1 new SC13G filing:
New Vernon Aegir Master Fund,
1,282,900 shares purchased
5.3% holder
The other three filings were SC 13G/A: which are updates
Whitebox was the first and AQR had the other two updates to their holdings.
Since altrfan had a great post already running with the previous list of SC13G/A 's . If you are interested and do not mind altrfan, I will leave it to you to update. thanks
Great to see a new fund buying and some of the others adding. Keep it coming.
Posted by christ3opher - 17 years ago | Updated 17 years ago
welcome Trent Stedman and your 5.3% stake.
while you were buying 1,282,000 shares, your cayman islands buddy (figured the islands were small enough that you all know each other) Siu Min Wong, you know the Chinese guy with the American named corporation - -was selling.
siu must have known that china was slowing down on their buys of vtss chips - -nothing like being well connected - -he sold $3.5MM of the convert and 187,503 of the B preferred shares during 2010 - (bet he got $9 for those convert shares!! way to go Siu!!) he's not a 9.9%er anymore - having sold 777778 convert shares and only adding 33,380 of the A shares he's down to 5.8%. maybe Siu reads this blog!!!!
mikey self of lake union only added 5500 shares in 2010 and stays at 7.9%.
andy redleaf and his whitebox added 499467 shares and remained at 9.9% - - that before his latest deal for the secured note. he was able to add shares and still stay at 9.9% because of the creep up in total shares outstanding - -thanks to our generous board.
old abdon bolivar also sunning in the caymans added 440066 shares in 2010 and stays at 9.9% with his british virgin islands buddy, el gran senor rojo hojas.
man -i think i might have to take a trip to the islands and check up on my partners.
we still need to hear from Columbia Pacific and the baty boyz, leroy kopp, aristeia capital's bobby lynch and Empire capital's scotty fine.
i read ownership by these fine folks at 66.9%
columbia = 9.9 lake union = 7.9 aristeia = 7.6 kopp = 7.2 empire = 3.4 whitebox = 9.9 aqr = 9.9 linden = 5.8 new vernon = 5.3
Posted by daWiley1 - 17 years ago
did any of you know that pandora's box is white??
i figure andy wants a five bagger for his shares - that would put him at $20 or only a buck pre- reverse - -he'll have a five bagger and some of you might only be a portion of the way back to even.
i said long ago, get your cost basis as close to andy as you can - - or not - - your choice.
well, andy is a real expert on inefficient market theory - you can hear his speech at yale, on youtube. on the subject. and vtss sure qualifies as an inefficient market's hall of fame inductee.
now andy is a small time buffet. give him his due. but warren often says he buys a company and hopes to never have to sell. i bet when we hit $15 or $20, our partner, andy will be ready to part with this fine investment.
Posted by daWiley1 - 17 years ago
Luckily, is if this actually plays out. My timeline will be running right along with Andys. presently, a long ways off
Posted by christ3opher - 17 years ago | Updated 17 years ago
There was another filing yesterday by Aristea, who increased holdings to 8.4%. They were an original 9.9% bondholder, sold down to a 6.4% stake and have bought back.
Bondholders back to having just under 50% shares (that is with the 9.9% 'rule', actually with WB holdings they are wayyyyyy over that) and with the other non-BH'ers included what could be called institutional ownership is now around 75% (again, including WB and convert it is way more).
So, what to make of this? Let us not forget the 10k language. The goals of WB and pals, along with the non BH'ers may be different than ours. Who knows what might be being discussed, like taking Vitesse private (maybe offering $3 a share for the remainder of the roughly 10% of the shares that aren't owned outright or are part of the convert.
Is Vitesse actually pursuing Nasdaq re-listing?......or is this just another item CRG is throwing some money at, failing as usual and will soon announce, with his usual phony sincerity that Vitesse was not accepted by Nasdaq and the BOD has decided to say 'screw you' to non favored and non essential shareholders. This has already happened once.
We know Rogas, CRG, RY and such have no scruples or integrity.....that has been pretty much proven imo.
Or is re-listing really on track. A new Vitesse for the future. Maybe even an announcement that Perna will take over as CEO. Guess we will find out soon enough.
Keep in mind, that despite any drivel from the CEO, Vitesse has chosen to not put any slides or commentary from either the Needham conference or the annual meeting on the web site. One might assume that a company that was trying to show what they were doing would make that info availble to potential investors.......it would seem one would be incorrect.
Posted by altrfan - 17 years ago | Updated 17 years ago
I hadn't noticed the lack of info on the VTSS site but that is gross oversight by the new Investor relations counsel. I would have expected that would have been taken care of routinely. Not good to see.
