Introducing the CVI - Punch Card Portfolio Newsletter
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Swizzle,
ReplyDeleteYour article had a pretty compelling and immediate effect!! Icahn seems to agree with us that CHK is massively undervalued....or so you would think now that he has disclosed owning roughly 6% of common stock. You see this as anything but a positive?
With regards to our favorite ATPG......still my current biggest holding but i'm starting to lean towads a change there........this latest shelf registration mean anything to you? Do you think they will dilute/offer shares imminently or this just "in case?" I mean, Al talks about his confidence and of them being the most liquid they've been in "long time?" So why the need to file this if unless they plan to offer and dilute an inordinate amount, you only might muster 75-150 million from sale anyways??
Cgiff
No clue as to why ATP would be issuing common shares at this point. My only thought is that it could have something to do with their international interests.
ReplyDeleteHey Swizz. I know you are a Buffetophile. He advises to keep some dry powder to shoot fast moving elephants.
ReplyDeleteThat is a logical explanation for the shelf registration. The problem here is - no explanation from management.
Well, let's hope that is the case. I don't recall too many instances in the past where I see a company file one of these and there isn't a share issuance in the following couple of months. In this case though it makes no sense based on the CFO saying about 2 weeks ago that they have better liquidity now than he can ever remember AND when you consider they can't spend any money in the GOM even if they wanted to.
ReplyDelete