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ENTITY
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First Beatrice Corp
First Beatrice Corp was the successor entity to Dempster Mill Manufacturing Company after its operating assets were sold in late 1963.
📝 Transition
At the end of the 1963 Letter, Buffett notes that the "Dempster saga" reached a conclusion. The company sold its name and operating assets but retained its cash and marketable securities. The remaining entity was renamed First Beatrice Corp.
💰 Valuation
On the 1963 yearend audit, the holdings in First Beatrice were valued at asset value (mostly cash and securities at market) less a $200,000 reserve for various contingencies.
🔗 Connections
- Source: 1963 Letter
- Predecessor: Dempster Mill Manufacturing Company
📚 Historical Mentions & Citations (2)
Click a reference document below to expand and read the exact paragraph(s) containing this concept in the archive.
📜1963 LetterExcerpt Available▼
1963 LetterExcerpt Available
At virtually the last minute, after several earlier deals had fallen through at reasonably advanced stages, a sale of assets was made. Although there were a good many wrinkles to the sale, the net effect was to bring approximately book value. This, coupled with the gain we have in our portfolio of marketable securities, gives us a realization of about $80 per share. Dempster (now named First Beatrice Corp. - we sold the name to the new Co.) is down to almost entirely cash and marketable securities now. On BPL's yearend audit, our First Beatrice holdings were valued at asset value (with securities at market) less a $200,000 reserve for various contingencies.
📜1964 LetterReference Only▼
1964 LetterReference Only
Mentioned in this document.