Leucadia National Corp. / Global Profit Hunter - 500 Beiträge pro Seite

[eickhoff]

Schon wieder eine Empfehlung von Swen Lorenz. Es geht um eine Investmentgesellschaft im Stil von Warren Buffets Berkshire Hathaway. SL sagt, daß dieses Unternehmen wahrscheinlich als einziges weltweit die Erfolgsstory von Berkshire Hathaway wiederholen könnte. Bisher wurde nur eine dreiseitige Zusammenfassung verschickt; ich bin gespannt, ob es hierzu auch eine ausführliche Studie geben wird.

Was haltet Ihr von diesem Wert? Gibt es evtl. schon Experten unter Euch, die sich bereits mit dieser Aktie beschäftigt haben?

[dg6nds]

Moin,

die Studie kam um kurz nach 20 Uhr bei mir an. Vorher gabs aber noch ne andere zu Argentinien.

Grüße
Johannes

[timesystem]

Welche zu Argentinien, habe ich nicht bekommen?
Wie heist die Aktie?

Danke.

Gruss
timesystem

[economicus]

@ timesystem die argentinische Aktie heißt Cresud.

Was mich bei Leucadia interessieren würde, weiß jemand warum der Kurs von 70 US$ auf jetzt 42 US$ eingebrochen ist?

[eickhoff]

#4

Weiß ich natürlich nicht, kann nur spekulieren. SL schreibt, daß es bei Leucadia kaum möglich ist, Gewinnschätzungen zu machen, da in unregelmäßigen Zeitabständen Verkäufe von Beteiligungen stattfinden. "Selbst die Tatsache, daß der Nettogewinn innerhalb der ersten 9 Monate von 58 auf 97 Mio USD gestiegen ist, hat keine besondere Aussagekraft. Sollte Leucadia im 4. Quartal eine große Transaktion verbuchen, muß die gesamte Rechnung revidiert werden."

Evtl. war vielen Aktionären die Geschäftsentwicklung zu unsicher, so daß sie zu einem bestimmten Zeitpunkt, vielleicht ausgelöst durch eine bestimmte Transaktion, vermehrt verkauft haben.

[economicus]

etwas seltsm ist der Kurseinbruch schon, da er offenbar nur in New York auftrat, in Berlin, wo die Aktie in Euro gehandelt wird, ist der Kursrutsch nicht zu sehen - so stark ist der Euro ja nun auch nicht gestiegen

[MarcEffi]

Also in Berlin sieht man den Rutsch auch.

Kann das ein Aktiensplit zum Jahresende gewesen sein?

[GetTheTop]

Hallo!

Es handelte sich um einen 3:2 - Split.

[Ratinger]

Tja, da habe ich mich nun nach SL Empfehlung zu einem Kauf von Leucadia hinreissen lassen und siehe da, der Kurs fällt seit einigen Handelstagen wie ein Stein. Weiß jemand warum? Ich hoffe, daß SL in seinem nächsten update dazu Stellung nimmt.

[kovac]

SBC Courts AT&T, Scares Leucadia, Rips Jefferies
By Bill Mann (TMF Otter)
January 28, 2005

Bell operating company SBC (NYSE: SBC), a Motley Fool Stock Advisor selection, is in talks to buy its former corporate parent, the ever-blackening dwarf AT&T (NYSE: T). This would create the largest telecommunications company in the U.S., surpassing rival Verizon (NYSE: VZ). Following SBC`s recent foray into television and its partially owned subsidiary Cingular`s recent acquisition of AT&T Wireless, a merger with AT&T would give SBC access to Ma Bell`s two most prized assets: a gold-plated list of corporate customers and a global network.

As one would expect, both SBC and AT&T shares saw dramatic moves as news of the potential merger bubbled to the surface. Shares of MCI (Nasdaq: MCIP), which is just as for sale as AT&T, zipped higher by more than 3%. And strangely, property and casualty insurer and holding company Leucadia (NYSE: LUK) dropped by more than 5%, with another 4% drop today. That`s an astoundingly high amount for a fairly illiquid stock. Why would Leucadia`s drop be related?

As is typical in the telecommunications biz, SBC buys a huge amount of bandwidth and services from other telecom companies. One such vendor for SBC is fiber optics provider WilTel, which Leucadia now owns, having bought a controlling stake out of bankruptcy in December 2002 (it took over the remainder the following year.) WilTel is SBC`s "preferred provider of domestic voice and data long distance services," and SBC accounts for about two-thirds of WilTel`s revenue. Add AT&T into the mix -- a domestic long distance voice and data company -- and suddenly a huge amount of WilTel`s revenues -- roughly 65% of its total, or about a billion dollars per year -- is at risk. SBC and WilTel have a long-term contract, but it has plenty of grounds to exit along the way.

The reason this has hit all of Leucadia so severely (and there may, of course, be other reasons, but the timing is certainly persuasive) is that while Leucadia is perceived to be a diverse holding company, a la Berkshire Hathaway (NYSE: BRKa)(NYSE: BRKb), its purchase of WilTel was such a large component of the company`s invested capital that what Leucadia is, after 2003, is a telecommunications company with some additional interests in things like plastics, wine, insurance, and finance. A blow to WilTel is a big blow to Leucadia.

I think that the risk to WilTel is somewhat overstated. Yes, WilTel and AT&T have competing networks, but WilTel`s network is fully fiber optic (one of the reasons Leucadia bought it as opposed to the dozens of other distressed carriers), while AT&T has a legacy circuit-switched network and it is painstakingly building a voice-over IP system. Why would SBC go from all-fiber voice and data (with its built-in cost and quality of service advantages) back to a circuit-switched network? In an industry where gee-whiz technology becomes Sanford & Son-grade junk in only a few years, the thought of SBC reversing course from WilTel to AT&T`s mish-mashed network doesn`t make much sense.

It might do it, of course, and this isn`t a black-and-white discussion: WilTel may lose some of its SBC business to AT&T should the merger go through, particularly on the international side. But a nearly 10% drop in Leucadia stock? Wow, that smells like opportunity to me.

[eickhoff]

Swen Lorenz bitte melden mit einer Stellungnahme zu Beitrag #10.

[MarcEffi]

Für alle, die nicht so gut englisch können:

Sbc Umwirbt AT&T, Erschrickt Leucadia, Zerreißt Jefferies
Durch Bill Mann (TMF Otter)
Januar 28, 2005

Bell Betreiber SBC (NYSE: Sbc), eine Motley Dummkopf-Vorrat-Beratervorwähler, ist in den Gesprächen, zum seines ehemaligen korporativen Elternteils, die überhaupt-schwärzende Zwerg AT&T zu kaufen (NYSE: T). Dieses würde die größte Nachrichtentechnikfirma in den VEREINIGTEN STAATEN verursachen und übertreffen würde rivalisierendes Verizon (NYSE: VZ). Neuer Beutezug folgenden SBCs in Fernsehen und seines teilweise besessenen Tochtercingulars neuer Erwerb des AT&T Radioapparates, eine Fusion mit AT&T würden SBC Zugang MA Bell zwei zu den taxiertesten Werten geben: eine Gold-überzogene Liste der korporativen Kunden und des Gesamt-Netzwerks.

Da man, erwarten würde, SBC und AT&T sahen Anteile drastische Bewegungen, während Nachrichten der möglichen Fusion zur Oberfläche sprudelten. Anteile von MCI (Nasdaq: MCIP), das gerecht was Verkauf anbetrifft als AT&T ist, machte stark durch mehr als 3% Reißverschluss zu. Und merkwürdig, Eigenschaft und Unfallversicherer und halten Firma Leucadia (NYSE: LUK) heute fallengelassen durch mehr als 5%, mit einem anderen 4% Tropfen. Die ist eine astoundingly hohe Menge für einen ziemlich nicht-flüssigen Vorrat. Warum würde Tropfen Leucadias in Verbindung stehend sein?

