Re: [Keuangan] Research Question
Yang lebih licik ya temannya lae abren. Masa' mau jadi phd kok cari jawaban di milis...:) regards, bayu On 16/02/2010, Bali da Dave dfa...@yahoo.com wrote: Wah ceritanya menarik sekali gak tau mau komen bagimana ya... Si nick itu licik like a fox... gitu aja kali ya... Bisa dapet phd gak saya? he he he... --- On Sat, 13/2/10, abren ginting palam...@yahoo.com wrote: From: abren ginting palam...@yahoo.com Subject: [Keuangan] Research Question To: Ahlikeuangan-Indonesia@yahoogroups.com Received: Saturday, 13 February, 2010, 7:13 PM Maaf Para Ahli Keuangan, Ada pertanyaan dari teman di Aussie untuk Case study Phd nya, mungkin ada yg bisa membantu (akan ada gift menarik) saya forward saja: Case Study: Do you understand this? Could you location and execute your own 10 bagger? The best unknown activist investment of 2009 October 9, 2009 by greenbackd In keeping with our penchant for stories about idiosyncratic investors who trade in odd securities found off the beaten track, we bring you perhaps the best unknown activist investment of 2009. With a far away land, a young protagonist, an odd treasure, an unexpected twist and a narrow escape, it’s a bullwhip and a fedora short of being an Indiana Jones movie. In the role of young protagonist is Nicholas Bolton, a 27-year old investor who made A$4.5M ($4M) almost bringing down BrisConnections, the developer of a A$4.8B ($4.3B) Australian toll road. What’s most amazing is that he achieved this with an initial stake worth just A$47,000 ($42,000). In so doing, he became the bête noire of his fellow BrisConnections investors, attracted the attention of the Australia Securities and Investments Commission (similar to the SEC) and drew the ire of the Australian media. *BrisConnections: The Temple of Doom* Several unusual elements make the Nicholas Bolton versus BrisConnections story reasonably complex. Bear with us, to understand the story it’s necessary to understand the BrisConnections security in detail. BrisConnections, backed by Deutsche Bank, Credit Suisse Group, JPMorgan Chase Co. and Macquarie Bank, raised A$1.23B ($1.16B) in July last year through the sale of an unusual equity security called a stapled unit. The BrisConnections stapled unit is a unit in the trust holding the toll road assets and a share in the corporate trustee. The trust unit and the share must trade together, and hence are said to be stapled. The reasons for creating such a security are beyond the scope of this post, but suffice it to say that stapled securities offer certain tax benefits. What really makes this story interesting is that the BrisConnections stapled units were issued on an installment basis. Installment means that on application purchasers paid A$1 ($0.90) for each stapled unit and were then obliged to make two further installments of A$1 ($0.90) each, payable nine months and 18 months after the IPO. In a world of rapidly rising stock prices, installment securities present no problem. When stockmarkets are in decline, however, the securities can trade down dramatically as investors attempt to avoid paying further installments. 13IPO tanked spectacularly, dropping 60% on the first day of trading before falling into terminal decline. A few months before the first installment was to fall due, the units had traded down to A$0.001 (that’s 1/10th of a cent). At a unit price of $0.001, a BrisConnections unit became a very dangerous security for those not realising that the units came with two A$1.00 installments for each $0.001 paid. That meant, for example, that a purchaser of $1,000 of the units owed $2M in installments and a purchaser of $10,000 owed $20M. It seems that there were many purchasers at $0.001 who were unable to fulfil their obligations and then decided that they would rather not own BrisConnections units. Unfortunately for them, they had run out of greater fools. As Charlie Munger might say, they were like the mouse who cries, “Let me out of the trap, I’ve decided I don’t want the cheese.” A month out from the first installment, there were ~70M units