I shoulda seen this coming...

**RevenantDusk** · 05-23-2015, 11:23 AM

Anyone know how much Weitsman is paying for shred?

**mthomasdev** · 05-23-2015, 01:41 PM

Originally Posted by RevenantDusk

Anyone know how much Weitsman is paying for shred?

About 2 weeks ago, the albany yard was $147 a gross ton. About 6.5 cents

**mthomasdev** · 05-23-2015, 01:42 PM

And he is still interested in Metalico.

**logansryche** · 05-23-2015, 03:12 PM

Originally Posted by mthomasdev

And he is still interested in Metalico.

No, he owns Metallico stock wise. He's hoping they'll go the way Roth Steel went and it looks like that's what happening(stock wise mind you).

**mthomasdev** · 05-24-2015, 06:20 AM

Originally Posted by logansryche

No, he owns Metallico stock wise. He's hoping they'll go the way Roth Steel went and it looks like that's what happening(stock wise mind you).

Logan,
He is the largest shareholder with about 11 percent. A bankruptcy would cause his shares to be worthless, costing him about 6 million. Does it make any sense that that is what he wants? He had nothing invested in Roth, so a BK was OK. Metalico's bottom line is going to be under more pressure when AW gets the PA shredder up and running. I'd expect a lower share price in the coming quarters and AW to buy the company at or lower than his initial offer.