Triple Crown Media (TCMI) - Sold Full Position
I sold my full Triple Crown Media (TCMI) position on Friday for $10.01. I didn't make a spectacular amount of money off of it but I have become increasingly less interested in the stock.
I haven't seen a whole lot of insider purchasing of TCMI recently. That kind of concerns me. I mean the stock has doubled off of it's April lows in the $5 range and no insider buying on the way up.
Also, I haven't seen the aggressive debt reductions or operational improvements that would justify staying with the position. In fact, debt got loaded up a little further, from $149 M net liabilities to $164 M. TCMI also purchased Pinnacle Sports Production in the most recent quarter. As an investment, I don't want a company this loaded with debt to be making acquisitions. I wanted to see a strengthening of financials and improvements in the core businesses. Check out the latest quarterly report for the details.
I bought into TCMI at $7.41 on August 16/06 and sold it at $10.01. That makes for a profit of 35% on the transaction.
I haven't seen a whole lot of insider purchasing of TCMI recently. That kind of concerns me. I mean the stock has doubled off of it's April lows in the $5 range and no insider buying on the way up.
Also, I haven't seen the aggressive debt reductions or operational improvements that would justify staying with the position. In fact, debt got loaded up a little further, from $149 M net liabilities to $164 M. TCMI also purchased Pinnacle Sports Production in the most recent quarter. As an investment, I don't want a company this loaded with debt to be making acquisitions. I wanted to see a strengthening of financials and improvements in the core businesses. Check out the latest quarterly report for the details.
I bought into TCMI at $7.41 on August 16/06 and sold it at $10.01. That makes for a profit of 35% on the transaction.
posted by spinoff at
1:49 PM
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