On this page folks should comment and write about illiquid securities–preferreds and baby bonds. By Illiquid I am talking about those issues that seldom trade–or only trade in very small volumes.
We have a lot of discussion on the site about these types of securities–normally $50 and $100/shares issues and the commenting gets scattered about–by using this page we can keep this topic more centralized.
A caution to all investors, but in particular those will little experience in illiquid securities. Tight limits must be used on all of these securities–if you don’t use limits you will butchered. Also while some of these issues have been outstanding for more than 50 years they can still be called–it happens and if you overpay (pay more than liquidation price) you may be setting yourself up for a loss. Always do your own due diligence–always double check the facts–everyone makes errors (certainly I do) and you need to know the facts.
Investors should know that illiquid securities will drop like a rock if there is a large move higher in interest rates. One of my current and long time holdings has been a $50/share issue from CEF Tricontinental (TY-P or TY-) with a 5% coupon–very high quality. This issue is now trading around $56, but in its life (issued in 1963) it has traded as low at $18/share–so there should be no doubt they can move sharply.
Not totally illiquid but lightly traded: I just doubled my HLTC pref: NHPAP for the `13% and possible appreciation. I can’t find skeletons that I fear.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001561032/000156103225000006/hct-20241231.htm
Their 10K gives me very little confidence….
“For the year ended December 31, 2024, cash flows used in operations were $79.8 million. We had not historically generated sufficient cash flows from operations to fund the payment of dividends and other distributions at the current rate prior to switching from paying cash dividends to stock dividends on our common stock. As shown in the table above, we funded distributions to holders of Series A Preferred Stock, Series B Preferred Stock and Series A Preferred Units with cash flows provided by operations and available cash on hand.”
This seems like a high risk situation to me. I am open to risk but I would rather buy something like HOVNP (which is actually reducing long term debt nicely) which actually has a shot to make money (which they are doing) instead of slowly drowning like this REIT appears to be doing.
CNTHN, 4.96%, trading today at $39.75 effective yield of 6.24%. Over 1,000 shares traded today. I picked up a few hundred at Schwab.
Muni offering at Schwab and others : LA Power and Water (this is specific to power funds only) AA/AA- underlying, and BAM insured except for one issue (though schwab has been incorrect in it’s listings b4, but I’m going off their site)
Long end at 5.03 tax free. Seems a great rate if you’re a CA resident as they covenant to keep rates high enough to get 1.25 x DSC (from a quick skim)
and the other maturities seem like high rates also for CA debt.
The only muni I bought in 5 months is a 12/25 maturity AMT bond at 3.95 % few weeks back. Hoping any changes to muni exemption are not retroactive
Like some of you, I buy and hold a variety of largely illiquid UTES. I like the noncallable feature of most, the solid credit quality of issuers, and the annuity-type of portfolio I’ve been able to assemble. The fly in the ointment is Fidelity. I’ve been with FIDO for over 40 years, during most of that time I was able to buy (and occasionally sell) these issues—with orders ranging from a single share to several hundred shares. But, as most of you know, FIDO changed the rules. They’ve imposed a bevy of inane trading restrictions that limit trading and the number of shares you can buy or sell on many of these thinly-traded issues. Their explanation is that they are preventing “market manipulation.” I’ve been prevented, in several cases, from placing orders for five to ten shares of an issue! Ridiculous! In any event, has anyone in the III community discovered a reputable brokerage firm that will permit reasonable trading in this type of issue using their online site and at a low commission? By the way, after contacting the SEC on this issue, there is no regulation that requires Fidelity to do what it’s done! Market manipulation can easily be prevented using constraints on volume size for thinly traded issues and they don’t intend to prevent any investor from selling their position using any “ask” they desire. And, individual investors are not the focus of the SEC regulations!
SCHWAB allows trading these securities with limit orders only. They charge $5 per trade.
