ITS LONG TERM AND IF ITS GOOD ENOUGH FOR THEM ITS GOOD ENOUGH FOR ME...............DEEP LONG TERM HARD ASSET PLAY...CLASSIC ICANN PLEASE DISCUSS WCI
(1) Press the "Caps Lock" button on your keyboard. (2) It looks like a nice bottom-feeder play on the chart.
Second Quarter Financial Highlights: * Net loss: $33.2 million * Basic and diluted EPS: loss of $0.79 * Recorded pre-tax impairments and write-offs of $36.0 million * Revenues: $241.8 million -- down 54.2% * Gross new orders: $155.7 million -- down 50.1% Nasty numbers....
yes i agree but icann dosent bid 22 per share for nothing he was looking at their assets......long term.....and it seems he felt they were worth almost a billion dollars at the time and sac is no slouch either.......ill just go with them i really feel its a good one .....if he bid 22 its got to be worth at least 15 on its worst day.....icann made some of the best real estate plays in the world in the last 30 years see the recent article in forbes about him........
That bid was 5 months ago. But he is a major share holder, so I guess he needs someone else to be the bag holder. You might as well average in on the way down.
The name is Icahn and as previously mentioned the bid was in April. I wouldn't even consider going long a homebuilder now (I am short HOV). They can be good for a quick trade due to the violent short sqeezes but that is a lot different than a long term buy which is what you are suggesting.
the name is i can ......when you are a hard asset buyer like him april may june ........who cares .......when ........ just look at what he believed the co was worth in april..22 the guy made appx 10 BILLION DOLLARS doing just this type of stuff.....and paying only 15 cap gain tax....he probably hopes it goes lower so he can buy the whole supply and then he will invite some wall st guys down to bonita springs to really see what hes bought....... and then buy reccomondations will start flashing on cnbc... but hes on the board of the co now so he might have already done this AND IF HE DECIDES TO SQUEEZE THE SHORTS THEIR DEAD DEAD DEAD .....THEY WILL NOT BE ABLE TO BUY A SINGLE SHARE...
I wouldn't touch it with a 10 foot pole. They have a number of projects that simply aren't going to get finished in Florida - some massive - and the buyers are trying to get out of deals en mass. Icahn made a mistake on this one. I'd heard from one analyst that he "wasn't considered to be an expert buyer" in this transaction. If you want to play it, buy the senior secured bonds and maybe a small bit of common as an option it survives. But it could very well go bankrupt.
This discussion has been rehashed on the Yahoo WCI board $12 dollars higher and 2 months ago. For a more realistic appraisal of WCI, see below: http://www.treasure-coast.us/weeklyupdate08-25-07 Icahn was talking to the mgmt's hand when mgmt was stupid enough to reject Icahn's $22 offer. Now any current or potential stockholders may have to talk to the bondholders' hand.