dtgsanjose
4 years ago
I have held shares in this company for more than 20 years--from back when they had real operations. They were making decent money but wanted to expand and did a secondary offering through a really sleazy firm that messed with the price They invested in a couple of other companies that didn't work out, include one that went bankrupt and pretty much destroyed their capital. They then sold the major interest in their main operating business to a British firm, apparently with inadequate legal advice and got screwed out of all subsequent profits. The officers of the company were getting past retirement age, and it looks like they just gave up. Stock went from dollars to sub-penny. When it went up to 7 cents one day, a couple of years ago, I sold a portion of my stake.
Don't know what is happening now--whether someone just speculating on a beaten down stock in blind hope of a bounce, or whether there may be the possibility of the shell being taken over by a legitimate company. IF I remember correctly, there is no debt. I am assuming any litigation related to the British company is either resolved or simply dropped by now. I am tempted to pick up a couple of hundred dollars worth somewhere between bid and ask and wait and see. Would be happy to see news of any kind!
PBGoodwill
6 years ago
Thermodynetics is not a hotter version of L. Ron Hubbard's Dianetics. More practically, the company engages in the work of making products that can handle temperature changes. The specialty manufacturer offers tubing products supporting a wide array of heat transfer needs, including coaxial condensers, evaporators, and heat recovery systems. Thermodynetics, which operates through subsidiaries Turbotec Products PLC, Turbotec Products Inc., and National Energy Systems, makes products used in such industries as food processing, heating and air conditioning, and medical equipment. The company sells products across the US, and in Asia, Australia, Canada, and Europe.
http://www.hoovers.com/company-information/cs/company-profile.thermodynetics_inc.7f408a0654fe872b.html#financials-anchor
EMPLOYEES
205
SALES (MIL USD)
16.72
TICKER SYMBOL
TDYT
INCORPORATED
1981
MARKET VALUE (MIL USD)
0.1
FISCAL YEAR END
JUL
Thermodynetics
Company
Headquarters: Windsor, Connecticut, United States
Founded: 1972
Subsidiaries: National Energy Systems Inc, Vulcan Industries Inc, TPI Systems Inc, Turbotec Products Plc
google.com top right of the page
This is worth something! no?
And I'm pretty curious as to why you posted about a new belt in the beginning of June?
Thanks.
PBGoodwill
6 years ago
I had another bright idea. I checked who was the T/A and it's continental:
https://www.otcmarkets.com/learn/service-providers/2378?t=6
I checked 3 random tickers from their list and all 3 of them had TA verified yesterday. So it's not a TDYT thing, it's a Continental thing. I still don't understand why it does that but that's not a lead to follow.
So for fun I googled "mueller industries turbotec" and found this:
We represented Turbotec Products Inc. in its acquisition by Mueller Industries (NYSE: MLI) for $14,200,000.
Turbotec Products Inc. specializes in heat transfer technology. Mueller Industries, Inc. is a leading manufacturer of copper, brass, plastic, and aluminum products.
http://www.bassberry.com/experience/turbotec-products-acquired-by-mueller-industries
Thermodynetics is mentionned here but I am not 100% certain of what is context. It's an online book called "Valuation Handbook - U.S. Guide to Cost of Capital"... industry risk premia?
https://books.google.ca/books?id=208nDwAAQBAJ&pg=PA69&lpg=PA69&dq=mueller+industries+%22thermodynetics%22&source=bl&ots=RRRsUInWGM&sig=tIYaUkQ_shtGMIUUkm4IyS4uflA&hl=en&sa=X&ved=0ahUKEwjC58KE5PzbAhWF7oMKHRNKCsoQ6AEIKzAA#v=onepage&q=thermodynetics&f=false
Turbotec is mentionned in one of Mueller's SEC filings:
On March 30, 2015, we acquired 100 percent of the outstanding stock of Turbotec Products, Inc. (Turbotec) with locations in Hickory, North Carolina and Bloomfield, Connecticut. Turbotec manufactures coaxial heat exchangers and twisted tubes for the HVAC, geothermal, refrigeration, swimming pool heat pump, marine, ice machine, commercial boiler, and heat reclamation markets.
On June 18, 2015, we acquired all of the outstanding membership interests of Sherwood Valve Products, LLC (Sherwood) with locations in Washington, Pennsylvania, Valley View, Ohio, and Brooklyn, Ohio. Sherwood manufactures valves and fluid control solutions for the HVAC, refrigeration, and compressed gas markets.
The acquisitions of Westermeyer, Turbotec, and Sherwood complement our existing refrigeration business.
