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Introducing Quick Ideas

Today I am introducing a new section on Special Situation Investments: Quick Ideas.

Quick Ideas is for short posts on potentially interesting and actionable investment ideas with more emphasis on making the situation available to members quickly after finding it and less emphasis on the extensive initial research and preparation of full write-up.

                                                 

2018 Year In Review – 96 Investment Ideas

2018 has been a fantastic year for Special Situation Investments in terms of both – profitability of the published ideas as well as member activity. A total of 96 investment opportunities were presented on the site, out of which almost two thirds were contributed by the members. Below I am outlining some stats and profitability assessments.

Huge thanks goes to all the members who have contributed with their ideas and discussions.

      

2017 Year in Review – Quick STATS

It was a very interesting year for Special Situation Investments. In total there have been 38 investment ideas posted during the year and members added a further 12 in the new ‘Member Idea’ section. By luck or skill the performance has been great – only two trades ended in losses and the rest averaged 15% returns. Scope continued to widen and only 10 out of 38 investment opportunities were odd-lots.



GSI Technology (GSIT) – Odd Lot Tender Offer – $20 Potential

Current Price – $6.50

Offer Price – $6.50 – $6.70

Upside – 3.1% or $20 for Odd Lot holders (if upper pricing is used)

Downside – $0

Expiration date – August 6, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Trading Strategy:

Buy 99 shares of GSIT below $6.5 and tender all your shares before August 6, 2014.

Summary:

GSI Technology invites its stockholders to tender shares of its common stock, par value $0.001

    

United Development Funding IV (UDF) – Odd Lot Tender Offer – $89 Gain

Current Price – $19.6

Offer Price – $20.5

Upside – 4.6% or $89 for Odd Lot holders

Expiration date – July 2, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Trading Strategy:

Buy 99 shares of UDF below $20.5 and tender all your shares before July 2, 2014.

Summary:

United Development Funding IV, a Maryland real estate investment trust, is offering to purchase for cash up to 1,707,317 common shares of beneficial interest, par value



Credit Acceptance Corp (CACC) – Odd Lot Tender Offer – no upside

Current Price – $127.73

Offer Price – $125.58

Upside – no upside currently

Expiration date – June 16, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Credit Acceptance Corporation, a Michigan corporation, is offering to purchase up to 915,750 shares of its common stock, par value $0.01 per share, at a price of $125.58 per share, net to the seller in cash. 915,750 shares represents 4.1% of our outstanding common stock as of May 1, 2014



Hancock Fabrics (HKFI) – Going Private Transaction – $200 Gain – Cancelled

Current Price – $1.0

Offer Price – $1.2

Upside – 20% or $200 for Odd Lot holders

Expiration date – not announced yet

SEC Filling

Trading Strategy:

Buy 999 shares of HKFI and wait for reverse-split after the shareholder meeting.

Summary:

After careful consideration, our Board of Directors has concluded that the costs associated with being a public reporting company in the U.S. are not justified by the benefits. The primary purpose of the going private transaction is to reduce the number



Global Sources (GSOL) – Odd Lot Tender Offer – $148 Gain

Current Price – $8.51

Offer Price – $10.00

Upside – 17.5% or $148 for Odd Lot holders

Expiration date – May 28, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Global Sources Ltd., a Bermuda company, is offering to purchase for cash up to 5,000,000 shares of its common shares.  On the terms and subject to the conditions of the Offer, Global Sources will pay $10.00 per share, net to the seller in cash.

The 5,000,000



New York REIT (NYRT) – Odd Lot Tender Offer – $20 Gain

Current Price – $10.55

Offer Price – $10.75

Upside – 1.9% or $20 for Odd Lot holders

Expiration date – May 12, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Trading Strategy:

Buy 99 shares of NYRT below $10.75 and tender all your shares before May 12, 2014.

Summary:

New York REIT, Inc., a Maryland corporation that qualifies as a real estate investment trust for U.S. federal income tax purposes, invites our stockholders to tender



American Realty Capital Healthcare (HCT) – Odd Lot Tender Offer – $87 Gain

Current Price – $10.12

Offer Price – $11.00

Upside – 8.7% or $87 for Odd Lot holders

Expiration date – May 2, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Trading Strategy:

Buy 99 shares of HCT below $11 and tender all your shares before May 2, 2014.

Summary:

American Realty Capital Healthcare Trust, Inc., invites our stockholders to tender up to 13,636,364 shares of our common stock, par value $0.01 per share, for



Steel Partners Holdings (SPLP) – Odd Lot Tender Offer – $79 Potential

Current Price – $16.70

Offer Price – $16.50 – $17.50

Upside – 4.8% or $79 for Odd Lot holders

Downside – 1.2% or -$20 for Odd Lot holders

Expiration date – April 23, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Steel Partners Holdings L.P., a Delaware limited partnership is offering to purchase for cash, up to $49 million in value of its common units, no par value, upon the terms and subject



Genpact (G) – Odd Lot Tender Offer – $69 Potential

Current Price – $17.30

Offer Price – $16.5 – $18.00

Upside – 4% or $69 for Odd Lot holders

Downside – 4.6% or -$79 for Odd Lot holders

Expiration date – April 2, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Genpact Limited, a Bermuda Company, invites our shareholders to tender up to $300 million in value of our common shares, par value $0.01 per share, for purchase by us at a price not



Credit Acceptance Corp (CACC) – Odd Lot Tender Offer – no upside

Current Price – $137.41

Offer Price – $133.35

Upside – no upside currently

Expiration date – March 26, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Credit Acceptance Corporation, a Michigan corporation , is offering to purchase up to 637,420 shares of its common stock, par value $0.01 per share, at a price of $133.35 per share, net to the seller in cash. 637,420 shares represents 2.8% of our outstanding common stock as of February 15,



