Biglari Continues Pursuit of Fremont, Fremont Offers Homeowners Wood-Burning Unit Maintenance Advice

By | December 29, 2010
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Biglari Holdings(BH) released a letter today, filed with an amended 13-D, reiterating its interest in acquiring Fremont Michigan(FMMH.OB) for $29 per share in cash, and indicated a willingness to discuss a higher transaction value with Fremont’s Special Committee. The Special Committee has been entirely silent since Fremont’s initial offer, watching the stock’s price fall back to significantly below… Read More »

Biglari Holdings Proposes The Creation Of Non-Voting Class B Shares

By | December 29, 2010
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Image via Wikipedia In the latest step in his effort to mimic Warren Buffett, Sardar Biglari of Biglari Holdings(BH) has proposed to create a new, non-voting class of shares, which existing class A shares could be converted to at a rate of somewhere between 20 to 1 and 50 to 1. The disclosure came in an otherwise unremarkable… Read More »

Consolidated Tomoka(CTO)- The Stock That Launched A Thousand Blogs

By | December 8, 2010
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Image via Wikipedia Consolidated Tomoka(CTO) was the first stock we discussed at Inelegant Investor back in 2006. The price was higher back then, not surprising given the company’s primary asset is Florida real estate. That said we think it’s very cheap currently and have bought more in the past six months. Chris at Navigating Markets agrees, and has,… Read More »

First Marblehead Moves Into Tuition Services

By | November 23, 2010
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First Marblehead(FMD), which we wrote about several years ago when securitizations were still possible and the stock price was far higher, has muddled its way through the financial crisis.  Cash-rich, but still without any significant traction in its core business, the company announced it will be buying the tuition management systems business of KeyBank, for $47,250,000 in cash.… Read More »

Li Lu Will Not Be Coming To Berkshire

By | October 26, 2010
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Image via Wikipedia Li Lu, thought by many to be Warren Buffett’s successor as investment manager at Berkshire Hathaway has decided to stay at his own hedge fund, Buffett said. In the wake of today’s surprise announcement that Todd Combs would be joining Berkshire as investment manager,  New York Times’ Andrew Ross Sorkin spoke to Buffett: One person… Read More »

Mr. Combs Goes To Omaha(BRKA,BRKB)

By | October 25, 2010
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In a move that is sure to stun even the most ardent Warren Buffett watchers, Berkshire Hathaway(BRKA,BRKB) announced today that they have hired Todd Combs to “handle a significant portion of Berkshire’s investment portfolio” as an investment manager. Mr. Combs, who has heretofore been largely unknown, has been managing a hedge fund for Castle Point Capital for the… Read More »

Fremont Michigan(FMMH) responds to Biglari Holdings(BH) Letter

By | October 14, 2010
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Fremont Michigan Insuracorp(FMMH) issued a terse statement today acknowledging receipt of a letter from Sardar Biglari, CEO of Biglari Holdings(BH) earlier this week, proposing to buy all shares of Fremont that Biglari Holdings does not own for $29 per share. Fremont stated that it has asked a Special Committee of the Board to evaluate the offer, and that… Read More »

Biglari Holdings($BH) Ups Offer to Buy Fremont Michigan($FMMH)

By | October 12, 2010
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Last year, before engaging in a prolonged exercise(still not complete) in executive compensation, Bilgari Holdings(BH) made a $24.50 cash and stock bid for Fremont Michigan(FMMH). The bid was almost immediately rejected by Fremont, which then lobbied successfully to have a Michigan law passed making a transaction far more difficult. After many months of silence, Biglari Holdings made public… Read More »

Breaking: Berksire(BRKB) offers to buy remaining 19.9% of Wesco

By | August 26, 2010
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From the just-filed 13D The original purpose of the purchases of the Shares, all of which occurred more than 30 years ago, was to increase the ultimate control by Blue Chip of Wesco. On August 25, 2010, Berkshire’s management determined to propose to Wesco a cash-stock election transaction in which it would acquire the remaining 19.9% of the shares… Read More »

The More Things Change…

By | July 23, 2010
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Image via Wikipedia Federal Reserve Board Statement from February 7,1929, as quoted by Galbraith in The Great Crash 1929 When [the Board] funds that conditions are arising which obstruct the Federal reserve banks in the effective discharge of their functions of so managing the credit facilities of the Federal reserve system as to accommodate commerce and business, it… Read More »