(MM) (ESSX) Quote

ESSX: Liquidation amount per share= $0.20. Payable upon surrender. This is not a final distribution. Transfer books closed on 8/31/2017.

FINRA deleted symbol:

http://otce.finra.org/DLDeletions

Something brewing? Went in small $ESSX

$ESSX - Bids holding strong and lower volume indicating solid consolidation, updates to acquisition pps should be released soon.

Agree, risk reward is too attractive to pass up. Waiting to see the details.

Indeed, seems very undervalued. However, a couple of uncertainties prevent me from making it a large position.

The deal is subject to adjustments such as working capital adjustments. Each 1m USD change is very significant on the value / share.

They also haven't explained to the public what they will do next. Will they return the cash to shareholders?

Anyway, the risk reward is very good here. Downside is not fully protected IMO.

Current pps .205 gives a $5.125 million m/c, way undervalued.

Buyout offer of $72.5 million, minus the $62 million in debt leaves $10.5 million due to shareholders.

25 million shares outstanding = .42 pps

Some interesting information about the company buying $ESSX, Maxim Crane Works.

Maxim has a very long list of crane company acquisitions dating back to 1999. http://www.cranerental.com/history/

Maxim was then bought out for $42.50 a share and taken private in 2008 by Platinum Equity. http://www.platinumequity.com/

Then in May of 2016, Maxim was purchased from Platinum by NYSE: APO (APOLLO GLOBAL MGMT) http://www.businesswire.com/news/home/20160502005675/en

So obviously there's lots of money and experience backing this deal. ESSX's IR department (kglen@coastcrane.com) told me through email that the proxy information on the deal including the pps will be released shortly and as per the PR released late last month, the deal is to close sometime this quarter. He also confirmed that the outstanding share count is still the same as listed on the OTC website of 25.1 million shares and the authorized count is still 40 million. http://www.otcmarkets.com/stock/ESSX/profile

If you check out the charts and have been watching the L2, you can see that accumulation has picked up and bids have been coming in up to $20k and have been holding support very strongly.

Hard to say when it will get the respect it deserves but right now it can be estimated to be trading at right around the lowest possible pps for the acquisition. I've seen this before when acquisitions are announced w/o the pps being disclosed right away and it trades at right around a fully diluted basis until the actual pps is disclosed. Then once the actual pps is announced, market makers will gap the pps to what is announced. So, what the numbers are telling us is the pps should be around .41 right now but the market is being cautious and holding it back right around the lowest case scenario or what can be considered the safe zone.

That being said, the last reported debt for ESSX is $62 million as reported in their Nov. 29, 2016 PR.
(https://www.coastcrane.com/about-us/news)

That leaves a MINIMUM of $10.5 million for share holders ($72.5 million minus $62 million in debt) or, approx. .41 a share due to shareholders upon closing.

Remember any amount of debt they keep on the books adds more value to shareholders for the buyout. Note that the Wells Fargo credit facility has already been extended to Q3 which, is AFTER the acquisition is supposed to be done so, that should add more value ABOVE .41 cents for shareholders upon closing.

Link to the ESSX Coast Crane website, getting bought out by Maxim Crane Works for $72.5 million for all the issued and outstanding shares.

https://www.coastcrane.com/about-us/news

Their Q3-2016 financials are in the PR below the buyout news.

I confirmed the share structure with their IR guy already, authorized shares 40 million, outstanding shares 25 million shares.
kglen@coastcrane.com

Appears the market is waiting to see how much of their $62 million in debt will be paid down, proxy reports are supposed to be released soon containing the details per IR. The deal has been confirmed as outlined in the PR and the closing is scheduled before the end of this quarter.

Estimated pps buyout will depend on how much debt they leave on the books. If all the debt is paid off the buyout can be estimated at approx. .40 cents a share.

For every $10 million in debt left on the books, add approx. .40 cents per share... e.g. if they leave $10 million in debt, pps buyout should be .80, if they leave $20 million in debt pps should be 1.20, etc...

GLTA

$ESSX Maxim to Acquire Coast Crane from Essex Rental Corp.