Wie im Nachrichtentechniken biz, IN DEN SBC Käufen ein sehr große Menge der Bandbreite und in den Services von anderen Telekommunikationsfirmen typisch ist. Ein solcher Verkäufer für SBC ist Faseroptikversorger WilTel, den Leucadia jetzt besitzt, nachdem esgekauft eine steuernde Stange aus Bankrott heraus im Dezember 2002 esgekauft hatte (er übernahm den Rest das folgende Jahr.) WilTel ist SBC`s "bevorzugte Versorger der inländischen Sprach- und Datenlangstreckendienstleistungen," und SBC Konten für ungefähr zweidrittel von Einkommen WilTels. Fügen Sie AT&T in die Mischung -- eine inländische Langstreckensprach- und Datenfirma hinzu -- und plötzlich ist eine sehr große Menge Einkommen WilTels -- ungefähr 65% seiner Gesamtmenge oder ungefähr Milliarde Dollar pro Jahr -- an der Gefahr. Sbc und WilTel haben einen langfristigen Vertrag, aber er hat viel des Bodens, zum entlang der Weise herauszunehmen.

Der Grund, den dieser die ganze Leucadia so streng (und es kann andere Gründe selbstverständlich geben, aber das TIMING ist zweifellos überzeugend), ist der, während Leucadia wahrgenommen wird, um eine verschiedene haltene Firma zu sein, ein La Berkshire Hathaway geschlagen hat (NYSE: BRKa)(NYSE: BRKb), sein Erwerb von WilTel war solch ein großer Bestandteil des investierten Kapitals der Firma, daß welches Leucadia, nach 2003 ist, eine Nachrichtentechnikfirma mit etwas zusätzlichen Interessen an den Sachen wie Plastik, Wein, Versicherung und Finanzierung ist. Ein Schlag zu WilTel ist ein grosser Schlag zu Leucadia.

Ich denke, daß die Gefahr zu WilTel ein wenig übertrieben wird. Ja haben WilTel und AT&T konkurrierende Netze, aber Netz WilTels ist völlig die Optik Faser (einer der Gründe Leucadia kaufte sie im Vergleich mit den Dutzenden anderer beunruhigter Fördermaschinen), während AT&T ein durchgeschaltetes Netz des Vermächtnises hat und sie sorgfältig a Stimme-über IP System errichtet. Warum würde SBC von der Allfaser Stimme und den Daten (mit seinen eingebauten Kosten und Qualität der Service-Vorteile) zurück zu einem durchgeschalteten Netz gehen? In einer Industrie, in der gee-whiz Technologie Sanford u. Sohn-Grad Trödel in nur einigen Jahren wird, ist der Gedanke von SBC Kurs von WilTel zu mish-gestampftem Netz AT&T aufhebend nicht viel sinnvoll.

Es konnte es tun, selbstverständlich und dieses ist nicht eine Schwarzweiss-Diskussion: WilTel kann etwas von seinem SBC Geschäft zu AT&T verlieren, wenn die Fusion durchmacht, besonders auf der internationalen Seite. Aber ein fast 10% Tropfen Leucadia auf Lager? Wimmern, das riecht wie Gelegenheit zu mir.

[eickhoff]

Danke Swen Lorenz.

In seiner neuesten Mail nennt er 3 Gründe, warum man Leucadia halten bzw. bei diesen günstigen Kursen nachkaufen sollte.

1) Im Fall einer Übernahme von AT&T durch SBC kann SBC nicht über Nacht die Telefonleitungen von WilTel verlassen. Es gibt langfristige Verträge.

2) Es wäre für SBC wohl auch nicht sinnvoll die Leitungen von AT&T zu nutzen, weil diese veraltet sind. Die Leitungen von SBC hingegen sind aus Fiberglas und billiger für die Kunden.

3) Leucadia ist weit mehr als ein TK-Unternehmen. In diesem Zusammenhang würde es mich interessieren, welche Beteiligungen Leucadia zu wieviel % jeweils hält. Weiß das jemand?

[ruebelde]

Vielleicht wirst du hier fündig:

http://www.leucadia.com/Q3-04.pdf

http://www.leucadia.com/LNC%202003%2010K%20v%208(final).pdf

[eickhoff]

Der Kurs sinkt weiter, aktuell 35,79 in NY. Ja, ist das nun eine günstige Möglichkeit zum Einstieg oder sollte man sich schnellstens verabschieden? Hätte Swen Lorenz zu Leucadia eine so detaillierte Studie wie zu SBM geschrieben, wüßte ich jetzt genau, was diese Beteiligungsfirma treibt. So weiß ich nur, daß Warren Buffet mit ihr ein Joint Venture gegründet hat. Aber das kann ja schon etwas bedeuten.

Evtl. erzählt uns SL demnächst, welche Beteiligungen Leucadia hält und in welchem Umfang. Warum sind diese Beteiligungen interessant für die Zukunft?

Aus dem Geschäftsbericht 2003 (Form 10-K) erfährt man z.B. folgendes: Revenues/Income: Insgesamt 556 Mio. USD/4,4 Mio. USD, Telecom 240/1,7, Healthcare 71/0,055, Banking 62/0,252, Manufacturing 54/0,051, Real Estate 54/0,165 and others.

43% des Umsatzes in 2003 wurden von WilTel gemacht. Und darum geht es ja gerade. Ist Leucadia weit mehr als ein TK-Unternehmen, wie SL sagt? Ich bitte um Aufklärung.

[eickhoff]

Form 8-K for LEUCADIA NATIONAL CORP


--------------------------------------------------------------------------------

2-Feb-2005

Other Events



Item 8.01. Other Events.
On January 31, 2005, SBC Communications Inc. ("SBC") announced that it would buy AT&T Corp., thereby obtaining control of AT&T`s telecommunications network. SBC also announced that it intends to migrate its IP-based and long distance services to the AT&T network. SBC indicated that it expects to close the acquisition in the first half of 2006.

SBC currently is the largest customer of the Company`s telecommunications subsidiary, WilTel Communications Group, Inc. ("WilTel") under several preferred provider agreements between WilTel and SBC. If SBC migrates its business from WilTel`s network to the AT&T network, SBC will be required to pay to WilTel up to $200,000,000 for all costs WilTel incurs in connection therewith, including increased costs of the network facilities remaining with WilTel due to the loss of SBC traffic (defined as "Transition Costs" in the provider agreements). WilTel anticipates that an orderly migration of services from its network to AT&T would require some period of time after SBC`s acquisition of AT&T is approved and consummated.

Pursuant to the terms of WilTel`s credit agreement, the SBC announcement is considered a "material adverse effect" as defined in the facility and as a result WilTel can no longer access its $25 million revolving credit facility. WilTel does not foresee needing the $25 million revolving credit facility to meet its present requirements. The announcement does not have any impact on the $360 million of term loans under WilTel`s credit agreement. However, should SBC`s acquisition of AT&T be consummated and, as a result, the SBC preferred provider agreements are terminated, such a termination would be an event of default under WilTel`s credit agreement, unless the default is waived by WilTel`s lenders.