Helen of Troy (HELE) – Odd Lot Tender Offer – $410 potential

Current Price – $62.36

Offer Price – $57.75 – $66.50

Upside – 6.6% or $410 for Odd Lot holders

Downside – 7.4% or -$456 for Odd Lot holders

Expiration date – March 10, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Helen of Troy Limited, a Bermuda company is offering to purchase for cash, an aggregate of up to $300 million of our outstanding common shares, par value $0.10 per share (the “Common Stock”),



Outerwall (OUTR) – Odd Lot Tender Offer

Current Price – $71.02

Offer Price – $66.82 – $76.32

Upside – 7.5% or $524 for Odd Lot holders

Downside – 6% or -$416 for Odd Lot holders

Expiration date – March 7, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

We will purchase up to $350 million in value of Shares in the Offer or such lower amount equal to the value of the Shares properly tendered and not properly withdrawn. At the



Wendy’s (WEN) – Odd Lot Tender Offer – $43 potential

Current Price – $8.81

Offer Price – $8.50 – $9.25

Potential Gain – 5% or $43 for Odd Lot holders (if the offer is priced at the upper limit)

Expiration date – February 11, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

The Wendy’s Company, a Delaware corporation, is offering to purchase for cash shares of its common stock, par value $0.10 per share, pursuant to (i) auction tenders at prices specified by



Taro Pharmaceutical (TARO) – Odd Lot Tender Offer – minimal upside

Current Price – $95.77

Offer Price – $84.5 – $97.5

Potential Gain – 1.8% gain if the offer is priced at the upper limit. Otherwise a loss

Expiration date – August 8, 2013

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Taro Pharmaceutical Industries Ltd., a company incorporated under the laws of the State of Israel (the “Company,” “we,” “our” or “us”), is offering to purchase up to $200 million in value of shares



Bridgepoint Education (BPI) – Odd Lot Tender Offer – $176 Gain

Current Price – $17.72

Offer Price – $19.5

Potential Gain – 10% or $176 for Odd Lot holders

Expiration date – December 11, 2013

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Bridgepoint Education, Inc., a Delaware corporation, is offering to purchase up to 10,250,000 shares of our common stock, par value $0.01 per share (the “common stock”), at a purchase price of $19.50 per share without interest and less any applicable withholding tax.

The



Columbia Property Trust (CXP) – Odd Lot Tender – $253 potential

Current Price – $22.44

Offer Price – $22.00 – $25.00

Potential Gain – 11.4% or $253 for Odd Lot holders (if priced at the upper limit)

Expiration date – November 8, 2013

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Columbia Property Trust, Inc., a Maryland corporation that has elected to be taxed as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes, hereby offers to purchase for cash up



WebMD Health (WBMD) – Odd Lot Tender Offer – $203 Gain

Current Price – $31.95

Offer Price – $34

Potential Gain – 6.5% or $203 for Odd Lot holders

Expiration date – September 4, 2013

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

WebMD Health Corp., a Delaware corporation, is offering to purchase up to 5,000,000 shares of its common stock, $.01 par value per share (the “common stock”), at a price of $34.00 per share without interest. We will purchase up to 5,000,000 shares in the Offer



Halliburton (HAL) – Odd Lot Tender Offer – $250 potential

Current Price – $45.98

Offer Price – $42.5 – $48.5

Potential Gain – 5.5% or $250 for Odd Lot holders (if the upper pricing limit is used)

Expiration date – August 22, 2013

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Halliburton Company is offering to purchase for cash shares of its common stock, pursuant to (i) auction tenders at prices specified by the tendering stockholders of not less than $42.50 nor greater than $48.50



FBR & Co (FBRC) – Odd Lot Tender – potential $0

Current Price – $23.76

Offer Price – $22.5 – $23.5

Potential Gain – zero currently.

Expiration date – June 18, 2013

Odd Lot holders (less than 100 shares) are not subject to proration

Summary:

FBR & Co., a Virginia corporation, invites its stockholders to tender up to 1,250,000 shares of its common stock, $0.001 par value per share (the “shares”), for purchase by the Company at a price not less than $22.50 and not more than $23.50 per share. We will select the lowest



SunLink Health Systems – Odd Lot Tender Offer – $133 Gain

Current Price – $1.17

Offer Price – $1.5/share + $100

Upside – 28% or $33 for Odd Lot holders

Expiration date – Mar 12, 2013

Odd Lot holders (less than 100 shares) are not subject to proration. Had to be shareholder of record as of 31ts Jan 2013.

SEC Filling

Summary:

is offering to purchase all of its common shares held by holders of 99 or fewer shares who owned such shares as of the close of business on January 31, 2013



Kent Financial Services – Going Private Transaction – 17% upside

Current Price – $1.5

Offer Price – $1.75

Upside – 17%

Expiration date – Not announced Yet

SEC Filling

Summary:

The Board has approved a 2-for-1,771,175 reverse stock split (the “Reverse Split”) such that shareholders owning less than one whole share of our common stock following the Reverse Split will have their fractional shares cancelled and converted into the right to receive the cash consideration described below. The entire going-private transaction, including the Reverse Split and the purchase of fractional shares after



Morgan Stanley India Investment Fund (IIF) – Odd Lot Tender Offer – $291 Potential

Current Price – $14.84

Offer Price – $17.75 (based on latest NAV of $18.05)

Upside – 20% or $291 for Odd Lot holders

Expiration date – July 10, 2012

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Morgan Stanley India Investment Fund, Inc. (the “Fund”) is offering to purchase up to 15% of its outstanding Shares, or 3,349,634 of its outstanding Shares of Common Stock, for cash at a price per Share equal to