SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

   Non-TechIncome Investing


Previous 10 Next 10 
To: Gridbird who wrote (34171)7/11/2018 4:29:14 PM
From: lumpygravy
1 Recommendation   of 48864
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

You guys can have all the preferred you want. I'm not touching it with a
10' pole. My days of playing "story stocks" are done with. If one of my
holdings has troubled times, I'm out! Fortunately I never even considered
FPI. Good luck!

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: lumpygravy who wrote (34173)7/11/2018 4:43:53 PM
From: Gridbird
   of 48864
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

This is just a fun trade. I know money is money, but its a $3600 amusement play. On any given day usually the vast majority of my money rarely even trades. Im dying of boredom watching the market lately, lol.. This may be a bad trade I will gladly admit. But these lawsuit stories come out every time something like this happens. Remember the Bank of California scare of fraud a couple years ago? Lawsuits were flung there all over the place and the common and preferreds recovered. This will amuse me when its too hot to go outside or I am not golfing....Im sick of watching my FIISO, WELPM, CNIGP, etc., etc. never trade. I had to wipe tears of boredom off my check before I bought 200 shares of this.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Gridbird who wrote (34174)7/11/2018 5:03:08 PM
From: lumpygravy
   of 48864
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

You might be more amused by buying the common stock.

Based on today's $5.28 close, it now sports a forward implied yield of 9.66%.

:-)

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: lumpygravy who wrote (34175)7/11/2018 5:09:13 PM
From: Gridbird
   of 48864
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

The common divi is going to get cut even if everything is all peaches and cream. The CEO said several months ago they would not cut the divi this year as people were counting on it. That is a code word for...Its getting cut at some point. Now it may happen a bit quicker....And maybe the preferred divi too, who knows.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Gridbird who wrote (34176)7/11/2018 5:57:03 PM
From: Gridbird
1 Recommendation   of 48864
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

FWIW, Here is the CEO’s response.....
platform.mi.spglobal.com

Share RecommendKeepReplyMark as Last Read


To: lumpygravy who wrote (34161)7/11/2018 6:35:49 PM
From: maverick61
1 Recommendation   of 48864
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

seekingalpha.com

Farmland Partners: Loans To Related-Party Tenants Introduce Significant Risk Of Insolvency - Shares Uninvestible

Have to say this is one of the best, well researched short seller articles I have seen. I always take them with a grain of salt but lots of great research here. I never took a bite of the FPI apple - i had looked at it before but some things never set right with me and I always passed on it. Glad I did

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: maverick61 who wrote (34178)7/11/2018 9:19:45 PM
From: E_K_S
1 Recommendation   of 48864
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

Very good detail on those loans from the county records. The author put a lot of the pieces together to show their timeline and history.

Then BOD members resign and auditors terminated add more fuel to the fire.

FPI could be a candidate for a Buy Under by LAND. Will be interesting to see what happens as LAND recently sold a property in Oregon netting them $6.5mln. I suspect LAND could cherry pick some of those FPI properties.

FPI lost 39% of their market cap value today and at today's close has a market cap of $173.5mln. The SA article says value is worth $4.85/share or a market cap of $159mln or 9% less than today's close.

LAND has a market cap of $190mln, so a merger now is not out of the question. If I was LAND, I would be looking at FPI and if they can avoid future litigation expenses, see if companies could be merged.

Will be interesting to see what develops. I still like the concept of an AG REIT but you need scale for it to work.

FWIW, Been looking at those CHSCP, CHSCL, CHSCM, CHSCN & CHSCO preferreds. Earning out today and look good. Not sure what if any future tariff's might have.

EKS

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: E_K_S who wrote (34179)7/11/2018 9:42:17 PM
From: Gridbird
   of 48864
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

FPI the common was up 17% on 129,000 shares after market trading.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Gridbird who wrote (34180)7/11/2018 9:57:29 PM
From: E_K_S
   of 48864
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

Did you look at the preferred change of control covenant? It could be a windfall if a merger/acquisition is done. I have not checked but was thinking along those line. $25.00/share PAR on a Buy-Out sounds pretty good.

I like to turn a negative into a positive when you look at all angles.
EKS

Share RecommendKeepReplyMark as Last ReadRead Replies (2)


To: E_K_S who wrote (34181)7/11/2018 10:04:14 PM
From: Gridbird
   of 48864
 
Re: Do not own or follow but just saw FPI off 15% plus..? Tariffs?

I seen that but I am not thinking about being that fortunate. I was actually thinking relief rally and management coming up with some info that counters and calms the issue down and price rises some. This has kind of been a dog with fleas to begin with. But a little flea powder may stop some of the scratching. I will sleep tonight and decide if I want to buy a bit more and believe management can refute some of this effectively.

Share RecommendKeepReplyMark as Last Read
Previous 10 Next 10