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portefeuille (99.66)

Ellipsis

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January 30, 2010 – Comments (34)

part 2 of this post.

34 Comments – Post Your Own

#1) On January 30, 2010 at 12:48 PM, portefeuille (99.66) wrote:

#22) On March 01, 2009 at 1:37 PM, portefeuille (99.96) wrote: UNG - 17.32 - outperform

It closed on 01/29/10 at $9.31.

June 16, 2009, More weirdness in the UNG

June 16, 2009, Avoid USO with These Alternative Funds

January 20, 2010, Alternatives to UNG: Three Better Natural Gas ETFs

I don't like UNG very much. I should end that call sometime this year. My favourite "natural gas stock" is ATPG.

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#2) On January 30, 2010 at 1:16 PM, portefeuille (99.66) wrote:

#23) On March 01, 2009 at 3:59 PM, portefeuille (99.96) wrote: NYT - 4.13 - outperform

#831) On October 22, 2009 at 6:13 PM, portefeuille12 (94.01) wrote: NYT - end outperform - 10.72 - new rating: market perform

It closed on 01/29/10 at $12.92.

$4.13 -> $10.72 (+159.56%), $4.13 -> $12.92 (+212.83%).

good old New York Times, one of my favourite newspapers (one of the few newspapers a European can actually read without shaking his head all the time, hehe).

I still like it.

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#3) On January 30, 2010 at 1:16 PM, portefeuille (99.66) wrote:

one of the few newspapers

one of the few U.S. newspapers

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#4) On January 30, 2010 at 1:23 PM, portefeuille (99.66) wrote:

#24) On March 01, 2009 at 6:21 PM, portefeuille (99.96) wrote: NWSA - 5.56 - outperform

#675) On August 07, 2009 at 2:21 PM, portefeuille (99.96) wrote: NWSA - end outperform - 11.41 - new rating: market perform

It closed on 01/29/10 at $12.61.

$4.13 -> $11.41 (+105.22%), $4.13 -> $12.61 (+126.80%).

I tend not to like the products of this company.

still "market perform".

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#5) On January 30, 2010 at 1:34 PM, portefeuille (99.66) wrote:

#25) On March 02, 2009 at 9:55 AM, portefeuille (99.96) wrote: HBC - 28.59 - outperform

It closed on 01/29/10 at $53.51 (+87.16%).

HSBC in London trading.



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still "outperform".

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#6) On January 30, 2010 at 1:44 PM, portefeuille (99.66) wrote:

#26) On March 02, 2009 at 10:08 AM, portefeuille (99.96) wrote: IP - 5.31 - outperform

#556) On July 12, 2009 at 8:30 AM, portefeuille (99.96) wrote: IP - end outperform - 14.69 - no new rating

It closed on 01/29/10 at $22.91.

$5.31 -> $14.69 (+176.65%), $5.31 -> $22.91 (+331.45%).

Ridiculously low market capitalisation in March 2009. I love these charts ...



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#7) On January 30, 2010 at 1:45 PM, portefeuille (99.66) wrote:

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#8) On January 30, 2010 at 1:52 PM, portefeuille (99.66) wrote:

Dr. Matt Destruction.

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#9) On January 30, 2010 at 3:18 PM, portefeuille (99.66) wrote:

 

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#10) On January 30, 2010 at 3:47 PM, portefeuille (99.66) wrote:

#27) On March 02, 2009 at 10:31 AM, portefeuille (99.96) wrote: ONT - 0.33 - outperform

#554) On July 12, 2009 at 8:04 AM, portefeuille (99.96) wrote: ONT - end outperform - 0.41 - no new rating

It closed on 01/29/10 at $0.68.

$0.33 -> $0.41 (+24.24%), $0.33 -> $0.68 (+106.06%).



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August 5, 2009, Google bolsters video push with On2 deal

December 16, 2009, On2 and Google Announce Exchange Ratio for On2 Merger

January 7, 2010, Google and On2 Agree to Amend Merger Agreement

January 7, 2010, Google sweetens bid for On2, shares up

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January 24, 2010, On2 dissidents are an example to all

...

Back in late November we cast a wary eye on Google’s first attempted takeover of a public company – then a $106m (£65m, €75m) bid for On2 Technologies. The issue, as we saw it, was whether On2’s management had been sufficiently vigorous in its defence of shareholders’ interests.

