Wilshire Enterprises: Sale Or Delay Tactics?

May 5, 2008

While Wilshire Enterprises (WOC) is undergoing wild price swings in anticipation of the upcoming proxy battle at the July annual meeting, the nitty-gritty details in a recent amendment to its 10-K filing have shareholders wondering whether the long ago announced sale is coming shortly, or whether management is digging in for a long battle with 14.9% owner Full Value Partners, an affiliate of Phillip Goldstein’s Bulldog Investors.

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Beware Of Litigious State-Owned Banks

February 29, 2008

Large financial institutions tend to be reluctant to get involved in lawsuits, even when it would benefit their clients or shareholders. German state-owned banks are a notable exception to the rule.

Michael L GordonJohn AngeloFormer shareholders of National Home Health Care Corp, which was acquired by Angelo Gordon last year, Read the rest of this entry »

SCPIE Merger Should Get A Higher Hostile Bid

February 19, 2008

SCPIE logoHedge fund activist Joseph Stilwell has been so busy trying to block the acquisition of SCPIE Holdings (ticker: SKP) by privately held The Doctors Company that he lost sight of the forest amid the trees. Investors don’t get an answer to the obvious question of why no higher bid has been made, even though Stilwell insists that a higher bid was available. The reason: the potential buyers all signed standstill agreements that prevent them from making acquisition proposals without the board’s approval. Read the rest of this entry »

Buyout Of American Community Properties Trust As Slow As That Of Wilshire Enterprises

February 12, 2008

American Community Properties TrustShareholders of American Community Properties Trust (ticker: APO) are eerily reminded of the stalled sale of Wilshire Enterprises (ticker: WOC). Chairman and CEO Michael Wilson proposed a going-private transaction in July, and it has dragged on for half a year without any visible progress. Read the rest of this entry »

How Low Can Wilshire Enterprises Go?

January 14, 2008

Wilshire Enterprises 3-year returnWhile the process of selling Wilshire Enterprises (ticker: WOC) continues to drag on into its seventh month after the announcement that “initial bids are in,” WOC’s shares have fallen to a level where they trade almost at the level of cash on WOC’s book. We have pointed previously to the disastrous record of its management team, and the current trading levels are only increasing our enthusiasm for the deep value opportunity in WOC.

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Wilshire Enterprises: Waiting For Godot

November 25, 2007

Wilshire EnterprisesInvestors in Wilshire Enterprises (Ticker: WOC) had to suffer through another painful quarter of losses. While commercial real estate markets remain strong, apartment rents continue to increase in most markets and the largest ever buyout of a multifamily REIT, Tishman Speyer’s and Lehman Brothers’ purchase of Archstone-Smith, closed in early October, Wilshire’s losses continue to depress its stock price. In the meantime, shareholders are waiting for a buyout that just doesn’t seem to happen, despite the announcement, with great fanfare, that “Initial Bids Are In” a good five months ago.

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