Thursday, April 20, 2006


Suspicious checkout for Marsh

Up less than 0.1 percent today. I had a feeling something was afoot with MARSA/B over the past few days. It looked like someone knew something and was loading up before an impending announcement. And whadda ya know? Marsh announced after the close that they were being bought out by a private equity firm. Will the SEC investigate? I doubt it. Unfortunately, this sort of insider trading is more common than most people realize in the microcap world.

Anyway, I'll be glad to be rid of the stock. At one point, I was down more than 10K on this position, so I'm relieved to be getting out for a reasonable profit. However, considering Sun Capital isn't pay a premium to today's closing price, I'd be lying if I said I wasn't disappointed. I was thinking a buyout price of about $15 was more reasonable. Mind you, the sale hasn't been finalized yet, but I figure considering the large number of shares that are held by company insiders, it's virtually a done deal.

Hi, Stockcoach what is your opinion about AANI, long term 12 Months?
Hello Stockcoach, your returns keep amazing me. Do you still own APN? Whenever I take a look, the stock is up 5-10%
I hate seeing this. I have held this company for almost a year. Thanks for the interesting blog.

AANI: I never invest in anything with the words "development stage company" in it.

APN: My bad. Got off that horse waaaaay too early.
regarding marsh, i suspect that a higher bid will emerge. take into account that the BV is around $14, and a recent real estate appraisal revealed that another $12 or so should be added to that. furthermore, the stock has been well above $11 in the past 52 weeks. i think there may be enough institutional ownership that purchased at higher prices to push the issue, and the fact that the stock has been trading around (and even above) the buyout price suggest that something bigger may be waiting in the wings. by the way, the cost of telling sun capital to take a hike is capped
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