on the ask at $0.001 – the minimum price at which a security can trade on the Australian Stock Exchange – and no bids. Enter Nicholas Bolton. *Bolton: Raider of the Lost Ark* Bolton had started acquiring BrisConnections units through an investment company, Australian Style Investments, in November last year. Before too long, he’d spent A$47,000 to acquire a 15% stake and become BrisConnections largest unitholder. He’d also taken on a A$94M liability, money that he did not have. What he did next comes straight from the World Poker Tour. No, he didn’t fold. He went all in, upping his stake to 19.9%. Why 19.9%? Under Australian law, a purchaser of 20% of a company’s stock is obliged to make a takeover bid to all remaining stockholders. By sitting at 19.9%, Bolton
Re: [Keuangan] Research Question
Wakakakak Spot on SOL Ryan Sent from my BlackBerry® pake perangko Rp 5.000 -Original Message- From: Bayu Wirawan bayu.wira...@ahlikeuangan-indonesia.com Date: Fri, 19 Feb 2010 21:48:45 To: AhliKeuangan-Indonesia@yahoogroups.com Subject: Re: [Keuangan] Research Question Yang lebih licik ya temannya lae abren. Masa' mau jadi phd kok cari jawaban di milis...:) regards, bayu On 16/02/2010, Bali da Dave dfa...@yahoo.com wrote: Wah ceritanya menarik sekali gak tau mau komen bagimana ya... Si nick itu licik like a fox... gitu aja kali ya... Bisa dapet phd gak saya? he he he... --- On Sat, 13/2/10, abren ginting palam...@yahoo.com wrote: From: abren ginting palam...@yahoo.com Subject: [Keuangan] Research Question To: Ahlikeuangan-Indonesia@yahoogroups.com Received: Saturday, 13 February, 2010, 7:13 PM Maaf Para Ahli Keuangan, Ada pertanyaan dari teman di Aussie untuk Case study Phd nya, mungkin ada yg bisa membantu (akan ada gift menarik) saya forward saja: Case Study: Do you understand this? Could you location and execute your own 10 bagger? The best unknown activist investment of 2009 October 9, 2009 by greenbackd In keeping with our penchant for stories about idiosyncratic investors who trade in odd securities found off the beaten track, we bring you perhaps the best unknown activist investment of 2009. With a far away land, a young protagonist, an odd treasure, an unexpected twist and a narrow escape, it’s a bullwhip and a fedora short of being an Indiana Jones movie. In the role of young protagonist is Nicholas Bolton, a 27-year old investor who made A$4.5M ($4M) almost bringing down BrisConnections, the developer of a A$4.8B ($4.3B) Australian toll road. What’s most amazing is that he achieved this with an initial stake worth just A$47,000 ($42,000). In so doing, he became the bête noire of his fellow BrisConnections investors, attracted the attention of the Australia Securities and Investments Commission (similar to the SEC) and drew the ire of the Australian media. *BrisConnections: The Temple of Doom* Several unusual elements make the Nicholas Bolton versus BrisConnections story reasonably complex. Bear with us, to understand the story it’s necessary to understand the BrisConnections security in detail. BrisConnections, backed by Deutsche Bank, Credit Suisse Group, JPMorgan Chase Co. and Macquarie Bank, raised A$1.23B ($1.16B) in July last year through the sale of an unusual equity security called a stapled unit. The BrisConnections stapled unit is a unit in the trust holding the toll road assets and a share in the corporate trustee. The trust unit and the share must trade together, and hence are said to be stapled. The reasons for creating such a security are beyond the scope of this post, but suffice it to say that stapled securities offer certain tax benefits. What really makes this story interesting is that the BrisConnections stapled units were issued on an installment basis. Installment means that on application purchasers paid A$1 ($0.90) for each stapled unit and were then obliged to make two further installments of A$1 ($0.90) each, payable nine months and 18 months after the IPO. In a world of rapidly rising stock prices, installment securities present no problem. When stockmarkets are in decline, however, the securities can trade down dramatically as investors attempt to avoid paying further installments. 