posted
Don't want to open up the same can of worms as last time, but I'm just curious.
Did ANYONE here purchase shares ON or AFTER the ex-dividend date of 4/27? And if so, did you receive the dividend?
I purchased ON 4/27, and did NOT receive the dividend, and I just want to make sure I can put this battle with Ameritrade behind me.
Replies would be very much appreciated, except for the kind of arrogant, nonconstructive replies that were generated by this topic the last time. So, in advance, I am NOT stupid (well, there ARE a few exceptions) and yes, I AM aware that the ex-dividend date is 3 days before the date of record.
But I still maintain that in these days of electronic transactions, SOMEONE was a shareholder of record of MY shares in PLENTY of time before the record date of 5/1. And if it wasn't ME, then it was AMERITRADE. And I still wonder if Ameritrade and other brokers get to keep the dividends of any shares bought through them between 4/27 and 4/29...
And once again, I refer to the precedent of GXXL, where I bought shares the DAY BEFORE the record date, and STILL received my dividends.
posted
I was looking at topographical maps of the area where the Ramada that IBAC is bidding on is located and its in a very good spot. Its the first hotel you come to right of a main highway and Willbranch Rd is where many of the larger hotels are located in Memphis. Its on 2mls from the airport and 2 miles from Graceland in the other direction. Seems to me that most of those 127 rooms at $59. to $69. per night should be full year rounds. The restaurant located right next door is a prime piece of land as stated in the PR. From my conversation with Ed yesterday evening, it seems he is ready to bid hard to get this lil gem that the bank took back from the current title holder. I personaly hope he gets this hotel restaurant property as it looks like a great addition to Ibac Corp. Its also only 2hrs from the Pine Bluff, Royal Arkansas Hotel and Gary Becker should have little trouble overseeing both locations and there managment. One way or the other we should know on the 25th or 26th of May.
The numbers on the Ramada look something like this.
127rms x $59.00 per night = $7493.00 a day
$7493.00 x 30 = $224.790.00 per month
$224.790.00 x 12 = $2.697.480.00 per yr
less an average 25% vacancy to be safe= $2.2 million
making this Ramada deal look like its profitable quick for anything under $4 million.
the restaurant which is closed at this time just seems like gravy on the deal and as is said the land is prime.
Cheers Rick
-------------------- Nothing moves a sub like news!!!
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quote:Originally posted by rickpic: I was looking at topographical maps of the area where the Ramada that IBAC is bidding on is located and its in a very good spot. Its the first hotel you come to right of a main highway and Willbranch Rd is where many of the larger hotels are located in Memphis. Its on 2mls from the airport and 2 miles from Graceland in the other direction. Seems to me that most of those 127 rooms at $59. to $69. per night should be full year rounds. The restaurant located right next door is a prime piece of land as stated in the PR. From my conversation with Ed yesterday evening, it seems he is ready to bid hard to get this lil gem that the bank took back from the current title holder. I personaly hope he gets this hotel restaurant property as it looks like a great addition to Ibac Corp. Its also only 2hrs from the Pine Bluff, Royal Arkansas Hotel and Gary Becker should have little trouble overseeing both locations and there managment. One way or the other we should know on the 25th or 26th of May.
The numbers on the Ramada look something like this.
127rms x $59.00 per night = $7493.00 a day
$7493.00 x 30 = $224.790.00 per month
$224.790.00 x 12 = $2.697.480.00 per yr
less an average 25% vacancy to be safe= $2.2 million
making this Ramada deal look like its profitable quick for anything under $4 million.
the restaurant which is closed at this time just seems like gravy on the deal and as is said the land is prime.
Cheers Rick
Cool, thanks rick. Looks like an early standoff this morning with the holders and buyers, LOL. No volume yet.
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I bought additional shares on the 28th and did not get credit for them. I was told that the purchased shares didn't settle until May 2nd. However, in all fairness to Scottrade, I had sold a few shares of another stock and turned around and used the proceeds to buy ICAN on the 28th. Maybe if I had used settled cash to buy on the 28th I would have made out better. O'well still received 600k of free shares.
-------------------- It's easy to sit there and say you'd like to have more money. And I guess that's what I like about it. It's easy. Just sitting there, rocking back and forth, wanting that money. --Jack Handy Deep Thoughts
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quote:Originally posted by rickpic: I was looking at topographical maps of the area where the Ramada that IBAC is bidding on is located and its in a very good spot. Its the first hotel you come to right of a main highway and Willbranch Rd is where many of the larger hotels are located in Memphis. Its on 2mls from the airport and 2 miles from Graceland in the other direction. Seems to me that most of those 127 rooms at $59. to $69. per night should be full year rounds. The restaurant located right next door is a prime piece of land as stated in the PR. From my conversation with Ed yesterday evening, it seems he is ready to bid hard to get this lil gem that the bank took back from the current title holder. I personaly hope he gets this hotel restaurant property as it looks like a great addition to Ibac Corp. Its also only 2hrs from the Pine Bluff, Royal Arkansas Hotel and Gary Becker should have little trouble overseeing both locations and there managment. One way or the other we should know on the 25th or 26th of May.
The numbers on the Ramada look something like this.
127rms x $59.00 per night = $7493.00 a day
$7493.00 x 30 = $224.790.00 per month
$224.790.00 x 12 = $2.697.480.00 per yr
less an average 25% vacancy to be safe= $2.2 million
making this Ramada deal look like its profitable quick for anything under $4 million.
the restaurant which is closed at this time just seems like gravy on the deal and as is said the land is prime.
