Just a quick one all - I have been made aware that Michael Schaefer has again graced his newsletter's script with a commentary on WRN. I have not seen the write-up personally, I am hoping to have a chance to read a copy soon.
Apparently, our friend Mr. Schaefer, slammed the idea of the sale of Taylor for shares in Skytex and is also apparently indicating that the Skytex deal for Skytop, Cooper and Taylor has come apart at the seams. Now, as far as I am concerned that is all GOOD news for WRN. However, Mr. Schaefer goes on to suggest that with Mark stepping down, WRN is seriously lacking direction and should be a prime tax-loss candidate. Obviously that type of suggestion can become a self-fulfilling prophecy (half the time analysts/newletter authors actually hope it will be). However, I have not seen an indication that he "should be" correct.
Neither Taylor's daily operational direction, nor for Alamo's, was coming from Mark. He was largely focussed on the "forward thinking" long term project stuff - like the sale to Skytex. Now, first of all I do not belittle what impact Mark had on getting this company together, it was his, but if we keep Taylor (and it looks like we might) then the short term focus should be contract acquisition and reducing admin expenses. Second issue is this, I do NOT believe that Mark was wandered off into oblivion, he may be officially gone, but I do NOT believe for an instant that he has no involvement. On top of that, there are other people who are involved with this company who are not only motivated, but capable of making her successful. The combination of the above tells me that Mr. Schaefer may be off base.
Mr. Schaefer claims to be pretty much "in the know" when it comes to WRN, so it is possible that we may see things sit apparently dormant while an opportunity is intentionally created for tax-loss sales or it is also possible that a buying opportunity may be being created as shares are flushed out of the market.
There is always the possibility, that I am wrong and that things really are laying dormant and the company has no direction and no one working to give it direction and no business ventures are being worked on, etc. BUT DON"T COUNT ON IT!!!!
Salut,
Leigh McBain
PS - I guess with this particular posting I had better remind you all that I am just an investor like the rest of you, I am NOT a professional analyst, I am not a broker, I am not a financial planner, etc. The above are MY OPINIONS ONLY. |