13IPO tanked spectacularly, dropping 60% on the first day of trading before falling into terminal decline. A few months before the first installment was to fall due, the units had traded down to A$0.001 (that’s 1/10th of a cent). At a unit price of $0.001, a BrisConnections unit became a very dangerous security for those not realising that the units came with two A$1.00 installments for each $0.001 paid. That meant, for example, that a purchaser of $1,000 of the units owed $2M in installments and a purchaser of $10,000 owed $20M. It seems that there were many purchasers at $0.001 who were unable to fulfil their obligations and then decided that they would rather not own BrisConnections units. Unfortunately for them, they had run out of greater fools. As Charlie Munger might say, they were like the mouse who cries, “Let me out of the trap, I’ve decided I don’t want the cheese.” A month out from the first installment, there were ~70M units on the ask at $0.001 – the minimum price at which a security can trade on the Australian Stock Exchange – and no bids. Enter Nicholas Bolton. *Bolton: Raider of the Lost Ark* Bolton had started acquiring BrisConnections units through an investment company, Australian Style Investments, in November last year. Before too long, he’d spent A$47,000 to acquire a 15% stake and become BrisConnections largest unitholder. He’d also taken on a A$94M liability, money that he did not have
Re: [Keuangan] Research Question
Gak apa, gak merugikan orang lain. Malah juga ngasi manfaat... bisa tau cerita bagus.. Lain sama si nick itu... mosok ngajak pemegang saham laen meeting, tapi yang dibayar cuma dia doang. Meres bin rampok itu namanya... On Sat, Feb 20, 2010 at 1:48 AM, Bayu Wirawan bayu.wira...@ahlikeuangan-indonesia.com wrote: Yang lebih licik ya temannya lae abren. Masa' mau jadi phd kok cari jawaban di milis...:) [Non-text portions of this message have been removed]
Memo admin---Re: [Keuangan] Research Question
Hayoo...kalo ngak mau jawab, pls put OOT dongbiarpun week end, disiplin dong...kalo OOT ya OOT Member yg bandel, saya akan moderasi... Oka Mod Powered by Telkomsel BlackBerry® -Original Message- From: Wong Cilik gajahpelan...@gmail.com Date: Sat, 20 Feb 2010 14:58:04 To: AhliKeuangan-Indonesia@yahoogroups.com Subject: Re: [Keuangan] Research Question Gak apa, gak merugikan orang lain. Malah juga ngasi manfaat... bisa tau cerita bagus.. Lain sama si nick itu... mosok ngajak pemegang saham laen meeting, tapi yang dibayar cuma dia doang. Meres bin rampok itu namanya... On Sat, Feb 20, 2010 at 1:48 AM, Bayu Wirawan bayu.wira...@ahlikeuangan-indonesia.com wrote: Yang lebih licik ya temannya lae abren. Masa' mau jadi phd kok cari jawaban di milis...:) [Non-text portions of this message have been removed] [Non-text portions of this message have been removed] = Blog resmi AKI, dengan alamat www.ahlikeuangan-indonesia.com - Facebook AKI, untuk mengenal member lain lebih personal, silahkan join http://www.facebook.com/group.php?gid=6247303045 - Arsip Milis AKI online, demi kenyamanan Anda semua http://www.mail-archive.com/ahlikeuangan-indonesia@yahoogroups.com = Perhatian : - Untuk kenyamanan bersama, dalam hal me-reply posting, potong/edit ekor posting sebelumnya - Diskusi yg baik adalah bila saling menghormati pendapat yang ada. Anggota yang melanggar tata tertib millis akan dikenakan sanksi tegas - Saran, kritik dan tulisan untuk blog silahkan ahlikeuangan-indonesia-ow...@yahoogroups.comyahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AhliKeuangan-Indonesia/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AhliKeuangan-Indonesia/join (Yahoo! ID required) * To change settings via email: ahlikeuangan-indonesia-dig...@yahoogroups.com ahlikeuangan-indonesia-fullfeatu...@yahoogroups.com * To unsubscribe from this group, send an email to: ahlikeuangan-indonesia-unsubscr...@yahoogroups.com * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
Re: Memo admin---Re: [Keuangan] Research Question
