in the role of
an intermediary, over one hundred merger and acquisition transactions.
KIK:ALJJ I sure would
Nice results from ALJJ
http://finance.yahoo.com/news/alj-regional-holdings-announces-earnings-191800023.html
NEW YORK, Dec. 31, 2014 /PRNewswire/ -- ALJ Regional Holdings, Inc. (OTC Markets: ALJJ) announced results for its fiscal year ended September 30, 2014.
For the year ended September 30, 2014, ALJ posted net income of $15.6 million and earnings per share of $0.48. For the three months ended September 30, 2014, ALJJ posted net income of $6.9 million and earnings per share of $0.20.
ALJ acquired Faneuil, Inc. ("Faneuil") in October 2013 and Floors-N-More, LLC, dba Carpets N' More ("Carpets") in April 2014. In February 2013, ALJ sold its subsidiary, KES Acquisition Company ("KES"). Therefore, KES' prior year operations are disclosed as discontinued operations in our financial statements and year over year comparisons for on-going operations are not possible.
Faneuil is a leading provider of outsourcing and co-sourced services to both commercial and government entities in the healthcare, utility, toll and transportation industries. Carpets is one of the largest floor covering retailers in Las Vegas and a provider of multiple finishing products for commercial, retail and home builder markets including all types of flooring, countertops, cabinets, window coverings and garage/closet organizers, with 5 retail locations.
Our financial statements reflect the full operations of Faneuil from October 18, 2013 through September 30, 2014 and Carpets from April 1, 2014 through September 30, 2014, and the discontinued operations of KES from October 1, 2012 through February 5, 2013.
"Faneuil has continued to surpass our expectations," said Jess Ravich, ALJ's Executive Chairman. He went on to say, "Carpets had a difficult quarter, but we have put in place certain corrections that should serve us well in 2015. Overall, we are very pleased with our results." Anna Van Buren, Faneuil's CEO stated, "We had a great close to the fiscal year. We expect continued success in 2015, following the award of a new health care contact services contract in California."