Posted by dlog - 17 years ago
i tried to edit my old ownership post - it didn't seem to take so i copy and pasted the part to add the new buys by bobby lynch jr.
we still need to hear from Columbia Pacific and the baty boyz, leroy kopp,< EDITED for bobby lynch's new buys @ aristeia capital (he doesn't read this blog!!)> and Empire capital's scotty fine.
i read ownership by these fine folks at 67.74%
columbia = 9.9 lake union = 7.9 aristeia = 8.44 kopp = 7.2 empire = 3.4 whitebox = 9.9 aqr = 9.9 linden = 5.8 new vernon = 5.3
Posted by daWiley1 - 17 years ago
daWiley, what is the source of your Institutional holders? According to Reuters, it is at about 56.5%.
http://www.reuters.com/finance/stocks/financialHighlights?symbol=VTSS.PK
Posted by Grandpubha - 17 years ago
Hey Wiley,
I have it a little differently:
Bondies: WB, AQR, CNH @ 9.9% each, Aristea@8.44%, Linden@5.8% , ABN Ambro@5%
non-Bondies: Kopp@9.4%, Lake Union@7.4%, Columbia@6.4%, New Vernon@5.3%, Empire@3.4%
Bondies~ 49%.....non-bondies~32% so ~81% owned.....plus proxy show WB owns another 3 mill+ shares on convert they can't do anything with.....so shares pretty much owned up by these guys. But no SEC filings yet from CNH or ABN Ambro.
Whether they are all on the same page is highly doubtful, or whether there even is a page....but still. Both WB and Kopp have owned for years and haven't made diddly. We know from Kopp's filings he has a breakeven rate of $10 plus, so still underwater big time.
There were also 11 million broker non-votes for the BOD at the annual meeting. That is for the most part a no vote imo. A part of me thinks this is on track for re-listing, the other part wonders. Screw job?, Sale of company?
Hey Grand, just saw your post. I am going from the 12/2 proxy and SEC filings posted on the Vitesse website for mine. A number of the owners haven't had a recent filing.
Posted by altrfan - 17 years ago | Updated 17 years ago
Looks like Yonker bought a thousand shares....and named CRG and Rhonda as Power of Attorney (POA)???? I had that for a couple of friends when they got sent overseas for extended periods.....doesn't Yonker have an actual Dewey, Cheetam and Howe person for himself??
Posted by altrfan - 17 years ago | Updated 17 years ago
Sold a couple hundred shares this morning. Grand has noted in the past how his 'sell' orders went instantly. This has been the case with mine also. It could be reasonable to assume that one or more of the new SEC filers have been sitting there over the past few months just snapping up shares as they became available.
Posted by altrfan - 17 years ago
first - to grand - -i put no stock in rueters or yahoo finance - -my data comes from the sec filings back to early 2009.
second, thanks to altrfan - -you do mean the 11/2/2009 14A (not 12/2) filing of the proxy for the debt conversion. i missed that.
it shows CNH CA Master Account L.P. as a bond holder with the equivalent of 2,019,206.8 shares or 9.9% -- they have never filed an SC- 13G/A as they hold the convert and don't feel the requirement to file as a shareholder. BUT i can prove that they have sold their B Preferred shares 13,471,893 / 20 = = 673,594.65 shares in all.
Vitesse filed their 10Q which showed only 187,709 B shares still on the books. they have almost all been redeemed and sold without any filings. neat trick - one of the funds knew before the negotiations - create a B class with no reporting requirement when selling as long as your A class share percentage stays the same. the latest 10Q may show that all B shares have been redeemed as the press release shows no value for them.
the 14A also shows ABN AMRO Bank N.V., London Branch as owning the convert to the amount of 1,336,305.8 shares or 6.6%. the bank has never filed a 13G as they are bond holders at present.
whitebox sold 2,242,818.5 shares of the series B Preferred - most or all. they had $16.96MM of the convert.
adding the latest convert to the mix - there has been no filing - -but i expect one - the term B convert @8% to 10/30/2014 can be converted to 1,887,234 common shares these can't be converted unless andy lowers his holdings to stay below 9.9%
i did note an increase in ownership of 499,467 shares in the last filing by andy and his island partners from his previous filing.
i also noted 440,066 shares added by AQR over the last filing.
and i noted that siu min wong sold $3.5MM of the convert and reduced his ownership to 5.8% - -the $50MM convert was reduced to $46.5 MM by that action. he sold all his B shares too.
i would ask altrfan to check the last filing by leroy kopp which put him at 1,722,764 or 7.2% as of 10/08/2010.
empire doesn't need to file but gave us data anyway - thanks - there might be other sub 5% owners and that is 1MM shares more or less.
we have about 24MM A shares, 10.33MM converts, 1.887MM term B converts and only 185k B Preferreds for a fully diluted of about 36.21 MM count.
i will update altrfan's data on kopp and up ABN AMRO to 6.6% to get::
Bondies: WB, AQR, CNH @ 9.9% each, Aristea@8.44%, Linden@5.8% , ABN Ambro@6.6% == 50.54%
non-Bondies: Kopp@7.2%, Lake Union@7.4%, Columbia@6.4%, New Vernon@5.3%, Empire@3.4% = = 29.7%
Bondies~ 50.54%.....non-bondies~29.7% so ~80.24% owned.....
Posted by daWiley1 - 17 years ago
with just over 80% of the total sharebase now held.