Be careful. Schwab can do a partial fill and charge you the $5 fee on each partial trade that can drive up your cost per share on small fills. Suggest you add a minimum buy quantity.
Does this happen for multiple partial fills on the same day, or only on different days?
It happens with multiple partial fills on the same day. I use “all or none” to avoid getting hit with the $6.95 charge multiple times.
I am moving stuff to IBKR, but Merrill Edge, Schwab and a bunch of others would work just as well. Just for spite, I am only moving things over as I get the warning one issue at a time so as to maximize the trouble it causes Fidelity.
People should always complain to Fidelity when they put the survey up on their site and mark it as the reason they will not recommend Fidelity to anyone. They are the only broker doing this and they know it is not required of them despite what they tell you when you complain so there is a reason other than their stated one for their doing so. Eventually they will forget why they did it, new people will come along and see how angry everyone is on the survey and maybe it will get fixed. Or maybe they will get tired of the complaints.
But I went from loving them to loathing them over this one issue because they are just being needlessly vindictive and abusive of their customers. Not allowing an order to be entered online but then entering the exact same order if you call in and ask them to open a “window” just shows how none of it is really about manipulation at all.
Funny thing is that I have a distant cousin who works for Fidelity and whenever you mention the name (and before you finish the sentence) she will say “What did we do this time?”
based on what I read here it sounds like the solution is to just place the limit order outside of market hours with gtc and maybe partial fill allowed and then get it into the order book and wait. I play with these items to learn about them, but like the middle-ground of liquidity in CEFs since you get just enough of the market dislocation combined with the ability to scale in and out easily enough. cheers
Spoke at length with a supervisor in Fixed Income today (not the first time). He confirmed that the Fidelity restrictions are overkill and are hurting individual investors. According to him, the Compliance/Legal people are responsible and their attitude is tantamount to “we will use a shotgun to kill an ant, since we know there will be no SEC violations in doing so”. Apparently a higher level fixed income manager proposed that individual investors “qualify” to trade the illiquids and execute an agreement affirming that to the best of their knowledge they are not violating SEC regs and are aware of the risks. Sounded like a reasonable solution but no dice. He gave no indication that any changes are imminent. Compliance has all of the power and they’re meglomaniacal. Lobbying by phone representatives is falling on deaf ears. He was apologetic but powerless. Not a customer-centric financial advisor, which is a shame because they were. I already moved positions to TD Ameritrade and will continue to do so as I’m unfairly constrained in offering for sale my positions (positions that Fidelity allowed me to buy!). Ditto for new purchases of illiquid utes. The unreasonable constraints FIDO imposes prompted me to go elsewhere. After 40+ years, it’s shameful. You’d think someone empowered would fix this and counsel or jettison the staff that imposed the restrictions and is intransigent about any changes.
I’ve done the same thing, only I moved fund to SCHWAB…. would have loved to moved back in time to do it with TDAmeritrade…. :). FWIW, You can get some good incentive money if you have a good rep. I went thru mine to have Schwab match incentives offered by ETrade and chose Schwab over ETrade primarily because it was an IRA transfer in my case and I already had an existing IRA at Schwab.
https://us.etrade.com/promo/brokerage
I don’t think it has anything to do with your rep. The retention offers come from the Retention Department, and I was able to get them to match E*Trade even though I don’t have a rep.
Love the notifications on here from others, hopefully that is the general consensus. Almost grabbed more NSARP, that was short lived but a deal.
It’s looking like AILLN is going to open at 6.28% with a $78 ask.
Picked up some PNMXO on today’s liquidity event. Unfortunately it looks like the seller is done for now.
At the open this morn, PNMXO ask was 78.00
Now the bid/ask = 74.00 / 75.00
No shares traded yet.
You guys really like PNMXO? IG rating is not exactly what I would expect for a utility preferred. Seems like the parent got bought out and all of this ended up with the Iberdrola group or something? I dont find 6.1% very exciting. Am I missing something here? I don’t doubt it will pay probably for some reason how money flows up to the parent but 6.1%… not exactly a rush out and buy type of deal. I appreciate the heads up tho!