Iyah... bandel-bandel... he he.. Saya coba deh... 1. Stapled product yang dibeli investor ternyata bukan saham saja... tapi ekuity plus kewajiban. Artinya pemegang saham harus memberikan uang tambahan kepada perusahaan. Bagaimana meletakkan situasi ini secara akuntansi bila kondisinya seperti ini. Off balance sheet asset dimiliki oleh Perusahaan? Penegakan hukumnya seperti apa? Tentunya pemegang saham yang mangkir bayar apakah menjadi napi-napi dan rutan kerah putih? 2. Si Nick Lick bin Licik malah bisa merubah kondisi hampir masuk penjara ini supaya dapat uang. Alih-alih keluar duit buat dikasih ke perusahaan, dia malah terima duit... lho? --- On Sat, 20/2/10, Oka Widana o...@ahlikeuangan-indonesia.com wrote: From: Oka Widana o...@ahlikeuangan-indonesia.com Subject: Memo admin---Re: [Keuangan] Research Question To: Millis AKI ahlikeuangan-indonesia@yahoogroups.com Received: Saturday, 20 February, 2010, 2:33 PM Hayoo...kalo ngak mau jawab, pls put OOT dongbiarpun week end, disiplin dong...kalo OOT ya OOT Member yg bandel, saya akan moderasi... Oka Mod Powered by Telkomsel BlackBerry® -Original Message- From: Wong Cilik gajahpelan...@gmail.com Date: Sat, 20 Feb 2010 14:58:04 To: AhliKeuangan-Indonesia@yahoogroups.com Subject: Re: [Keuangan] Research Question Gak apa, gak merugikan orang lain. Malah juga ngasi manfaat... bisa tau cerita bagus.. Lain sama si nick itu... mosok ngajak pemegang saham laen meeting, tapi yang dibayar cuma dia doang. Meres bin rampok itu namanya... On Sat, Feb 20, 2010 at 1:48 AM, Bayu Wirawan bayu.wira...@ahlikeuangan-indonesia.com wrote: Yang lebih licik ya temannya lae abren. Masa' mau jadi phd kok cari jawaban di milis...:) [Non-text portions of this message have been removed] [Non-text portions of this message have been removed] = Blog resmi AKI, dengan alamat www.ahlikeuangan-indonesia.com - Facebook AKI, untuk mengenal member lain lebih personal, silahkan join http://www.facebook.com/group.php?gid=6247303045 - Arsip Milis AKI online, demi kenyamanan Anda semua http://www.mail-archive.com/ahlikeuangan-indonesia@yahoogroups.com = Perhatian : - Untuk kenyamanan bersama, dalam hal me-reply posting, potong/edit ekor posting sebelumnya - Diskusi yg baik adalah bila saling menghormati pendapat yang ada. Anggota yang melanggar tata tertib millis akan dikenakan sanksi tegas - Saran, kritik dan tulisan untuk blog silahkan ahlikeuangan-indonesia-ow...@yahoogroups.comyahoo! Groups Links [Non-text portions of this message have been removed]
[Keuangan] Research Question
Maaf Para Ahli Keuangan, Ada pertanyaan dari teman di Aussie untuk Case study Phd nya, mungkin ada yg bisa membantu (akan ada gift menarik) saya forward saja: Case Study: Do you understand this? Could you location and execute your own 10 bagger? The best unknown activist investment of 2009 October 9, 2009 by greenbackd In keeping with our penchant for stories about idiosyncratic investors who trade in odd securities found off the beaten track, we bring you perhaps the best unknown activist investment of 2009. With a far away land, a young protagonist, an odd treasure, an unexpected twist and a narrow escape, it’s a bullwhip and a fedora short of being an Indiana Jones movie. In the role of young protagonist is Nicholas Bolton, a 27-year old investor who made A$4.5M ($4M) almost bringing down BrisConnections, the developer of a A$4.8B ($4.3B) Australian toll road. What’s most amazing is that he achieved this with an initial stake worth just A$47,000 ($42,000). In so doing, he became the bête noire of his fellow BrisConnections investors, attracted the attention of the Australia Securities and Investments Commission (similar to the SEC) and drew the ire of the Australian media. *BrisConnections: The Temple of Doom* Several unusual elements make the Nicholas Bolton versus BrisConnections story reasonably complex. Bear with us, to understand the story it’s necessary to understand the BrisConnections security in detail. BrisConnections, backed by Deutsche Bank, Credit Suisse Group, JPMorgan Chase Co. and Macquarie Bank, raised A$1.23B ($1.16B) in