Post from Other Boards - Heavy DD. I found this on another board and thought you might be interested. I take no responsibility for its contents (BUT the deal is closed for MPTV to take possession of Title to property with financing issues still to be ironed out):
The deal is that if MPTV gets the loan to pay Of Gould, then it can proceed with renovations to the Lake Tropicanna Time Share and sell them for a projected $114.4 mil. This in turn will open the way for the other proposed Time Share developments, RANCHO MIRAGE VACATIONS, KONA REEFSHARE RESORT, RENO VACATIONS, SAN FRANCISCO; est. revs. $300 to $400 mil+. Everything hinges on getting this rotten loan to pay off some guy named Gould (BTW, Gould just past away) who wants to foreclose on the Tropicanna property.
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REVENUES AND EARNINGS ESTIMATES: Stock target of $$$$$1.34 as follows:
These are my estimates, but I've received affirmation from the company that I'm very near their official auditor's estimates for EPS. For the profit percentage of revenues, I am using a calculation of 20%. According to insiders, this is an appropriately
conservative number, especially considering profits may go as high as
40% on some of the projects.
LAKE TROPICANA
Total estimated revenues: $114,400,000 (9152 intervals x $12,500)
Timeframe: 12 months (average of 9 to 15 months)Estimated contributing EPS for 1999: $.102($114,400,000 ö 223,920,708 shares, x .2(20% return of profit))
RANCHO MIRAGE VACATIONS
Total estimated revenues: $36,504,000 (4992 intervals x $11,250)
Timeframe: 18 months (average of 1 to 2 years) Estimated contributing EPS for 1999: $.022 ($24,336,000 ö 223,920,708 shares, x .2 (20% return of profit)) Estimated contributing EPS for 2000: $.011 ($12,168,000 ö 223,920,708, x .2 (20% return of profit))
KONA REEFSHARE RESORT
Total estimated revenues: $110,448,024.96 (6708 intervals x $16,465.12) Timeframe: 30 months (average of 2 to 3 years)
Contributing EPS for 1999: $.039 ($44,179,209.98 ö 223,920,708 shares, x .2 (20% return of profit)) Contributing EPS for 2000: $.039 ($44,179,209.98 ö 223,920,708 shares, x .2 (20% return of profit))
Contributing EPS for 2001: $.020 ($22,089,605.00 ö 223,920,708 shares, x .2 (20% return of profit))
RENO VACATIONS
Total estimated revenues: $41,600,000 (5200 intervals x $8,000)
Timeframe: 30 months (average of 2 to 3 years) Contributing EPS for 1999: $.015 ($16,640,000 ö 223,920,708 shares, x .2 (20% return of profit)) Contributing EPS for 2000: $.015 ($16,640,000 ö 223,920,708 shares, x .2 (20% return of profit)) Contributing EPS for 2001: $.008 ($8,320,000 ö 223,920,708 shares, x .2 (20% return of profit))
SAN FRANCISCO (VERY GENERAL ESTIMATE CONTINGENT ON MANY
UNDECIDED FACTORS)
Total estimated revenues: $114,400,000 (4576 intervals x $25,000)
Timeframe: 18 months (average of 1 to 2 years) Contributing EPS for 2000: $.051 ($57,200,000 ö 223,920,708 shares, x .2 (20% return of profit)) Contributing EPS for 2001: $.051 ($57,200,000 ö 223,920,708 shares, x .2 (20% return of profit))
TOTAL ESTIMATED EPS FOR 1999: $.178
TOTAL ESTIMATED EPS FOR 2000: $.116 (incomplete as future projects will further add to EPS) TOTAL ESTIMATED EPS FOR 2001: $.079 (incomplete as future projects will further add to EPS)
LATE 1999 TARGET PRICE: $1.34 (EPS of $.178 x PE of 7.5) to $1.78 (EPS of $.178 x PE of 10)
All this doesn't even take into account that MPTV is carrying forward a $20 million tax-deductible business loss.
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View from Bankruptcy lawery:
FROM RAGINGBULL- By: bko007
Reply To: 18568 by PokerFace Saturday, 29 May 1999 at 4:25 PM EDT
Post # of 18582
Sondy:
Thanks for the link to the Nevada United States Bankruptcy Court PACER system court docket for ALL STAR. I am a bankruptcy lawyer and after a review of the USBC court docket, and the few documents availble for review from the docket, I can lay to rest some of the worries of some MPTV investors:
1. MPTV is a real company. The Bankruptcy court itself has a responsibility to do some of its own DD in regard to the sale of assets in a bankruptcy case. What this means is that the court has reviewed the terms of this deal and the purchaser, MPTV, and has
concluded that amount of the deal is appropriate and MPTV is
a viable purchaser of the estates assets.
