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Friday, 04/02/2010 8:45:51 AM

Friday, April 02, 2010 8:45:51 AM

Post# of 16651
safety net/residual value

when general growth filed for its bk, it did not include its managment company and some 38 properties in the filing. therefore, even if those entities which ggp placed into bk were wiped out and the shareholders completely lost, those equity holders would still have retained the residual value in the management company and the 38 properties which were not placed into bk. point here is that ggp's stock price would never have gone to zero which is why i felt a great deal of comfort buying into ggp stock in march '09 prior to its bk filing.

now, consider the following:

POSTED: 01:08 a.m. HST, Jan 05, 2010

The parent of interisland carrier go! and the 75 percent owner of the go! Mokulele joint venture, submitted paperwork early today in federal Bankruptcy Court for the Southern District of New York. However, the go! Mokulele venture, which operates as a separate entity, did not file for bankruptcy and service will be unaffected in Hawaii.

seems to me that even if mag were to totally fail in its bk undertaking that the shareholders would still have residual value in the go!/mokulele jv.

anyone have any clue what the value of that jv is on a per share basis. whatever that value is seems to me to be a "guaranteed" floor value of the mesa common stock. if the go!/mokulele jv is valued over $0.11/share, then we are trading at a discount right now.

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