Hockey Player On EBIX

6. On the unbilled receivables question, it seems that the company is properly accounting for these.
As
a refresher, Unearned Revenue is a Balance Sheet account, appearing on the liability side. Unearned revenue can be created if a payment is received for work yet to be completed, or for billings... More
Sentiment: Strong Buy
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5 users liked this postsusers disliked this posts 0
o Gotham City, House of Cards...

by hockeyplyr12 2 hours 32 minutes ago
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From an analyst at a well respected $11B hedge fund manager who has particular expertise in accounting in Singapore and accounting in general. He said the accounting was perfectly normal in his view and even noted that Google has 8 Singapore registered subs but mentions none of them in their 10-K.... More
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EBIX Has Negative Worth

by newoldtimer 2 hours 53 minutes ago
hockeyplyr12 2 hours 49 minutes ago
Particularly with regards to their option trading a few weeks ago. Hearing this from a reliable source. Gotham's twitter has gone quiet as well.
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They looked at the financials of individual subsidiaries. To get to the consolidated financials, which we see through the SEC, they need a consolidating or reconciliation worksheet which shows what the intercompany transactions are and how they net out. No one has those but the company. And Gotham...More
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Report: "CFO Robert Kerris Says Company is Not the Subject of Any Investigation Related to Statements in Seeking Alpha Article "
by rrryahoo 3 hours ago
hockeyplyr12 3 hours ago
I have not seen a single person that agrees with the substance of what Gotham laid out in their report. Not a single one is supporting the claim that $65m of cash slipped out of the company. No one is supporting the other claims either.
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Previous short attacks...

by gzq_88 3 hours ago
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This one is particularly shady. I went through the whole report and I don't think I found a single solid point they made. What they did do is embarrass themselves and destroy their own credibility. Not knowing about intercompany transactions and how they net out. This is bush league stuff. I am... More
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Net Tangible Assets Per Share

by stock_animal 4 hours ago
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Are you an idiot? Why would this company have a large book value? From all the factories and buildings they don't own? This is a software company. There aren't many "tangible" assets. The assets are in the IP. And given the fact that this company acquires a lot of other software companies, it shows... More
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Further MMGT Response.

by joej778 5 hours ago
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Lawsuit time. Should be fun.
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Ebix Debotury at Noon

by r3m32002 6 hours ago
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Lawsuit likely to be filed against Gotham and Copperfield
Hockeyplyr Please Submit an Article to SeekingAlpha

by islandtefl 7 hours ago
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Thanks man. And I don't mind the shares at these prices. Nice bargain. I presume Robin will buy back a monster amount. There will be others giving a response on SA. They will probably say basically what I have said. Gotham has really embarrassed themselves for people who really know how to dig into... More
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Weak Response
by gantor50 7 hours ago
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Robin's weak response is Machiavellian. It's brilliant. I'm loving it.
Reply to
The Truth About Gotham City Research, Part II

by hockeyplyr12 16 hours ago
hockeyplyr12 7 hours ago Flag
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Bump...
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Bump...
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The Truth About Gotham City Research, Part III

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No, they can be used at the parent level. There is just an annual limit on the NOL of an acquired company (called the long-term tax-exempt rate) so it would take longer to reap the full benefits.
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Ebix response
by dk1949 9 hours ago
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History has shown, the bigger the fraud, the stronger the retaliation from the attacked company. Given how soft Robin's responses have been, I think it speaks pretty highly of his confidence in the business.
o Robin Raina's shares of EBIX...

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Remember when Copperfield / Gotham said Robin sold most of his shares? Remember that? Most of his shares...gone...he sold them...they knew this...they had it all figured out...they are so smart and honest. Well, how about that SEC filing on 2/20? How many shares had Robin sold? ZERO. What do you think of Copperfield / Gotham's credit now? They are losers. And they are dumb. Dumb losers. lol Less
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Crickets
by soooverylucky 9 hours ago
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Copperfield and Gotham.
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Will take them some time. But expect a massive share buyback and lawsuits on these guys at
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The Truth About Gotham City Research, Part I

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Actually, I take something back. The only year that shows unrealized gains/losses is 2009. And 2011 is the only one that shows Part XI Reconciliation of Net Assets, so the IRS must have added it. The discrepancy is laid out in this new part, it just doesn't describe what it is. I speculate it has to do with unrealized gains/losses plus something else that is reasonable. Less
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"Related Company" = Intercompany, not Related Party.

