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> Where can I find this report?
You can get it at EDGAR Online, or at Yahoo:
http://www.edgar-online.com/brand/yahoo/search/?sym=TRAD
http://biz.yahoo.com/e/l/t/trad.html
> I ended the letter with an observation that IDC (nasdaq:IDCO) had
> a market cap of $1.5 billion and TRAD had a market cap of $60
> million ($49 million today). A takeover would be a drop in the
> bucket. Buy them out, fire the brothers Cruz, sell off the
> brokerage, restore TradeStation software to it's former glory and
> IDC has a renewed subscriber base.
Cute idea. I'm with MB, I wish I trusted IDC any more than TRAD...
But buying them out could be a challenge. The 10-K says Ralph & Bill
own 41.6% of outstanding shares, and I suspect they have sufficient
control over at least 9% more to block a takeover. Unless ALL of the
large shareholders like Gambino, Tafazzoli, zum Tobel, etc vote to
oust the Cruzes, you can't touch 'em.
Of course, if IDC decided it was worth it, they might be willing to
sweeten the takeover price enough to convince the large shareholders
to go with 'em. And for that matter, Ralph & Bill might prefer to
walk off with $20M than go through a proxy fight.
Gary
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