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Archive for November, 2009

Counterintuition

Posted in About, Stocks, Value Investment, tagged , , on November 13, 2009 | 7 Comments »

The superb Abnormal Returns has a post “Investing by the seat of their pants,” which, among other things, discusses William Bernstein’s conjecture that “only a tiny fraction, 1 in 1000, investors have the skills to become truly competent investors.”  In the preface of his new book, Bernstein suggests four abilities successful investors must enjoy (via [...]

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TSR Inc (NASDAQ:TSRI)

Posted in Stocks, TSR Inc (NASDAQ:TSRI), tagged , on November 12, 2009 | 4 Comments »

TSR Inc (NASDAQ:TSRI) is an interesting play at a discount to liquidation value and an ongoing cash flow positive business. At its $2.10 close yesterday, the stock has a market capitalization of $8.5M. I estimate the liquidation value to be around 26% higher at $2.65. 26% is not a huge upside, but in this instance [...]

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Convera Corporation (NASDAQ:CNVR)

Posted in Convera Corporation (NASDAQ:CNVR), Liquidation, Stocks, tagged , , on November 11, 2009 | 7 Comments »

Convera Corporation (NASDAQ:CNVR) is a liquidation play. The stock closed yesterday at $0.221. The company estimates the value of the distributions to be in the range of $0.37 to $0.45 per share. Approvals According to the 14(c) information statement: The board approved the plan of dissolution on May 29, 2009. The liquidation will not be [...]

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Buffett on gold

Posted in About, Austrian Economics, tagged , , on November 10, 2009 | 20 Comments »

Warren Buffett’s position on gold is well known, if a little difficult to fathom. This is from Buffett’s appearance on CNBC’s Squawk Box on March 9, 2009, but could have been taken from any of his commentary over the last fifty years: BECKY: OK. I want to get to a question that came from an [...]

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CoSine Communications Inc (OTC:COSN) Q3 10Q update

Posted in Activist Investors, CoSine Communications Inc (OTC:COSN), Net Cash Stocks, Steel Partners, Stocks, tagged , , , on November 9, 2009 | Leave a Comment »

CoSine Communications Inc (OTC:COSN) has released its 10Q for the quarter ended September 30, 2009. We’ve been following COSN (see Greenbackd’s COSN post archive) because it is a cash box controlled by activist investor Steel Partners. Steel Partners own 47.5% of the stock and sits on the board. The stock is up 11.4% since our [...]

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A call for help

Posted in Stocks on November 8, 2009 | Leave a Comment »

Please read the following request from Hunter of Distressed Debt Investing about Alan Cohen, who runs the credit and distressed debt book at York Capital Management: I recently learned that Alan Cohen, the head of credit and distressed debt investing at York Capital Management, is suffering from leukemia. Many of us in the distressed community [...]

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The Reformed Broker’s Periodic Table

Posted in About, Greenbackd, tagged on November 6, 2009 | Leave a Comment »

I am absolutely thrilled that Greenbackd made The Reformed Broker’s superb Period Table of Finance Bloggers. I slept through most of my high school chemistry classes, but I think Greenbackd occupies the same esteemed place accorded to carbon on the periodic table of elements. Carbon’s got a bad rep at the moment, but that doesn’t [...]

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Distressed Debt Investors Club launched

Posted in About, Bonds, Greenbackd, Stocks, tagged on November 6, 2009 | Leave a Comment »

Distressed Debt Investing has today launched the Distressed Debt Investors Club, a “community of investors dedicated to sharing ideas and helping each other navigate the sometimes mine-filled path of the distressed debt world.” Members are admitted on the strength of their application and the thought process evident in the investment idea. Only 250 members will [...]

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ASPN announces distribution of cash proceeds from Venoco sale

Posted in Activist Investors, Aspen Exploration Corporation (OTC:ASPN), Greenbackd Portfolio, Liquidation Value, Stocks, Tymothi O. Tombar, tagged , , , on November 5, 2009 | 15 Comments »

Aspen Exploration Corporation (OTC:ASPN) has announced that it will pay a cash dividend of $0.73 per share to stockholders of record on November 16, 2009 from the proceeds of the sale of its California oil and gas assets to Venoco, Inc. $0.73 per share represents $5.3M, which is just over the mid-point of the $5.0M [...]

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VXGN Q3 10Q out; Greenbackd exits, dammit

Posted in Activist Investors, Stocks, VaxGen Inc (OTC:VXGN), tagged , , on November 4, 2009 | 9 Comments »

VaxGen Inc (OTC:VXGN) is all over. The latest 10Q has come out and, while not much has changed, it’s irrelevant in light of the pending deal with OXGN. The liquidation value remains around $23.6M or $0.71 per share. Whether that deal is consummated or not, VXGN shareholders will be worse off. The stock price is [...]

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