Session of 02/23/2007

[nullzero]

Since anyway MSI is the one thats moving  .

[txo066]

lancefur.  For scottrade, you need to call your local branch to buy the security, but can then sell it via web.

[lancefur]

lancefur.  For scottrade, you need to call your local branch to buy the security, but can then sell it via web.

Too late to buy that one anyway. But good to know for the future, thanks!

[lancefur]

American Skiing Company AESK announced today that it had entered into a definitive agreement to sell its Killington and Pico resorts in Vermont to SP Land Company, LLC, a major area landowner, for $83.5 million. The announced sale follows the recent announcement of the sale of Mount Snow and Attitash resorts for $73.5 million and the December announcement of the planned $265 million sale of Steamboat resort.

"Killington has been in partnership with SP Land since 2004 on a number of developable real estate parcels in the Killington area. During the design and planning phase of the Killington Village, it became apparent that the developable real estate and resort operations should be controlled by a single owner. We believe this transaction is a tremendous step forward for the future development of Killington, Pico and the surrounding community," said ASC President and CEO B.J. Fair.


Related newsAmerican Skiing Company Announces Sale of Mount Snow and Attitash Resorts for $73.5 Million
SP Land Company, LLC is a real estate holding company with significant land holdings near Killington resort. SP Land Company, LLC first gained its real estate holdings in the area in conjunction with American Skiing Company's restructuring of its real estate related debt in 2004.

"With the recently announced sales of Steamboat, Mount Snow, Attitash and now Killington and Pico, American Skiing Company is clearly in transition. We will be reviewing our organizational needs and adjusting accordingly. As a result of these transactions, the Company expects to repay all bank debt, junior subordinated debt, and have substantial resources to address the needs of our Sunday River and Sugarloaf resorts in Maine and The Canyons in Utah," added Fair.

Included in the sale of Killington and Pico are the resorts and all resort-owned operations, all of Killington/Pico's resort-owned real estate assets and The Wobbly Barn restaurant. In addition to the cash purchase price of $83.5 million, the buyer will also assume approximately $5 million of debt and other liabilities and certain contractual obligations of ASC.

The proposed sales of the ASC resorts will not have an effect on any current season passes, vouchers or advance purchase ticket products for the remainder of the 2006-2007 winter season. Multi-resort products such as All-For-One and Ski America passes will continue to be valid at all ASC resorts where they previously have been honored through the end of the 2006-2007 winter season. Gift cards, Value Cards and Edge cards will continue to be valid in accordance with the terms of those specific programs.

As a condition of the purchase and sale agreement, stockholder approval is required for the sale of Killington and Pico resorts. The sole holder of the Company's Preferred Stock Series C-1, representing 65.8% of the voting shares entitled to vote on the matter, has voted in favor of the transaction, which constitutes majority stockholder approval. Such approval means the transaction may be approved without a meeting of the Company's stockholders. In addition to stockholder approval, the transaction is subject to customary closing conditions, including Hart-Scott-Rodino antitrust approval and consent of the State of Vermont. The transaction is expected to close on or before April 30, 2007.

All of ASC's New England resorts, including Killington and Pico, have received almost three feet of natural snowfall in the past week; these resorts are enjoying the best skiing and riding conditions of the season.

[tokyopua]

AESK.ob  Market cap 20million.

Wow, I am in, thanks!

David, if a 20M market cap sells land for 80M, does that go to the bottom line?  I bought thinking/hoping it does...

Sold for  a small quick gain, I think that the land may have already been reflected in the balance sheet at $332M, they had sold $235 worth in Dec, and now 80M, is about equal to what is on the balance sheet.

[la-onda]

Hi David,
please check BSM. company with great potential and nice chart

tia
Oliver

[David Randolph]

Damn, I updated the stocks covered list just to find out the board can't handle such a long post. Ramsburg we'll need to fix this some way.

I'm already falling way behind on today's requests, but, I'll go making some analysis ...

MSI is totally on fire and taking the Main Portfolio with it, the wait was worth it

[nica33]

Dave, Could you check please CYD.

[tokyopua]

VRGY, no need for analysis since its 1B market cap, but they had huge earnings, could maybe run further like AVZA?

[David Randolph]

Good morning David from sunny Colorado (at least before another snow hits!)

I am new to your SOF board, and have been studying and learning so much.  David, you are such an asset to people like me just starting out. Thank you for sharing your knowledge and helping us to grow.

Some advise requested.  Before discovering your site, my first attempts at trading have tanked, and I didn't know enough to get out early.  My 3 stocks have lost about 50% (I know, you seasoned traders are shaking your heads).  Is it better now to just hold on to them hoping some day to recoup some losses, or just take what little is left?  Believe me, I will now watch and learn from the great people on these boards and not make the same mistakes.

Also, I'd like to know your thoughts on UQM.

Thanks for the kind words colorado-cece

Before I give you any advice on those 3 stocks, I need to know which ones are they? Probably the best course of action would be to just let go of those losers, it would be a valuable lesson. But, one never knows ... let me learn from your mistake on those stocks, what went wrong?

In fact, your request was so polite, that if you give me the ticker symbols of those 3, I'll cover them before any other.

Thanks

[David Randolph]

AESK.ob  Market cap 20million.

Wow, I am in, thanks!

David, if a 20M market cap sells land for 80M, does that go to the bottom line?  I bought thinking/hoping it does...

Sold for  a small quick gain, I think that the land may have already been reflected in the balance sheet at $332M, they had sold $235 worth in Dec, and now 80M, is about equal to what is on the balance sheet.

The problem is the market cap is not $20 M, there are two series of common shares and a bunch of series of preferred shares. One needs to know the conversion rate of those preferred shares to find out the real market cap, which is obviously much larger than $20 or $30 M (after potential conversion. Preferred shares erode earnings attributable to common shares).

To see this stuff quickly (the existence of preferred shares) just open the latest 10-Q file from the SEC, for example at www.sec.gov (my news service can do this for me faster).

[tokyopua]

MYNG is on fire, currently sitting at resistance, but could be interesting if it breaks that.

I am also watching WITM run away on me everyday 

[David Randolph]

gmst

GMST is a $1.8 B market cap company, and the limit on this board is $500 M market cap, as you can read on the 3 SOF Portfolio FAQ. You're a Premium Member, please request that analysis at the proper thread on the Main Portfolio message board, that I'll write a brief analysis on it.

Thanks

[cramercramer]

David! What do you think about MCGL as a long investment /price now 0.58c/?

Jeff Gendall bot few days ago 62mln shares MCGL.ob /he bot 17mln shares of XIDE before run/.

Gendell¡¯s specialty is buying very large positions in companies that benefit from that theme, and then working with or pressuring management to improve shareholder returns.

[David Randolph]

TBSI and what do you think of the dry bulk shippers in general?

TBSI chart shows a bullish trend, but also very low average volume. Only about 9,000 shares traded so far today.

Fundamentally:

• Market cap is $295 M. An ocean transportation services company that offers worldwide shipping solutions through liner, parcel, bulk and vessel chartering services.
• No dilution over the years, as you can see here
• Balance sheet looks weak, though, because working capital is just a bit negative
• Revenue trend is positive
• There are preferred shares taking money away from net income to provide dividends to preferred shareholders. Let me check that issue on the 10-Q ... after all it's not preferred shares, but two different series of common shares, A and B, and one of them receives dividends. Not so bad.
• Anyway, those dividends eat EPS at the fourth quarter of every year

My final take is I like the sector but I think probably there are better plays outthere in the sector, this company isn't working for the benefit of the shares you can buy in the open market.