$72.5-million stock purchase agreement has been approved by Essex’s Board of Directors and is expected to close in the second quarter of 2017

April 24, 2017

Maxim Crane Rental

Maxim Crane Works will acquire Coast Crane Company, a wholly-owned subsidiary of Essex Rental Corp. in a stock purchase agreement.

Founded in 1970 and based in Seattle, Wa., Coast is one of the largest providers of bare crane rental and related lift solutions servicing the West Coast of the United States. Maxim’s acquisition of Coast meaningfully enhances Maxim's full-service, nationwide crane rental and lifting solutions platform and expands its operations in one of the nation’s fastest growing crane rental markets.

Maxim will acquire all of the issued and outstanding shares of Coast’s parent company, CC Acquisition Holding Corp., for $72.5 million, subject to closing date working capital and other adjustments. The sale has been approved by Essex’s Board of Directors and is expected to close in the second quarter of 2017. The transaction is subject to customary closing conditions and the approval of Essex stockholders.

Following the closing, Maxim will begin integrating Coast with its existing operating business. Customers will continue to receive the same high quality service they have come to expect. Through Maxim’s coast-to-coast footprint, engineering, operated rentals and heavy haul services, the Coast team and customers will gain access to one of the largest modern fleets of full service lifting solutions in the world.

“Coast Crane offers one of the most experienced teams of crane professionals in the region,” said Bryan Carlisle, chief executive officer of Maxim. “Their state-of-the art fleet provides customers with a ‘best in class’ brand of products, parts, services and rental equipment.”

Coast entered into a Fifth Amendment to its Second Amended and Restated Credit Agreement with Wells Fargo. The amendment extends the maturity date of the Coast credit facility to August 14, 2017 and includes certain milestones with respect to the sale of Coast, including receipt of stockholder approval to the sale no later than June 30, 2017.

The stock purchase agreement provides for a “go-shop” period during which the board of directors of Essex may evaluate alternative proposals.

About Coast Crane
Founded in 1970, Coast Crane serves more than 2,000 customers through a network of 11 branches in Alaska, British Columbia, California, Hawaii, Texas, Oregon and Washington. Coast owns more than 200 cranes and is a leading provider of crane and lifting equipment rental and sales, specializing in bare crane rentals.
About Maxim Crane Works

Founded in 1937, Maxim Crane Works is one of the largest lifting solutions businesses in North America. Maxim, with its affiliated companies, serves more than 10,000 customers through its fleet of over 2,000 cranes situated in 46 branches. Maxim’s full suite of lift solutions include operated and maintained cranes, bare rental cranes, heavy haul/rigging services, and value-added advisory services. Maxim offers a full portfolio of cranes used in a variety of end markets.

http://investor.essexrental.com/releasedetail.cfm?ReleaseID=1000499

http://www.forconstructionpros.com/rental/news/20859287/maxim-to-acquire-coast-crane-from-essex-rental-corp

Nice move

now .125

ESSX delisted from the Nasdaq to the OTC:

http://otce.finra.org/DLAdditions

ESSX looking real good here!! looks like i might need to add some monday!

I got a few 13's. Is anyone else following this?

Default on loan.

$ESSX recent news/filings

bullish

## source: finance.yahoo.com

Mon, 13 Apr 2015 15:45:00 GMT ~ 11:45 am Essex Rental: Casey Capital shareholder group respondes to the company's evaluation of strategic alternatives for Essex Crane Rental Corp


read full: http://finance.yahoo.com/news/inplay-briefing-com-055139997.html#essx
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Mon, 13 Apr 2015 15:44:00 GMT ~ Casey Capital, LLC Responds to Essex Rental Corp. April 10 Announcement of Evaluation of Strategic Alternatives for Essex Crane Rental Corp.

