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All things considered - they are probably preparing some rebuttal of the recent press reports. AKA like slow death while the Queen still rusts and rots away. So IMHO - Just bite the bullet and dump the Queen. I never liked it, but once the price came down low enough, I just bought it like a total wipe-off for the Queen.
It s not so simple as wiping off 10-15% off the NPI, there are also other factors invovled. Like compensation for premature contract terminaion, legal costs . Who knows that long beach county may decided to bring this to court and you know that it can dragged on for years.
Most important of all, the reit investors lose trust and confidence in this reit.
I think it is in best interest of reit investors that the asset mgr nego an acceptable deal with log beach SWIFTLY. The ship isnt new, regular maint and repair are expected but not an major overhaul. If urban common to pay 200 mil, it migt as well buy a new ship or hotel.
Most important of all, the reit investors lose trust and confidence in this reit.
I think it is in best interest of reit investors that the asset mgr nego an acceptable deal with log beach SWIFTLY. The ship isnt new, regular maint and repair are expected but not an major overhaul. If urban common to pay 200 mil, it migt as well buy a new ship or hotel.
Is this a fraud to dump despair asset into a Reit? Those 2 fellas from Urban Common should be charge in court and SGX must take action. Else next time, the Reit market will also sink like penny stocks after investors lost their trust.
Goldfinger ( Date: 24-Oct-2019 09:05) Posted:
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It is probably in the region of 14-15% based on some analyst reports I have seen. Anyone can confirm, would be good.
Hence, if we wipe this Queen off the books altogether, and Urban Commons walks away clean - DPU may drop to the lower 8 per cent region. This in my humble view may not be a bad thing altogether - as it removes the massive bad Queen Mary overhang that has been a shackle that chained the Eagle.
But, those who bought at the IPO price of USD 78 cents, will have the right to be angry. I bought only recently, and already fully discounted the value and DPU of the Queen Mary altogether, as this was a possible scenario of a wipe-off.
Hence, if we wipe this Queen off the books altogether, and Urban Commons walks away clean - DPU may drop to the lower 8 per cent region. This in my humble view may not be a bad thing altogether - as it removes the massive bad Queen Mary overhang that has been a shackle that chained the Eagle.
But, those who bought at the IPO price of USD 78 cents, will have the right to be angry. I bought only recently, and already fully discounted the value and DPU of the Queen Mary altogether, as this was a possible scenario of a wipe-off.
prophetjul ( Date: 24-Oct-2019 09:23) Posted:
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Quote " According to that report, the total cost of ship repairs could range from US$235 million ($320 million) to US$289 million. In addition, it estimated that the work would take approximately five years to complete, with some 75% of repairs deemed &ldquo urgent&rdquo .
Aargh! :-)
Aargh! :-)
Yes - likely and best scenario. The fate of Queen Mary and Long Beach are connected. If you go into travel forums - this is one of the Jewels of Long Beach - otherwise, it will be no different from most other beach towns.
Also - Long Beach is right between LA and Disneyland. SO, it is a strategic location, and not somewhere out in the US Mid-West....
I thought this was also a victim of the USA-China Trade Wars. Since Chinese tourists have been shunning travel to the USA.
Also - Long Beach is right between LA and Disneyland. SO, it is a strategic location, and not somewhere out in the US Mid-West....
I thought this was also a victim of the USA-China Trade Wars. Since Chinese tourists have been shunning travel to the USA.
Subaru2018 ( Date: 24-Oct-2019 09:21) Posted:
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What % of the DPU does the Queen Mary contribute?
Goldfinger ( Date: 24-Oct-2019 09:10) Posted:
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If rights issue, how much is needed to raise that amount for the ship repair???
I dont think urban common required to do an overhaul or 2xx mils job for queen mary. Ultimately, the maint fund prep by the long beach council is only like 25mil reflects the thinking.
But then right now the liability is on urban common. The likely case is to strike a deal with long beach council, fork out a largr sum to keep the ship going.
But then right now the liability is on urban common. The likely case is to strike a deal with long beach council, fork out a largr sum to keep the ship going.
most IPO is oversubcribed like 10 or 15 times
Eagle only 0.4x .... meaning super undersubcribed ... any no big names behind sponsor ...
Eagle only 0.4x .... meaning super undersubcribed ... any no big names behind sponsor ...
Subaru2018 ( Date: 24-Oct-2019 09:16) Posted:
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Hindsight, now we know why no instit s wanted to invest in this. Did they knew abt this from the beginning?
by the time eagle dived below 60c .. i dont know what to say
danger ( Date: 23-Oct-2019 16:25) Posted:
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Yes, that will be the case. If Urban Commons defaults - then the rental income will dry up and the ship will be removed as an asset. My sense is that the company is now either going to make a cash call, placement or come up with a statement on how it will address the matter.
Anyway, we all knew this was coming - and the current discount to IPO price was a reflection of that risk.
May not be a bad thing entirely to get this Queen Mary overhang done and dealt with - so the market can focus on the other assets of the Trust.
Anyway, we all knew this was coming - and the current discount to IPO price was a reflection of that risk.
May not be a bad thing entirely to get this Queen Mary overhang done and dealt with - so the market can focus on the other assets of the Trust.
ehclim ( Date: 24-Oct-2019 00:20) Posted:
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all insiders running .... as individual SSH scary ...
with IPO money in pocket ... you can only hope for greater accountability
with IPO money in pocket ... you can only hope for greater accountability
Goldfinger ( Date: 24-Oct-2019 09:05) Posted:
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Interesting - wonder why. This accounts for the insider selling past 2 days. If so, SGX please kindly note.
BIG STICK HALTED !
Although liability is on sponsor, Urban Commons, it will affect the rental income if Urban defaulted.
Goldfinger ( Date: 23-Oct-2019 23:18) Posted:
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Is the liability on Urban Commons or on the Eagle REIT? There is a big difference. Unless we know that the REIT indemnified Urban Commons.
danger ( Date: 23-Oct-2019 22:50) Posted:
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https://lbpost.com/news/urban-commons-queen-mary-repairs-lease
" Johnny Vallejo, the city&rsquo s property services officer who oversees the Queen Mary, on Thursday said the letter is part of standard communication whenever the city has an issue or concern with a leaseholder. Vallejo said Urban Commons is aware of the issues and is working with the city."
https://lbpost.com/news/engineer-tasked-with-queen-mary-inspections-says-ship-could-soon-be-unsalvageable-city-disagrees
" Although Pribonic&rsquo s monthly inspection reports are publicly available, his highly critical drafts from July and August have not yet been finalized and released by the city... City officials have acknowledged that the Queen Mary needs significant work, but they don&rsquo t always agree with Pribonic&rsquo s stronger language... In a recent interview, Johnny Vallejo, the city&rsquo s property services officer who oversees the Queen Mary, said he believes that Pribonic, in his passion for the ship, sometimes uses more emotionally-driven statements instead of &ldquo professional engineering language.&rdquo &ldquo Oftentimes,&rdquo Vallejo said of Pribonic, &ldquo the engineer will admit that his language was a little hyperbole and he&rsquo ll say, &lsquo Well, I was trying to get your attention.' &rdquo "
You so funny with your super short accelerated history of Viva reit with fake price. Again you proved to ex-viva unit holders that you sprout fake info, just as you did at HPH Trust forum thread to mislead them at their peril.
danger ( Date: 23-Oct-2019 19:57) Posted:
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