RE:RE:RE:Our partner is Polygon........ Re King George, we were screwed. The Canadian board did not have control. The real estate sales in Canada were totally wasted in Asia.
That said, I did not lose money, my cost was teen cents low. Further, the thing was so illiquid, I never had a big position, less than 100k shares. No doubt though, it was an insult.
Re MPC, the way I look at it, Grippo shows no signs of being a fool. I added to my GVC holding today.
Polygon have been very adept at getting zoning where MPC and Genstar failed prior.
The jv is a pure 50 50 between the 2 corps.
Am I concerned that Polygon and the JV is giving a sweet deal to Morningstar, sure, enough to ignore the valuation gap, not a chance. Morningstar is a pure sub of Polygon.
As for dribs of money, once things get rolling the cash should be substantial. If you do not buy the thesis, you should sell.
I will be on the bid if you choose. Just give me a heads up and I will size the bid.
I and some friends have bought prior blocks from Mr Heung. He has a charitable foundation that holds shares. They give funds away each year. They fund these grants thru stock sales. This stock is also illiquid. He needs bids when he wants to sell. Am I sure he knows more than me,for sure. I am just looking at the co. in a different fashion. I want to hold this for at least a decade. His time frame is shorter.
He ran the original co. make in the early 2000's I believe he might have had a falling out, and stepped back. That too could taint things somewhat.
Let's put it this way, if Madison pulls some stink bid going private, I cannot stop them. That's the game. I can just deal with today. So far, they seem decent.