SPLP is a very curious company. It’s the largest illiquid public stock I have ever seen. It trades at a massive discount by all measures, and yet it will probably never re-price.
Steel Partners behaviour with Steel Connect over many years was despicable, culminating in legal action. They also engage in other practices with the pref shares and others - based on their track record of looking after themselves and no one else, it’s an easy pass for me too.
I should have included that, probably the strongest point here. Leveraging up steel connect, depressing price then buying far below intrinsic value. Lawsuits. Shows their approach to minority shareholders well.
I held this shot for 6 to 8 months thinking I've found some buffet level cheap play. Little did I know I had shit on my hands. Other interesting piece is no one ever talks about this stock
Steel Partners behaviour with Steel Connect over many years was despicable, culminating in legal action. They also engage in other practices with the pref shares and others - based on their track record of looking after themselves and no one else, it’s an easy pass for me too.
I should have included that, probably the strongest point here. Leveraging up steel connect, depressing price then buying far below intrinsic value. Lawsuits. Shows their approach to minority shareholders well.
I held this shot for 6 to 8 months thinking I've found some buffet level cheap play. Little did I know I had shit on my hands. Other interesting piece is no one ever talks about this stock
I wrote SPLP up at $42. 30 days later, minority shareholders were bought out for $50 - Far below the instrinsic value of these shares.
Here you would have made a nice 20% return, but this could have occured anytime in the next 3 years. I'm not kicking myself over missing this one.