UEPEP ask $72.75 ~6.27%
Ex was 4/17
Union Eletric and Nstar series trending low. Good fills, especially on UEPEP, imho over 6.25% QDI.
I picked up a decent amount of NSARP liquidity, 6.3%, BBB+. Looked to be plenty more available at the close, so perhaps some others can jump on that train.
SOCGP 6% trading at par $25, looks to be cumulative and non callable. I bought a bit… trying to get a bit more under par but no fill so far. Not a rec…
Ratings from Quantum Online:
Baa1 BBB+
4/16/2023
AILLM at 6.31% ask of 78
Not a recommendation but a little higher yield than it has been. I have some from before and paid a bit more
I had a GTC sell order for WELPM at $110.10 hit today at $111. Completing my conversion from WELPM to WELPP in both my 401k account and my taxable account. Good for me and thanks to Dick Whitman for the heads up on this swap.
Just had a GTC sell order hit on my last stash of NEWEN. Yikes, I hope nobody on III paid that much, fat finger? If you did at least you have a forever paying Ute in your pocket.
Also bought a little Southern California Gas Co (SOCGM), 5.91%, Ba1
Pig I have standing orders but I want to buy it at par or lower like the last time I bought.
Charles, at some point you will get a buy at $25. Patience with this one. SOCGM same as SOCGP but less float, so seems to trade a little higher on average.
It looks like a couple of shares of SLMNP just moved for less than the “put” price of $848.27. I’m not sure why anyone would sell below that price.
If the seller knew about the put and could have waited until 5/1, he could have received 863.27 from the company on 5/1 – 848.27 + 15 dividend. Then again, LYB reports tomorrow morning…. I always hate quarterly reports that are scheduled for a Friday…..can’t help but think they’re intended to try to bury a bad report by having a weekend in front of them for the market to absorb the news…..
It is especially odd when there are buy orders out there for a higher price — which I know to be the case.
Your (and my) orders are not being represented to the market. They are being internalized
About a month ago, I had a buy order hit at $810 when I was offering to pay more than that.
I just sold my WELPM for $110 and used the proceeds to buy WELPP for $63. The bid for WELPM is still $110 for anyone who would like to do the same.
I was never able to buy either of those two preferred at a reasonable yield. Def a good swap for you though! Honestly I would probably not have even bought WELPM and swapped into something paying > 6% in the same sector. WELP* might have a slightly higher investment grade rating over most of the others but not enough to tempt to me truly consider that lower yield. I always wondered who bought it so aggressively all this time. Definitely not me.
I assume you enjoy the safety of this name, diversify a bit, and are perfectly OK with the yield it offers. A true forget it and set it sock drawer type of preferred if there ever was one.
The last ex-date on WELPM was 4/14 but the next ex-date on WELPP should be mid-May so I’ll get an extra dividend payment which makes it work out slightly better. Fitch gives a rating of A- to WELPP/WELPM. Moodys has them at Baa1. I think that’s as high as any QDI utility preferred that I’ve seen. For as long as I’ve followed these things, the WEC preferreds have traded “expensive” relative to other things.
I should also mention that I’m probably an overly conservative investor today. I’ve taken larger investing risks in the past and I’m content with “enough” at this point. My memoir would be titled “Diary of a Wimpy Preferred Stock Investor.”
If I get hit by a bus tomorrow, I’d like there to be enough safe payments coming in to my accounts to take care of my family and WELPP fits nicely into our taxable accounts.
I’ve got WELPP as well and recently the price has dropped a bit so yields are better for those that are interested, 5.71% now or so, but still lower than many of the other illiquids. The pay date of the dividend is in month 3,6,9,12 which is more uncommon in my port and an additional draw along with the ute diversity and grade.
