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VTSS Investor Forum

Whither Whitebox??

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I have started looking at VTSS as a buy as the share price is doing what it does best......(I bet if Keith Moon would have looked into the future so many years ago instead of Jimmy Page's new group Vitesse might have different name today).....anyhooooo,

Nasdaq, under their Institutional Holders section shows that Whitebox has pretty much sold out their postion as of June 30 and now reporting they own ~64k shares.....though no official 13G filing. I will note that Columbia Pacific, which filed in June showing they owned 10% plus of Vitesse shares, is not listed as a holder at all on Nasdaq....so the accuarcy of the Nasdaq listings is what whatever it is.

Anyway, the Naz is showing a parcel of new holders....

Looking thru older postings here I saw Wiley's Lake Union holding comment and they are not listed on the Naz's holdings sheet either.....fwiw.

Posted by altrfan - 13 years ago | Updated 13 years ago

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From the VTSS investor section of their website (which has been recently given a facelift, and I believe is accurate).

http://investor.vitesse.com/ownership-profile.cfm

Posted by sharpinvestments - 13 years ago

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Hey! Is this hot stove really hot??? I just gotta touch it to find out.....put in an order at $3.03 this morning, good for the day.... filled about half of it, will check back tonight and see about the rest. Also bought some MSPD this morning at $5.05.....

Back to WB, I'll assume they still own their share of the converts....and are still underwater there. Thanks Sharp for Vitesse web page update.

Posted by altrfan - 13 years ago

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thanks sharp for the link to the vtss website - -but there is a note of caution issued by vtss that the info is from "FactSet" - - another third party service - -and i wish vtss would correct the data before posting on their website -- as i posted earlier to Grand about yahoo and reuters data - -they are wrong and maybe even intentionally.

as to Whitebox - -from the post "Whitebox Holdings ???" (ps i wish we had post numbers or at least dates to search on)::

i have copy and pasted with a minor edit for clarity - two items from that post:

SatBob - please use altrfan's last computation as the correct share ownership by filers and bondholder notes in the proxy filings.
( added - altrfan's data is in the post: "4 New SEC Filings added to the Vitesse website" )


A shares 2014 Deb. B Preferred Term B Convert
2,535,078 + 3,361,176 + 116,222 + 1,887,234 =

7,899,710 total A share equivalents or 0.308509

my new calculation is closer to correct - 30.85%

it is possible that Whitebox sold some A shares and vtss shows a decrease of the total B Preferreds of 50,989 shares to 134,720 as of the latest 10-Q 6/30/2011. These may have been from the above number but no filing as of this date by Whitebox.

we are closer to the actual holdings than any other source - -and i would like to work with altrfan to get one post that we update with the most accurate info.

the only update to altrfan's data in the last several months is the increase by Columbia Pacific to 11.2% from 6.4% and Kopp to 9.4% from 7.2%. so the percentage held by funds has increased by their filings and the low volume days are because these funds are sitting tight.

Posted by daWiley1 - 13 years ago

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Unfortunately someone stopped sitting tight today and unloaded 500,000 shares after hours at $2.77.

Posted by thereinman - 13 years ago

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Comparing Nasdaq with the Vitesse web page from Sharp, outside of the Nas not showing Columbia Pacific and Lake Union, the two match up. Since Columbia filed their 13G in mid June, maybe they just don't file with the Nas??

In any event, it looks like there has been a pretty major shift away from original bondholder ownership of shares to a much more broad base of holders. I will assume (cause that has always worked out well for me where Vitesse is concerned!) the BHer's still own their converts, which are well under water.

Wonder if that 500k sell afterhoures yesterday came from Linden, which is the only bondholder still showing a large sharecount.

Posted by altrfan - 13 years ago

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so is it your conclusion that Whitebox sold all of its A shares since it is not listed as a holder? according to their last filing they held 2,535,078 shares.

we had one 4 .7MM share day - - May 17, 2011 - -which remains unexplained by filings. the 10-Q shows no change in the amount of the 2014 Debenture (46.5MM with Linden the seller of $3.5MM). and no change to the Term B convert which is owned by Whitebox. and the decrease of series B preferreds is only 50,989 shares in the quarter according to the 10-Q (a decrease is only possible if a 9.9% holder sold an equal amount of A shares).

so maybe Whitebox sold all their shares (to market makers??) - maybe ?? i kinda doubt it though.

BUT the high of that day was $4.51 and the low was $3.90 with a close at $4.04 - - which would have gotten Andy out of his shares exchanged for debt at $4.00, with a slight gain.

we have not seen any filings of a sale by Whitebox or purchases by other 5% holders to account for the volume on that day.

Posted by daWiley1 - 13 years ago

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Wiley,

I have no idea, I am only commenting on 'what i read in the papers', in this case the Nas site and Vitesse website.....perhaps 2, two, too and to dubious sources....

As someone with a Post Doctorate and the rest of that alphabet soup in BHT (Bong Hit Theory) I was looking at some of your recent BHT posts on valuation and noticed the bondies are screwed as of now with any converts as a 50% rise in price is needed for them to have wet dreams of converting.

I am working on getting my money back that I lost on Vitesse. So far ~18%. Have made trades with PMCS, TXCC and MSPD*. Almost sold MSPD today when it reached a 10% one day gain......but went offline...be looking tomorrow.

There is a lot to like with Vitesse where the price is at.....and if there is any success your BHT may turn out to be quite practical. Some trades between now and then could make it even better.

*Bought MSPD recently at $5.10, sold at $5.55 a few days later...watched it go to $5.80.....then noticed back under $5.10.....God is Great!.....

Posted by altrfan - 13 years ago | Updated 13 years ago

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