tag:blogger.com,1999:blog-2080506270244832638.post5375565132402253886..comments2024-03-28T07:17:13.573-05:00Comments on Clark Street Value: IMARA: Asset Sale, Below NCAV, Potential LiquidationMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger68125tag:blogger.com,1999:blog-2080506270244832638.post-8496822103641672302022-12-19T10:45:43.672-06:002022-12-19T10:45:43.672-06:00Not an expert on the space but an aspect of ONL I ...Not an expert on the space but an aspect of ONL I like is that the total debt is pretty close to the contracted cashflows over the next few years and it has got the small-vs-remainco-broken-spinoff-in-a-hated-industry dynamic going. Seems like they have a reasonable runway to reinvest cash into tenant improvements on new leases without changing the leverage picture much.Rnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-54145505080901796362022-12-18T18:36:23.140-06:002022-12-18T18:36:23.140-06:00RAV, I forgot to thank you for your comment, I rea...RAV, I forgot to thank you for your comment, I really appreciate it. I bailed out of FSP at a loss 9/27 to buy some GTXAP, TWTR and later some stinker DMS, and didn't get back into office anything, but I'm somewhat tempted based on sentiment once again. <br /><br />There's probably an argument to be made to pay up for a quality portfolio, if the sector is going to go through some pain... The performance and valuations of class A malls vs every other kind of mall over the last decade or so being the mental model that pops into my head.<br /><br />But that would mean I was making a macro call or thinking I knew the market better than other folks, and I really have no reason to think I've got any edge in valuing office properties. <br /><br />Further, I've found that its way easier for me to be very, very wrong valuing an "asset play" when the business that employs a high degree of financial leverage, so maybe I just stay out of the office game.<br />Alex Taussignoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-48295570155027635132022-12-15T10:05:26.838-06:002022-12-15T10:05:26.838-06:00Thanks. This one I didn't think it made sense...Thanks. This one I didn't think it made sense for a reverse merger since most of the NOLs were Swiss (where taxes are low) and they gave up any IP they had. I think this should make it a pretty easy liquidation? Your range is probably right. I have a small tracking position, might dig in today and write-up a post but no promises.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-50902285115784147992022-12-15T08:23:54.439-06:002022-12-15T08:23:54.439-06:00MDC, great call on SIOX. They are liquidating. Eve...MDC, great call on SIOX. They are liquidating. Even after the run up to 40 cents, it seems cheap. They have a book value of 48 mil as of Sept '22. Don't know how many employees are left but doesn't seem like there are any significant liabilities like leases. Since RSU's also seem to have been accounted for. Assuming they can distribute between 40 and 45 million to share holders, with share count around 74 million, it would bring the distribution to 54 cents to 60 cents. What is your take? Am I missing something big?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-49985322137487592232022-10-18T14:57:02.985-05:002022-10-18T14:57:02.985-05:00What is there to do? By far the most important par...What is there to do? By far the most important part of the puzzle is the value of Enliven and there is zero public information about it.writserhttps://www.blogger.com/profile/04755781938953507727noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-87305769843480879662022-10-18T14:43:49.968-05:002022-10-18T14:43:49.968-05:00I guess we sold too early! Has anyone done valuati...I guess we sold too early! Has anyone done valuation work on this new IMRA?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-81835195955772842842022-10-14T12:35:32.908-05:002022-10-14T12:35:32.908-05:00I hadn't looked at that one, does rhyme with t...I hadn't looked at that one, does rhyme with the theme. Appreciate the idea.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-67143590947481228692022-10-14T11:17:38.454-05:002022-10-14T11:17:38.454-05:00Thanks MDC!!! Appreciate you!!