As indicated in the accompanying Management's Report on Internal Control over Financial Reporting, management's assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Turbotec Products, Inc., Sherwood Valve Products, LLC, or Great Lakes Copper Ltd., which are included in the 2015 consolidated financial statements of Mueller Industries, Inc. and constituted $152.8 million and $106.9 million of total and net assets, respectively, as of December 26, 2015, and $128.0 million and $5.9 million of net sales and operating income, respectively, for the year then ended. Our audit of internal control over financial reporting of Mueller Industries, Inc. also did not include an evaluation of the internal control over financial reporting of Turbotec Products, Inc., Sherwood Valve Products, LLC, or Great Lakes Copper Ltd.
The decrease in net sales in 2015 was primarily due to lower net selling prices of $79.3 million in the segment's core product lines, primarily brass rod, forgings, and commercial tube, and lower unit sales volume of $69.6 million in the segment's core product lines. These decreases were offset by $16.8 million of sales recorded by Turbotec and $20.8 million of sales recorded by Sherwood.
https://www.sec.gov/Archives/edgar/data/89439/000008943916000038/q4_2015_form_10-k.htm
And finally for now,
https://www.bloomberg.com/profiles/companies/9785330Z:US-turbotec-products-inc
As you can see Turbotec is said to be a private company but there the CEO is the same CEO as TDYT.
So... I don't know. :P
How to verify if that possible 21% stake in Turbotec is worth something for the public?
PBGoodwill
6 years ago
I didn't have time to do much DD about this company but those are very interesting questions you ask. Also there has been zero trades this week so I have no idea how it trades.
I post now because check out the security details:
https://www.otcmarkets.com/stock/TDYT/security
Authorized Shares
25,000,000
06/26/2018
Outstanding Shares
6,290,314
06/26/2018
Restricted
4,506,566
06/26/2018
Unrestricted
1,783,748
06/26/2018
Held at DTC
1,433,382
06/26/2018
Compared to what I posted previously:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=141747857
I don't understand. Have you ever seen a ticker who is "transfer agent verified" every day?
PBGoodwill
6 years ago
Ok before going any further I would just like to mention that I do not do internet arguments, I do internet Q&As. Also 99.99% of my posts emits no opinion whatsoever.
So I read the last 10k and...
https://www.sec.gov/Archives/edgar/data/351902/000143774911004817/tdyt_10k-033111.htm
Item 3. Legal Proceedings.
There are no material legal proceedings known or threatened against the Company, except:
(a) The lawsuit instituted by the Company on January 8, 2008 in England against Turbotec Products Plc was concluded in February, 2010. A judgment in favor of the Company on one count and against it on two counts was rendered on May 10th, 2010. The net effect of the London judgment held that the Company was required to reimburse the PLC for 85% of the PLC’s legal expenses which the PLC has claimed approximate £795,000; the Company is contesting such amount. On May 24th, 2010 in accordance with the judgment, the Company paid £350,000 to the PLC on account of their costs. The Company could ultimately be responsible for up to an additional £325,000 of legal costs claimed by the PLC, although the Company believes the amount may be substantially less.
(b) Turbotec Products, Inc. commenced a lawsuit against Thermodynetics on February 27th, 2008 in the Connecticut Superior Court, Judicial District of Hartford, alleging that Thermodynetics breached two commercial leases, and that Thermodynetics improperly withdrew funds from a sinking fund established under the leases, and for fraudulent inducement, fraudulent misrepresentation, and violation of the Connecticut Unfair Trade Practices Act. The parties settled the lawsuit and on January 10th, 2011 mutual releases were exchanged between Thermodynetics and Turbotec, and the lawsuit was dismissed without any financial obligation owed to either party. An outcome of the settlement was that Turbotec extended its leasehold interest in the Day Hill facility through December 31st, 2011.
Thermodynetics, Inc.
Annual Report on Form 10-K
Page 5
(c) The Company's bank initiated and served two separate lawsuits on June 28th, 2010 against the Company in the Connecticut Superior Court, Judicial District of Hartford, alleging defaults of a line of credit and certain mortgages and seeking recovery through foreclosure of the liens against the two commercial buildings. Negative outcomes in either of such proceedings will have a material adverse effect upon the Company. At March 31st, 2011, the Company was current on both primary mortgages and was current on its interest payments against the line of credit which had matured in 2009. The default initially was against the line of credit which has not been repaid and the bank has claimed a cross-default against the mortgages. The Company believes there is material equity in the buildings exceeding the value of all of the bank debt. The current balance due under the line of credit and mortgages equals approximately $2.4 million; the Bank is claiming such balance plus costs and legal expenses of the proceeding. In the event the bank is successful in its foreclosure proceedings and a qualified buyer for the properties is not secured, the loss to the Company could exceed the amounts due under the line of credit and mortgages. However, in the event of a strict foreclosure, under Connecticut foreclosure law, a court would apply a fair market value to the properties and buildings based upon a then to be appraised value as of the date title vested in the bank; therefore, the likely risk of loss to the Company would be the loss of the land and buildings but not further financial deficiency claims. Both properties are currently listed for sale with a commercial real estate broker, and management would also consider any long-term lease opportunities.