2. MPTVwill close this deal by Thursday. By reading the USBC court docket and the motions filed in the ALL STAR bankruptcy case it is plain to see that the Court does not wish the secured creditor GOULD to take back the property and wants MPTV to close the sale. Just look at the USBC Court docket provided by Sondy (# 18568). The Court has slammed GOULD every chance it could and has allowed continuances of the sale at every request (Though I think it is safe to say Thursday is the drop dead date!). The Court clearly believes in MPTV or it would stopped this process a long time ago!!!!!!
3. Delays and closing the deal at the last possible moment are all par for the course in Bankruptcy Court sales. Everyone is jockying for the best position, massaging numbers and trying to save pennies here and there until the Court lays down the law or in this case a drop dead date. Then everybody starts backing off their hard stances, real negotiations finalize and the lawyers and the bankers work 18 hour days untils the documents are signed with minutes of the deadline. Anyone who has closed a deal with a lot lawyers and bankers know that most the deals is actually get done when the deadline is fast approaching.
Based on the Bankruptcy Court records everything looks right on track for MPTV to close by next Thursday (17 Jun 99).
Besides the Court documents I was in Las Vegas this week for ICSC, a commercial property leasing conference, and I had the taxi driver take me by the MPTV property. Great location!!!!!!! Nice property (No different than any other private condominium community). Time shares should sell like hotcakes based on the location alone!!!
I own 100,000 shares and have all the faith in the world that this deal will close by Thursday. The price should have a nice short term run on the close of the sale and it could be a homerun if major financing for their business plan follows shortly thereafter. (There
are rumors about major financing for MPTV's business plan
to follow shorthly after the close of the Vegas Property) ( I've got my fingers crossed for that one!!!).
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www.ragingbull.com/mboard/boards.cgi?board=MPTV&read=18477
This info is from Raging bull from Investor who has done tons of DD(you can go check yourself) and here are his thoughts:
1. MPTV owns property in Las Vegas, NV that currently has a lien on it by Mr. Gould (Private Party). Mr Gould wants to forclose on the property to sell it. It is worth more to him then his $4.7 million lien about $25.3 million more. His lawyers have tried every
tactic in the world to forclose by delaying with motions. Court
ordered MPTV rights to close the lien and to obtain title to "Lake Tropicana" which would give MPTV the rights to start marketing and selling time shares. MPTV has been working on a bridge loan and has had problems getting an exact amount from Mr. Gould. The court allowed MPTV to hire an accountant.
2. The questions are; Did MPTV get the loan?, Is Mr. Gould being hospitalized going to effect closing of the loan?, Did Gould win?, If Gould wins does MPTV get the money that is left from the sell of "Lake Tropicana" minus Goulds lien?, Why would the courts grant extensions if MPTV didn't have the bridge loan?
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Here is DD from Silicon Investor:
MPTV is actively engaged in the timeshare resort and related entertainment industries. Through its wholly-owned subsidiary, CRE (Consolidated Resort Enterprises), MPTV plans to develop and market timeshare properties in Las Vegas (NV), Palm Springs (CA), Kailua-Kona (Hawaii), Lake Tahoe/Reno (NV), and San Francisco (CA). MPTV's principal asset is a multi-million dollar resort property, called
"Lake Tropicana," located in Las Vegas, Nevada adjacent to the
MGM Grand Hotel/Casino and Theme Park. The property has a current market value of over $30 million and a timeshare value of over $114 million. Through its other wholly-owned subsidiary CRS (Continental Resort Services), MPTV also intends to provide management and travel services at its timeshare resorts.
PART I: Company Profile, Investor Relations, Share Information, SEC Filings, and News Releases:
talk.techstocks.com/~wsapi/investor/reply-5401953
PART II: Business Overview, Management Profile, and Business History:
talk.techstocks.com/~wsapi/investor/reply-5401982
PART III: Profiles of Current and Future Properties in California, Florida, Hawaii, Nevada, and Utah, and Marketing Strategies:
talk.techstocks.com/~wsapi/investor/reply-5401999
PART IV: Areas of Concern: talk.techstocks.com/~wsapi/investor/reply-5402008
PART V: Revenue and Earning Estimates:
talk.techstocks.com/~wsapi/investor/reply-5402026
Best wishes:) |
