M N C S

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OK, this news blurb finally gives some insight to what might be going on in the company's business plan:

"Manchester, Inc., headquartered in Dallas, seeks to create the preeminent company in the Buy-Here Pay-Here auto business selling and financing used vehicles to credit-impaired borrowers. The company intends to sell acquired and newly generated portfolios through a securitization process thereby permitting the Company to continue its growth."

My guess is that they're going to assemble the loans in a similar way mortgages are marketed. This takes the possible future liability for any bad paper (these are going to be sub-prime loans) out of the balance sheet.

http://biz.yahoo.com/prnews/060901/nyf026.html?.v=62
 
from marketwatch:

DALLAS, Sept 01, 2006 /PRNewswire-FirstCall via COMTEX/-Manchester, Inc. (MNCS: 6,86, +0.05, +0.7%) today announced it has completed a three year consolidated financial audit of the first Buy-Here-Pay-Here dealership it plans to acquire. The company chose to conclude this audit in advance of closing the acquisition in order to assure compliance with the U.S Securities and Exchange Commission's requirement to file audited statements within four days of closing. Manchester anticipated that it will close and disclose the identity of the acquisition shortly.

Mr. James A. Worosz, Senior VP Finance, said, "The completion of the three year audited statements will unable the Company to close the acquisition of its first 'Buy-Here/Pay-Here' dealership and begin the execution of the business model".

The company indicated that it is also in discussions with several other dealerships which could lead to additional transactions within the next 90 days.

Manchester, Inc., headquarter in Dallas, seeks to create the preeminent company in the Buy-Here Pay-Here auto business selling and financing used vehicles to credit-impaired borrowers. The company intends to sell acquired and newly generated portfolios trough securitization process thereby permitting the Company to continue its growth.


http://www.marketwatch.com/News/Sto...2-2167F2EE3F47}&siteid=mktw&sid=1826369&symb=
 
Quote from Bitstream:

from marketwatch:

DALLAS, Sept 01, 2006 /PRNewswire-FirstCall via COMTEX

...will unable the Company to close the acquisition of its first 'Buy-Here/Pay-Here' dealership...".

http://www.marketwatch.com/News/Sto...2-2167F2EE3F47}&siteid=mktw&sid=1826369&symb=
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I don't know where you got the quote from above, but going to the link you provided, the excerpt from the second paragrah reads:

"will enable the Company to close the acquisition of its first 'Buy-Here/Pay-Here' dealership"
 
Quote from max401:

I don't know where you got the quote from above, but going to the link you provided, the excerpt from the second paragrah reads:

"will enable the Company to close the acquisition of its first 'Buy-Here/Pay-Here' dealership"
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ja, my bad....typo.

things look good, mncs could become a very well established company imo.
 
Quote from Bitstream:

in the mncs website, they say they've been in biz for 10yrs and they went public in june this year[?]...hmmm, 10yrs as a private company, weren't they after minerals minings? :confused:

http://www.manchesterinc.net/index.html
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I don't know whats up with that website, looks like pre-publication mock up. This is from Yahoo:

"BUSINESS SUMMARY
Manchester, Inc., an exploration stage company, engages in the acquisition and exploration of mining properties primarily in Canada. The company was incorporated in 2002 and is headquartered in Dallas, Texas."
 
Quote from stock_trad3r:

they changed the biz model to pay and buy car dealers
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That's a known, I just reprinted the Yahoo blurb to show the timeline of the origination of the company.
 
Quote from Paprika:

http://seekingalpha.com/article/16417
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Thanks Paprika. Interesting and has a link to this thread:

"This Elite Trader thread has been following MNCS for some time now; see there for some speculation over what might be behind the current uptrend."

But, there is nothing new in this or the Forbes article; the chart is and has been baffling as I've said, particularly in my MNCS chart thread started in Feb. '05:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=45869&highlight=mncs+chart

They're supposed to close on the first car operation in the near future. In the meantime, I'm wondering why this Alpha guy didn't called up the company and query them a little bit better than Forbe's did.

One thing is for sure, they should can that non-operative web site.
 
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