...

In the past two months the On2 dissidents have shown how a group of small shareholders can organise an effective response at low cost. The dissidents’ case is that the company’s codec technology is worth more than Google’s offer, and that management should have shopped the company to other strategic-buyer prospects.

...

The On2 activists used public message boards to start organising, but also set up private, invitation-only sites to exchange information, devise strategy and organise agreed responses. William Pollock, one of the dissidents, says: “It is a more professional environment. Also, people on the public message boards are more likely to misrepresent [the] size of their positions.”

...

The dissidents are still holding out for a higher offer before the shareholder vote on February 17. Even if that doesn’t come, they’ve given a good example of how a civil, knowledgeable and well organised group can do low-cost, effective, kitchen table investment banking.

...

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One of those "dissidents" is jhm212 (I guess. see his posts here).

Merger Highlights Presentation (PDF)

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#11) On January 30, 2010 at 3:49 PM, portefeuille (99.66) wrote:

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#12) On January 30, 2010 at 3:54 PM, portefeuille (99.66) wrote:

 

 

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#13) On January 30, 2010 at 4:04 PM, portefeuille (99.66) wrote:

the video (there is even a making of for that, hehe).

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#14) On January 30, 2010 at 4:05 PM, portefeuille (99.66) wrote:

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#15) On January 30, 2010 at 4:06 PM, portefeuille (99.66) wrote:

just posted those videos to show what the ONT video codecs are good for ...

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#16) On January 30, 2010 at 4:11 PM, portefeuille (99.66) wrote:

... and why GOOG bought them.

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#17) On January 30, 2010 at 4:17 PM, portefeuille (99.66) wrote:

and for no particular reason ...

 

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#18) On January 30, 2010 at 4:24 PM, portefeuille (99.66) wrote:

#28) On March 02, 2009 at 10:39 AM, portefeuille (99.96) wrote: OGZPY.PK - 12.30 - outperform

It closed on 01/29/10 at $24.20 (+96.75%).

Gazprom in Frankfurt trading.



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still "outperform".

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#19) On January 30, 2010 at 4:32 PM, portefeuille (99.66) wrote:

#29) On March 02, 2009 at 11:29 AM, portefeuille (99.96) wrote: WYNN - 18.68 - outperform

#479) On April 25, 2009 at 1:44 AM, portefeuille (99.96) wrote: WYNN - end outperform - 39.58 - no new rating

It closed on 01/29/10 at $61.88.

$18.68 -> $39.58 (+111.88%), $18.68 -> $61.88 (+231.26%).

I don't have an opinion on WYNN currently. And you all by now know what the chart looks like, don't you ...

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#20) On January 30, 2010 at 5:04 PM, portefeuille (99.66) wrote:

#30) On March 02, 2009 at 12:52 PM, portefeuille (99.96) wrote: XTNT - 0.40 - outperform

May 15, 2009, XTENT, Inc. Announces Approval of Plan of Liquidation and Dissolution by Board of Directors and Filing of Proxy Materials With the SEC

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June 07, 2009, XTENT Extends a Lesson in Shorting Biotechs

On May 15th, the Board of XTENT, Inc. (XTNT) announced that it had approved a plan of dissolution. Since liquidations often involve significant uncertainty—particularly concerning distribution timelines—I have found them a fruitful place to look for market inefficiencies. Prior to the announcement, the stock traded at about $1 per share, a price which valued the company at $23.3 million. After the announcement, the stock plummeted to .30 per share, or about $7 million.

Looking through XTENT’s financial statements, one could find relatively meager resources, no sources of revenues, lavish operating expenses, and a host of off-balance sheet liabilities. In fact, in the first three months of the year, the company burned $9.9 million of their $20 million in current assets on operating expenses (remember—no revenues). As of March 31, 2009, the company had $12 million in cash left to burn.

...

By management’s estimation, shareholders would likely receive 11 to 40 cents per share. Yet, if XTENT’s intellectual property could be sold, distributions could be higher.

...

All told, I thought that XTENT, trading at 30 cents per share post announcement, was likely a much better short candidate than long. It seemed much more likely that XTENT would return less than 30 cents, and over a very long period—perhaps as long as three years. I didn’t short XTENT because it was hard to borrow with my favored broker, and the upside didn’t seem worth the risk.