July last year through the sale of an unusual equity security called a stapled unit. The BrisConnections stapled unit is a unit in the trust holding the toll road assets and a share in the corporate trustee. The trust unit and the share must trade together, and hence are said to be stapled. The reasons for creating such a security are beyond the scope of this post, but suffice it to say that stapled securities offer certain tax benefits. What really makes this story interesting is that the BrisConnections stapled units were issued on an installment basis. Installment means that on application purchasers paid A$1 ($0.90) for each stapled unit and were then obliged to make two further installments of A$1 ($0.90) each, payable nine months and 18 months after the IPO. In a world of rapidly rising stock prices, installment securities present no problem. When stockmarkets are in decline, however, the securities can trade down dramatically as investors attempt to avoid paying further installments. 13IPO tanked spectacularly, dropping 60% on the first day of trading before falling into terminal decline. A few months before the first installment was to fall due, the units had traded down to A$0.001 (that’s 1/10th of a cent). At a unit price of $0.001, a BrisConnections unit became a very dangerous security for those not realising that the units came with two A$1.00 installments for each $0.001 paid. That meant, for example, that a purchaser of $1,000 of the units owed $2M in installments and a purchaser of $10,000 owed $20M. It seems that there were many purchasers at $0.001 who were unable to fulfil their obligations and then decided that they would rather not own BrisConnections units. Unfortunately for them, they had run out of greater fools. As Charlie Munger might say, they were like the mouse who cries, “Let me out of the trap, I’ve decided I don’t want the cheese.” A month out from the first installment, there were ~70M units on the ask at $0.001 – the minimum price at which a security can trade on the Australian Stock Exchange – and no bids. Enter Nicholas Bolton. *Bolton: Raider of the Lost Ark* Bolton had started acquiring BrisConnections units through an investment company, Australian Style Investments, in November last year. Before too long, he’d spent A$47,000 to acquire a 15% stake and become BrisConnections largest unitholder. He’d also taken on a A$94M liability, money that he did not have. What he did next comes straight from the World Poker Tour. No, he didn’t fold. He went all in, upping his stake to 19.9%. Why 19.9%? Under Australian law, a purchaser of 20% of a company’s stock is obliged to make a takeover bid to all remaining stockholders. By sitting at 19.9%, Bolton had the option of making a bid for the remaining stock, but not the obligation. He then approached BrisConnections about refinancing the liability. When BrisConnections failed to respond, he moved to have management removed and the trust dissolved. The application achieved its end: It got the attention of management. It was, however, a long shot. Bolton needed the support of 75 per cent of his fellow investors to have the dissolution resolution passed. It was also not clear that it would prevent the fund from collecting the first installment. Under Australian law, the trust had 21 days to call a
Re: [Keuangan] Research Question
Wah ceritanya menarik sekali gak tau mau komen bagimana ya... Si nick itu licik like a fox... gitu aja kali ya... Bisa dapet phd gak saya? he he he... --- On Sat, 13/2/10, abren ginting palam...@yahoo.com wrote: From: abren ginting palam...