Categories
Stock

Mercator Promoters chicken out

Mercator Ltd in its Extraordinary General Meeting (EGM) held on Oct 28, 2010 issued 1.88 Crore warrants to its promoters and persons acting in concert.Each warrant gave the holder the right to convert it into one share of Mercator Ltd by May 08, 2012

The warrants were priced at Rs.55 per warrant.This, despite the fact, that the prevailing price of Mercator then was around Rs.67 per share.This made the warrants in the money from Day 1 and caused corporate governance misgivings.

Since then, Mercator stock has crashed to around Rs.20.25 per share.Not surprisingly, the promoters have chickened out and have not exercised their option to convert the warrants to shares .As a result, their application money (around 23 Crores) has been forfeited.

The Gods surely have a good sense of humor.

Categories
Humor

The Wit of Warren Buffett

In an interview with Andrew Ross Sorkin on Squawk Box, Warren Buffett was asked if a $22 billion acquisition by Berkshire Hathway that didn’t pan out earlier this year; whether it might happen at some point in the future.

The conversation then went like this:

Warren Buffett:“When a girl hangs up on me once, I try again.That hasn’t been successful historically.I hope my batting average is better with companies.”

Andrew Ross Sorkin: “When you call back and her husband answers, normally that puts a dampener on things, right Warren?”

Warren Buffett:“Its certainly been tough when I called your house !”

Categories
Video

Charlie Munger on Occupy Wall Street and Philantrophy

Categories
Quotes

What was that again?

“I couldn’t have gotten so stinking rich without George Bush, George Bush Jr., Ronald Reagan, even El Presidente Obama, none of them have the cajones to stand up to all the big money that wants to keep this stuff illegal. From the bottom of my heart, I want to say, Gracias amigos, I owe my whole empire to you.”

-Joaquin “El Chapo” Guzman Loera reported head of the Sinaloa cartel in Mexico, ranked 701st on Forbes’ yearly report of the wealthiest men alive, and worth an estimated $1 billion, officially thanked United States politicians for making sure that drugs remain illegal.

Categories
Links

Linkfest:May 09, 2012

Some stuff I am reading today morning:

Arcelor Mittal sees India plans stuck for years (IndianExpress)

SEZs as gated communities (BusinessLine)

RBI Watch:Little room to cut rates (WSJ)

Vikas WSP:Operators continue to play their games (SuchetaDalal)

India driving away telecom operators (Bloomberg)

Twitter will be more valuable than Facebook (Telegraph)

The subpriming of commodities (Alphaville)

Jeff Gundlach’s big presentation on debt, deficits and the economy (BusinessInsider)