Purchase #2: RNY Property Trust
Note: The original version of this post contained some serious calculation errors and the post has been substantially edited since then. First, thanks to reader Daniel for pointing out that my calculations were inaccurate. Due to sloppy spreadsheeting on my part, I was basing my worst/best case calculations on the expected equity to be received, not on the property …
Purchase #1: Thorn Group Ltd (ASX:TGA)
My first purchase for the portfolio was Thorn Group Ltd (ASX:TGA), a financial company that primarily provides leases to retail and some business customers. It is an ugly company, with an unspecified regulatory penalty from ASIC hanging over its head (although they have set aside $4 million in provisions for this), recent regulation which capped the …
