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19	member 6/06/19 7:17PM Re: Re: Re: I don’t get why they won’t liquidate 18
bdad, you're right i clearly got over-excited re the bonds: i forgot that they will be largely retired by the time sales (probably) roll over again this time next year so you'll be looking at... login to read the rest view available tags
17	member 6/05/19 8:57PM Re: I don’t get why they won’t liquidate 16
how many humans will willingly put themselves out of a job, with a 'we failed' sign hanging around their necks to boot? that is what you are asking management to do...there's a reason it hardly... login to read the rest 7 view available tags
16	member 6/05/19 8:39PM I don’t get why they won’t liquidate
in situations such as these (melting ice cubes), it would be prudent for management teams to realize that liquidating, yes liquidating, would be the best outcome for shareholders. 2 view available tags
15	member 6/05/19 6:42PM Re: Re: Re: Re: Re: Update 14
I hate to pile on and to be clear I am not short, but in a way I kinda get the hugely pessimistic reaction today. the operating deleverage evident in the biz is pretty incredible.... login to read the rest view available tags
14	member 6/05/19 12:21PM Re: Re: Re: Re: Update 12
fwiw, that came up with a credit analyst in Barron's this week too: Because of what I said about [the BBB ratings] being for the most part self-inflicted, investment-grade companies could just pull back on share... login to read the rest 4 view available tags
12	member 6/05/19 11:58AM Re: Re: Re: Update 11
Agreed Rhubarb. BBBY is another great one. Also BIG. There are many others. I think it's classic capital misallocation trap that management teams make. Many investors goad them into it as well, especially short-term oriented ones. view available tags
11	member 6/05/19 11:03AM Re: Re: Update 10
GME is a good case study in why aggressive buybacks in melting ice cubes can be a bad idea. It looks like they've bought back $1.85b worth of stock since '10. X-box is releasing a console without a... login to read the rest 4 view available tags
9	member 6/04/19 8:45PM Update
Any updates here? Especially given the recent quarter. view available tags
6	member 5/10/19 4:42PM Re: Liquidation analysis 4
I'd say the key parameter to estimate is the dividend decline rate. A 17% current dividend yield sounds great, but if it's reasonable to expect the dividend to decline by 10%/yr, for example, then the -1 view available tags
5	member 5/10/19 4:23PM Re: Liquidation analysis 4
I may regret posting this, but isn't the trade to write puts on these melting ice cubes as the puts imply they melt faster than they melt? Rather than guessing if you can extract more 2 view available tags
3	member 5/10/19 3:27PM Time flies
15 years ago this idea would've been rated a 7 8 view available tags
1	member 5/10/19 11:55AM EV
Sorry to be snarky on a bad day for me. This thing does not basically trade at zero EV. Market cap is $860m, debt was as $821m as of Feb 19, cash was $1,624m, so... login to read the rest 25 view available tags

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			2016	2017
Price:	39.20	EPS	1.58	1.78
Shares Out. (in M):	32	P/E	24.8	22.0
Market Cap (in $M):	1,224	P/FCF	10.3	19.2
Net Debt (in $M):	36	EBIT	95	106
TEV (in $M):	1,260	TEV/EBIT	13.6	12.1
Borrow Cost:	General Collateral

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