Prior to announcing the intended acquisition of AT&T, on January 28, 2005, SBC reached an agreement with WilTel to extend to April 1, 2005 the existing transport rate structure in effect during the "pricing period" as specified in Amendment No. 2 to Master Alliance Agreement and Amendment No. 4 to Transport Services Agreement, dated December 31, 2003, amending the (a) Master Alliance Agreement, effective as of February 8, 1999, as amended, by and between WilTel Communications, LLC ("WCL"), and SBC and (b) Transport Services Agreement, effective as of February 8, 1999, as amended, by and among WCL, SBC Operations, Inc., and Southwestern Bell Communications Services Inc. The existing pricing period had been scheduled to expire on January 31, 2005.

WilTel anticipates that it will have negotiations with SBC with respect to future transport rate pricing and other matters regarding their relationship in light of the AT&T announcement. The Company will also evaluate on an ongoing basis the impact of SBC`s intended acquisition of AT&T on WilTel`s operations and financial condition, including the potential adverse impact on the carrying values of WilTel`s assets.

WilTel also will undertake to modify its operations in light of the anticipated loss of its major customer, including expanding its customer base and evaluating opportunities for consolidation. To the extent that WilTel is not successful in these efforts, the adverse impact of losing SBC`s business will be materially greater.

[eickhoff]

WilTel. Or Won`t It?
By Bill Mann (TMF Otter)
February 2, 2005

This past week I expressed some skepticism that SBC (NYSE: SBC) would migrate its IP-based network to AT&T (NYSE: T) once the companies merge. At present, SBC depends heavily upon Leucadia`s (NYSE: LUK) WilTel subsidiary for its IP networking and some long-distance services.


Today Leucadia filed an 8-K that completely contradicted my beliefs about what SBC might or might not do. Leucadia stated that "SBC had announced that it intends to migrate its IP-based and long distance services to the AT&T network following the acquisition," which it hopes to close by the first half of next year. I`m frankly staggered that, with the low level of capital expenditures that AT&T has put into its voice network in the last two years, this is really the best cost and quality of service option for SBC.


This matters a great deal to Leucadia, since its WilTel acquisition was of nearly "bet the farm" proportions, and SBC comprises as much as two-thirds of WilTel`s revenue base. Leucadia stock has dropped more than 20% in a week, a nearly unprecedented level of volatility for what is normally a fairly docile, upward-sloping security.


Is there good news? Some may point to the fact that WilTel would be eligible for up to $200 million in reimbursements for all costs that it incurs should SBC migrate away from its network. Ah, but that`s not a penalty, it`s "costs incurred." If (theoretically) the cost to WilTel for the migration was $43 million, then that`s what it would get. At any rate, $200 million is substantially below what Leucadia paid for WilTel in the first place. And should SBC end its preferred provider relationship with WilTel, this would be an event of default under WilTel`s credit agreement, unless creditors waive it.


The problem for Leucadia now becomes the fact that, without those SBC revenues, its biggest subsidiary is likely to start bleeding cash. Leucadia took a run at MCI (Nasdaq: MCIP) last year, so it is possible it may do so again in order to "double down." I don`t know what the answer is, but I do know this: A billion dollars-plus of telecommunications revenues are awfully tough to come by these days, much less ones that come as part of a long-term deal.


The folks in charge of Leucadia are awfully smart investors, and they have the track record to prove it. You have to wonder, though, if this time they didn`t underestimate the ability of the entire telecommunications business to eat its own young. Believe me, I know, I of the Cable & Wireless (NYSE: CWP)-can`t-get-any-cheaper call. I can`t help but suspect that there`s something else involved in Leucadia`s position -- the massive tax loss carryforwards, maybe? It certainly wasn`t a surprise, or shouldn`t have been, that AT&T was on the market, and the list of suitors was quite short.


Oh, by all means, things can get worse

[eickhoff]

The Assumption of Consistent Genius

By Bill Mann (TMF Otter)
February 3, 2005

We now know that the folks at SBC (NYSE: SBC) have announced their intent to migrate their IP telephony and long distance traffic onto AT&T`s (NYSE: T) network if the two companies merge as planned next year. Today we find out that Qwest (NYSE: Q) and MCI (Nasdaq: MCIP) are also in talks to consolidate.

That both MCI and AT&T have been up for sale is the most poorly kept secret since, oh, I don`t know, since the last poorly kept secret. An indication that both of these sales are being completed in hardship is the lack of premium over market price that AT&T agreed to, and the expectation that MCI will do the same, with a projected purchase price of around $6.3 billion. They`ve been dressed up, waiting for the gentleman callers to arrive.

Muayyad Al-Chalabi, a managing director at telecom research firm RHK, says that the "window was closing for MCI. It lost government contracts last year to Sprint (NYSE: FON) and others, and its small- and medium-enterprise customer base is shrinking. The company hasn`t invested much in capital expenditures over the last four years, and even so had among the lowest cash margins in the industry." He added that he didn`t see much opportunity for operating efficiency gains in a Qwest/MCI merger, as there just isn`t that much overlap in the companies` networks.

Think about this for a minute. This is MCI and AT&T we`re talking about, and they`re at the point of either merging or dying a slow death. There is simply too much capacity in telecommunications, and the excess has yet to be bled off, since companies like Global Crossing (Nasdaq: GLBC) have been allowed to emerge from bankruptcy rather than fade away.

So, you have an industry with so much excess capacity it ought to be pronounced "airline," and with marginal players that are allowed to get second and third bites at the apple after clearing Chapter 11. Then you see that folks like Ian Cumming and Joseph Steinberg at Leucadia (NYSE: LUK), Carlos Slim at TelMex (NYSE: TMX), and Bill Miller at Legg Mason Value (Fund: LMVFX) have plowed hundreds of millions into this sector in the last two years.

These are shrewd investors; if I knew I were on the other side of a trade from them, I`d have a strong suspicion that I was on the losing side. But I`ve watched their purchases in telecommunications with amazement. In fact, I did what I`m sure plenty of other people have done -- assumed that they knew something, or saw something in their chosen telecommunications investments that I did not. Certainly, the tax-loss carryforwards at WilTel were attractive for Leucadia. But for carryforwards to be worth anything to you, you must create current earnings for them to offset.

It`s easy to assign ex ante success to someone for the very reason that he has shown plenty of facility in the past. Leucadia bought WilTel, so it must know what it`s doing.

But what if it didn`t? I`m not saying that the last chapter in this story is written, but there is no great investor who hasn`t made at least one big mistake. WilTel`s value will be ferociously impaired should Leucadia not be able to replace the billion-plus in revenues that its SBC business represents. Two credible competitors to WilTel, AT&T and MCI, were up for sale, and there are very few companies that were likely purchasers, one of which was SBC. This may simply be a case of the nightmare scenario coming true, or it may really be that Leucadia was blind to it. It also may be true -- still -- that there is much more going on beneath the surface. But what in the world attracted them to the telecom business in the first place?

I convinced myself that all of these folks really knew what they were wading into in the telecommunications industry. Maybe they do -- you know these are disciplined folks. But this is a mess that doesn`t seem to be hitting equilibrium any time soon, and assuming differently may well continue to prove costly. I know this: It`s time to remind myself that just because certain people are right most of the time, that doesn`t mean they`re right every time.

[eickhoff]

Ja, war die Akquisition von WilTel nun ein folgenschwerer Fehler oder gibt es da etwas unter der Oberfläche, von dem nur das scharfsinnige Management mit den Herren Cumming und Steinberg weiß und was sie zum Kauf der Telekomfirma motiviert hat? Der hohe Verlustvortrag allein kann es doch wohl nicht gewesen sein.

Ich bin momentan ziemlich unsicher, bleibe mit meiner kleinen Position investiert, kaufe aber nicht zu (was ich später evtl. bereuen werde).

