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Archive for the ‘Liquidation Value’ Category

Vale “Superinvestor” Walter Schloss

Posted in Liquidation Value, Stocks, tagged on February 20, 2012 | Leave a Comment »

Walter Schloss, one of Warren Buffett’s Superinvestors of Graham-and-Doddsville, has died at 95. Says Bloomberg: From 1955 to 2002, by Schloss’s estimate, his investments returned 16 percent annually on average after fees, compared with 10 percent for the Standard & Poor’s 500 Index. His firm, Walter J. Schloss Associates, became a partnership, Walter & Edwin [...]

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Donald G. Smith on price-to-tangible book value

Posted in Liquidation Value, Stocks, tagged , , on October 29, 2010 | Leave a Comment »

The Fall 2010 edition of the Graham and Doddsville Newsletter, Columbia Business School‘s student-led investment newsletter co-sponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Investment Management Association, has a fascinating interview with Donald G. Smith. Smith, who volunteered for Benjamin Graham at UCLA, concentrates on the bottom decile of price to tangible book stocks [...]

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Above average odds on The GSI Group (PINK:LASR)

Posted in Activist Investors, Liquidation Value, Stocks, tagged on October 28, 2010 | 6 Comments »

For a period from late 2008 through mid 2009 the GSI Group (PINK:LASR) was prima facie the cheapest stock on my net net screen, but I couldn’t pull the trigger because it was delinquent a few quarterly filings. The company entered Chapter 11 due to the technical default of not filing financial statements and is now [...]

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Longterm on Seahawk (HAWK)

Posted in About, Liquidation Value, Stocks, Value Investment, tagged on October 4, 2010 | 1 Comment »

Longterm Investing has a series of posts examining several scenarios in Seahawk (HAWK) following the recent conference call (see my post archive for the background). In particular, Neil has examined the effect of CEO Randy Stilley’s proposal to take on debt to buy rigs, rather than buyback stock. Here’s the analysis: It’s important to understand [...]

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Media, vulture targets

Posted in About, Liquidation Value, Stocks, Value Investment, tagged , , on September 27, 2010 | 2 Comments »

The NYTimes.com Business Day Media & Advertising section had a story last week about Randall D. Smith, a “pioneer in the hard knocks business of vulture investing” and his current focus on the newspaper industry: Mr. Smith puts money into risky investments that few others will touch — and these days, that includes many newspaper [...]

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Liberty Media Corp (Capital) (NASDAQ:LCAPA) undervalued on a sum-of-the-parts analysis

Posted in Liquidation Value, Stocks, tagged on August 20, 2010 | 4 Comments »

Minyanville has an article analyzing Liberty Media Corp (Capital) (NASDAQ:LCAPA) on a sum-of-the-parts basis: The key for investors: Liberty Capital stock trades at a 58% discount to the value of all the assets that back it. The stock recently sold for $48 [now $45], but the collection of assets it represents add up to $82 [...]

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Former Icahn lieutenant Rachesky takes position in HAWK

Posted in Activist Investors, Liquidation Value, Seahawk Drilling (NASDAQ: HAWK), Stocks, tagged , , on August 19, 2010 | 7 Comments »

Carl Icahn’s former lieutenant Mark Rachesky has opened a position in Seahawk Drilling Inc (NASDAQ:HAWK), a stock I’ve covered in some detail (see the post archive here). Rachesky holds the position in his investment vehicle, MHR Fund Management LLC. Rachesky’s most recent 13F filing indicates he picked up around 1.2M shares for around $11.4M, which implies an average [...]

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Wilbur Ross on Charlie Rose

Posted in About, Activist Investors, Contrarian investment, Liquidation, Liquidation Value, Net Current Asset Value, Stocks, tagged on August 4, 2010 | 5 Comments »

Charlie Rose has a fantastic interview with Wilbur Ross, who played Willy Tanner (the dad) on Alf before becoming an investor in distressed businesses, most notably in the coal, steel and auto parts industries. This profile describes Ross’s start thus: In 2001, when LTV, a bankrupt steel company based in Cleveland, decided to liquidate, Ross [...]

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HAWK rig market values

Posted in Liquidation Value, Seahawk Drilling (NASDAQ: HAWK), Stocks, tagged , on July 6, 2010 | 4 Comments »

Further to my Seahawk Drilling, Inc. (NASDAQ:HAWK) liquidation value post, I set out below the slightly more optimistic valuation of HAWK’s rigs if they can be sold as operating rigs. Here is a guide to the second-hand market for rigs (click to enlarge): I’ve combined it with the list of HAWK’s rigs and their operating status from the July [...]

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HAWK liquidation values

Posted in About, Liquidation Value, Seahawk Drilling (NASDAQ: HAWK), Stocks, tagged , on June 30, 2010 | 7 Comments »

Seahawk Drilling, Inc. (NASDAQ:HAWK), which I’ve posted about before, has taken a pounding over the last few days, down over 11% just yesterday to close at $9.61. It seems crazy to me. HAWK is cheap as a going concern, but with its market capitalization at $113M, it’s now at a hefty discount to its liquidation value. Here’s [...]

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