SPIN-OFFS "secret hiding places of stock market profits" Message Board

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Non-Tech : SPIN-OFFS "secret hiding places of stock market profits"

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To: Spekulatius who wrote (1142)	9/11/2008 2:22:21 AM
From: Spekulatius	Read Replies (2) of 1185

Reviewed the IACI spinoffs. IACI (new) 140M shares outstanding. Presumable about 1.3B$ in cash. Subsidiaries ASK.COM, MATCH and others.profits unclear, the major subsidiaries are profitable but the problem is that corporate expenses are 37M$/quarter. How can that be? TKTM: 60M shares. Interesting business. Comes out of the reorg with 750M$ in LT debt. LiveNation their largest customer with almost 20% of their revenue canceled. HSNI. 60M shares. Cornerstone is falling apart, the HSN is doing better. 234M$ EBITDA/Y2007 TREE. Forgetaboutit. ILG: 57M shares. 430M$ LTD. -50M$ net cash (cash-ST liabilities). 137M$ (estimated) operating earnings in Y2007(?).0.6$ earnings/share in Y2007. I cannot find information on their website no otherwise. I suspect those guys don't want to run a public company? sec.gov I initially was inclined to purchase IACID before reviewing these numbers due to the substantial net cash position of the core IACID. The problem is that Diller stays with IACI and with it the huge chunk of corporate cost. I don't think IACI is where the money is going to be for that reason. My best bet seems to be ILG, the dark horse. They seem to run a nice business in relative obscurity. Of course there are near term macro risk with travel related business but overall timeshares seem to be holding up so far and so should IILG business.

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