So me the newbie who really tries to understand thinks that it was Thermodynetics vs Turbotec (trbo.l)?
https://www.investegate.co.uk/turbotec-products--trbo-/rns/update-on-legal-dispute-in-uk-courts/201107131520003445K/
Turbotec Products Plc (TRBO.L), the designer and manufacturer of high performance, high quality heat exchangers and Tru-Twist® heat transfer tubing, today announces that following the favourable ruling in the London High Court in the legal action taken by its then majority shareholder, Thermodynetics, Inc and interim cost award, the balance has now been determined. Thermodynetics, Inc has agreed to pay Turbotec an additional sum of £210,000 ($336,000), giving a total of £560,000 including the interim payment.
Turbotec is due to receive the additional funds in full by 4pm on 18 July 2011.
That's where I am so far and I am in a hurry but why would turbotec now be in CT and can be found using contact info on tdyt's otc page? Why is the old website still posted there?
Dina
6 years ago
Turbotech is the old business and if a transfer agent updates for all clients the share structure this doesn´t mean anything is planned for TDYT.
If you would read old sec filings you should see it´s the previous business.
"Prior to the May 2006 London initial public offering (" IPO ") described below, the Company was principally engaged in the manufacture of spirally fluted metal tubesused for a variety of heat transfer applications through its then subsidiary, Turbotec Products, Inc. (" Turbotec "). After the IPO, Turbotec and its new parent, TurbotecProducts Plc (the “ PLC "), operated independently of the Company as a requirement of the UK underwriter and as a result of the April 28, 2006 RelationshipAgreement (“ RA ”). The RA became the subject of unsuccessful litigation between the Company and the PLC described in Item 3 herein (the " London judgment"). As of April 12, 2011 an aggregate of 12,806,773 ordinary shares of the PLC were issued and outstanding. At July 1, 2011, the Company owned 2,712,407 shares ofthe PLC, constituting approximately 21.18% of the PLC."
PBGoodwill
6 years ago
Ok you said the evil p-word, I know you are better at DD than me so I thought if you posted here you checked things out a little, but I have the impression that you have zero hope for this ticker. I have zero feelings towards it but I found "you-eye-tea-A" in a similar way once upon a time. Also I am pretty sure once I had "theories" about another ticker and you were there to correct me so please, correct me if I'm wrong, if you want to.
So I was browsing the list of low float otc tickers and landed on tdyt and noticed the SS structure changed June 22nd 2018:
Authorized Shares
25,000,000
06/22/2018
Outstanding Shares
6,290,314
06/22/2018
Restricted
4,506,566
06/22/2018
Unrestricted
1,783,748
06/22/2018
Held at DTC
1,433,382
06/22/2018
So I checked the profile on otc:
Today Turbotec's products are sold nationwide, as well as in Canada, Europe, Asia and Australia. Everyday production of the fluted tubes begins with smooth copper, copper-based alloys, carbon and stainless steels, aluminum and titanium tubing. The fluted tubes are especially suited for flexible, space saving and energy efficient uses. Other materials are often considered as new applications or needs arise, since the Company's proprietary technology allows it to manufacture its spirally fluted tubing in exotic materials when necessary. The tubing offers dramatic increases in heat-transfer efficiency, providing up to four times the efficiencies of smooth tubing. The literally millions and millions of dollars expended on the research and development of the process and machinery over the years was the reason that the technology advanced so far and this effort continues today.
https://www.otcmarkets.com/stock/TDYT/profile
So I googled "turbotec stock price"
http://www.4-traders.com/TURBOTEC-PRODUCTS-PLC-4006082/
And I thought, meh looks like a weird coincidence.
So I googled the phone number and found this:
Turbotec Products, Inc. info@turbotecproducts.com 651 Day Hill Road
Windsor CT, 06095 860-683-2005
(same phone number and same address as on otc, and the list is in alphabetical order so it's easy to find)
https://www.windsorcc.org/SYSTEM/MailingLists/Nonmembers/kiwanis/
Go to turbotecproducts.com and it brings you to turbotecproducts.blog:
https://turbotecproducts.blog/
Turbotec, an OEM manufacturer, produces a diverse range of high performance heat exchangers for virtually any space conditioning or refrigeration application for the geothermal, water heating, solar, heat recovery, and heat pump markets. Turbotec's proprietary Tru-Twist technology offers dramatic increases in heat transfer efficiency-providing up to 4 times the efficiency of smooth tubing and can be shaped into virtually any space saving configuration. We pride ourselves in our customer service, and what we can do to help you find the solutions you need. Give us a call or send us a message; we are excited to get to know you!
Oh and look at the top of the page where the logo is: Turbotec, a company of Mueller Industries. Do I need to do a print screen?
https://ibb.co/hSptZo
http://www.muellerindustries.com
And now I honestly wonder where I might have gone wrong. Same phone number + same address + turbotec = ????
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tripil7z
10 years ago
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