Any of you Metalico guys see the take over offer today?
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Any of you Metalico guys see the take over offer today?
Don't know what you mean by "Metalico guys" but for someone who goes there from time to time, this is welcome news. I think. Weitsman has better overall prices than the Metalicos around here. Only problem is that Metalico bought out all the individual scrap yards around here except for the one Weitsman yard. So that would mean no competition.
Competition is good for everyone and business alike. Without it we all lose, like we have already seen in other industries.
Resistance is Futile
Weitsmans - The Borg of the Scrap Universe
yeah but if 7of9 was running the scales who cares!!!! >:)Quote:
Originally Posted by spinroch
https://www.pinterest.com/pin/528258231263176573/
Eric
I see this as happy news. This means the only competition left up here is Bodine and their suppose to be going out of business sometime this year. Everyone acts surprised like no one saw it coming. I did. Why? Weitsman offers more for scrap and they deal in volumes no one can keep up with.
Your avatar ..Is that the sword in the stone bear ? I can't put my finger on his face ninjedQuote:
Originally Posted by logansryche
Weizmann pays $136 per GT for mix compared to many other yards he just pays more
last summer when times were good I was visiting Long Island NY and found local yards were paying very low around .07 #
way less then Owego NY that was around .10 #
Owego is .06 now
He runs a tight yard 7 days a week
employs workers @ plenty of HRS
He is good news for the continuation of the scrap industry
for us scrappers who sell to him.
He pays decent for each type of steel if your inclined
to sell to him that way
or just sell as mix is decent pay also.
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The method of his purchasing from scrappers has helped me
become savvy in all the different metals and pay for each type
some other yards don't want to hear about Rotors , I beams , Shearable ,
They will watch what you give them & they are strict , they expect you to know what is what .
So if you toss your rotors in with mix they will take it with a smile ,
don't expect a lesson from the workers but since there so organized with the separate piles of steels it's easy to catch on
to there reasoning's
No. Once apon a time I was part of a project to resurrect the cartoon series Talespin, and so asked a friend to draw me a character sheet of an origional character based on myself that would have been introduced. Disney gave their blessing but the project fell apart due to lack of funding. Had voice reels done and everything.Quote:
Originally Posted by Metalbestos
That's a more interesting backstory.
You must have been pretty close to release if they had voice recordings done.
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On track, if Weissman can do something that the other yards can't do as well, more power to him. I agree with competition, but the leader can often do a better job. We had two yards in our town- one is a nice, professional setup, the other didn't have a scale, and was fighting to keep equipment working at all. I don't know if that's the case or not here, but sometimes fresh blood can help.
I would be a little afraid of a horizontal monopoly developing, though.
We were a month from finishing the first episode. All that was left was to get animation down, and that's where it fell apart. There was no interest, despite having Disney's blessing.Quote:
Originally Posted by matador
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On topic, I was reading Adam Weitsman's story of what he'd been through and how he feels his yards are the better picture to give back to communities and I see it: if you have two yards. One does things right and offers more per pound and you have a second that doesn't do either, one yard's going to fail and the other succeed(or in our case, two down one to go).
Just a few weeks back, Metallico stock ("MEA") was trading around 27 cents a share. Crystal ball would have been nice to have for a buyout at $.78
Writing has been on the wall (or should I say facebook) since June of 2014. Wish I acted around 30 also.Quote:
Originally Posted by Swampy
As soon as I bought any (even at $.10), they would have bankrupted and gone to $0. That's my kind of luck.
Don't feel bad, I was going to put $10K into Apple stock when everybody was saying it was circling the drain .. don't even want to calculate what that would be worth now.Quote:
Originally Posted by Swampy
While some companies get bought out on the way down some don't so unless you have inside information (illegal) its probably not worth the risk.
You would have, before taxes, $579,935.09
That one worked out. Or, you could have put $10k into Enron. And had $0.00
Not a risk I'll take.
Now, someone, get to work on a crystal ball!
*pops out a crystal ball* Gaze into my wondrous crystal ball of scrap, says the great Mattzini! ;)
'Fraid someone's beat us to it.
http://i.imgur.com/sJFMKAH.jpg
But, it's not very good.
Maybe I'll just scrap it! ;)
I have a "magic" 8ball sitting in front of me right now on my desk, it's always there. Just asked it if scrap prices will rebound soon..."outlook good". Shows what it knows!
