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Leucadia National. Buys Kewaunee Scientific Corp., AmeriCredit Corp. and GeoResources Inc., Sells Maine & Maritimes Corp

November 14, 2008 | About:

Time like this is great for distressed investing gurus Ian Cummning, the Chairman of Leucadia National and Joe Steinberg, The President. They said in 2007 that they smelled something and issud stocks and bonds to have cash in hands. Then too many opportunties come. These are the details of the buys and sells during the third quarter.

Ian Cumming buys Kewaunee Scientific Corp., sells Maine & Maritimes Corp during the 3-months ended 09/30/2008, according to the most recent filings of his investment company, Leucadia National. Ian Cumming owns 8 stocks with a total value of $1.5 billion. These are the details of the buys and sells.

  • New Purchases: KEQU,
  • Added Positions: ACF, GEOI,
  • Reduced Positions: UWBK,
  • Sold Out: MAM,

For the details of Ian Cumming's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Ian+Cumming

Added: AmeriCredit Corp. (ACF)

Ian Cumming added to his holdings in AmeriCredit Corp. by 7.8%. His purchase prices were between $7.44 and $12.52, with an estimated average price of $9.6. The impact to his portfolio due to this purchase was 1.6%. His holdings were 32,715,440 shares as of 09/30/2008.

AmeriCredit Corp. is a leading independent automobile finance company that provides financing solutions indirectly through auto dealers and directly to consumers in the United States and Canada. AmeriCredit Corp. has a market cap of $625.54 million; its shares were traded at around $6.09 with P/S ratio of 1.49.

Added: GeoResources Inc. (GEOI)

Ian Cumming added to his holdings in GeoResources Inc. by 47.98%. His purchase prices were between $12.34 and $18.63, with an estimated average price of $15.5. The impact to his portfolio due to this purchase was 0.05%. His holdings were 194,605 shares as of 09/30/2008.

GEORESOURCES is a natural resources company engaged principally in the following two business segments: 1) oil and gas exploration development and production; and 2) mining of leonardite (oxidized lignite coal) and manufacturing of leonardite based products which are sold primarily as oil and gas drilling mud additives. In addition to originating its own prospects they occasionally participate in exploratory and development prospects originated by other individuals and companies. GeoResources Inc. has a market cap of $128.75 million; its shares were traded at around $8.9 with a P/E ratio of 6.11 and P/S ratio of 1.62.

New Purchase: Kewaunee Scientific Corp. (KEQU)

Ian Cumming initiated holdings in Kewaunee Scientific Corp.. His purchase prices were between $10.04 and $14.4, with an estimated average price of $11.9. The impact to his portfolio due to this purchase was 0.03%. His holdings were 44,137 shares as of 09/30/2008.

Kewaunee Scientific Corporation is a recognized leader in the design manufacture and installation of scientific and technical furniture. The Company's corporate headquarters and domestic manufacturing facilities are located in Statesville North Carolina. The Company also has subsidiaries in Singapore and Bangalore India that serve the Asian markets. Kewaunee Scientific Corp. has a market cap of $25.56 million; its shares were traded at around $10 with a P/E ratio of 7.47 and P/S ratio of 0.27. The dividend yield of Kewaunee Scientific Corp. stocks is 3.54%.

Reduced: United Western Bancorp Inc. (UWBK)

Ian Cumming reduced to his holdings in United Western Bancorp Inc. by 48.19%. His sale prices were between $10.81 and $13.24, with an estimated average price of $12.2. The impact to his portfolio due to this sale was -0.02%. Ian Cumming still held 51,608 shares as of 09/30/2008.

Matrix Bancorp is a holding company that focuses on traditional banking mortgage banking and the administration of self-directed trust accounts. The company's traditional banking activities include originating and servicing residential commercial and consumer loans and providing a broad range of depository services. The company's mortgage banking activities consist of purchasing and selling residential mortgage loans and residential mortgage servicing rights; offering brokerage consulting and analytical services. United Western Bancorp Inc. has a market cap of $69.57 million; its shares were traded at around $9.75 with a P/E ratio of 5.77 and P/S ratio of 0.77. The dividend yield of United Western Bancorp Inc. stocks is 2.11%.

Sold Out: Maine & Maritimes Corp (MAM)

Ian Cumming sold out his holdings in Maine & Maritimes Corp. His sale prices were between $36.93 and $45.55, with an estimated average price of $42. The impact to his portfolio due to this sale was less than 0.01%.

Maine & Maritimes Corporation is a holding company that manages its investments within the utility and facilities infrastructure competitive space while providing sustainable engineering facility lifecycle asset management services to internal and external clients within Atlantic Canada and New England. Formed in 2003 as the parent company of Maine Public Service Company a Maine-based electric transmission and distribution utility the holding company wholly owns three companies and their subsidiaries. Maine & Maritimes Corp has a market cap of $70.48 million; its shares were traded at around $40.56 with a P/E ratio of 27.58 and P/S ratio of 1.67.

 



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