Have you looked at...Thanks MDC!!! Appreciate you!!<br /><br />Have you looked at ANGN? Similar situation Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-70270386534419959892022-10-14T10:07:24.644-05:002022-10-14T10:07:24.644-05:00Thanks for originally flagging this one! It's...Thanks for originally flagging this one! It's extra gratifying that this will help push forward useful research too, great that management could do this much better than liquidation.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-55945564248321638562022-10-14T09:01:48.567-05:002022-10-14T09:01:48.567-05:00Great point, we got the liquidation value in the e...Great point, we got the liquidation value in the end. I sold this morning. Thanks everyone for the lively discussion, as I always say, maybe uniquely on the internet, I appreciation my comment section.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-64756223031614198082022-10-14T08:54:47.356-05:002022-10-14T08:54:47.356-05:00Nice investment case of Imara that materialized in...Nice investment case of Imara that materialized in the end - even though not via a liquidation. The value wouldnt have been much higher anyways than 3.5-3.6 conservatively speaking so everyone selling around 3.4-3.6 made the best possible out of the initial case without taking further development risks of the Enliven. Thanks all for the case and the vivid discussions - up to the next one!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-73107273764012241412022-10-13T19:28:14.360-05:002022-10-13T19:28:14.360-05:00Oh wow, didn't realize it spiked that high, gr...Oh wow, didn't realize it spiked that high, great exit. We'll see what tomorrow brings, but I'll likely follow and sell. MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-13263291767533861942022-10-13T18:02:20.933-05:002022-10-13T18:02:20.933-05:00I decided to exit AH at $3.50 since I can't fu...I decided to exit AH at $3.50 since I can't fully value Enliven's assets and the liquidation story has changed. Thanks MDC for sharing this situation, I'm not thrilled with what mgmt chose to do, but the setup was fantastic and will still exit with a tidy return. Much appreciated! Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-49815850262638263702022-10-13T17:58:20.335-05:002022-10-13T17:58:20.335-05:00One positive, all the Enliven investors (plus new ...One positive, all the Enliven investors (plus new ones) are participating in the PIPE. Many of them are brand name biotech investors. Could provide some support to the shares for those of us that want to exit.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-17928866715228313492022-10-13T17:11:32.485-05:002022-10-13T17:11:32.485-05:00So far, so good.So far, so good.Alex Taussignoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-79436623609571112632022-10-13T16:01:29.262-05:002022-10-13T16:01:29.262-05:00I'm disappointed that they chose this route, h...I'm disappointed that they chose this route, hasn't been the market where reverse mergers get a pop. So I hope the market agrees with you.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-51658375018384315672022-10-13T15:45:15.461-05:002022-10-13T15:45:15.461-05:00I haven’t done the math, but this merger seems lik...I haven’t done the math, but this merger seems like a good outcome. Better capitalizedAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-47392056823804333082022-09-27T13:28:18.851-05:002022-09-27T13:28:18.851-05:00I saw that they terminated their lease as of Augus...I saw that they terminated their lease as of August. (Bullish). But...they still show it on the website? <br /><br />Maybe whoever did the website was sacked. I'll give them a ring. <br /><br />Cal Leveenhttps://www.blogger.com/profile/14205179760730466230noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-34149208332613539142022-09-27T12:55:11.164-05:002022-09-27T12:55:11.164-05:00I reached out on Friday, haven't heard back.I reached out on Friday, haven't heard back.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-91063726613927690552022-09-27T12:27:40.426-05:002022-09-27T12:27:40.426-05:00Has anyone here been in touch with IMRA management...Has anyone here been in touch with IMRA management? I just reached out to see if I can get some questions answered. <br /><br />The Asset Purchase Agreement leaves many important items undefined with [**] standing in. Do you think these are intentional redactions? <br /><br />Basic things like "initial support period" and "Milestone Event" are left undefined. It makes it hard to know when to expect payments. <br />Calnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-61336858079362285152022-09-26T06:48:29.831-05:002022-09-26T06:48:29.831-05:00if you are a holder and want them to liquidate, re...if you are a holder and want them to liquidate, reach out and tell them so. info@imaratx.com https://imaratx.com/contact-us/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-77921771581432007192022-09-24T19:10:03.777-05:002022-09-24T19:10:03.777-05:00Unlike the number in a proxy, that $2.06, I would ...Unlike the number in a proxy, that $2.06, I would not take too seriously. The statement was made when an activist was accosting them. I won't be surprised if that is a very optimistic number. I am not saying that it is not a valid number, just that one needs to be a bit cautious. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-70770251771878088362022-09-23T21:35:01.762-05:002022-09-23T21:35:01.762-05:00Liquidation is on the table still as a high likeli...Liquidation is on the table still as a high likelihood. Could be a dividend then reverse merger. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-23080000345591651232022-09-23T16:15:06.859-05:002022-09-23T16:15:06.859-05:00https://www.sec.gov/Archives/edgar/data/1672619/00...https://www.sec.gov/Archives/edgar/data/1672619/000119312522250252/d370237dprem14a.htm<br /><br />Prelim proxy out, maybe "Plan of Liquidation" was just a legal/boilerplate mistake. No real mention of it in my first glance through the proxy.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-17371673340411644072022-09-23T08:50:10.134-05:002022-09-23T08:50:10.134-05:00Interesting, thanks.Interesting, thanks.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.com