Re: family/trust-controlled permanent values
CCN, VO. You can add Dow Jones and Readers Digest to that
list, but that hasn't stopped Michael Price from trying
to wring value out of them. The idea I guess would be
to wait for a stimulus. CCN jumped from 40 to 50 after
Viacom exercised its option to buy 50% of UPN.
SJP looks like a trust controls the bulk of it, but it has started
selling assets and buying growing businesses, and distributing
liquidations to its shareholders, and the stock has done hugely well
for our friend James Clarke here over the last year or two.
TRC spiked from the teens to 45 after it was revealed
Marty Whitman had bought a large interest from the Times
Mirror, which was doing nothing with it, and had
hired real estate experts. Problem is, the
stock was in the teens for many many years. And it's now
back at 25 as the speculation faded. As an aside, a 9/8/97 real
estate appraisal prepared for AB Edelman Value Parnters is now in
my hands and indicates the SoCal 271000 acres have a value of
around $115-130 million before bulk discounts. That should help any further analysis here. The market cap is around $325M.
TRC and SJP were both brought up here just months before their
runs. VO down again today. I'll wait for some stability in VO
as the patient looks cold dead. At least TRC, SJP, and CCN have
shown signs of life in the last year, and had based within
a steady range prior to the share turnaround.
Mike |