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The point of this is that the intercompany loan was not a problem for them to do. They had more than enough cash. Gotham tries to point you to "tangible assets" and says look, they don't have any tangible book value, how could this be, how could they do this? Because they have a lot of cash, clowns. What does tangible book value really mean for a tech company anyway? What assets do
you expect them to have? No factories, no buildings. It's all IP. You can't look at tangible book value of EBIX the same way you would look at it in a manufacturing company. What is wrong with Gotham? Are they just idiots? Less
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One other thing to note. Gotham is concerned about this loan and thinks there needs to be an arm's length negotiation. Singapores tax legislation does not contain a specific provision stipulating the use of the arms length principle for related party transactions, although various provisions of the Singapore Income Tax Act (such as Sections 32 and 53) imply or refer to the concept or use of the arms length principle. Even though that says related party, not intercompany, and even though there is no provision requiring it but rather merely an implication, let's assume they did have to provide something in terms of transfer pricing documentation. Given that the use of proceeds was for acquisitions and thus the money went out the door in return for assets (the acquired companies), there would be purchase agreements verifying the valuation and other materials from accountants laying out the goodwill and intangibles acquired. And at 9% interest on the loan, that is an above market interest rate. Most likely the loan could be settled by the assets that were acquired in some way. I am guessing they simply got an opinion by an accountant laying this all out and saying the loan and interest rate were fair. That is what would be standard. But what Gotham doesn't seem to get is that the money left the company to pay for the acquisitions. Less
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Let's keep a few things in mind as well. At the end of 2007, EBIX had $50m of cash in the bank as they had raised a lot of money in 2007 to go on a buying spree in 2008. So $50m plus they raised an additional $36.8m from stock and debt issuance in 2008. That takes them to $86.8m. They also generated $26.8m of cash in 2008, which takes them to $113.6m. Clearly some of the money they raised they funneled to Singapore through an intercompany loan to make payments to the acquirers, which is standard operating procedure. Because it's intercompany, it gets netted out of the consolidated financials. One other thing to consider is a post on the Bloomberg article from David:
"An analyst at an $11B fund manager, with specific knowledge of Singapore and accounting, confirmed that the methods used by EBIX ARE STANDARD - it's what everyone does intracompany loans are canceled in consolidation, to streamline financials. Using Singapore is frequent in larger companies - so why are our knickers in a twist when a small company acts like a sophisticated big company? That you owe the left hand $50M is not so relevant when the right hand has the $50M. This company is a victim - and I hope Bloomberg cleans up its standards to report the facts. Greg Farrell has failed us!" Less
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o Reply "Related Company" = Intercompany, not Related Party.

