tag:blogger.com,1999:blog-2149523431587168680.post5010967263268695301..comments2024-01-16T00:12:23.220-05:00Comments on Oddball Stocks: Maxxam, unbelievably cheap at 27% of BV and potentially 2x earningsNate Tobikhttp://www.blogger.com/profile/05660387777171986124noreply@blogger.comBlogger18125tag:blogger.com,1999:blog-2149523431587168680.post-63461897537711146812014-01-14T23:26:50.293-05:002014-01-14T23:26:50.293-05:00Well someone went out and bought 2 shares yesterda...Well someone went out and bought 2 shares yesterday for $799.99 LOL.Nat Hunthttp://natstocks.comnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-1686292009801224442014-01-13T19:13:59.634-05:002014-01-13T19:13:59.634-05:00The quality of the average comment on this post se...The quality of the average comment on this post seems to be directly proportional to the quality of the company profiled :D<br /><br />I should like to see these people grill OTC markets for allowing the company on their home page, and the operators of internet infrastructure for allowing information about this company to be transmitted over their hardware to unwitting investors who might foolishly obliterate their savings by investing in this company without doing their own DD after hearing about it on Nate's blog.<br /><br />Sheesh.<br /><br />Interesting charity idea: if you had billions and billions, you could spend $5M here, $10M there going activist on these criminals running public cos as private piggy banks, just being a craw in their side. Hilarious AND socially beneficial!Taylor Conanthttps://www.blogger.com/profile/18270678440957992085noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-69799655456979539142014-01-11T18:39:56.127-05:002014-01-11T18:39:56.127-05:00Morningstar reports Hurwitz age as 67Morningstar reports Hurwitz age as 67Anonymoushttps://www.blogger.com/profile/16854601660077645696noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-49683517612982173412014-01-11T18:34:38.960-05:002014-01-11T18:34:38.960-05:00Hi Nate: I've followed Maxxam for years and a...Hi Nate: I've followed Maxxam for years and although I believe there is lots on value tucked away on this company, one item keeps me on the sidelines - Charles E. Hurwitz. I believe Hurwitz only cares about Hurwitz and has no regard to minority shareholders.Anonymoushttps://www.blogger.com/profile/16854601660077645696noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-39010104032610403282014-01-11T16:54:10.613-05:002014-01-11T16:54:10.613-05:00So he would rather eke $1.8 million a year out, th...So he would rather eke $1.8 million a year out, than shape this thing up and quadruple his $9 million stake to $36 million (~1X book value)? and STILL take a $1.8 million salary?<br /><br />Has anyone found his age?Nat Hunthttp://natstocks.comnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-49652569654324703612014-01-11T15:22:35.518-05:002014-01-11T15:22:35.518-05:00I guess that is what is known as "negative pe...I guess that is what is known as "negative personal goodwill" if there is such a thing. How old is this guy : )Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-23298167365515873062014-01-11T13:49:31.503-05:002014-01-11T13:49:31.503-05:00I've seen that as well. My best guess for some...I've seen that as well. My best guess for something like this is minority holders sit flat for years until the CEO passes away or retires. <br /><br />Pioneer Railroad is similar to this. Great assets, a self serving CEO/Chairman who was not working in the best interest of shareholders. The stock stayed cheap/flat for years. Then the CEO dies and the thing doubled. Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-27086144692792510822014-01-11T13:47:44.693-05:002014-01-11T13:47:44.693-05:00I would feel bad if anyone purchased something bec...I would feel bad if anyone purchased something because it appeared on here without doing their own research. I post about stocks which I find interesting, this isn't a newsletter where I recommend things. Many stocks which I find interesting others don't. Some stocks like this I wouldn't buy, but others might. <br /><br />This isn't a completely researched idea either. The goal is to highlight something that might be grounds for further research. I have had posts where I explicitly say the stock is cramp and I would never buy and there is a buying frenzy once I post. <br /><br />I have learned that my audience is extremely varied, what works for some doesn't wor for others. Instead of trying to write something that pleases anyone I write about things that are interesting to me. Maybe you like my perspective, maybe you don't, but that's what ends up on here. Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-29625466422916031192014-01-11T13:37:58.299-05:002014-01-11T13:37:58.299-05:00Interesting find Nate. My experience with compani...Interesting find Nate. My experience with companies like this is they tend to hang around forever and never do much to create value for the minority group. Just take out compensation for the owner as has already been mentioned. That's probably why the discount is so steep. Also, is this a C corp? If so, there will be a nasty tax hit if they sell the real estate.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-47226787202501252252014-01-11T13:04:51.146-05:002014-01-11T13:04:51.146-05:00I agree that it is an interesting stock in an acad...I agree that it is an interesting stock in an academic sense, but it seems a bit reckless to present it as a bargain without some discussion of why it is so cheap. I am sure you would feel terrible if someone naively invested in this stock based on your write-up and wound up losing his life savings. It would be his own fault, of course, for not doing his own DD, but still. <br /><br />The bottom line here is that the company assets are probably quite valuable, but the stock is probably worthless. All of the benefit will go to insiders; minority shareholders will never see a dime.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-19410419368520472282014-01-11T12:58:50.732-05:002014-01-11T12:58:50.732-05:00The delisting saved them $1.5, which falls straigh...The delisting saved them $1.5, which falls straight to the bottom line (when it exists). The company files with OTCMarkets, I think investors would prefer that. <br /><br />SEC reporting isn't the end-all be-all that some investors think it is. I've found SEC filing frauds and tried to report them..it was like talking to a brick wall, completely ignored. Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-25517123998912757032014-01-11T12:30:02.147-05:002014-01-11T12:30:02.147-05:00I think that the Yahoo! chart may be wrong (big su...I think that the Yahoo! chart may be wrong (big surprise!). The price change was not that dramatic, but the conclusion remains the same. The reverse split was designed to reduce the "shareholders of record" below 300 so that management could de-list the stock (i.e., go dark). So, no more of those pesky SEC filings. Yay!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-86274277679183019012014-01-11T11:12:26.847-05:002014-01-11T11:12:26.847-05:00As a result of that 2009 reverse split (if Yahoo! ...As a result of that 2009 reverse split (if Yahoo! is to believed) the share price fell by approximately 99.9 percent (from a split-adjusted price of roughly $600,000 to around $600). The company is effectively private. I expect that there will never be a dividend, and at best minority shareholders might eventually be bought out for a pittance. This seems to be the quintessential value trap.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-42969093084477548722014-01-11T11:10:42.377-05:002014-01-11T11:10:42.377-05:00As others have notes there are some concerns about...As others have notes there are some concerns about management. Personally I am not investing because I don't want to invest in a company associated with greyhound racing/gambling. It's a personal preference, most might not share it. Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-82568493649867424902014-01-11T11:09:09.497-05:002014-01-11T11:09:09.497-05:00I don't disagree, not everything I post is a s...I don't disagree, not everything I post is a stock if recommend. I post about companies I find interesting and others might as well. They could be terrible investments, it's up to you to decide. Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-326303663447864332014-01-11T10:52:47.691-05:002014-01-11T10:52:47.691-05:00$12 million market cap and CEO pays himself $1.8 m...$12 million market cap and CEO pays himself $1.8 million per year? Seriously?<br /><br />Did you look at the long range stock chart? It is comical. Split-adjusted price peaked in 1999 at approx $4 million per share (!). In late 2009 management engineered a 1:250 reverse split in an attempt to squeeze out small shareholders. At least that is what the multiple lawsuits claim.<br /><br />I don't think Mr. Hurwitz will be looking out for the best interests of minority shareholders. I think that Mr. Hurwitz will be too busy looking out for the best interests of Mr. Hurwitz.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-78093644378380803942014-01-11T00:12:18.353-05:002014-01-11T00:12:18.353-05:00what about this: http://www.jailhurwitz.com/what about this: http://www.jailhurwitz.com/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-85362301194779653702014-01-10T16:33:00.572-05:002014-01-10T16:33:00.572-05:00Thanks nate
This sounds like a very interesting o...Thanks nate<br /><br />This sounds like a very interesting opportunity. What are the final factors for u to think about before u really decide to invest in it or not? Anonymoushttps://www.blogger.com/profile/13408088276621699758noreply@blogger.com