SNFCA September 21 Shareholder Meeting

Special Meeting that is.

to approve too many shares of a capital structure already not well understood..

Wrong idea, wrong timing....... Vote all the way no for those who haven,t...

They musta be kidding to authorize so many new C Shares, when option stuff can be funded with share repurchases in the A shares.

What is the whole point of issuing new shares anyway at discount to book value, when you can buy in treasury operations at substantial discount to book value.
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Makes you wonder what interests the BOD is serving. someone awake or even at home there?

I like the winds of generational change here and with it, an overhaul of the dusty board will be overdue.

Will we see this?

Generally these guys are OK, but they are way too enamored with their Class C shares that are not tradable and funky in their voting rights - economic rights distribution.

Generally, No Wall Street Commentator gets it, so why issue more of the darn C shares. seems a bit self desctructive.

And then the BOD and management wonder why this trades at 45% discount to book value.

Are they for REAL??????????????/

Vote NOOOOOOOOOOOO if you have a chance still. or change your vote if you still can. better late then never, if only to send a signal to them that this whole A and C increase doesn,t address the issues of a company trading at deep discount to Book Value and Net Asset Value.

Bowlin Travel (BWTL) : Q2 Results Out - NIIIICE as Borat woudl say.

continued progress at bowlin... next quarter should be a clean one in strong seasonal quarter. can they make 4 to 5 cents in earnigns per Q going forward?... way overcapitalized and now with the cash on balance sheet to do somethign about it.. more cash should wash up their shores, given the nature of the business..

Travel Centers of America (TA) serves as a useful comp and investing idea in its own right.. just a much bigger version of BWTL and less funky

Converium Story is Over: CHR minority interest still trades

on New York Stock Exchange.

Scor SA took them over and deal closed at end of August.

Hope you all got your deal consideration. or cashed out along the way.

Scor did evidently not extend the tender offer to US holders, but this did not lead to collapse in the deal value either.

My understanding is that over time this stub disappears.

It will trade somehow in relation to what Scor is doing in europe and so far earnings are looking bright. Converium's last reported earnings were also upbeat.

The deal here was a cash and stock deal. so most Converium holders in some fashion got exposure to Scor, and it might be worthwhile to continue to follow up on this consolidation story.

There are a few other reinsurance plays that are catching my attention these days and might be worth followup research. more on this later.

over and out, Z

ICO Inc. Depositary Shares: Conversion Features

Update on an name recommended a while ago. Ticker ICOCZ.

there are convertible preferred shares or depositary shares thereon.

Arrearage will be made up by September 21, 2007.. Investors get 6.33 in arrears plus regular dividend of 0.42. This only applies to ICOCZ (and not the common stock)

The ICOCZ shares convert each into 2.74 shares of ICOC common stock.

At current price of the common of aroung $14, the ICOCZ are worth around $38 on an as converted basis. Pluse the $6.75 per Depositary Share dividends to be collected by September 21.

So overall an aggregate value of almost $45.

If you own it, keep watching those conversion features that add to the value above the future liquidation preference of the depositary shares.

Of course ICOC has had a very substantial runup in the past 3, 4 weeks. from 10 to 14. this has caught many by surprise. But this makes it all the more likely that the capital structure will be cleaned up one step at a time. so I expect substantial conversion of the remainign 190,000 or so depositary shares outstanding.

I guess people are happy wiht this turnaround. judging from share price performance. who would have thought.

over and out. Z