[jutho1296]

NEW YORK, Feb 9 (Reuters) - Fitch Ratings on Wednesday cut its ratings on Leucadia National Corp.(LUK.N: Quote, Profile, Research) to junk status, saying SBC Communications Inc.`s (SBC.N: Quote, Profile, Research) pending acquisition of AT&T Corp.(T.N: Quote, Profile, Research) will hurt the finances of WilTel, Leucadia`s largest subsidiary.
Ratings downgrades to junk can significantly increase borrowing costs.

Fitch cut Leucadia`s long-term issuer and senior note ratings to "BB-plus," the highest junk rating, from "BBB-minus," the lowest investment-grade rating. Fitch lowered the rating outlook to negative from stable, signaling that another downgrade is likely over the next one to two years

Reuters hat auch am 9.2. eine neue Studie verfasst!
Kann jemand Auszüge daraus einstellen oder Infos zumailen?
Aktie scheint sich ja wieder zu erholen.
Die Frage ist nur wie lange

[MarcEffi]

Die neue Global-Profit-Hunter-Aktie - der neue Thread!

http://www.wallstreet-online.de/ws/community/board/threadpag…

[matahaari]

bericht ueber leucadia in barrons neuste ausgabe

[eickhoff]

matahaari

Stell doch bitte einen Link oder eine Kopie ein. Wäre nett.

[matahaari]

http://online.barrons.com/article/SB110817238650753005.html?…

[eickhoff]

Keine Lust, mich da nach 2 Wochen wieder abzumelden. Fass den Bericht bitte mal kurz zusammen.

[matahaari]

eicke du hast post

[Tefel]

Hi matahaari,

könntest du mir den barrons bericht kurz zumailen?

gruß

Tefel

[eickhoff]

Habe den Bericht von Barrons gelesen. Zusammenfassend hört es sich für mich so an: Die Übernahme von AT&T durch SBC ist eine herbe Schlappe für WilTel bzw. Leucadia, da mittelfristig 2/3 des Auftragsvolumens wegbrechen. Auf der anderen Seite gibt es einige Analysten, die Cummings und Steinberg für so clever halten, daß diese schon wieder irgendeinen schlauen Deal vorbereiten. Worum es dabei gehen sollte, weiß niemand.

Und wenn dieser scharfsinnige Deal kommt - Verkauf von WilTel oder Kauf eines Unternehmens, das der neue Großkunde von WilTel sein könnte -, dann muß er bald kommen und er muß verdammt schlau sein. Albert Meyer sagt z.B., daß Leucadia ohne eine funktionierende WilTel einen fairen Wert von 17 USD habe!

[Tefel]

hallo,

relativ ruhig geworden hier. gibt es irgendwelche news?
was meint ihr zu der aktie nachdem sie ja jetzt unter 35 (den stop loss von swen) gefallen ist....?

mfG

Tefel

[eickhoff]

Den Stop Loss hatte Swen Lorenz am 2. Februar auf 30 USD heruntergesetzt. Ich weiß auch nicht, was ich von der Aktie momentan halten soll, und hatte SL gebeten, mal etwas ausführlicher zu Leucadia Stellung zu nehmen. Mal sehen, ob er das macht.

[eickhoff]

Heute kommt ein Update zu Leucadia!!

[eickhoff]

Empfehlung von Swen Lorenz: Kaufen mit Limit 35 USD, Stop Loss 27. Interessiert jemanden eine Zusammenfassung der Begründung oder haben alle das Update gelesen?

[Tefel]

hi !
mich würden die grundzüge des updates interessieren.

mfg
tefel

[eickhoff]

Tefel

In dem Update steht eigentlich nichts drin, was hier im Thread nicht auch erwähnt wurde. Aber es ist nicht schlecht, das nocheinmal zu lesen und zu schauen, ob man auf englisch auch alles richtig verstanden hat. Im Endeffekt wartet alles auf ein Meisterstück von Cummings und Steinberg, und vielen trauen diesen das auch zu.

AT&T muß an WilTel 200 Mio USD zahlen, wenn AT&T zukünftig SBCs Leitungen benutzt, was aber wohl nicht vor 2006 geschehen wird. In der Zeit könnte sich WilTel neue Kunden suchen oder aber eine eigene Telefongesellschaft übernehmen, und das könnte der interessante Coup in der Leucadia-Story sein.

Umsatz nach Sparten: 42% Telekom, Gesundheit 12,7%, Banken 11,1%, Immobilien 9,7%, Produktion 9,6% und Sonstige 14,1%. Das zeigt zwar, daß Leucadia nicht nur aus Telekom besteht, aber was in den einzelnen Bereichen abgeht, hält Swen Lorenz nicht für erwähnenswert.

Es läuft darauf hinaus, daß die Manager Cummings und Steinberg zur Weiterentwicklung von WilTel einen genialen Deal an Land ziehen (und in USA gibt es wohl reichlich Übernahmekandidaten). Evtl. hatten sie es von Anfang an darauf abgesehen. Dann könnten sie auch de Verlustvortrag von 3,4 Mrd. USD nutzen. Das Managementduo erzielte in seiner 15j. Amtszeit durchschnittl. eine Rendtite von 21,1% und gehört damit zu den erfolgreichsten.

[MrRipley]

Ich hatte heute eine "Einladung" des GPH im Briefkasten.
Angeblich werden erstmal nur 150 neue Abonomenten eingeladen - glaub ich nicht so recht!

[eickhoff]

MrRipley

Vielleicht stimmt´s ja doch. Ich hatte lange die share-infos abonniert, jetzt den GPH und habe keine Einladung bekommen.

Bin neugierig. Wozu bist Du denn eingeladen?

[MrRipley]

Ich bin herzlich eingeladen, den GPH zu abonomieren,
für 19€...nochwas in der Woche

Drin steht etwas über Falkland, Leucadia(...namentlich aber NICHT erwähnt...)
und einige Werte, die früher schon üppig performt habenA.
Aktuell werden wohl Länder wie Südkorea, Litauen + Estland + ?, und andere Emergingmarkets beobachtet/analysiert.

Leucadia sollen wohl die mit den 440000qm unterbewerteten Ackerland sein?!

Und der Clou soll eine Gesellschaft mit 4Mrd. Marktkap. sein,
Buffett soll mit denen ein Abkommen ausgehandelt haben,
möglicherweise wird es die nächste Berkshire Hathaway, die Mktkap. erscheint mir dafür aber schon etwas zu hoch...

Die Gesellschaft soll Überschüsse von beteiligten Versicherungen o.ä. in konservative Old Economiewerte reinvestieren.

[eickhoff]

MrRipley

Ich weiß nicht, wie Du Dich in diesen Thread verirrt hast (Deinen Bemerkungen nach hast Du wohl kaum einen Beitrag gelesen), aber ich bring Dich mal auf den aktuellen Stand. Das, was Dir da angeboten wurde, ist der Börsenbrief, den viele hier und in den Threads z.B. von Bougainville Copper und Falkland Island Holding seit Anfang des Jahres bereits lesen.

Leucadia ist die Beteiligungsgesellschaft, die mit Warren Buffet ein Joint Venture eingegangen ist. Falls Dich dieses Unternehmen interessiert, lies doch für den Anfang die Beiträge in diesem Thread.

Die Firma mit dem Ackerland heißt Cresud und hat ihren Sitz in Argentinien.

[MrRipley]

ich weiss ich weiss,
ich lese mehr als mir lieb ist, kann aber vieles nicht behalten

So sind es 440.000ha und nicht qm

[MrRipley]

Ich hatte Leucadia mit Crusade verwechselt...

[Stahlboerse]

Du meinst wohl Cresud...

