HOWEVER you're connecting some very interesting dots I hadn't considered.
The reason I said that I thought it was still overpriced is because they still have $50MM in TARP debt...that debt may not be to the US Treasury anymore but that doesn't mean those preferred shares went away..they just have a new owner.
The Treasury auctioned off their Preferred shares to an "un-named investor". That new owner very smartly bought $50MM dollars worth of debt for $40MM dollars. That alone was an excellent investment but what if that un-named investor is CapGen?? If it is that would be a positively brilliant move. A quick search didn't reveal who bought the debt...but if it is [CapGen] then this could be the marriage JAXB has been looking for... and that would make CapGen our mystery match-maker.
SBCF needs $50MM... and JAXB raised $50MM....both are Florida banks...CapGen owns significant portions of both... hmmmmmm..
Very good eye here Pagz! impressive! ..this will be fun to see what unfolds.
Investing requires continuous learning, even though the underlying concepts (buy-low-sell-high, margin of safety, etc.) never change.
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