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Strategies & Market Trends : Value Investing
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To: Jurgis Bekepuris who wrote (39431)9/27/2010 1:30:20 PM
From: MCsweet  Read Replies (1) of 78748
 
Whitney Tilson on LIA,

Jurgis, thanks for pointing this out. It is always useful to get the take of professional investors on these.

I think Tilson is understating the case for the LIA common because the Class B convertible shares convert into $2 Euro worth of Prisa stock if Prisa is below $2 Euros on the conversion date (up to a maximum of 1.33 class A shares per class B share, with Prisa common around 1.69 euro we are not at that limit yet). That is why I have such a higher value estimate. Also note that the class B shares get a nice divvie of up to 0.175 Euro per year (assuming the company makes enough money) until the conversion takes place.

There is much more juice in the LIA warrants, but I think the common has better downside protection. That being said, I'm not buying any more after the small run-up here. I am content to stick with the slug of stock I already bought.

MC
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