Of course, some may know how this story ends. Thursday (June 4th), XTENT announced that the U.S. Food and Drug Administration has granted conditional approval of the Company’s pivotal clinical program for its Custom NX Drug Eluting Stent System. And the stock has soared the last two days—all the way up to $2.69 per share. Though it remains to be seen whether this conditional approval will yield additional interest for XTENT’s intellectual property, XTENT shareholders have enjoyed a stunning 900% gain.

Lesson confirmed—deal with biotech shorts very gingerly, if at all. The FDA is always good for a long “Hail Mary.”

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July 7, 2009, XTENT, Inc. (XTNT) Postpones Shareholder Meeting; Continues Strategic Evaluation With Piper Jaffray

August 5, 2009, XTENT Announces Plan for NASDAQ Delisting and Filing of Certificate of Dissolution

------------------- 

November 4, 2010, XTENT, Inc. Sells Its Assets and Makes Initial Distribution to Stockholders

MENLO PARK, Calif., Nov. 4 /PRNewswire/ -- XTENT, Inc. today announced that it has completed the sale of all of its assets and made an initial distribution of approximately $0.39 per share to its stockholders.

Stockholders whose shares are registered directly in their names with XTENT's paying agent, Computershare Trust Company, N.A., are considered to be, with respect to those shares, the "stockholders of record." On or about October 16, 2009, Computershare sent materials to all stockholders of record providing them with instructions on how to exchange their stock certificates for the cash distribution. If you are a stockholder of record and you have not received these materials from Computershare, please call Computershare at 1 (800) 546-5141.

Stockholders who are not stockholders of record but hold shares in "street name" (that is, through a broker or nominee) should have already received a distribution through their brokerage accounts. If you hold shares in street name and you have not received your distribution, you should contact your broker.

XTENT may make an additional distribution if cash remains after the Company pays or otherwise provides a reserve for its remaining liabilities. If XTENT makes an additional distribution, stockholders of record will receive notification directly from Computershare, and holders of shares in street name will receive distributions through their brokerage accounts.

SOURCE XTENT, Inc.

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January 4, 2010, XTENT, Inc. Makes Final Distribution to Stockholders

MENLO PARK, Calif., Jan. 4 /PRNewswire/ -- XTENT, Inc. today announced that on or about December 29, 2009, it made the final distribution of approximately $0.029785 per share to its stockholders. The Company made an initial distribution of approximately $0.39 in October of this year.

Stockholders whose shares are registered directly in their names with XTENT's paying agent, Computershare Trust Company, N.A., are considered to be, with respect to those shares, the "stockholders of record." If you are a stockholder of record and you already delivered your stock certificate(s) to Computershare in exchange for the initial distribution, you do not need to take any further action. Computershare will send you a check representing your final distribution. If you are a stockholder of record and you have not already delivered your certificate(s) to Computershare and received your initial distribution, you should call Computershare immediately at 1 (800) 546-5141 to make sure you receive your distribution.

Stockholders who are not stockholders of record but hold shares in "street name" (that is, through a broker or nominee) should receive their final distributions through their brokerage accounts. If you hold shares in street name and you have not received your distribution, you should contact your broker.

This distribution is the final distribution stockholders will receive from XTENT. The amount distributed to stockholders in the initial distribution, plus the amount being distributed to stockholders in the final distribution represent all of XTENT, Inc.'s remaining assets after paying or otherwise providing for its liabilities.

SOURCE XTENT, Inc.

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Sooooooooooo,

you should have sold when it was at $2.69. And I should have told you to do so.

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#21) On January 30, 2010 at 5:25 PM, portefeuille (99.66) wrote:

#31) On March 02, 2009 at 12:58 PM, portefeuille (99.96) wrote: WFC - 10.67 - outperform

#486) On May 04, 2009 at 3:40 PM, portefeuille (99.96) wrote: WFC - end outperform - 23.50 - no new rating

It closed on 01/29/10 at $28.43.

$10.67 -> $23.50 (+120.24%), $10.67 -> $28.43 (+166.45%).

I still like it.

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#22) On January 30, 2010 at 5:32 PM, portefeuille (99.66) wrote:

#32) On March 02, 2009 at 1:15 PM, portefeuille (99.96) wrote: VVTV - 0.27 - outperform

#594) On July 15, 2009 at 8:19 PM, portefeuille (99.96) wrote: VVTV - end outperform - 1.77 - no new rating

It closed on 01/29/10 at $4.12.

