tag:blogger.com,1999:blog-654754338632526091.post1113897167484384423..comments2024-03-27T00:32:29.877-07:00Comments on Photos and Stuff: H/DJI and Mingamolitorhttp://www.blogger.com/profile/15743439184763617516noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-654754338632526091.post-79856389791327281062017-01-10T11:35:30.120-08:002017-01-10T11:35:30.120-08:00I think that because Kevin calls out it specifical...I think that because Kevin calls out it specifically as the reason for whatever transaction it was that left DJI with a majority stake. <br /><br />H needed money, Oosting went and got it by engineering the deal in question. <br /><br />All is subject to confirmation, of course, but a we have to work with us Kevin's piece. <br />amolitorhttps://www.blogger.com/profile/15743439184763617516noreply@blogger.comtag:blogger.com,1999:blog-654754338632526091.post-50916758386085104002017-01-10T09:05:39.118-08:002017-01-10T09:05:39.118-08:00It isn't clear to me why you think Hasselblad ...It isn't clear to me why you think Hasselblad is getting any money here. One simple explanation is that the VM guys sold a bunch of their shares at a profit to the drone boys. The drone boys are now majority owners but I didn't see anywhere any info that Hassleblad was getting any new money This would fit with the general mode of how private equity works.<br />BVAhttps://www.blogger.com/profile/10678146902263790236noreply@blogger.comtag:blogger.com,1999:blog-654754338632526091.post-47741241970573798662017-01-09T09:02:28.313-08:002017-01-09T09:02:28.313-08:00Yes, you are probably right. But what I wanted to ...Yes, you are probably right. But what I wanted to say is that whatever dji is paying does not directly go to vmcap, it goes into new production lines. Vmcap gains, but only indirectly via the increase in the value of the shares they own. Does that make sense?Anonymoushttps://www.blogger.com/profile/09666151340827330308noreply@blogger.comtag:blogger.com,1999:blog-654754338632526091.post-64216078372589267932017-01-09T07:55:38.175-08:002017-01-09T07:55:38.175-08:00With respect, your 3 steps strike me as a very unl...With respect, your 3 steps strike me as a very unlikely and overly complicated scenario. It is much more likely that Hasselblad (which, for these purposes, IS its Board of Directors which is, for these purposes, some business guys from DJI and VMCap) issued a bunch of shares and sold them to DJI. It's just bookkeeping, but that's the simple way to perform that bookkeeping step.<br /><br />Now, all things are possible and corporate finance moves in mysterious ways.<br />amolitorhttps://www.blogger.com/profile/15743439184763617516noreply@blogger.comtag:blogger.com,1999:blog-654754338632526091.post-48220997040305605262017-01-09T07:30:17.284-08:002017-01-09T07:30:17.284-08:00We don't have the details, but I think the dea...We don't have the details, but I think the deal could be the following:<br />1 vmcap sells shares to dji<br />2 both, as shareholders, agree to recapitalize Hasselblad to pay for an extra factory<br />3 the money that vmcap brings into that recapitalization comes from the sales of shares<br /><br />It works because the value of the shares have increased considerably because the X1D sells so well. That is what vmcap and dji get out of the deal: the firm they own is worth a lot more money. It needs some investment (the factory to build the extra X1Ds), and that money comes from dji who have been doing great business in 2016. You can simply see the deal about the shares as a way to acknowledge that dji brought that money in the common pot.<br /><br />vmcap will probably sell the rest of their shares at some point. vmcap is not in the business of building cameras, they are in the business of buying companies for cheap and selling them for a lot more. If the X1D sells as much as the rumors say, Hasselblad market value has been increased 10 fold and vmcap have done a royal investment.Anonymoushttps://www.blogger.com/profile/09666151340827330308noreply@blogger.comtag:blogger.com,1999:blog-654754338632526091.post-19614648396903363782017-01-09T06:13:51.745-08:002017-01-09T06:13:51.745-08:00VMCap isn't selling any of their shares, VMCap...VMCap isn't selling any of their shares, VMCap isn't making a nickle on this transaction, which is kind of the point of my remarks..<br /><br />There might be a SEPARATE transaction, in which VMCap sells their shares to DJI, at some point. That transaction will generate zero cash for Hasselblad. VMCap has not issued any press releases on this point, and still includes Hasselblad in their portfolio, so I do not think this happened.<br />amolitorhttps://www.blogger.com/profile/15743439184763617516noreply@blogger.comtag:blogger.com,1999:blog-654754338632526091.post-5254738602335137472017-01-09T02:21:14.153-08:002017-01-09T02:21:14.153-08:00This is classic Thein. He uses the word salad (as ...This is classic Thein. He uses the word salad (as you aptly put it) to imply that he has a lot more expertise than he does in reality, but instead he just comes across as using words and concepts that he barely understands.<br /><br />I think it's been discussed here before, but his experience in "M&A, private equity and senior operational positions" has always been described in the vaguest of terms, making me wonder how much of it is yet another overstatement of his abilities.<br /><br />Between his dull pictures and the sophistry that permeates his writing, I've given up visiting his site except when something like this comes up to point out what a silly little man he is.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-654754338632526091.post-16502380525291154452017-01-09T02:17:25.748-08:002017-01-09T02:17:25.748-08:00But isn't VMcap strategy more like:
1 buy a co...But isn't VMcap strategy more like:<br />1 buy a company for cheap<br />2 make that company increase profits<br />3 sell the same company for a lot more money?<br /><br />If the X1D is as successful as I read (10 times the amount of orders, or 30000 units, which is a lot for medium format), then VMcap is selling with a huge profit. Kevin Rabber did not say how much DJI paid for the shares.Anonymoushttps://www.blogger.com/profile/09666151340827330308noreply@blogger.com