This is what Gotham didn't pick up. Foreign countries have different ways of wording things. In this case, they said it is a "Related Company" loan. In the U.S., we call it Intercompany. And Intercompany transactions always cancel out in consolidated financial statements. Gotham missed this subtle but important point. They were thinking "Related Party" as in some outside party that EBIX may have some connection too. Nope. Doesn't that make Gotham look pretty silly? Their whole thesis goes up in smoke. And their attack on Robin's charitable foundation is despicable. They know about Part XI added to the 2011 IRS filing. They know unrealized gains/losses are most likely the culprit. But their goal is to mislead. They are the liars, not Robin. Less
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other country.
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- E-Z Datas IP was transferred to Singapore yet Raina says No US IP has been transferred to any
Who said E-Z Datas IP was in the U.S.? They probably had the same offshore arrangement EBIX does. It may have consolidated into E-Z Datas parent company in the U.S., but the IP was likely held offshore. Like most other tech companies like this. So Robin was likely correct with that statement. - Ebixs Singapore and India subsidiaries financial statements for 2011 remain unavailable. Who cares? I doubt they are mandatory anyways. Who would force them to file them? Not the SEC. The SEC is going to make sure every single publicly traded company files statements in every foreign country where they have subsidiaries? The question answers itself: no. So it is unimportant.
- Core business is declining, tax rate is rising, and goodwill write-offs and debt maturities are looming. Core business is not declining, although they dont have a lot of organic growth. Never have, never will. See my What does EBIX do? post to understand this more. And also to understand how their acquisition strategy works, how it builds value, etc. Regarding tax rates, they will still remain low through 2015 at least, and they still have lots of NOLs. Has Gotham ever once mentioned NOLs? Goodwill write-offs loom only in Gothams mind. But who cares anyways? Its non cash. And debt maturities are scaring Gotham? EBIX has $83.6m of debt vs. cash of $31m and cash flow of $75m. $11.6m is due within a year. Big deal. $71.5m is due in 1-3 years. One, they have a lot of cash and cash flow. Two, they can always refinance or do a number of other things. EBIX has a perfect track record of paying off debt and they have a strong balance sheet and a lot cash flow. - The Robin Raina Foundations IRS filings are full of material accounting irregularities. Wrong, they are not full of material accounting irregularities. Only in Gothams twisted mind. The IRS filings before 2011 do not have the Part XI, Reconciliation of Net Assets included in the filings. Presumably they werent required to include it because its just a form they get from the IRS anyways. They fill out whats required. And in 2011 the IRS added that new Part. It appears the major discrepancy is unrealized gains/losses. That is why things didnt tie perfectly before 2011. Case closed. More examples of Gotham trying to mislead you. - Raina misrepresented his foundations spending by 300+%. Robin said in a given year the Robin Raina Foundation will spend about $2m. That is not true. Robin exaggerated on that one. There is some chance it could be true because we dont know how much the RRCT spends, but it is more likely that the RRCT is funded through RRF anyways so it doesnt have any additional assets. What Robin did do is contribute $2m recently (as in the last year). So he might have had the intention to spend more going forward since he is starting to give more. Or he just exaggerated a bit. Regardless, these things happen. Humans do these things. His Foundation does amazing work. It is sad that Gotham is so critical of it. Less
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up.
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- 2010 Singapore intangible assets are misstated by $67 million. 2011 long-lived assets do not add
See my response to the first comment above. Again, it comes down to consolidating financials and intercompany transactions. These guys are lost because they dont have the reconciliation statements. Do they even know what reconciliation statements are? Probably not. Regarding longlived assets not tying? They arent off by much. Probably some shoddy work by the accountants and human error, nothing more. One other quick thing. These clowns are concerned that the cash only yields 1.7%-2.2%? Oh no, you caught them Gotham! How about they are invested in safe U.S. bonds that dont have a high yield? Why do they have to invest in a bunch of high yield sovereign trash, because you think they should? Clowns. And yeah, the related party loan of $80m+ in Singapore further shields taxable income because it creates an expense. Interest expense. At9%. $80m * 9% = $7m. Ta da! This, of course, gets netted out in the consolidated financials. Amazing how that works! - The 2010 & 2011 10K filings were filed before the Singapore 2010 financial statements were signed off. They dont have sign off on the Singapore financials before filing 10Ks. The do however have to consolidate the Singapore financials into the parent when they file with the SEC. They did this. And again, the reconciliation statements are never shown and many things net out. - The Confirmnet acquisition cost 30% more according to the India filings than it did according to the SEC filings. I am guessing this can be chalked up to a good old fashion human error. The India number of $8m is likely wrong. The SEC filings go into a lot of detail on that transaction and the various earnout payments. - Ebix could not have paid for Planetsoft, without moving cash from India, unless the cash never left the US. Again, need reconciliation statements and much more detail, which we dont have. Gotham assumes the worst on not enough information, which makes them clowns. They should be embarrassed. - Less than 5% of Singapores intangible assets are IPrelated, i.e. most of the assets lack economic substance. Regarding intellectual property only making up 5% of intangible assets, what a bunch of clowns. The breakout you see on pg. 23 is exactly what you would expect to see for a technology company. Gotham wants you to think the only way EBIX could get tax breaks for having most of its IP in Singapore is if the IP line he points to makes up the majority of intangible assets. Thats absurd.
They should dig a little deeper and see how one gets those tax breaks. They are taking generalizations here and misleading people. The contractual relationships make up a big part of intangibles because that is how the accountants do things. They value the contracts which give customers access to the IP. But saying our IP in Singapore is a broad term that is correct regardless of the point Gotham is trying to make. This was a particular bad few pages for Gotham here. They dont know what they are talking about. Less
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o Reply The Truth About Gotham City Research, Part III