Cheers Rick
Cool, thanks rick. Looks like an early standoff this morning with the holders and buyers, LOL. No volume yet.
I'm not in the hotel business or anything, but I would guess that on an annual basis 25% vacancy is not enough.
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posted
Here's news about the acquistion from the Memphis business Journal.
LATEST NEWS Memphis Business Journal - 3:04 PM CDT Monday IBAC will bid on Airport Ramada Inn at auction IBAC Corp. said Monday it will be an active bidder at the auction of the 127-room Ramada Inn and restaurant hotel near the Memphis Airport.
IBAC (OTC: ICAN) has already registered as a bidder and has tendered the required $100,000 cash deposit.
The property, built in 1986, will be auctioned on May 25. The planned acquisition is part of the company's growth plan for the next three years.
Gary Becker, president of The Royal Arkansas Hotel & Suites, an IBAC subsidiary, says the company sees the Ramada as a companion to its Arkansas property.
"We are very eager to acquire this property as it is only a two-hour distance from the other company-owned hotel in Pine Bluff, Ark. It will also add significant additional revenues and rooms and another restaurant to the company's operations," Becker says.
IBAC is a New York-based food and beverages services/hotel holding company. IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
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quote:Originally posted by ya ya: Does anyone think this is the bottom @.0003,I am thinking about buying more
I definitley think for now. It all depends on what happens on the 25th. I think it will stay here until then. If we get the acquistions, this will move up. If we don't get the acquistions, it might move down to .0002.
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I figured 25% because of the proximity to the airport and the 2 mile distance to Graceland. Its also the first hotel you see coming off the highway. Could be a bit higher as an annual average.
The reason they lost the hotel to the bank was poor managment and I found tons of evidence of that in patron comments out on the travel sites.
I think its a great asset to add to our lil sub penny play!
Rick
-------------------- Nothing moves a sub like news!!!
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posted
IBAC Corporation Board of Directors to Explore Management Buyout 5/17/2005 11:28:01 PM
NEW YORK, May 17, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN) today after the bell announced that the Board of Directors has approved a requested action to explore bringing the company private via a buyout and has approved corporate counsel to pursue a management buyout that would return to the company to the private sector.
Management believes at this point of poor market conditions for its securities and shareholder discontent that a buyout from management and returning the company to the private sector would be a solid business decision. The Company will review all options and act accordingly, with the intent of the company being a private entity.
"I believe that this is the best course of action at this point since I have a major investment in this company and the share price has not performed the way I thought it should. I have advised my counsel to explore all the ways to bring the company private via buying any and all shares I need to. I respect all shareholders that have invested in the company and hope they will realize that this action is in the best interest of the Company," said Edward W. Hayter, President.
About IBAC Corporation
IBAC Corporation, a food and beverage services/restaurant/hotel/entertainment holding company based in New York, NY. Operating through its subsidiaries, The Sanibel Restaurant Group / National Hospitality Management Service/ Monarch Entertainment Group Worldwide and The Royal Arkansas Hotel & Suites, IBAC intends to grow aggressively throughout the next three years through acquisitions, mergers and the building of new establishments.
Forward Looking Statements: This information includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel as related to the restaurant industry. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
-------------------- Do not believe in anything simply because you have heard it or it is spoken and rumored by many. But after observation and analysis,when you find that anything agrees with reason And is conducive to the good and benefit of one and all, then accept it
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posted
Well, we own it and they want it back- bad? Don't think so. My take is they want more control because they see some viability- thus taking it private will reliquinsh shareholder input. This will be interesting...
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posted
Two thoughts. . .they just gave us more shares, so EVEN if it's .0001 (which I don't remotely believe) they are still paying us more than they would have before the divy. Obviously something just changed.
Unfortunately, "we" may own it, but "we" don't own the majority of shares, so "we" don't get any say in the buyout price.
Ok, three thoughts. Are PRs such as this at 11:30 pm ever a good sign?
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Being in the hotel business I tried and tell everyone once how bad the market was and the over valuation. But no one wanted to listen. And as far as the Ramada is concerned. I would agree that 2.2 million is probably a close gross revenue. But out of that the Net revenue is probably around $100,000. Most people don't think about the cost of running a hotel, linen and houskeeping costs are huge part of a hotel expenses. Also the constant repairs and upgrades. Continital Breakfast cost and 8.9% of gross revenues go to the Ramada Franchise, Cendant (owns Ramadas Franchise) makes the real money. Trip Reward program, who do you think pays for those free night stays. Most franchanises are making the hotels provide news papers, hair dryers, irons, boards, and even some require coffee pots. Do you realize the cost and the amount stolen. Also credit card companies will not let you charge stolen items to the guests bill. So if a hotel tries that all you have to do is report it to your card holder and they will remove the charge.
I think the buyback will be bad. If it is approved then the board sets the buyout price not the shareholders.
[ May 18, 2005, 02:08: Message edited by: Ric ]
-------------------- Invest with your brain not with your heart.
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posted
"I believe that this is the best course of action at this point since I HAVE A MAJOR INVESTMENT in this company and the share price has not performed the way I thought it should"
I'd keep in mind that Ed must own quite a lot of shares (was it up to 1/2 billion?), so he should have an interest in getting a reasonable price. And unlike us, he does have the clout to negotiate the price!
To me it sounds a bit as if Ed's fed up with the PPS not moving anywhere, so he's trying to find another way to get a fair price.
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