[UserTom]

Leucadia hat sein Ergebnis vorgelegt:

Zum 31.12.04 hat Leucadia einen Nettogewinn von 145,5 Mio USD oder 1,34 USD pro Aktie bekanntgegeben, verglichen mit 97 Mio oder 1,05 USD pro Aktie in 2003.

Der Umsatz lag in 2004 mit 2,26 Mrd. USD erheblich höher als 2003 mit 549 Mio USD.

Im 4. Quartal belief sich der Gewinn auf 48,9 Mio oder 0,44 USD pro Aktie, verglichen mit 39,3 Mio oder 0,40 USD pro Aktie im Vorjahresquartal.

[game over]

Es gab eine Nachricht von Leucadia:

On April 6, 2005, HWB 2507 Kalakaua, LLC, a subsidiary of Leucadia National Corporation (the "Company"), entered into an agreement dated as of April 6, 2005 with Gaylord Entertainment Co. ("Buyer") to sell to Buyer the Company`s 716 room Waikiki Beach hotel and related assets located in Hawaii. The purchase prices are $96,300,000 for the leasehold parcel and $10,700,000 for an adjacent fee parcel, totaling an aggregate purchase price of $107,000,000. The sale is subject to the satisfaction of certain conditions, including a brief diligence period and approval of the Buyer`s board of directors. Assuming the transaction closes, the Company expects it will record a gain on this transaction in the second quarter of 2005.

Damit hat das Unternehmen einen netten Buchgewinn erzielt, denn:

Laut 10-K-File (Geschäftsbericht 04):
The Company owns a 716-room hotel located on Waikiki Beach in Hawaii that has a book value of $39,400,000 at December 31, 2004. The hotel was fully renovated during 2001 and 2002, and for 2004 had an occupancy rate of approximately 66% and a net average daily room rate of $109.05. The Company secured non-recourse financing for these two projects, which aggregated $42,400,000 as of December 31, 2004.

[UserTom]

April 14, 2005 08:20 AM US Eastern Timezone

ATX Announces Court Confirmation of Reorganization Plan; Set to Emerge from Chapter 11

KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--April 14, 2005--ATX Communications, Inc. ("ATX" or the "Company"), which through its subsidiaries is a leading provider of integrated communications services, announced today that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Company`s Plan of Reorganization Under Chapter 11 of the Bankruptcy Code (the "Plan"). This step in the Chapter 11 process follows overwhelming support for the Plan by creditors, evidenced by the fact that more than 95% of the dollar amount of claims voted in favor of the Plan. ATX expects that the Plan will become effective and ATX will emerge from Chapter 11 by the end of this month, following all regulatory approvals.


As previously announced, key elements of the Plan include:

-- Discharging of all of the Company`s pre-petition senior secured and other debt obligations;

-- Global settlements of all aspects of ATX`s outstanding litigation with incumbent local phone companies operated by SBC and Verizon; and

-- ATX becoming a majority owned subsidiary of Leucadia National Corp. (NYSE & PCX: LUK), a diversified holding company.

"ATX and its many constituencies can celebrate this monumental event," said ATX`s current President and Chief Executive Officer Thomas Gravina, who will continue as Chairman of the Board following the Plan`s effective date. "The Court`s approval of our Plan, along with the significant support shown by all constituents involved, serve as clear validation of our Chapter 11 reorganization. We are extremely pleased that, upon consummation of the Plan, ATX will emerge with a clean balance sheet, healthy and profitable operations, and a highly experienced and successful financial sponsor. Most importantly, we salute the resolve and dedication of our employees and the loyalty of our customers, who together have proven our ability to deliver on our promise of actively helping businesses and consumers communicate with peak reliability, efficiency, and security. The basic values and priorities this Company established 20 years ago continue to drive the organization forward, and we look forward to the many new opportunities available to the Company following completion of our reorganization."

[game over]

Es gab wieder ein Nachricht, die indirekt mit Leucadia zu tun hat (kam gestern über den Ticker)

http://biz.yahoo.com/bw/050418/185836.html?.v=1

Vyvx, ein Anhängsel von Wiltel weitet das Geschäft aus... hoffen wir mal, dass nicht nur Geld verblasen wird, sondern tatsächlich Netzkapazitäten darüber an den Mann gebracht werden.

In amerikanischen Foren wird Vyvx übrigens als die Perle von Wiltel gehandelt. Muss mich aber erst noch einlesen, um diese Aussage beurteilen zu können.

Vyvx Expands HD VenueNet Service, Carrying Fox Sports Net HDTV Feeds for MLB Events; Company Also Expands Standard Definition Footprint in Miami, Tallahassee


LAS VEGAS--(BUSINESS WIRE)----Vyvx, the market leader in providing fiber-optic and satellite transmission solutions to the media and entertainment industry, announced today that it has expanded its HD VenueNet(R) Service to include 27 Major League Baseball venues. HD VenueNet gives broadcasters the ability to transport live high-definition television (HDTV) feeds end-to-end at up to 270 Mbps, over an MPLS infrastructure.

Fox Sports Net is utilizing the Vyvx(R) HD VenueNet expansion to carry live, 720p HDTV broadcast feeds from various stadiums across the country to their Houston facility for more than 60 events during the 2005 MLB season. In addition to the HDTV events on Fox Sports Net, Vyvx will provide Fox Sports with standard-definition backhaul services for its entire coverage of MLB events during the regular season this year.

Vyvx also continues to expand its standard-definition services to meet the needs of its broadcast customers. Vyvx now has 54 Television Switching Centers (TSCs) across the nation, most recently expanding to Tallahassee, Fla. To meet the demand for MPEG-2 services in key areas around the country, Vyvx has also expanded its MPEG-2 Compressed Fiber Services to Miami.

"Our continued expansion of services enable broadcast customers to move video around the country when they need it and where they need it at the highest quality in the industry," said Derek Smith, vice president of Vyvx. "This includes not only helping them with something like the growth of HDTV programming, but also expanding our fiber footprint for standard services, giving customers the security and reliability of fiber transport to and from new markets."

The new HD VenueNet locations are: Oriole Park (Baltimore), Fenway Park (Boston), U.S. Cellular Field (Chicago), Wrigley Field (Chicago), Great American Ballpark (Cincinnati), Jacobs Field (Cleveland), The Ballpark in Arlington (Arlington, Texas), Comerica Park (Detroit), Minute Maid Park (Houston), Kaufman Stadium (Kansas City), Edison Field (Anaheim, Calif.), Pro Player Stadium (Miami), Miller Park (Milwaukee), Citizens Bank Park (Philadelphia), Network Associates Coliseum (San Francisco), Safeco Field (Seattle), Busch Stadium (St. Louis), and Tropicana Field (Tampa).

Customers wanting to learn more about Vyvx services can visit the Vyvx booth (#C9732 in Central Hall) at the National Association of Broadcasters Conference and Expo this week in Las Vegas.

Vyvx`s history and experience providing transmission services for live sports broadcasts is unmatched -- it was the first company to backhaul a non-live video feed over fiber in 1988 for FOX`s then new hit show America`s Most Wanted, and to transmit a live broadcast event over a fiber-optic network in 1990. Vyvx currently provides broadcast transmission services for more than 16,000 live events per year. Overall, Vyvx provides nearly 200,000 video feeds for its customers annually, transmitting more than 100 million video minutes. For more information, please visit www.vyvx.com.

