Post by
undervalue on Sep 02, 2021 5:27pm
Lost support
One of our board participants, who is the author of a highly regarded value investment blog posted that he has sold the bulk of his position this week. I really have a high regard for his work. In an ironic twist, I probably purchased some of his shares. I continue to like the discount to my guess of NAV.
I have more mixed feeling towards Mr. Grippo. He is obviously self made and highly successful.
He is the architect of this company which I admire.
The dilution is a skunk move, only softened by my ability to purchase more shares below his deal terms.
It is strange that the same scheme is applauded at Parkit, dammed here. It is because the development portfolio is not reflected in the market price. Is that Grippo's problem, or ours and the market?
It appears that his son has a gift as well. Grant Street have been very shrewd with their positioning, and perhaps he will provide inter generational board continuity going forward.
Will Grippo Sr. eventually steal the company from the minority? Hard to say, he is below 50% right now. This deal is indicative that he is opportunistic, and may not have many checks at the board level.
If there are estate issues with Delcor, or Vanac, that takeout door may swing open.
In between, I believe (make that hope) that the development values will surface and the market price will narrow towards fairer value.