It has been quite a while since I’ve updated folks on the status of my Fat Pitch Financials Value Portfolio. I launched this paper portfolio back in September of 2004 on Marketocracy with a virtual starting balance of $1 million and a per share value of $10. I created this paper portfolio shortly after I [...]
The Steak n Shake Company (SNS), and Western Sizzlin Corp. (WEST) jointly announced the execution of a non-binding Letter of Intent relating to a proposed merger of Western into a wholly-owned subsidiary of SNS. The Letter of Intent was negotiated between special committees of the boards of directors of both companies both of which were composed entirely of independent directors.
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The Letter of Intent considers that on or prior to closing Western will distribute to its stockholders all of the SNS shares beneficially owned by Western. Under terms, the consideration payable to Western's stockholders will be based on a net transaction valuation of about $22.96 million.
At closing, each share of Western's common stock would be converted into the right to receive an amount equal to approximately $8.11 in the principal amount of debentures issued by SNS.
The Steak N Shake Company(SNS) filed an 8-k this afternoon disclosing that it has amended its credit agreement to “permit the Company to use up to $10.0 million of surplus cash to make investments of any lawful nature, so long as no event of default exists.”
In addition, the Company has granted “Chief Executive Officer, Sardar [...]
The Fat Pitch Financials Portfolio has gained a bit more ground in May. The portfolio ended May 29, 2009 with a value of $946,732.78. That is up 1.9% since I last reported on Fat Pitch Financials Portfolio in April. Over the past six months, this portfolio has continued to outpace the S&P 500 and the Dow [...]
It’s been a while since I’ve reported on the Fat Pitch Financials Portfolio. I never got around to reporting on the portfolio at the end of March. The last report looked at the Fat Pitch Financials Portfolio February 2009 numbers.
A lot has changed in terms of the value of the portfolio since that time. On [...]