@yahoo.com Subject: [Keuangan] Research Question To: Ahlikeuangan-Indonesia@yahoogroups.com Received: Saturday, 13 February, 2010, 7:13 PM Maaf Para Ahli Keuangan, Ada pertanyaan dari teman di Aussie untuk Case study Phd nya, mungkin ada yg bisa membantu (akan ada gift menarik) saya forward saja: Case Study: Do you understand this? Could you location and execute your own 10 bagger? The best unknown activist investment of 2009 October 9, 2009 by greenbackd In keeping with our penchant for stories about idiosyncratic investors who trade in odd securities found off the beaten track, we bring you perhaps the best unknown activist investment of 2009. With a far away land, a young protagonist, an odd treasure, an unexpected twist and a narrow escape, it’s a bullwhip and a fedora short of being an Indiana Jones movie. In the role of young protagonist is Nicholas Bolton, a 27-year old investor who made A$4.5M ($4M) almost bringing down BrisConnections, the developer of a A$4.8B ($4.3B) Australian toll road. What’s most amazing is that he achieved this with an initial stake worth just A$47,000 ($42,000). In so doing, he became the bête noire of his fellow BrisConnections investors, attracted the attention of the Australia Securities and Investments Commission (similar to the SEC) and drew the ire of the Australian media. *BrisConnections: The Temple of Doom* Several unusual elements make the Nicholas Bolton versus BrisConnections story reasonably complex. Bear with us, to understand the story it’s necessary to understand the BrisConnections security in detail. BrisConnections, backed by Deutsche Bank, Credit Suisse Group, JPMorgan Chase Co. and Macquarie Bank, raised A$1.23B ($1.16B) in July last year through the sale of an unusual equity security called a stapled unit. The BrisConnections stapled unit is a unit in the trust holding the toll road assets and a share in the corporate trustee. The trust unit and the share must trade together, and hence are said to be stapled. The reasons for creating such a security are beyond the scope of this post, but suffice it to say that stapled securities offer certain tax benefits. What really makes this story interesting is that the BrisConnections stapled units were issued on an installment basis. Installment means that on application purchasers paid A$1 ($0.90) for each stapled unit and were then obliged to make two further installments of A$1 ($0.90) each, payable nine months and 18 months after the IPO. In a world of rapidly rising stock prices, installment securities present no problem. When stockmarkets are in decline, however, the securities can trade down dramatically as investors attempt to avoid paying further installments. 13IPO tanked spectacularly, dropping 60% on the first day of trading before falling into terminal decline. A few months before the first installment was to fall due, the units had traded down to A$0.001 (that’s 1/10th of a cent). At a unit price of $0.001, a BrisConnections unit became a very dangerous security for those not realising that the units came with two A$1.00 installments for each $0.001 paid. That meant, for example, that a purchaser of $1,000 of the units owed $2M in installments and a purchaser of $10,000 owed $20M. It seems that there were many purchasers at $0.001 who were unable to fulfil their obligations and then decided that they would rather not own BrisConnections units. Unfortunately for them, they had run out of greater fools. As Charlie Munger might say, they were like the mouse who cries, “Let me out of the trap, I’ve decided I don’t want the cheese.” A month out from the first installment, there were ~70M units on the ask at $0.001 – the minimum price at which a security can trade on the Australian Stock Exchange – and no bids. Enter Nicholas Bolton. *Bolton: Raider of the Lost Ark* Bolton had started acquiring BrisConnections units through an investment company, Australian Style Investments, in November last year. Before too long, he’d spent A$47,000 to acquire a 15% stake and become BrisConnections largest unitholder. He’d also taken on a A$94M liability, money that he did not have. What he did next comes straight from the World Poker Tour. No, he didn’t fold. He went all in, upping his stake to 19.9%. Why 19.9%? Under Australian law, a purchaser of 20% of a company’s stock is obliged to make a takeover bid to all remaining stockholders. By sitting at 19.9%, Bolton had the option of making a bid for the remaining stock, but not the obligation. He then approached BrisConnections about refinancing the liability