- There is a $66 million undisclosed related party loan between Ebix Singapore and an unnamed related party. Where did the money flow? How about out the door clowns. To Telstra and other acquired companies. I dont know what happened, but here is whats likely. They paid to acquire certain companies out of a Singapore bank account (probably for some reason dealing with the IP of those companies being transferred to Singapore). The money gets transferred to Singapore through related-party / intercompany loans. Companies with international operations do things like this to move money around ALL THE TIME. No one would approve a loan to Singapore shows how dumb these guys are. They have no experience with this stuff. It is standard operating procedure. And at 9% interest, it seems to be beyond reasonable from an arms length perspective. Why dont we see it in EBIXs SEC filings? Because this stuff gets netted out. One thing is for certain, and this I have learned through the years, looking at subsidiary financials without the reconciliation statements is a waste of time. Reconciliation statements are not provided at the subsidiary level, only the parent level. And they dont show up in parent financials because they net out in the consolidated statements. You will lose your mind trying to figure things out without them. Or, if you are Gotham / Copperfield, you will assume fraud is going on. Laughable. These guys are truly laughable. And deceitful. And dishonest. Basically everything they accuse Robin of. Keep in mind the most recent Singapore filings these clowns are looking at are from 2010. They have filed since then. Do they have to? How about Gotham look that up? I presume they can do it by choice. Clearly they are required to file consolidated statements with the SEC. They may not even have to file their foreign subsidiary statements. Certainly the SEC doesnt require them to. Again, Gotham is assuming the worst here. Some things dont tie. Unfortunately for Gotham.they dont have to. The SEC filings have to be right. And they cant prove they arent. By the way, on taxes have these clowns ever once even mentioned all the NOLs these guys have? EBIX picked up a bunch more with the ADAM transaction. They are trying to enlighten people, but not a single peep from these clowns on NOLs. Yeah, EBIX has a low tax rate because the IP is in Singapore or whatever. But then the effective rate is brought down further with NOLs.
- Australian revenues are only 32% of the amounts stated in the SEC filings, according to Australian filings. Um, how about this geniuses. EBIX does not consolidate its Australian operations. Crazy! What, a company consolidates each country where it has subsidiaries and then does a final consolidation for the parent company financials? Nope, doesnt work that way. So the filings they say for Australia did not consolidate its subs. Riddle solved. Gotham embarrasses themselves again. Less
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2011 Revenue soars to $169m and cash flow from operations jumps to an unbelievable $71.3m, up from -$13.3m right before Robin joined the company. It doesnt get much more impressive than that. They acquired ADAM for stock, although EBIX received a payment of $3.5m from ADAM for whatever reason (Gotham disregards). They also acquired Health Connect Systems for $17.9m for a net amount spent on acquisitions of $14.6m. They raise $6.8m from a line of credit and $16.3m from a term loan while repaying $6.4m of the term loan by the end of year. Then they proceeds to buy back a staggering $63.7m of common stock and settle $6.8m of convertible debt. They end the year with about $25m of cash. 2012 YTD Revenue is at $145.3m ($194m annualized) and cash flow from operations is $54m ($72m annualized). They purchase BSI, Taimma, Fintechnix, Planetsoft ($34.1m), TriSystems and make earnout payments for MCN, Curepet and ConfirmNet for a total amount of $57.6m. They finance this through raising $6.1m from a line of credit and $45m from a term loan. They pay off $17.1m from a prior term loan and they buy back $15.2m of stock. They also institute a dividend. They end Sept. 2012 with more than $30m of cash. So what does Gotham / Copperfield want you to believe? That this company has some sort of cash flow problem. They do not. They generate a tremendous amount of cash. Sure, they have used equity and debt to finance acquisitions. But