Horizontal monopoly developing I think not . If the market is strong he pays if soft he pays less
He really is the only game here and pays better then other parts of the USA .
Metallico stock at $0.76/share in case anyone is curious. Wife's mothers boyfriend works in stocks and securities and had him look it up. Says Adam made out like a bandit.
I don't know the area. But, my only fear on a monopoly would be if he consumed almost everyone, and could keep prices low.
Not too likely, but you never know. Since one of our two yards closed, the other dropped the price of steel a lot... almost instantly.
matador: "Entering the Twilight Zone"
Yeah I mean if Upstate's prices stayed where they are or go up, I don't see having a Weitsman yard in every town or city as a bad thing. I suppose if you're making thousands and you throw enough money at something, you can do almost anything.
I shook up my 8 ball and just got bubbles..Dam
I think I'm lucky as my first yard for scrapping was Weissman's , Then it became clear there really were not any other choices except Greenblotts ( southeastern upstate NY )
Owego and Binghamton NY . There are some others but there prices are lower and for my territory area of finding why drive further to get less.
Considering Weissman's has the monopoly his price seems to favor the seller compared to others yards in area , even the rest of the country . For me thats surprising as I was born in the City suburbs and upstate over all is just more country living , yet for scrap selling this is the place to be & you can find it . The police don't mess with you even with a truck from Hell .
The main thing I'm saying is if Weissman's has a monopoly you need not concern ,
he pays cause he wants you to stay inspired to keep bringing in product . It's a family
and your in it & it's up to you to figure a way to get rich .
Some times I chase a few pennies more elsewhere but over all 99% goes to them
It's a game one yards pays a touch more for copper bearing other more on mix
you think you have a gain on this and realize you lost on that . So over all
Weissman's is the winner .
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I think there is a factor one must not forget scrap yards need product . If we can't make money we find other types work . Small 1000 / 2000 pound to 12,000 pound scrappers are very important we are like an army
day in day out - finding demo work going going never quiting . Do the math one by one we equal more then you realize . We are very important .
So what's the deal? Metalico selling to a Chinese company at $.60 / share?
That is the current offer (also included is paying off metalico's debt, not to mention a 3 year contract for carlos valued at over $1.3 million) that has been accepted by the Board of Directors (Carlos included).Quote:
Originally Posted by Swampy
In my opinion, Carlos has done nothing but screw the shareholders. I'll explain in a minute, but first let me say that I'm not going to pass judgement here about wether any or all of the offers were adequate. That is for individual shareholders to determine.
Now, here is where Carlos got the vasaline out for everyone. Adam Weitsman's (AW) first offer was $0.78 per share. There were roughly 58 million shares outstanding. This was roughly a $45.25 million dollar offer (plus assume debt). Most likely no job for Carlos. Carlos ignores the offer, hires Gordian at a cost of 1 million shares, issues another 14 million shares, which dilutes everyone's shares. There are know 73 million shares outstanding. In addition, Metalico passes out the posion pill, which effectively doesn't allow AW to aquire more than 15% of the company and takes away shareholders rights to call a special shareholder meeting and remove or appoint anyone to the board. This leaves all control with the current board of directors. Metalico does not respond to AW's offer and has another bad quarter, losing millions. AW lowers his offer. Carlos and crew accept offer from Chinese company at 60 cents per share. This is roughly a $44 million dollar offer (plus assumed debt). Now add in Carlos's 3 year contract at $1.3 million and we have AW's original offer. The only ones making any money here is Carlos. Shareholders lost over 20% from AW's offer. Now AW doesn't totally loss out, he stands to make $1 million on his shares if the offer goes thru, but then will have the Chinese company as competion, which should be a little stiffer than Carlos and crew. In my opinion, Carlos would have done anything to avoid selling to AW.
The thing to remember is "It ain't over until the fat lady sings." Sale has to be approved by a majority of the shareholders at a yet to be schedule shareholder meeting. In addition, there are about 8 law firms investigating the Metalico Board for not fullfilling their fiduciary obligations and accepting an offer that was too low (1 wall street analyst apparently put a 1 year price target of $1.00, which ain't going to happen with Carlos at the helm).
Oh! I like gummy bears and pop and have been a big fan of Metallica since 1980.:)
Sorry couldn't resist. Going to the garage now to sort some circuit boards.