[PR Newswire] - NEW YORK, April 13, 2015 /PRNewswire/ -- Casey Capital, LLC (together with its affiliates and other participants in its solicitation, "Casey Capital"), beneficial owners of approximately 5.9% of the outstanding shares of common stock of Essex Rental Corp. (ESSX) ("Essex" or the "Company"), on April 13, 2015 delivered a letter to the Company responding to the Company's April 10, 2015 press release announcing it would be evaluating strategic alternatives for Essex Crane Rental Corp., one of the Company's two operating subsidiaries. The full text of Casey Capital's letter is included below and appears as an exhibit to Casey Capital's Amendment No. 4.

read full: http://finance.yahoo.com/news/casey-capital-llc-responds-essex-154400303.html
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Fri, 10 Apr 2015 22:06:02 GMT ~ Nasdaq stocks posting largest volume increases


read full: http://sg.finance.yahoo.com/news/nasdaq-stocks-posting-largest-volume-220410239--finance.html
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Fri, 10 Apr 2015 12:56:42 GMT ~ Essex Rental Corp. Evaluating Strategic Alternatives for Essex Crane Rental Corp.

[at noodls] - - Retains RBC Capital Markets, LLC - New Board Candidates To Be Nominated BUFFALO GROVE, Ill.--(BUSINESS WIRE)-- Essex Rental Corp. (Nasdaq:ESSX) ("Essex" or the "Company") today announced ...

read full: http://www.noodls.com/view/0458D485B9FA2BFC650202F7EB30F809FFEE84A4
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Fri, 10 Apr 2015 12:40:00 GMT ~ Essex Rental Corp. Evaluating Strategic Alternatives for Essex Crane Rental Corp.

[Business Wire] - Essex Rental Corp. today announced that it has retained RBC Capital Markets, LLC, a premier advisor in the heavy-lift rental equipment segment, to evaluate strategic alternatives for Essex Crane Rental Corp., one of the Company's two operating subsidiaries.

read full: http://finance.yahoo.com/news/essex-rental-corp-evaluating-strategic-124000375.html
*********************************************************

$ESSX charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com



$ESSX company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/ESSX/company-info
Ticker: $ESSX
OTC Market Place: Not Available
CIK code: 0001373988
Company name: Essex Rental Corp.
Incorporated In: DE, USA

$ESSX share structure

## source: otcmarkets.com

Market Value: $33,663,060 a/o Apr 10, 2015
Shares Outstanding: l PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "

Any info on this drop?

Takeover bid over $1.50 would quickly eliminate all the lawsuits as well.

Post #9 has this quote taken from recent Form 13 d.

Wheres that quote from? thanks

Casey Capitol might have a private buyer looking to buy ASSX (perhaps at $2 a share. "Company could be worth significantly more to a strategic or financial buyer."

No it sounded broader than that

"The management of Essex Rental Corp. (the “Company”) will hold a presentation for certain stockholders, potential investors and their representatives regarding the business and historical and projected financial performance of the Company and its consolidated subsidiaries on March 3, 2015."

Probably talking to Casey Capital about adding their proposed board member.

anyone have any info on what ESSX said at the conference today?

Form 13D must be filed by any “investor” who owns over 5% that has recently bought or sold shares. In this case a “General statement of acquisition” meaning they recently bought enough shares to put them over 5% owner. This allows them to blow stink on the board members.

Check out the form 13D filed on 2-26-15 by Casey Capital. Hidden at the end is a letter written to company demanding changes.

"February 26, 2015
Board of Directors
1110 Lake Cook Road, Suite 220
Buffalo Grove, Illinois 60089

Gentlemen:
KC Gamma Opportunity Fund, LP is a significant shareholder of Essex Rental Corp ("ESSX" or the "Company") that currently beneficially owns 1,461,634 shares, representing approximately 5.9% ownership of the Company. We made our initial investment as we believed ESSX to be undervalued versus its leading position as a provider of lattice-boom crawler crane and attachment rental services. Our investment thesis also included our belief that the Company could be worth significantly more to a strategic or financial buyer.
History of Underperformance
The Company suffers from a material valuation discount due to the market's loss of confidence in the Company's ability to create shareholder value. The book value of the Company has dropped from $5.33 on December 31, 2008 to $2.35 on September 30, 2014. Chronic stock underperformance and declining book value have contributed to the public market's negative perception of the Company. The lack of any improvement in the value of the business has caused the market to significantly discount the stock versus the $5.27 orderly liquidation value of the Company.1
ESSX has dramatically underperformed the broader market indexes over the last 1, 3, and 5-year periods. The current trading price of ESSX shares is near its all-time low.