that is for growth. If they didnt make another acquisition, the cash account would sit there and grow at more than $75m per year! If they only used internally generated funds to grow, they would be much much smaller and would generate much much less cash at this point. Instead they choose to grow. And the result? From 2002-2011, revenue has grown at a CAGR of 33% and EPS at a staggering CAGR of 64%. Over the last five years, revenue has grown at a CAGR of 41% and EPS at a CAGR of 45%. Cash flow from operations went from $13.3m in 1999 to probably about $75m this year. They have cash on hand of $31m and debt of $83.6m for net debt of $52.6m relative to LTM EBITDA of $78m. So 0.7x debt to EBITDA. That is
healthy. And their capex is quite low. All of this to say I find it quite strange that Gotham / Copperfield wants you to think they have a cash problem. This is a cash generating machine. Robin has done impressive work. Less
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2005 Revenue jumps to $24.1m. Cash flow from operations doubles to $5.5m. No acquisitions made as they pay off the $3.5m line of credit and buy back $2.7m of stock. Cash is at $6.7m. 2006 Revenue jumps to $29.3m. Cash flow from operations drops to $4.4m driven by product development increasing by $2m and sales & marketing increasing by $1m, both intelligent strategic moves. Robin also acquires Finetre and Infinity for a total of $15m. He gets $11m of the financing through a line of credit, so debt. He also paid off $1m of a previous line of credit. The rest of the acquisition financing is from internal cash. Cash balance at the end of the year is $5m. 2007 Revenue soars to $42.8m, obviously driven by the acquisitions. Cash flow from operations more than triples to $15m! Robin acquires IDS for $11.3m and pays an additional $2.9m for Infinity (presumably due to an earnout) for a total of $14.2m. Robin pays for those and builds a war chest for deals by issuing $18.9m of common stock, raising $16.4m from a line of credit and issues $20m of convertible debt. He ends the year with a cash position of $50m, up from $5m the year before. Time to really start rolling up companies and generating cash. Quite a turnaround from when Robin joined the company! 2008 Revenue soars to $74.8m and cash flow from operations nearly doubles to $26.8m. Now that he has built up cash, he goes on a buying spree. He pays $42.9m for Telstra, $1.1m for Periculum, $21.4m for Acclamation and $7.3m for ConfirmNet for a total of $73m. To help pay for this, he issues $12.5m of common stock (last time he does this), raises $9.3m from a line of credit and issues $15m of convertible debt. On top of all this, he uses $24.2m to repurchase common stock. Presumably he issued stock at the beginning of the year for a deal, and then by the end he bought back stock as he saw value in it. He ends the year with $9.5m of cash, but the business is kicking off a lot by this point. As the cash builds, he makes acquisitions. Repeat ad infinitum. A compounding machine. 2009 Revenue jumps to $97.7m and cash flow from operations goes to $33.9m. Robin makes $4.6m of earnout payments for past acquisitions, and spends $25.4m on EZ Data, $7.9m on Peak Performance and $6.2m on Facts for a total of $44m for acquisitions. To finance all this, he uses internal funds plus $25m from a new issuance of convertible debt. He ends the year with $20m of cash. So far, Robin has done an amazing job of acquiring companies, increasing revenue and cash
flow, increasing EPS all while using internally generated funds and outside financing. Again, EPS is increasing at a staggering clip, so all is good. He has made prudent decisions. 2010 Revenue jumps to $132.2m and cash flow from operations goes to $52.8m. Wow. Robin makes smaller acquisitions including MCN, Trades Monitor, Connective Technologies, USIX and eTrek for a total of $15m. He also spends $3m on ConfirmNets earnout bringing the grand total to $18m for acquisitions on the year. He raises $10.2m from a term loan and $1.9m from a line of credit, and then he pays off $5m of the term loan, buys back $10.7m of common stock and settles $22.5m of convertible debt. He ends the year with nearly $30m of cash. If there is one thing that is certain, its that Robin is a very talented guy.Less
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o Reply The Truth About Gotham City Research, Part II

