Interesting. Thanks for posting that. It gives them liquidity for sure. What I like about all this is that Bandera's money is essentially my hostage as I see it. It's a ransom. He put up his own capital, and it's in the form of common stock and at .35ish per share if memory serves correct. So, that's a huge motivator. Bandera is very competent with a long history of shareholder activism and Warren Buffett's endorsement.
Pappas and he are literally best friends. Don't make this stuff up. Pappas is the largest shareholder here. So, I"m not sure why DickMo thinks Sam is untouchable with an ace up his sleeve. He is outgunned if Pappas and Bandera get on board with the Carlson team. Bandera's own capital influsion was dilution in the form of votes in his favor, in fact.. I ask DickMo to do the math himself here and tell me where I go wrong. I assume Bandera and Pappas will back Carlson. And if they don't, then they see a bright future on that runway and they are not fools. My bull thesis is around Bandera. Not Sam.
The winning votes if a proxy war were to ensue, which I suspect will happen. And don't expect Sam to go peacefully. However, his own shares become a gun to his own head as well in his own defiance. Similar to Putin's dilemma. The math below that I posted at Seeking Alpha:
COUP D'ETAT
So Denver Smith's bio says, "He previously was a portfolio manager at 73114 Investments, LLC, and eventually became CIO of 73114." 73114 Investments owns 2% of IVFH and is the 8th largest shareholder. So, I bet he has their votes for sure. He must have calculated the chances of all of this.
That makes Carlson's true vote count 9% in my eyes. JCP Investments (Pappas) is the largest shareholder at a 21% stake. And he just goes together with Bandera in my eyes, the 4th largest shareholder at 9%. So right off the bat, assuming Pappas and Bandera will get on board, I see 39% percent in the bag. Assuming my thoughts on that are correct. And who's to say that off the record they haven't already talked and had all this planned? I sure hope they did! I love the unofficial records even better sometimes!
Sam and Hank collectively own 22%. Not sure what the 3rd target for removal has, but they are already outgunned. So, Denver Smith only needs 12% more to my theory.
That shouldn't be asking too much. He has my 50,000 shares, so that's another .001% . If we need a feather to tip the scales in a proxy war. Guaranteed, I'll vote rather than have my vote default to unfair incumbent advantage. That's a promise!
So all the above is around 60% of the entire OS. That means they need only 12% more from the other 40%! That should be a cake walk! Who could possibly not be on Team Carlson? For some reason, I feel like they are going to fight it out and squander as much shareholder money as they can before they are forced out. They'll have the incumbent advantage with defaulted votes from those not tuned in, but I don't think an extra 12% is asking for too much.
And Carlson can keep buying in the 20s too! I hope there is no poison pill. Do we have a poison pill? It's too late once the shares are bought, right?
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