We believe the Company can take steps to enhance its financial condition and prospects as well as the value of ESSX shares. We recommend the Company:
1. Add shareholder representation to the Board. Kevin Casey, portfolio manager of KC Gamma Opportunity Fund LP, would bring a fresh and independent perspective to the Company's direction and should be elected to the Board. As our representative he would seek to maximize returns for all shareholders.
2. Cut Office Expenses. The Company should terminate the arrangement with Hyde Park Real Estate LLC ("Hyde Park") regarding the office lease. We believe the Company should not pay rent expense for New York City offices when its headquarters are in Buffalo Grove, IL.
3. Evaluate Strategic Alternatives. The Board should evaluate strategic alternatives for the Company. In our opinion, the public market is applying little value to the Company's assets. The market has lost confidence in the Company's ability to execute its business plan and create shareholder value.
Essex is a valuable asset in an industry that has seen significant consolidation recently. We believe numerous financial and strategic buyers would be interested in discussing strategic alternatives with the Company. Financial buyers could be attracted to the ability to buy assets at or below liquidation value, to acquire a public platform business, and to obtain significant net loss carryforwards (NOLs) at no additional cost. However, we believe the Company would be more attractive to a strategic buyer because the Company offers:
1. Cross-selling opportunities in customer base and various crane assets;
2. Net loss carryforwards that a profitable company can utilize; and
3. Synergies from removing public company expenses, which we estimate to be between $3-6 million.
The Board Must Take Action Immediately
We believe there are other shareholders that support our ideas. We insist the Board immediately add shareholder representation, terminate the lease with Hyde Park, and engage a financial advisory firm to conduct a comprehensive review of strategic alternatives. We look forward to having a thoughtful and productive engagement with the Board to discuss these matters. However, if the Company fails to consider our requests, we will not hesitate to seek substantial Board changes at the next annual meeting of shareholders. You may reach us at (646) 825-4630.

Sincerely,

Kevin Casey

Thoughts so interesting. Will watch!

ESSX was down today because they failed to report Q4 on time. People get nervous thinking they are hiding bad news (like a loan default,then MM’s pile on and drive down price the through a technical support. If it goes lower than 62 cent tomorrow I would start buying some, hold then sell when it returns to the 10 day moving average. I don’t track “delayed earnings stock” but recently EMC failed to file on time the price dropped but fully recovered in about 2 weeks.

Why'd it drop so hard?

Nasty drop today.

Es-SEX Scandal.

~ $ESSX ~ Daily Par Sar Buy Signal ~ Criteria alert triggered during a recent trading session!

$ESSX has just triggered the "Parabolic SAR Buy Signals" scan criteria at Stockcharts.com
~ http://tinyurl.com/SAR-BUY ~







For a more in Depth study and DD profile, similar to the one contained in this link: ~ http://tinyurl.com/DDexample ~
Click the following link and type ticker or brief message asking me about the DD: ~ http://tinyurl.com/GET-THE-DD ~

What does the scan "Parabolic SAR Buy Signals" mean? Below is an image example and study link.
~ http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:parabolic_sar ~


To find other similar posts of "ESSX" utilize the links that follow.
Search MACDgyver's "Parabolic SAR Buy Signals" posts: ~ http://investorshub.advfn.com/boards/msgsearchbymember.aspx?searchID=251916&srchyr=2013&SearchStr=ParSarBuyScan ~
Search MACDgyver's posts for symbol "ESSX": ~ http://investorshub.advfn.com/boards/msgsearchbymember.aspx?searchID=251916&srchyr=2013&SearchStr=ESSX ~
Search Ihub for "ESSX" posts: ~ http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=ESSX ~


For more in depth training and information visit Chartschool on the Stockcharts page.
~ http://stockcharts.com/school/doku.php?id=chart_school ~


Also don't forget the Ihub Edu Channel.
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c

ESSX Video Chart 10/19/2012

http://www.missionir.com/videos.html

~ Monday! $ESSX ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $ESSX ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=ESSX&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=ESSX&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=ESSX
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=ESSX#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=ESSX+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=ESSX
Finviz: http://finviz.com/quote.ashx?t=ESSX
~ BusyStock: http://busystock.com/i.php?s=ESSX&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=ESSX >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.