This part will be fun! Refer to page 36 of Gothams report. How scary is that top chart? So scary, Im shaking in my boots! What a joke. They have beclowned themselves with this one. From the beginning 1999 EBIX is a company with $12.5m of revenue. Cash flow from operations was -$13.3m, so a train wreck. Robin has not joined the company yet. The company raises $23m through warrants to stay alive (cant issue debt when you dont make money). So ownership was diluted. And they were then ok from a cash position. Gotham disregards this fact and cumulates the cash flow to scare you. By the end of 2011, their misleading cumulative cash flow number is -$14.6m, of which -$14.3m comes from 1999. Before Robin arrived. And not including the cash raised through equity. 2000 Robin arrives to try and fix the company. Revenues drop to $11.8m, but cash flow from operations was only -$7.7m. Woo hoo! Its a start. Company raises another $4.4m of cash warrants, and thus dilutes equity to survive. No acquisitions made as Robin works on rehabilitating the company. 2001 Revenue ticks up to $12.8m and cash flow from operations drops to -$3.2m. Robin must have some magic! $6.9m was raised through the issuance of common stock. No acquisitions made. Equity diluted further as Robin tries to build up a war chest to purchase companies. 2002 Revenue stagnates at $12.7m, but cash flow from operations drops further to -$0.7m. Clearly Robin is very talented to pull out of the death spiral the company was in. No dilutive events needed in 2002! Cash position builds to $5m. Still no acquisitions made. 2003 Revenue moves up to $14.4m. Cash flow from operations goes positive to $3.3m. Still no
acquisitions made, but cash position builds to nearly $8m. Impressive turnaround so far? To say the least. Gotham sneers at what is actually an amazing performance by Robin. 2004 Revenue jumps to $20m. Cash flow from operations drops to $2.8m. Robin makes his first acquisitions, spending $8.2m to acquire Heart and Lifelink. To help finance those purchases, they raise $3.5m from a line of credit (someone will give them credit now!) and issue $3m of stock. The rest is funded with internal cash. They werent able to integrate the acquisitions right away, so expenses jumped on them before synergies and outsourcing could increase margins. Expenses for product development doubled. G&A jumps as they bring in talented executives to pursue an aggressive acquisition / growth strategy. Cash is at $8.8m. Less
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o What does EBIX do?

