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    Michael Epstein

    Research Analyst at Northeast Securities

    Michael Epstein's questions to MIL leadership

    Michael Epstein's questions to MIL leadership • Q3 2015

    Question

    Michael Epstein of Northeast Securities asked why the company doesn't spin off discontinued operations, what the contingency plan is if the bank deal fails, and if other assets could be sold to fund a share buyback, while also noting shareholder frustration.

    Answer

    CFO Sam Morrow stated that a straight sale of the discontinued assets is currently seen as more viable than a spin-off. CEO Gerardo Cortina expressed high confidence in the bank deal closing. Both executives acknowledged shareholder disappointment. Cortina noted the focus is on the bank deal before considering other asset sales, while Morrow highlighted that over $50 million in cash would be generated from working capital improvements to fund the bank, after which a buyback would be seriously revisited.

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    Michael Epstein's questions to MIL leadership • Q2 2015

    Question

    Michael Epstein of Northeast Securities inquired about recent board member resignations, the potential for splitting the company's natural resource and banking assets, and the possibility of making accretive acquisitions in the depressed natural resources sector.

    Answer

    CEO Gerardo Cortina explained the board changes were due to a new strategic focus on trade finance and confirmed a search for new directors is underway. CFO Sam Morrow addressed the company split, stating that while they are always exploring options, the current integrated structure is considered integral to their strategy, though natural gas assets are being rationalized. CEO Cortina added that while acquisition opportunities exist, the company's primary focus remains on acquiring the European bank and building its structured finance business.

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