The all-time low was at $0.18.

$0.27 -> $1.77 (+555.56%), $0.27 -> $4.12 (+1425.93%(!)).

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#23) On January 30, 2010 at 5:46 PM, portefeuille (99.66) wrote:

#33) On March 02, 2009 at 1:25 PM, portefeuille (99.96) wrote: SYMX - 0.46 - outperform

#891) On December 04, 2009 at 9:49 PM, portefeuille (99.96) wrote: SYMX - end outperform - 1.15 - new rating: market perform

#959) On January 30, 2010 at 5:43 PM, portefeuille (99.96) wrote: SYMX - end market perform - 0.93 - no new rating

It closed on 01/29/10 at $0.93.

$0.46 -> $1.15 (+150.00%), $0.46 -> $0.93 (+102.17%).

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Synthesis Energy Systems, Inc., (“SES”), is an energy and technology company that builds, owns and operates coal gasification plants that utilize its proprietary U-GAS® fluidized bed gasification technology to convert low rank coal and coal wastes into higher value energy products, such as transportation fuel and ammonia. The U-GAS® technology, which we license from the Gas Technology Institute, gasifies coal without many of the harmful emissions normally associated with coal combustion plants. The primary advantages of U-GAS® relative to other gasification technologies are greater fuel flexibility provided by our ability to use all ranks of coal (including low rank, high ash and high moisture coals, which are significantly cheaper than higher grade coals), many coal waste products and biomass feed stocks, and our ability to operate efficiently on a smaller scale, which enables us to construct plants more quickly, at a lower capital cost, and, in many cases, in closer proximity to coal sources. SES currently has offices in Houston, Texas and Shanghai, China.

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I currently have no opinion on SYMX. This picture from their website is pretty though ...

 

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#24) On January 30, 2010 at 6:27 PM, portefeuille (99.66) wrote:

#34) On March 02, 2009 at 1:37 PM, portefeuille (99.96) wrote: ACLS - 0.28 - outperform

#624) On July 30, 2009 at 2:22 PM, portefeuille (99.96) wrote: ACLS - end outperform - 0.54 - new rating: market perform

#808) On September 30, 2009 at 4:29 PM, portefeuille (99.96) wrote: ACLS - end market perform - 1.20 - no new rating

It closed on 01/29/10 at $1.50.

$0.28 -> $0.54 (+92.86%), $0.28 -> $1.20 (+328.57%), $0.28 -> $1.50 (+435.71%).



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no opinion.

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#25) On January 30, 2010 at 7:24 PM, portefeuille (99.66) wrote:

#35) On March 02, 2009 at 2:04 PM, portefeuille (99.96) wrote: EPL - 0.32 - outperform

#551) On July 12, 2009 at 7:21 AM, portefeuille (99.96) wrote: EPL (ERPLQ.PK) - end outperform - 0.30 - no new rating

$0.32 -> $0.30 (-6.25%).

August 3, 2009, Court Confirms EPL's Plan of Reorganization

September 22, 2009, Energy Partners Ltd. emerges from bankruptcy

September 23, Energy Partners Reorganization Plan Takes Effect

November 9, 2009, EPL Reports Third Quarter 2009 Financial and Operational Results