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What is it that EBIX does? Well, Robin realized the life insurance tech space was highly fragmented. Big insurers like Metlife had contracts with many different vendors for CRM management, agency software, policy administration, the list goes on and on. Robin said hey, why dont I do a roll up of all these different vendors so I can provide a one-stop shop to customers? Thats what hes doing. The larger EBIX becomes, the more attractive it is from a customer standpoint because of its one-stop shop appeal. And presumably at some point, EBIX could even get decent pricing power from the strategy. Not yet, but down the road. Regarding the acquisition strategy, Robin is a VERY disciplined buyer. He doesnt overpay. He is extremely savvy when it comes to deals. Anyone who has ever called him about buying a company (which I have done a number of times) knows this. Here is the other cool thing about EBIX. He outsources the programmers to India. Programmers are a huge expense, especially in the U.S., and thus this move leads to great margins. He also does other things to cut costs, and he takes advantage of synergies. Do the companies he acquires grow a lot? Nope. Not really. They are small players without any pricing power. It is such a fragmented space, and changing vendors is a pain for customers, so it is difficult for the little guys to grow any substantial amount whether they are a part of EBIX or not. And thats fine. Robin acquires them, cuts costs drastically as stated above, and he ends up with a great investment. Think of it like this: Target company: Revenue $10m EBITDA $2m EBITDA margin 20% What would Robin pay? Maybe about 7x EBITDA, or $14m if youre lucky. So lets say he acquires it. Pays $14m cash. Then he outsources the programmers, realizes other synergies (so target company CEO, CFO, Head of HR, etc. are fired, target headquarters is eliminated, etc.) and he ends
up with $4m of EBITDA instead of $2m. EBITDA margins of the target are now 40%. But remember he only paid $14m? So given pro forma EBITDA of $4m, he only paid 3.5x EBITDA. Pretty impressive! And Robin does this over and over. Is there a lot of organic growth of the acquired companies? Some. Not much. But who cares. Frankly, it isnt the point. Paying 3.5x EBITDA is the point. He keeps rolling up these players, does the international arbitrage if you will with the programmers, and the cash flow grows more and more. More cash for acquisitions. Which increases cash still further. Robin has build a disciplined compounding machine. Less
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Robin is doing Gods work. But not to Gotham. They find fraud under every rock. Questionable spending behind every good deed. The real fraudsters are Gotham aka Copperfield. My guess? This clown used to work at EBIX and got fired by Robin due to poor performance.
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Thanks to the foundation's constant financial and moral support, seventy two (72) of these children are today finishing Masters in various subjects with the Delhi University, while studying in the top schools in Delhi Each of these kids has been given a computer with a scanner by the foundation to support their education (so that they could scan books into a computer and have the laws software read it out for them) oServants of People Society Med-Aid Project RRF has donated one medical Ambulance to Grameen Seva Kendra run by Servants of the People Society (Founded by Lala Lajpat Rai, the famous Indian freedom fighter in 1921), for rural areas around Delhi This ambulance today has Doctors traveling four times a week to far-flung villages around Delhi city, to meet the medical needs of the needy children and poor citizens in these villages. Less
The women run a joint cooperative movement and loan money to each other as also support each
other through thick and thin, in a democratic manner oRaina-Prayas UNDP Empowerment Program The Raina Prayas joint venture has almost teamed up to provide vocational training, embroidery and stitching training to a few hundred mothers of the slum dweller children of Bawana, to help them seek sources of employment oRaina-Prayas Micro credit Finance The Raina Prayas joint venture provides micro-credit finance to slum dwellers in Bawana district of Delhi, to help them become independent and start some occupation that requires some initial capital "Blind Aid Project (For Boys) RRF has sponsored 119 blind children in the age group of 17 years to 23
years in Delhi, in terms of helping them become completely independent financially RRF pays for the graduation studies, hostel fees, books, clothes, food etc for each of these fifty children, who are studying at present in eminent schools like St Stephens, Ramjas, Hindu, Kirori Mal etc in Delhi Less
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The Robin Raina Foundation (RRF) donated money to the Robin Raina Charitable Trust, SCALE and RRF Slum project to support a number of charity projects in India, namely -DELHI, INDIAoRaina-Prayas School RRF and Prayas, one of the largest charities in India have partnered together and adopted 800 children belonging to slum areas, in Bawana in North West Delhi, India The project is housed in an eleven room school facility equipped with computers, library, television, Water filter, refrigerator and class room facilities The school provides breakfast, lunch, clothing, toys, medical care, picnics, and extra-curricular activities in addition to quality education to the children oRaina-Shine School RRF and Shine (a charity started by the Hindustan Times newspaper) have partnered together and adopted 650 children belonging to slum areas, in Ghijor village in Noida, India The project involves a two floor school housed in an twelve room school facility equipped with computers, library, television, Water filter, refrigerator and class room facilities The school provides food, clothing, toys, medical care, picnics, and extra-curricular activities in addition to quality education to the children oRaina-Prayas Self Help Group In Bawana itself, the Raina Prayas joint venture has set up twenty self help groups comprising a total of 600 slum dweller women with a view to provide them empowerment in terms of education, co-operative financing, legal and social support to fight exploitation Less
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What Gotham doesnt like is that beginning of year net assets + current year revenue less expenses does not equal end of year net assets. Fine. Where do unrealized gains/losses of foundation assets play in this? Maybe Gotham should think about that. That is part of the explanation. In the 2011 documents, they start taking unrealized gains into account. For whatever reason the prior year documents do not list it specifically. It doesnt mean the end of year net assets numbers are wrong, which Gotham implies. It just means there isnt enough info to reconcile it. The 2011 document also adds a new section, Part XI Reconciliation of Net Assets. Ta da! This is whats been missing from prior years and it lists the discrepancy. It takes you to Schedule O but doesnt explain what the
$320k number is. Regardless, a reasonable person can conclude there are legitimate reasons for all this. Not Gotham. They conclude fraud, criminality, etc. Pretty disingenuous of them if you ask me. Ok, so lets see how Gotham has analyzed the expenses. Lets look at 2009. Gotham says parties, shows & other admin expenses are $40k (Robin is partying it up!) and funds moved to the Robin Raina Charitable Trust are $590k. This adds to $630k of questionable spending in Gothams eyes. So how big was the party for $40k? Well, the document says the $40k was forwait for itwait for it: TRAVEL. Guess what? It costs a lot to fly back and forth to India to do charity work. This is a reasonable expense amount to a reasonable person, but questionable spending to Gotham. How disingenuous is that? And what about the $590k going to the RRCT? What does the RRCT do anyways, have more parties? $590k went to the RRCT (questionable spending according to Gotham), $40k went to SCALE (Gotham appears content with this) and $10.3k went to the Robin Raina Foundation Slum Project (Gotham appears content with this). Here is an explanation of what they are doing with the money: Less
o
o Reply The Truth About Gotham City Research, Part I

