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Friday, February 15, 2013

Jeff Tedford Highest Paid in California Leaves State for No Tax Reno, Nevada

Jeff Tedford Leaves CA - Does he avoid California's new Millionaire Tax by leaving the state to not work?

I just read that the former University of California Golden Bear head coach, Jeff Tedford, moved to Reno Nevada and is in the process of selling his home in Danville, CA.

Former Cal football coach Jeff Tedford speaks out on his dismissal
Tedford and his wife, Donna, just returned from a 10-day trip to New Zealand. They have moved to Reno and are in the process of selling their home in Danville.
He said he plans to take this next season off, then hopes to coach again.
Tedford's salary of $5M over three years makes him the highest paid person on California's payroll.

Jeff Tedford's Buyout Details
Former Cal football coach Jeff Tedford and the University reached a settlement on the remaining three years of his contract. He’ll receive $5.5 million over the next three years, less if he gets another coaching job that pays him more than $1.5 million per season.
Tedford's "salary" to not work is nearly twice that of the next highest paid employee, From State’s Highest-Paid Employee—an $800,000-a-Year Prison Psychiatrist—Sits Idled by Suspension
The Afghan-educated doctor earned $822,302 in 2011, making him California’s highest-paid state employee.

Wednesday, February 13, 2013

February Reading List

Here are some of my recent articles

My web site:

  • Feb 13 Dow Jones Industrial Average Adjusted For Inflation - Historical Chart
  • Feb 12 Real Price of S&P Composite with Dividends Re-invested 1870-2012
  • Feb 11 100 Years of the Income Tax - Taxes today in 2013 vs Tax Rates in 1913

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Tuesday, February 05, 2013

Laszlo Birinyi Predicts 1600 for S&P500 This Year

Laszlo Birinyi, president of Birinyi Associates, was just on CNBC with a prediction the S&P500, now just at 1500, will reach 1,600 sometime during the year.  His advice on how to play this was to buy December 160 SPY calls.

"We decided early on in this cycle that this was going to be a four or six year bull market." He says the last stages are where things get "interesting" in that....

Read the full article at Seeking Alpha:

DELL Dell Buyout Deal Details

The just announced Dell takeover by Michael Dell and Silver Lake Partners is valued at $24.4B or $13.65 per share.  Dell closed yesterday at $13.27 so this would be a premium of only 3%.

More DELL Charts below

  • DELL: Dell in $24.4B founder-led deal to go private - AP
  • DELL: Dell Confirms Plan To Go Private in $24.4 Billion Buyout Deal - at AllThingsD
  • DELL: Dell to go private in $24.4 bln deal - at Reuters
  • DELL: Dell takeover by Michael Dell, Silver Lake valued at $24.4B or $13.65 per share -

1-year Dell Chart
  • Michael Dell to continue as chairman CEO
  • Agreement has a 45 day "go shop" period.
  • The deal will be financed by Michael Dell and funds associated with Silver Lake
I'll add more as it comes in.

Press Release: Dell Enters into Agreement to Be Acquired by Michael Dell and Silver Lake
Dell stockholders to receive $13.65 per share in cash...
The price represents a premium of 25 percent over Dells closing share price of $10.88 on Jan. 11, 2013, the last trading day before rumors of a possible going-private transaction were first published; a premium of approximately 35 percent over Dells enterprise value as of Jan. 11, 2013; and a premium of approximately 37 percent over the average closing share price during the previous 90 calendar days ending Jan. 11, 2013. The buyers will acquire for cash all of the outstanding shares of Dell not held by Mr. Dell and certain other members of management.
and 45 days to look for a better deal:
The merger agreement provides for a so-called “go-shop” period, during which the Special Committee – with the assistance of Evercore Partners – will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. The initial go-shop period is 45 days. Following that period, the Special Committee will be permitted to continue discussions and enter into or recommend a transaction with any person or group that submitted a qualifying proposal during the 45-day period. A successful competing bidder who makes a qualifying proposal during the initial go-shop period would bear a $180 million (less than 1 percent) termination fee. For a competing bidder who did not qualify during the initial go-shop period, the termination fee would be $450 million. 
20-year Dell Chart

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