Bill Miller

[Shane 0]

Just thought I could offer a little clarity over here, even though RM's an open board and obviously anyone can get to my twitter:

 

Insider trading at Miller Ind's jumped markedly in the past five/six weeks, led by (Big) Miller and Miller II. Big Miller's holding is under 5%, but down to recent movements. Miller II's numbers spiked to a level he's never gotten close to during his time at MI, peaking around 800% above his previous high in a single sale.

 

Company has approximately $50m in liquid assets and has MINIMAL long-term debt obligations. Gross-profit margins around 15% and stable. Assets vs. liabilities is a very healthy number.

 

Numbers and other info confirmed by my source with MI.

 

Summary of all relevant info was passed along to journalists who approached me in a very civil manner. Should expect more analysis of the raw numbers from them starting tomorrow morning.

[craig 5,199]

According to their financial statements they have ZERO long term debt (other than deferred tax). http://finance.yahoo.com/q/bs?s=MLR

 

 

$152 million of assets in excess of liabilities.

 

They do, however, only have $5 million in retained earnings - the vast majority of their $152 excess assets comes from capital surplus, but I cant see what that is made up of.

[Zappa 0]

Summary of all relevant info was passed along to journalists who approached me in a very civil manner. Should expect more analysis of the raw numbers from them starting tomorrow morning.

 

I'd be expecting more of a twisting of the numbers and information affair than actual analysis if I were you, but cheers for posting the info here! Very interesting indeed. ...

[Shane 0]

I've been trying to avoid saying "zero" because I do show some numbers on that, but yeah, when you're talking about a debt level three places to the right of the decimal on a corporate balance sheet.

 

I've got the details on the capital surplus but not yet willing to pass them along. Don't want to compromise my source on this stuff.

[Shane 0]

That may be, but they were only provided the basics, and even then only the very very few who went about it in a polite manner. You'd think they'd ring someone up in their finance department and get them to track this down.

[Shane 0]

This is a closed forum, yes?

 

Only ask because I have a bit more I wouldn't mind to distribute behind blue window blinds.

Edited April 20, 2012 by Zappa

[forlanssister 3,105]

Think you have to be registered to get the full information.

 

http://www.duedil.com/company/02183008/boniface-engineering-limited

[Zappa 0]

This is a closed forum, yes?

 

Non members can view one page then they need to log in.

[ian1964 10,720]

AMERICAN truck tycoon Bill Miller was last night gearing up to drive

home his bid to grab control of Rangers.

 

And the 65-year-old is also thought to be ready to throw down the

gauntlet to rival bidders, believing they have been stalling too long.

 

It is expected Miller will make his big push over the weekend and challenge the others to put up or shut up.

 

The Tennessee trucking magnate, who has already held talks with

manager Ally McCoist, believes the time for rhetoric is over and

insists the fans need to know who is for real and who isn’t.

 

Word of his desire to drag Rangers out of the mire came as the Ibrox

administrators, Duff and Phelps, rejected Brian Kennedy’s revised bid,

describing it as “not capable of acceptance.”

 

The Sale Sharks owner had said he’d step forward to save Rangers if he

felt they were about to pass into the wrong hands but, according to

the administrators, his offer is well short of the other bids.

 

It remains to be seen if Kennedy will become a genuine contender, or

if Paul Murray, who has returned to the fray after saying last weekend

he was stepping aside, will attempt to press home his own group’s bid.

 

Emerged

 

But as another day of discussions drew to a close it was Miller who

had emerged from the slipstream of the others and was manoeuvring

himself to the front of the queue.

 

Miller, who is chairman of Miller Industries, said to be the world’s

biggest makers of towing and recovery equipment, first emerged as part

of Chicago-based group Club 9 Sports.

 

But they had a plan to liquidate the business and Miller broke from

them when it became clear Rangers fans would not back anyone who took

their club down that route.

 

Unlike Miller, Murray and his Blue Knights still want Ticketus on

board even though the London firm, whose money was used by Craig Whyte

to buy Rangers, appeared to have jumped ship and were also close to a

deal with another bidder, Bill Ng in Singapore.

 

But that relationship appears to have hit the rocks with Ng hinting

he’s set to walk away.

 

He’d been hoping to be named preferred bidder by today but his

patience with Ticketus in

particular is stretched to breaking point. The 52-year-old private

equity dealer claims Ticketus have increased the amount they want out

of any deal from £10million to £17m.

 

Ng isn’t prepared to concede that much and said: “As a creditor,

Ticketus has no right to hold investors round the neck as it is doing.

It is increasing its demands each week.

 

“It was £10m before, then £12m and now this. I’m running out of

patience and time.”

 

Now Ticketus, who are desperate to protect as much of their £27m

investment in Rangers as possible, will have to go back to Murray and

if he can persuade them to lower their expectations he could yet

emerge as Rangers’ saviour.

 

ticking

 

But he has only a matter of days left and this time must convince the

administrators he and Ticketus are locked into a deal which is better

than Miller’s bid. Right now, though, the American is in the driving

seat.

 

While the others have been talking, the

administrators have watched Miller ticking more of the correct boxes

but he still has a bit to do before he’ll get preferred bidder status.

 

In the US, he tried to buy an ice hockey franchise and move it to San

Diego but hit stadium problems and then a bid to start a rival to

NASCAR also hit the skids.

 

Joint administrator David Whitehouse wouldn’t be drawn on the exact

state of play but it is believed all of the offers have too many

conditions attached.

 

He said: “We have made it crystal clear that to announce a preferred

bidder we need

definitive, unconditional bids on the table.”

[craig 5,199]

I've been trying to avoid saying "zero" because I do show some numbers on that, but yeah, when you're talking about a debt level three places to the right of the decimal on a corporate balance sheet.

 

I've got the details on the capital surplus but not yet willing to pass them along. Don't want to compromise my source on this stuff.

 

You are hardly compromising your source given they are a publicy traded company and required to submit full financial statements to the SEC by way of a 10-k (Annual Report). The full annual report for those interested is here http://quote.morningstar.com/stock-filing/Annual-Report/2011/12/31/t.aspx?t=XNYS:MLR&ft=10-K&d=5e978719fcc7712db9e5f1f3833086eb

 

All movements through the capital surplus account in the last 3 years have been attributable to stock options, either the exercising of them or the company repurchasing common stock (page F-3 of the above link attached).

 

Their is, according to the 10K, ZERO long term debt. The previous long term debt is now current (it must now be due within less than a year, hence the movement from long term to current liability) and it is related to equipment notes (loans), not deferred tax as I previously suggested.

 

All of the above is public knowledge and has been since they issued their 10-K on March 7th.

 

It is interesting (to me at least) that they have a $20 million revolving credit facility and that they have not drawn on that, suggests that they dont have too much of a cash bind when they dont need to draw on their credit facility.