About Vyvx, LLC

Vyvx provides video delivery solutions over fiber optics and satellite to global advertising, sports, news, and entertainment customers. Vyvx offers a wide range of dedicated and occasional services and its electronic footprint reaches more than 12,000 online television and radio stations, networks and cable head-ends, as well as more than 100 professional sports venues and all major media centers, movie studios and production facilities. Vyvx is a subsidiary of WilTel Communications, LLC, the operating subsidiary of WilTel Communications Group, Inc., which is a wholly owned, indirect subsidiary of Leucadia National Corporation.

[game over]

Leucadia mit netter Dividendeneinnahme im Mai:

http://home.businesswire.com/portal/site/google/index.jsp?nd…

Homefed zahlt am 9. Mai eine Dividende von 0,5 Dollar je Aktie.

Leucadia hält laut 10-K File (SEC-Dokument) 30% der Aktien. Unterm Strich zwar zu vernachlässigen, sind aber immerhin gut 1 Mio. Dollar.

Interessanter erscheint mir in diesem Zusammenhang der schöne Langfristchart von Homefed. Hier hat Leucadia wohl einen netten Buchgewinn in der Bilanz stehen. Kurs ist quasi auf ATH.

[UserTom]

MK Resources Receives Proposal From Leucadia Relating to a Potential Merger in Connection With a Possible Sale of a Majority Interest in the Las Cruces Project
Wednesday April 27, 7:28 pm ET


SALT LAKE CITY, April 27 /PRNewswire-FirstCall/ -- MK Resources Company (OTC Bulletin Board: MKRR - News; the "Company") today announced that the Company and its majority stockholder, Leucadia National Corporation ("Leucadia"), are in discussions with an unrelated third party (the "Unrelated Party") regarding the potential sale (the "Sale") by the Company of a controlling interest in the Las Cruces project. In connection with these discussions, Leucadia has delivered a proposal to the Board of Directors of the Company for a potential merger, pursuant to which the Company would become a wholly-owned subsidiary of Leucadia.
Leucadia has been funding the Las Cruces project, but a significant amount of additional funding is required. The Company has been exploring other sources of financing, including the Sale to the Unrelated Party. In the Sale, the Unrelated Party would provide substantial funding for the project, but would also require Leucadia to provide additional cash and guarantees in connection with the financing of the Las Cruces project. Leucadia has informed the Company that it is unwilling to commit to providing the additional cash and guarantees of the magnitude required by the Unrelated Party for the Company if it is not wholly-owned. Therefore, Leucadia has indicated that it would be willing to acquire all of the outstanding stock of the Company that it does not currently own pursuant to a merger transaction. The proposed merger is dependent upon reaching an agreement with the Unrelated Party with respect to the Sale, as well as an agreement with the Company with respect to the merger.

In the proposed merger, the Company`s stockholders would receive 0.0266 shares of Leucadia common stock for each share of the Company`s common stock. Based upon the closing price of Leucadia`s common stock on April 27, 2005, this represents approximately USD 0.90 per share of the Company`s common stock. In its proposal letter, Leucadia states that the proposed exchange rate is "based on the asset value of the Company implied by the purchase price to be paid in the Sale, adjusted to reflect those assets of the Company that are not part of the project, the Company`s liabilities not assumed in the Sale and the cost to Leucadia of additional investment in the project and providing guarantees for the Las Cruces project financing."

The Audit Committee of the Board of Directors of the Company, which consists entirely of independent directors, has engaged a financial advisor and independent counsel and intends to consider the Sale and the merger proposal. Because the merger proposal is dependent upon reaching an agreement with the Unrelated Party with respect to the Sale, no final determination will be made by the Audit Committee unless such an agreement is reached. There can be no assurance that the current discussions will in fact lead to such an agreement.

The Company is incorporated in Delaware, and its executive offices are located at 60 East South Temple, Suite 1225, Salt Lake City, Utah 84111.

Contact: MK Resources Company, [phone]

[game over]

Der "Letter from the Chairman and President" ist unter

www.leucadia.com

abrufbar.

Ich denke, es lohnt sich den Brief zu lesen. Ich finde, dass die Führung ein ehrliches Statement darin abgibt.

Interessant ist auch der Absatz zu WilTel:

"One of us is sceptical that WilTel will be a successfull investment; the other continues to believe that there will be future riches on the wings of broadband!" Es wird aber auch gesagt, dass Leucadia durch Wiltel nicht kaputt zu bekommen ist.

Daneben werden andere Hochs und Tiefs des letzten Jahres angesprochen. Kritisch sieht das Management auch die Entwicklung des Dollars und der Konjunktur in den USA...

Hab die Aktie erst bei 28 Euro gekauft, muss aber sagen, dass mir die Aktie trotz des Damoklesschwert über Wiltel immer besser gefällt. Kurs festigt sich zusehens... Einzigen Nachteil, den ich in dieser Aktie sehe ist, dass der Kurs in Dollar gemacht wird. Hierin dürfte langfristig ein Teil der Performence aufgefressen werden.

[FL74]

@game over
grundsätzlich bin ich deiner meinung. aber ich sehe kein problem mit dem usd. dieses risiko kann man doch mit etlichen instrumenten ausschalten. z.b. sind devisentermingeschäfte derzeit recht interessant. aufgrund der geringen zinsdifferenz zwischen eur- und usd-raum gibts praktisch keine unterschiede zwischen kassa- und terminkurs. ich denke der (schwächelnde) usd kann kein grund sein, nicht in luk zu investieren.

[game over]

Von Termingeschäften lasse ich lieber die Finger! Ich weiss, man kann diese Instrumente zur Absicherung nutzen. Hab mir, als der Euro unter 0,86-Marke fiel einen Call geholt, weil ich die Rückwärtsbewegung vorhergesehen habe (im Hinblick auf die Kaufkraftparität).

Die Wende kam tatsächlich... nur hat die Laufzeit quasi den Wechselkurseffekt quasi aufgefressen.

[FL74]

wenn du dein usd-exposure zu 100% durch ein devisentermingeschäft absicherst, fährst du deswegen überhaupt kein risiko; auch wenn der usd steigt; was du mit dem termingeschäft verlierst, gewinnst du durch deine in usd nominierten aktien. ein devisentermingeschäft hat auch keinen zeitwert wie optionen, bitte nicht verwechseln. nochmals: derzeit gibt es keinen grund, us-aktien zu meiden, nur weil man angst vor einer usd-abwertung hat.

[game over]

Danke für die Erklärung! Bin ja, wie Beschrieben für Leucadia positiv gestimmmt. Evtl. kannst Du mich ja noch aufklären, wie ich ein solches Devisentermingeschäft eingehen kann. Gibt es da eine WKN, die ich Kaufen muss, um mich 1:1 absichern zu können?

[FL74]

hallo
beim gewöhnlichen devisentermingeschäft wird heute verbindlich vereinbart, zu welchem kurs ein betragsmässig festgelegtes devisengeschäft zu einem bestimmten späteren zeitpunkt abgewickelt werden soll. praktisch heisst das: schau nach wieviel usd du besitzt (in form von cash, anleihen oder aktien), dann kannst du deiner bank anrufen und ihr sagen, dass du xy usd zu gunsten eur auf termin (1, 3, 6, 12 Monate oder auf wann auch immer) verkaufen möchtest. Die Bank wird dir den sogenannten terminkurs berechnen (dieser wird durch den swapsatz berechnet). ist der gewöhnliche eur/usd kassakurs z.b. 1.2871 gibt es für den terminkurs (du verkaufst ja die usd nicht in der kassa, sondern auf termin/in die zukunft) derzeit einen aufschlag von ca. 80 Stellen auf 1.2951. Mag jetzt vielleicht etwas verwirrend tönen, aber die abwicklung macht für dich die bank. du musst ihr lediglich sagen wieviel usd du verkaufen möchtest und auf welchen termin in der zukunft. sehr wichtig dabei: solange du nicht mehr usd absicherst als du tatsächlich in form von cash oder wertpapieren hälst, handelt es sich um ein reines absicherungsgeschäft. nur wenn du eine währung auf termin verkaufst ohne diese zu besitzen gehst du eine spekulation ein. es gibt dafür übrigens auch keine wkn, die bank wird dir devisentermin-konti und ein margenkonto eröffen.
grüsse
fl74

[game over]

2-May-2005

Other Events


Item 8.01. Other Events.

As previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2004 of Leucadia National Corporation (the "Company"), SBC Communications, Inc. currently is the largest customer of the Company`s telecommunications subsidiary, WilTel Communications Group, Inc. ("WilTel"). As negotiations between WilTel and SBC continue with respect to a transition pricing agreement and other matters that will enable WilTel to continue to provide SBC with a high level of service, SBC and WilTel have extended for 31 days from April 30, 2005 (i.e., through May 31, 2005) the existing transport rate structure in effect during the "pricing period" as specified in the amended Master Alliance Agreement by and between WilTel Communications, LLC ("WCL") and SBC and the amended Transport Services Agreement by and among WCL, SBC Operations, Inc. and Southwestern Bell Communications Services, Inc. The existing transport rate structure had been scheduled to expire on April 30, 2005.



=====

Der Vertrag von WilTel wurde erneut um 31 Tage verlängert . Die Jungs bei SBC und AT&T haben`s ja echt raus. So langsam habe ich den Eindruck, die meinens nichtmal ernst. Für mich heißt das nur eins... offensichtlich ist es für SBC wohl teuerer die Gespräche über Kupfer laufen zu lassen als über Fiber. Sonst würde man doch wohl mit Hochdruck daran arbeiten, dass man den Wechsel vollzieht. Ist zwar weit hergeholt.... denke aber, dass Wiltel die Kapazitäten beim Absprung von SBC früher oder später wieder bei jemanden an den Mann bekommen wird.


=======

FL74, danke Dir für Deine Antwort. Hab mal wieder etwas dazu gelernt.

Grüße

[UserTom]

Idaho Timber bought out

Leucadia National Corp. has acquired Idaho Timber Corp., the leading manufacturer of lumber in North America. Idaho Timber has a location in Halstead.

[UserTom]

With Tuesday`s announcement to shareholders that Inmet Mining intends to acquire a 70% stake in the Las Cruces copper-gold project in Spain, the Toronto-based copper producer will make a transition into cathode copper production.

Leucadia National Corporation and its subsidiary, Utah-based MK Resources, announced that to facilitate the transaction, they have agreed to merge, which will result in MK Resources (formerly MK Gold) becoming a wholly-owned subsidiary of Leucadia. New York-based Leucadia is a holding company involved in telecommunications, healthcare, manufacturing, banking and lending, real estate, wineries, and property and casualty reinsurance.

Inmet intends issuing 5.6 million common shares worth USD 88.5 million to pay for the stake in Las Cruces. If MK Resources receives a better unsolicited offer and terminates the deal, Leucadia will have to pay Inmet either USD 3 million or 75% of the excess value that Leucadia will receive on closing the unsolicited offer.

Newly-promoted Inmet President and COO Jochen E. Tilk told shareholders and analysts at the company`s annual general meeting Tuesday that Las Cruces will have "a positive impact on the diversification of Inmet`s production portfolio and risk profile." Inmet`s current copper production is entirely from concentrate. By 2008, 70% of the company`s copper will come from concentrates while 30% will be 66,000 tonnes annually of LME-grade cathode copper from the Spanish-based Las Cruces.

"Based on the Las Cruces feasibility study, the cash cost per pound of copper produced is expected to be 33 euro cents per pound of copper or US 42-cents at today`s exchange rate," Tilk explained. "This puts Las Cruces in the lower range of costs for copper producers." The financing requirements to build Las Cruces "are well without our range of financial capabilities," he said. Construction costs are estimated to be €290. Euro 20 million in environmental bonds are also required.

Environmentally- and socially-conscientious Inmet is also impressed that Las Cruces "has been held to the highest standards during the permitting process and has met all the criteria set out by regulatory authorities," Tilk declared. Nearly all permits have been obtained while the project has acquired 98% of the land needed for the project. Construction is expected to start at the end of this year with first production planned for early 2008.

Since Inmet already has operations and projects in Finland and Turkey, Tilk said, "we are familiar with European working conditions and understand the technical and environmental requirements for Las Cruces."

In his presentation at the AGM, Inmet Chairman and CEO Richard Ross said copper inventories now stand at around nine days of consumption. "This is the lowest level of copper inventories since the end of the 1980s," he declared.

Ross believes that copper prices will remain above USD 0.92 per pound during the next several years. But, he cautioned, "copper prices will have greater volatility than in the past as speculative trading is becoming more of a factor in the supply/demand equation."

He explained that most forecasters are looking for Chinese copper consumption growth levels to decline to around 5-10% annually. "The fundamental fact is that copper is and will continue to be an important metal in both industrialized and developing countries," Ross said. "Therefore, we believe that the potential growth prospects for base metals, and particularly copper are excellent and will remain the focus of our strategy."

Meanwhile in Turkey, Inmet intends developing Çayeli`s lower mine while the Cerattepe copper project is in the process of finalizing the permits required to begin a trial mining and bulk sampling program. A production decision will be made on Cerattepe late this year or early next year, according to Ross.

By 2008, Inmet hopes to achieve more than 150,000 tonnes of annual copper production and well exceed its current 70,000 tonnes of zinc production.

Meanwhile, Inmet has added to its gold reserves and resources at Troilus and OK Tedi. Ross said an underground scoping study for Troilus determined that the mine could yield an additional 400,000 ounces of gold for a capex of USD 30 million to USD 40 million and cash costs from USD 200- USD 250 per ounce.

[game over]

Bei der Tochter ATX scheint die Erholung einzusetzen. Der Kurs von LUK scheint sich bei 34 Dollar zu stabilisieren.



http://www.bizjournals.com/philadelphia/stories/2005/05/09/s…

ATX dials effort to recapture past glory
Peter Key
Staff Writer

KING OF PRUSSIA -- Now that ATX Communications Inc. is out of bankruptcy, its managers and new corporate parent are looking for it to duplicate the success it enjoyed as a privately held company from 1985 to 2000.

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"Our basic strategy is to get back to doing what we did so well for so long, which is building relationships with businesses in the [geographic] areas in which we sell and help them communicate better," said Tim Allen, ATX`s executive vice president for sales and marketing, who has been with the company 18 years.

ATX primarily provides voice and data communications services to small to midsize businesses and organizations in the Middle Atlantic states. It has 20,000 customers, including the synergistic trio of the Philadelphia Eagles, Nottingham snack maker Herr Foods Inc. and Pottsville brewer D.G. Yuengling & Son Inc.

The company emerged from Chapter 11 last month under the control of Leucadia National Corp., a New York conglomerate that posted $2.26 billion in revenue its last fiscal year.

Leucadia, which is publicly traded, owns 94.4 percent of ATX; the rest is owned by ATX`s top managers.

Leucadia got its stake in ATX in exchange for ATX`s $156 million credit facility, which it bought for $25 million in late 2003 just prior to ATX`s bankruptcy filing. Leucadia also provided ATX with a $5 million loan during its bankruptcy and a $25 million credit facility when it came out of bankruptcy.