Let's take a look at some of their work to see how much integrity THEY have. They certainly say Robin has none, so presumably they do? We shall see. Lets start with their analysis of the Robin Raina Foundation. The relevant documents can be found if you go to Foundation Center website and click on Find Funders. There is a 990 Finder link. Go to that and type in Robin Raina Foundation. Less
Reply to
David Collins Responds to SA

by dmillard90 Feb 21, 2013 5:13 PM
o
Should be interesting to see what he says.
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Reply to
Copperfield Research
by hockeyplyr12 Feb 8, 2013 11:46 AM
hockeyplyr12 Feb 8, 2013 4:40 PM
o
Reply to
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Simmer down, squirt. I have some information they overlooked.
o
don't currently have.
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I have not heard from them. Maybe they don't read the boards. I could provide some insight they
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o
hockeyplyr12 at yahoo
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o
o Copperfield Research
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How would I go about getting a hold of them? I know EBIX quite well and have worked with Robin in the past. I have some knowledge and information they might be interested in.
Reply to
DB says the BK word

by mwb3210 Nov 19, 2012 2:00 PM
hockeyplyr12 Nov 19, 2012 2:49 PM
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And to make matters worse, China is about to implode the Japanese economy. Should be worse than we've seen happen to a country in a generation or two. And that won't help the Chinese economy either.
Reply to
Buying some
by audiophul Nov 15, 2012 4:44 PM
hockeyplyr12 Nov 17, 2012 11:32 PM
Reply
The 65% stake in ORIG is illusory. They can't make it through without selling that down, or doing an ATM, or both. GE got rid of the DRYS cross default provisions with ORIG for a reason as well. I put chance of bankruptcy at 65%-75% if the world slips into another recession soon. Shipping companies will start going bankrupt, ship values will tank more than they already have, and
additional collateral will need to be provided as loan-to-value ratios get worse. Of course it will be highly tradeable between now and then.Less
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Buying some
by audiophul Nov 15, 2012 4:44 PM
hockeyplyr12 Nov 16, 2012 12:27 AM
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They will have a liquidity problem. The world economy is about to slip into another recession.
if it acts like a merger, looks like a merger, smells like a merger...

by mmciii2000 Oct 15, 2012 4:31 AM
hockeyplyr12 Oct 15, 2012 4:44 AM
o
Yup
Reply
Reply to
if it acts like a merger, looks like a merger, smells like a merger...

by mmciii2000 Oct 15, 2012 4:31 AM
o
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I'm guessing they will use some of it to go after MetroPCS.
Reply to
The only things you need to know about the deal

by thefrenchplague Oct 15, 2012 4:26 AM
o
Arbs don't wait for closing to move in.
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Reply to
I don't understand
by mundeleinmike2 Oct 15, 2012 4:17 AM
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They are purchasing $5b worth of primary shares in a PIPE type of transaction at $5.25. PIPEs are usually done at a 5%-10% discount to whatever the stock is trading at when the deal is finalized.
Then they are buying $3b worth of convertible debt with an exercise price of $5.25. These combined result in an $8b cash infusion. Then they offered to buy $12b of secondary shares at $7.30. Had to go a higher price to get Sprint shareholders to agree and to prevent other buyers from swooping in. Less
Reply to
I don't understand
by mundeleinmike2 Oct 15, 2012 4:17 AM
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S is selling primary shares for $5.25. That is like doing a follow on to raise money. Basically its a PIPE. Softbank doesn't want to pay a deal premium for that capital infusion. The $7.30 is to purchase our secondary shares (those that trade).
o
o Termination Fee of $600m

by hockeyplyr12 Oct 15, 2012 4:14 AM
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Never seen one that high before.

Reply to
Drybulk bulls calling for rally on Chinese stimulus were pretty much wrong.
by audiophulSep 26, 2012 9:13 AM
hockeyplyr12 Sep 26, 2012 2:51 PM
o
Reply
"China will do eventual stimulus" should read "China will do even more stimulus then."
Reply to
Drybulk bulls calling for rally on Chinese stimulus were pretty much wrong.
by audiophulSep 26, 2012 9:13 AM
hockeyplyr12 Sep 26, 2012 2:50 PM
Reply
China will do eventual stimulus. They did stimulus to have an effect. No effect, then more stimulus. Pretty easy. And once Europe starts printing, the bottom will be in over there. Throughout history, this has been the case with money printing. That is the bottom. And it is like heroin. Once they get a hit, they won't get off it. The world is easing people. The U.S. is doing unlimited QE. Europe is just about to start printing. Japan has been printing. China is doing fiscal stimulus and is going to do more. The markets are not going to implode. Most likely... Less

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6. On the unbilled receivables question, it seems that the company is properly accounting for these.

o Gotham City, House of Cards...

EBIX Has Negative Worth

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Previous short attacks...

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Net Tangible Assets Per Share

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Further MMGT Response.

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Ebix Debotury at Noon

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Lawsuit likely to be filed against Gotham and Copperfield

Hockeyplyr Please Submit an Article to SeekingAlpha

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Robin's weak response is Machiavellian. It's brilliant. I'm loving it.

The Truth About Gotham City Research, Part II

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The Truth About Gotham City Research, Part III

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o Robin Raina's shares of EBIX...

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The Truth About Gotham City Research, Part I

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"Related Company" = Intercompany, not Related Party.

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"Related Company" = Intercompany, not Related Party.

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"Related Company" = Intercompany, not Related Party.

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o Reply "Related Company" = Intercompany, not Related Party.

The Truth About Gotham City Research, Part III

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The Truth About Gotham City Research, Part III

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The Truth About Gotham City Research, Part II

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The Truth About Gotham City Research, Part II

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