Added to YB: 2018-12-19
Pitch date: 2018-12-19
VLTC [bullish]
Voltari Corporation
+57.47%
current return
Author Info
Clark Street Value is a special sits/event-driven investor. Sign up for the newsletter.
Company Info
Voltari Corporation engages in acquiring, financing, and leasing commercial real estate properties through its wholly-owned subsidiary, Voltari Real Estate Holding LLC.
Market Cap
$7.3M
Pitch Price
$0.51
Price Target
0.58 (-28%)
Dividend
N/A
EV/EBITDA
N/A
P/E
-0.64
EV/Sales
N/A
Sector
Real Estate Management and Development
Category
special_situation
Voltari Corp: Tiny NOL Shell, Icahn Taking it Private
VLTC: Icahn taking Voltari private at $0.58/share to gain $500M federal NOLs. Voltari pivoted to triple net lease in 2015, but preferred stock accruing 14% interest wiped out equity. Offer values remaining 47.3% at $2.5M. Similar prior Icahn deal (KDUS) had two bumps to $1.61. No resistance expected from board or minority holders. Trades at $0.50 for 16% upside if offer holds. Disclosure: Author owns shares.
Read full article (2 min)