ACP does look like a good value.
Also has been a consistent income earner, with a real estate base of net leased real estate to single corporate tenants. Has been able to consistently sell these properties at a profit when they come off their original leases. With this as a base, management is investing in unwanted, undervalued, turnaround situations.
Such as defaulted real estate mortgages. Has done this, profitably, on a few residential properties. Now has invested, at a significant discount, of course, in defaulted bonds in gambling resorts in Las Vegas and Atlantic City.
Also buying out, also at a discount, frustrated limited partners in a few real estate partnerships. Whose liquidity has been poor. I assume ACP will continue to make a nice return on this business.
Every once in a while Carl Ichan gets ACP to invest in a situation like RJ Reynolds. Using a little shareholder activism , orchestrated by Carl, ACP made over $29 million in less then six months.
The biggest negative is that ACP is totally controlled by Carl Ichan. What he wants. He does. Right now he does not want to make any distributions to partners, so ACP does not.
But eventually, the fundamental values has to be shown in the stock price. At least I hope it does, since I own a number of shares!
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