Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Wayne Cooperman - Cobalt Capital.
Wayne Cooperman –Cobalt Capital Management
You are obviously pretty bullish in ATN, you just bought shares and you're relatively positive on APL and AHD and everything else, and Atlas, the parent, trades sort of at a discount to the sum of the parts not even factoring in that all the parts are undervalued, and you've got a lot of cash, you're generating a lot of cash, and you don't really have a lot of uses for your cash. So a long way of asking a simple question, why aren't we buying back more stock at the parent company?
Edward E. Cohen
I just want to correct, if I might, or comment on two of the points you made. We love APL just as much as ATN not relatively because I don't want our APL employees who are doing so well to think that here in New York City they're efforts are not equally appreciated. And secondly, we do have, we think, lots of potential uses and opportunities likely for our cash, but -
Wayne Cooperman –Cobalt Capital Management
At the parent company? It seems like the subsidiaries have more use for the cash.
Edward E. Cohen
Well, we all have uses for the cash but that's not to say that at the present what we consider to be, not the lowest but certainly very favorable prices for ATLS for the reason you indicated that if you add the sum of the parts up you should find a much, much higher price for ATLS. We have been somewhat inhibited by the technicalities of securities regulation from pursuing in the past purchases of ATLS as vigorously as we would have liked. But I don't think anybody should be surprised if, when you consider the discount factor that you properly alluded to, and in fact I think that's one case where the discount is not only a discount in terms of simply adding percentages together but a substantial discount in terms of the opportunities that are available to ATLS. I think people should not be surprised if we are far more vigorous in the future in repurchasing our stock.
Operator
I show no further questions in the queue.
Edward E. Cohen
We will be speaking with you in about three months.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
- To read the full transcript on Seeking Alpha, click here »
