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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: Andrew who wrote (14293)10/9/2000 4:42:48 PM
From: MAELING  Read Replies (2) of 18998
 
The reason I carry an 11 foot pole is that there are some things that I wouldn't touch with a 10 footer. Anything to do with Cotter falls within that radius.

Hoping for a favorable litigation result is not my kind of fun. (Go ahead and post your Cinerama|Delaware story, recognizing that Cotter re-badged all of his companies in Nevada, so any Delaware experience could be interesting, not precedent.)

You could convince me of the notion that land in Manhattan may have some value, but I know nothing about property in Australia and New Zealand. I'm aware that Cotter has spun the tale that cinema down under is an oligopoly, but I notice that he entered without difficulty. Back when I spent time on CRG, the word was that Angelika was a marginal concept. Even then, the Puerto Rican chain appeared to be a loser. In any case, what's the point of owning the ground underneath if it's connected to a cash sink up above? I'd rather own storage sheds, or a McDonald's.

To a great extent, you miss my point: when your major competitors begin operating with bankrupcy protection, you get a race to the bottom. Ticket prices come down and movie runs start lasting less than 6 weeks. How much can you raise the price of popcorn?

And if these properties are so darn valuable, then why is Cotter so kind as to sell them into the public corporation?

Things get curiouser and curiouser.

Maeling
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