Once relisting occurs and a better than usual quarter is had. (3 quarter of 2011)
One would have to believe that the shareprice could have the ability to be moving north, very far and very fast?
could all of these ingredients be what is attracting all this interest?
I would also believe that Ms. Feng is making alot of phone calls over these last couple of months?
wouldn't the funds holding, be looking forward to a many multiple number of paydays? Swapping shares back and forth while new players come to the table as the $50 million quarter finally begins to come in to play.
does this make better sense vs. taking it private to anybody?
Posted by christ3opher - 17 years ago | Updated 17 years ago
Hey Wiley,
Due to decades of heavy drug use, I was off by a day on CNH. Proxy is 12/01/10. Page 21..... CNH has 2,396,255 shares (note 2) of 2014 (9.9%) convert which could be converted. If they did they did and that would be good to know.....so thanks if you can provide.
On same ABM Ambro is at 1,187,778 (note 9) shares or 5%.....I am looking at paper copy, sent to me by Charles Schwab (or some flunky thereof, I always viewed the signature as somewhat suspect) for this.
Kopp has 11/05/10 SEC 13D filing on Vitesse website showing them owning 9.4% or 2,249,959 shares. That has changed or it hasn't.
Note my looking at both paper copy and web sites. I am dinosaur but I consider that multitasking.
I like your writing style. Yet it is curious to me that why after I gave my sources (Vitesse/CRG are dubious to be sure) you decided to post something different rather than verify what I had to say.
I wouldn't do that to you.
Posted by altrfan - 17 years ago | Updated 17 years ago
alt - thanks for showing me the data from the proxy 14s - -i used data from the 11/02/2009 proxy and never looked at the latest 12/01/2010 proxy. my date correction was because you didn't post the year and that got me mixed up and looking at the proxy which accompanied our "bond deal".
i also missed a filing by leroy kopp which upped him to 9.4% on 11/05/2010 from his previous 7.2% filing on 10/08/2010. he won't let andy profit without goin along for the ride - even tho his cost basis is higher, he has bought plenty of shares below $4 and will do fine as andy's partner.
i tried to edit and delete my previous posts here to no avail.
please use the latest data posted by altrfan, not by daWiley1 or reuters or other unnamed "sources".
linden and abn amro have been sellers. cnh, whitebox, kopp, aqr and new horizons have been buyers. because linden converted $3.5 MM to A shares, our count is up and the 9.9% limit increased, causing a few of our loyal owners to increase their A share counts.
cnh and abn amro are only bond holders and have never filed a 13 and don't have to unless they convert.
p.s. ( i call em performance enhancing drugs - -your data is testament to that fact.)
Posted by daWiley1 - 17 years ago
Hey Wiley,
Thanks. I believe it should be clear on how savvy and canny I am by noting that I am a long time shareholder of Vitesse.
What more can be said than that? To paraphrase the great sages Yogi Bear and Yoda.....sharper than your average butter knife I am.
Here is to better days......
To add a quote from that great lover of mankind W. C. Fields....
"Beer: helping ugly people have sex since 3000 B.C."
Posted by altrfan - 17 years ago | Updated 17 years ago
you once said you wanted to look into investing in Whitebox.
we both don't have enough cash to peek inside pandora or the other entities over in the british virgin islands.
BUT, right now we are both andy's partners.
follow andy and his wingman, leroy, and believe that he is here for a 4-5 bagger.
andy works like a surgeon.
first he finds a real sick patient.
then he puts em on the operating table and holds their heart in his hands.
then he nurtures em back to health.
all the while making at least 8% and keeping both legs as collateral.
when he is done, miracle of miracles!
the patient can walk for another day.
and andy is the richer for all his good deeds.
and he would tell you that it wasn't his fault that vitesse was $140MM in debt with declining revenues and no hard assets.
but the walking vitesse will have little or zero debt, reduced expenses and interest payments, with a chance at increasing revenues in the out years.
and that is today's lesson on inefficient market theory.
Posted by daWiley1 - 17 years ago
Yeah, I 'member that with WB......also talked about their nice BBB rating to irritate some of the Yazoo shills. That was fun (the BBB part, not the fact that thanks to CRG I don't have to worry about investing with Andy....cause I ain't got the money)......
No qualms from me with the BH'ers or their actions. WB, for example has owned stock for several years and has a crap return. They also bought up bonds in 2006 (at a discount I believe) and for the first several years only had a paltry 2% return until 2009. Now they have stock that they can't sell at a reasonable profit.
The $140 million in debt was actually only $126 million, but when you aren't held responsible in management or the BOD, what the hell, a $14 million penalty doesn't really matter as you get yours.
Given that the rest of the Bh'ers haven't made much and Kopp,the other large shareholder has a breakeven of a little over $10 (~$23 million invested) I am hoping (I think Matt?) was correct and these fine fellows look at bird in hand and try to find a buyer at 2x sales or so......well below what Vitesse competitors sold for.....and they get can get all their money back and then some.
Posted by altrfan - 17 years ago | Updated 17 years ago
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