January Special Situations Research Forum (Members Only, Limited Space) (Ended)
Topic: Liberty Ventures (LVNTA, LVNTB)
Special situations are corporate actions which could reveal an undervalued security and hence an investment opportunity. Some examples of Special Situations are spinoffs, liquidations, tender offers, restructurings, bankruptcy exits etc. In the Special Situations Research Forum we will discuss an investment situation decided 3 weeks in advance. Every participant in the Forum is expected to research the topic before attending the meeting.
Liberty Ventures (LVNTA, LVNTB)
Liberty Interactive Corporation has two tracking stocks QVC Group (QVCA, QVCB) and Liberty Ventures (LVNTA, LVNTB). It will spinoff its CommerceHub and Expedia Holdings to the holders of Liberty Ventures which trades at a discount to the value of its assets. Management believes that these spin-offs should unlock value for Liberty Ventures shareholders in a tax efficient manner. They have favorable debt structure in the form of exchangeable debentures. CommerceHub has a chance to be mis-priced due to selling pressure after the spin and both Mr. Malone and Mr. Maffei have stated that they like its business model. In addition, Liberty Ventures is a cheap way to create exposure to Charter Communications.
This meeting is a collaborative effort so please be sure to research the topic before the meeting and be prepared to contribute to the discussion.
Attendance will be limited to 15 members - first-come, first-served.
Vishal Mishra; Mishra Capital Partners LLC
Nick Redmond; Oculus Asset Management
Members - Free
Attire: Business Casual
Registration: Limited to 15 members
A dial-in option will be available. Phone number and passcode will be distributed the day prior to discussion.
6:00pm - 7:30pm - Discussion
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