Haven't looked closely at NLC for a few weeks. Been preoccupied with my other stocks.
Looks like we are into a trading range from 2.20 to 2.50. Time will tell if accumulating or liquidating. Indicators appear to be saying accumulating taking place, MHO.
I continue to monitor WMI. It hit its 52 week low at US$20. Looking weaker. Law suits still dominating news on WMI. Its the 5000 New England compactors that WMI are supposed to liquidate (DOJ) that I am looking for. I'm wondering if NLC still have in place, the financing it setup, this past spring, for those 5000 compactors? I checked WMI's Aug 16th SEC 10-Q to see if they had sold the New England assets (& to whom) or not. From what I can find so far, the New England assets have not been liquidated to anyone yet. Please correct me if I'm wrong. Below are two excerpt from the latest 10-Q.
I sure hope NLC is still in the running for the New England compactors. Anyone know??
--1-----------------------------------------------------
"The Company has received a Civil Investigative Demand ("CID") from the Antitrust Division of the United States Department of
Justice inquiring into the Company's non-hazardous solid waste operations in the State of Massachusetts. The CID purports to have
been issued for the purpose of determining whether the Company has engaged in monopolization, illegal contracts in restraint of
trade, or anticompetitive acquisitions of disposal and/or hauling assets. The CID requires the Company to provide the Department
of Justice with certain documents to assist it in its inquiry. "
--2-----------------------------------------------------
"The Board of Directors has initiated a strategic initiative aimed at increasing shareholder value. The Company has engaged Chase
Securities, Inc. and Donaldson, Lufkin & Jenrette Securities Corporation as financial advisors to assist the Company in this matter.
The plan calls for disposition of some or all of the Company's International assets, a substantial majority of the Company's
non-core assets, and certain non-strategic North American solid waste assets that account for 10% of the Company's operating
revenues in that sector. The Company intends immediately to initiate the disposition of these assets, and plans to substantially
complete these asset sales in the next 12 months, although there can be no assurance that these dispositions will be completed in the
time frame contemplated. The Company expects to use the proceeds of these asset dispositions as they are realized to repay debt,
repurchase shares and pursue tuck-in acquisitions. " |