Leucadia owns another telecommunications company -- WilTel Communications Group Inc., which accounts for most of its sales. WilTel, which is based in Tulsa, Okla., and ATX aren`t competitors. WilTel`s business consists mostly of leasing its fiber network to major telecoms, other large companies and the federal government.

ATX was founded in 1985 to take advantage of the market opportunities created by the break-up of AT&T Corp. By 2000, it had grown to be a profitable, privately held telecom company with revenue of $150 million and more than 20,000 commercial customers.

In October 2001, ATX was acquired for about $450 million by CoreComm Ltd., a Bermuda company on an acquisition binge. Shortly thereafter, CoreComm became a casualty of the telecom bust and, in 2001, ATX`s managers were placed in charge of it with the mission of turning it into a profitable company and restructuring its balance sheet.

With the emergence of ATX, as CoreComm was renamed in 2002, from bankruptcy, the mission is largely complete.

[game over]

Schon einige Tage her, fürs Protokol noch die letzten Quartalszahlen:

http://biz.yahoo.com/e/050510/luk10-q.html

Das operative Geschäft hat sich m.E. in den letzten Monaten gut entwickelt! Einzig die Unklarheit in der Partnerschaft von Wiltel und SBC steht als größerer Belastungsfaktor zu buche.

Die Aktie hat sich in den letzten Tagen weiter erholen können.

[game over]

So, nun besteht Klarheit im Falle Wiltel. Zwar kein Sieg auf ganzer Linie aber der Cash Flow bricht da keineswegs zusammen.

http://biz.yahoo.com/e/050616/luk8-k.html

Termination of Material Agreement


Item 1.02. Termination of a Material Definitive Agreement.

On June 15, 2005, Leucadia National Corporation ("Leucadia") and its subsidiaries, WilTel Communications Group, LLC and WilTel Communications, LLC (collectively "WilTel"), reached agreement with SBC Communications Inc. and its subsidiaries (collectively "SBC") pursuant to which the existing alliance agreements between WilTel and SBC were terminated and a new Master Services Agreement dated June 15, 2005 was entered into among WilTel Communications Group, LLC, WilTel Local Network, LLC, SBC Services, Inc. and SBC Communications Inc.

As more fully described in Leucadia`s 2004 Form 10-K, SBC is WilTel`s largest customer. In January 2005, SBC announced its pending merger with AT&T and its intention to migrate the services provided by WilTel to the AT&T network. WilTel has been in negotiations with SBC with respect to transition pricing and other matters as a result of SBC`s announcement. The Master Services Agreement and the Termination, Mutual Release and Settlement Agreement are the result of these negotiations.

Pursuant to the Termination, Mutual Release and Settlement Agreement dated June 15, 2005 among Leucadia, WilTel, SBC Communications Inc., SBC Operations, Inc. and SBC Long Distance, LLC, in exchange for the termination of the existing alliance agreements and the exchange of mutual releases, WilTel will receive aggregate cash payments from SBC of $236 million. Of this amount, $11 million is payable on January 3, 2006, and the balance is payable in twelve equal monthly installments beginning on the earlier of April 30, 2006 or the closing or termination of SBC`s agreement to acquire AT&T.

Under the new Master Services Agreement, SBC is to purchase WilTel services at prices currently in effect, with minimum purchase commitments for on-net services (described in the next paragraph) of $600 million for the period from January 1, 2005 through December 31, 2007, and $75 million for the period from January 1, 2008 through December 31, 2009. WilTel estimates that approximately $92 million of this purchase commitment has been satisfied for services provided through April 2005. If SBC fails to spend the required $600 million or $75 million during the respective designated periods, SBC will pay the amount of any deficiency and receive a credit equal to such amount to be used for future services. If SBC spends more than $600 million during the initial three-year period, any excess will be credited toward the $75 million commitment in the second period. In addition, WilTel will have the opportunity to earn up to an additional $50 million by meeting quality of service performance criteria in 2006 and 2007. The Master Services Agreement also designates WilTel as a preferred provider to SBC for diversity interexchange services and other interexchange services not provided on SBC owned facilities.

SBC`s minimum purchase commitments exclude access and off-net costs. However, for financial reporting purposes these costs are included as revenues, with offsetting amounts reported in telecommunications cost of sales, on Leucadia`s consolidated statements of operations. For purposes of illustrating the relationship between the minimum commitments and reported revenues from SBC, WilTel`s reported 2004 SBC revenues of approximately $1,033 million would have represented approximately $233 million of the minimum purchase commitment, had the new agreement been in effect last year. WilTel estimates that the aggregate purchase commitments of $675 million would result in recognition of operating revenues as the services are provided of approximately $2.7 billion, assuming the actual product mix of services provided is the same as during the first four months of 2005. However, because it is unlikely that the product mix of services will remain exactly the same or that SBC will continue to purchase all access costs through WilTel, actual revenues recognized are likely to be different than this estimate.

In addition, the Master Services Agreement provides that $18 million of the $25 million that SBC paid to WilTel in 2004 to pre-fund capital expenditures will be applied as a credit against amounts that would otherwise be payable for services during the second half of 2005, with the balance to be retained by WilTel. The amount received during 2004 was not recognized as income and has been reflected as a liability on Leucadia`s consolidated balance sheet.

Leucadia does not believe that these arrangements have had or could reasonably be expected to result in a material adverse effect on WilTel, particularly inasmuch as Leucadia believes that these new agreements, along with WilTel`s existing liquidity, will provide WilTel with sufficient funds to pay its long-term debt obligations as they become due. However, Leucadia has agreed with SBC that if WilTel`s debt under its credit agreement becomes due and payable, Leucadia will advance funds to WilTel for payment of such debt.

As more fully described in Leucadia`s quarterly report on Form 10-Q for the quarter ended March 31, 2005, during the first quarter of 2005, Leucadia assessed the carrying amount of WilTel`s long-lived assets for impairment as a result of SBC`s intention to migrate the services provided by WilTel to the AT&T network. Leucadia`s conclusion that an impairment charge was not required was based upon its analysis of WilTel`s estimates of future cash flows, with the estimate of the cash flows to be received from SBC being the most significant assumption in the analysis. Since WilTel`s new estimate of the cash flows that will be received from SBC is greater than the amounts assumed for the first quarter impairment analysis, Leucadia has concluded that no impairment charge will be required as a result of these new agreements with SBC.

[UserTom]

August 08, 2005 05:38 PM US Eastern Timezone

Leucadia National Corporation Announces Six Month 2005 Results

NEW YORK--(BUSINESS WIRE)--Aug. 8, 2005--Leucadia National Corporation (LUK - NYSE) today announced its operating results for the six month period ended June 30, 2005. In June 2005, the Company recorded an adjustment that reduced the deferred tax asset valuation allowance and credited income tax expense by USD 1,110,000,000. Although this adjustment significantly increases reported net income for the period and shareholders` equity as of June 30, 2005, it is not a cash gain, and it does not represent any immediate income tax savings. The adjustment results from the Company`s conclusion that it is more likely than not that it will have future taxable income sufficient to realize a portion of the net deferred tax asset, and is required to be recorded under generally accepted accounting principles.

Net income was USD 1,273,724,000 (including the USD 1,110,000,000 adjustment referred to above) or USD 11.09 per diluted common share for the six month period ended June 30, 2005 compared to net income of USD 22,023,000 or USD 0.21 per diluted common share for the six month period ended June 30, 2004. Net income per share included income of USD 0.47 for the 2005 period and a loss of USD 0.02 for the 2004 period related to discontinued operations.

[stiefelriemen]

Nasowas!!!!

Rund 9% in den letzten 7 Börsentagen. Wir schauen genau wie bei GUM lächelnd zu, nicht war??