-------------------

2) REORGANIZATION

In connection with our emergence from bankruptcy, we converted the Predecessor Company Notes and outstanding Predecessor Company common stock into shares of our new common stock as of the Exit Date. In accordance with the terms of the Plan, the Predecessor Company Notes and related indentures, as well as the Predecessor Company’s outstanding common shares, were cancelled. Each holder of these notes received, in exchange for their respective claim (including principal and accrued interest), their pro rata portion of approximately 95% of the common stock in the Successor Company. Each holder of the Predecessor Company’s common stock received, in full satisfaction of and in exchange for their respective common stock interests, their pro rata portion of approximately 5% of the common stock in the Successor Company. The shares of treasury stock held by the Company were not allocated any portion of the newly issued common stock. In each case, the common stock of the Successor Company issued pursuant to the Plan is subject to dilution by the issuance of shares of common stock issuable under the Successor Company’s 2009 Long-Term Incentive Plan. See Note 11, “Stock-Based Compensation” for information regarding the 2009 Long-Term Incentive Plan.
The Successor Company’s equity capitalization as of September 30, 2009, consists of (i) 38 million shares of common stock issued to holders of the Predecessor Company Notes and (ii) approximately 2 million shares of common stock issued to holders of equity interests in the Predecessor Company. We have reserved up to 1,237,000 shares of common stock for the issuance of restricted shares and option shares under the 2009 Long-Term Incentive Plan.
The Credit Facility currently has a borrowing base of $70 million and consists of a $25 million term loan and a three-year revolving credit agreement with $45 million available at closing, of which $25 million was drawn as of September 30, 2009. We also received net proceeds of $55.0 million upon emergence from bankruptcy from the issuance of the PIK Notes. The proceeds from the Credit Facility and the PIK Notes were used to repay $83 million outstanding under the Predecessor Company’s bank credit facility and to provide working capital for the Successor Company. See Note 8, “Indebtedness” for additional information about our indebtedness.
As of September 24, 2009, we had satisfied our obligations to the MMS, which were due shortly following our emergence from bankruptcy. As a result, the March 23, 2009 MMS order which resulted in the shut-in of the federal portion of our East Bay field has been rescinded and we restored the related production on September 23, 2009.
Upon our emergence from bankruptcy, several new board members were appointed pursuant to the Plan. Our board of directors appointed a new chief executive officer.
On September 23, 2009, the newly issued common stock of the Successor Company commenced trading on the New York Stock Exchange under the symbol EPL.

...

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(from here (pdf))

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#26) On January 30, 2010 at 8:04 PM, portefeuille (99.66) wrote:

back-of-the-envelope calculation.

In 2008 ELP had around 32 million common shares outstanding. They currently (i.e. after the reorganisation) around 40 million shares outstanding, 5% of those were issued to the "old common shareholders". So for 16 old share you got around 1 new share. EPL closed on 01/29/10 at $8.59. $8.59/16 ≈ $0.537.

$0.32 -> $0.537 (+88%).

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#27) On January 30, 2010 at 8:16 PM, portefeuille (99.66) wrote:

around 40

have around 40

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#28) On January 30, 2010 at 8:23 PM, portefeuille (99.66) wrote:

#36) On March 02, 2009 at 2:14 PM, portefeuille (99.96) wrote: MIC - 0.94 - outperform

#499) On May 13, 2009 at 1:21 PM, portefeuille (99.96) wrote: MIC - end outperform - 2.71 - no new rating

It closed on 01/29/10 at $12.20.

The all-time low was at around $0.78.

$0.94 -> $0.54 (+188.30%), $0.94 -> $1.20 (+1197.87%(!)).



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I still like it.

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#29) On January 30, 2010 at 8:28 PM, portefeuille (99.66) wrote:

#37) On March 02, 2009 at 3:02 PM, portefeuille (99.96) wrote: X - 17.22 - outperform

912) On December 11, 2009 at 8:44 PM, portefeuille (99.96) wrote: X - end outperform - 47.14 - new rating: market perform

It closed on 01/29/10 at $44.43.

$17.22 -> $47.14 (+173.75%), $17.22 -> $1.20 (+158.01%).

 

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#30) On January 30, 2010 at 8:33 PM, portefeuille (99.66) wrote:

#38) On March 02, 2009 at 3:30 PM, portefeuille (99.96) wrote: BP - 35.32 - outperform

It closed on 01/29/10 at $56.12 (+58.89%).

#39) On March 02, 2009 at 3:39 PM, portefeuille (99.96) wrote: GNK - 9.55 - outperform

It closed on 01/29/10 at $19.16 (+100.63%).

I still like both.

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#31) On January 30, 2010 at 8:37 PM, portefeuille (99.66) wrote:

continued here ...

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#32) On January 31, 2010 at 10:29 AM, SolarisKing (< 20) wrote:

Is that what girls look like in Germany?

She's wonderful.

Thanks for the pic(k)s.

 

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#33) On January 31, 2010 at 11:36 AM, portefeuille (99.66) wrote:

Is that what girls look like in Germany?

Some of them do. It is Laetitia Casta.

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#34) On April 17, 2010 at 8:57 PM, portefeuille (99.66) wrote:

as I wrote in comment #31 above.

continued here ...

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