Dick/YH, Have WELPP as well. Right around TY- yield. Would gladly add to either one if rates don’t cooperate.
El paso energy has a 4.75% preferred. Is this a mandatory convertible or can you just wait till it matures or gets called then you would get $50.00 a share?
Any help appreciated
FasterPussycat,
I checked the prospectus for the word “convertible” and in each case that I saw it, it said “at the option of the holder”. I’m not an expert at reading all details of a prospectus, though.
I recommend checking the prospectus (it’s on QOL) or asking KMI’s IR Department:
https://www.kindermorgan.com/Contact-Us/Contact-Us
Investor Relations
(713) 369-9490
(800) 348-7320
km_ir@kindermorgan.com
I just did the same think except I paid 63.10 for the WELPP. Still a nice bump in return with the same risk level.
Usually a couple people are interested in this, I certainly am when IIIers post something I missed. The best deals I am monitoring:
SCE.PRM 7.942% at 23.61 (fire lawsuit risk)
CHSCM below par 6.949% at 24.29 ask
HAWLM at 6.885% at 15.25 (not sure the Maui fire sitch is fully resolved yet)
PNMXO at 6.189% at 74 ask
Not recommendations but stuff that I own or did own or would own. SCE.PRM has been above 8% lately and the Hawaii Electrics haven’t broken 7% for some time. I’m interpreting that to mean the market believes that it is likely going to survive the judgment from the Maui tragedy. I think that other parties were assigned more financial responsibility than initially expected and HE may be on the road to recovery. Caveat emptor.
There’s lots of big bank highly rated preferreds in the 6.1% range I could post if ppl are keen.
YH, good reminder on several ….. I also have two of the CHS’s ( M & N ).
Did some adds to CHSCN early April in the $24.80’s …. both past calls.
Also , have MS-A way past 2011 call, current resets at Term SOFR + the .26
and .70bp tack on. New qtr rate should be out soon . . . last at .329c qtr.
On below $25. fades, also use WTFCM & WTFCP both have upcoming July 15 Call exposure.
Thanks to you, & prior replys.
Another poster from III, had this link on MS preferreds which I thought was excellent. I wish I could remember to give credit but it lists the issues that MS has changed from floating to fixed rate because of the LIBOR issue.
There are a few above 6% yield but not sure when they will call them.
https://www.morganstanley.com/press-releases/replacement-rate-for-u-s–law-governed-u-s–dollar-libor-linked-
I added NSARO and NSARP to my illiquid utes preferreds spreadsheet, total 32 stocks. The average current yield has been creeping up and is now 6.16%.
Is this a list of preferreds you own or just a list of what you watch? I have a list with 52 illiquid preferred utility stocks that someone once posted on this site.
New-
Mostly preferreds I don’t own. I took them from Tim’s list. They include all of the stocks commonly discussed here.
This is what I have.
Wisconsin Electric (WEC)
———————
WELPP
WELPM
Ameren (AEE)
———————
AILLP
AILIH
AILIP
AILLO
AILIO
AILIN
AILIM
AILLN
AILLM
AILLI
UEPEN
UELMO
UEPEM
UEPCP
UEPEO
UEPEP
UEPCN
UEPCO
Eversource (ES)
———————
CNLTL
CNLTN
CNPWP
CNLPM
CNPWM
CNLTP
CNLPL
CNLHN
CNLHO
CNLHP
CNTHN
CNTHO
CNTHP
NSARP
NSARO
Sempra (SRE)
———————
SOCGP
SOCGM
NGG
———————
NEWEN
NMPWP
NMKBP
NMKCP
TXNM
———————
PNMXO
PacifiCorp
———————
PPWLM
PPWLO
Hawaiian Electric
———————
HAWEN
HAWLL
HAWEM
HAWEL
HAWLN
HAWLI
HAWLM
This one trades on the NYSE:
CMS
———————
CMS-B
I like your selections NewToThis. I have or did have most of these at one time or another arbitraging between them.
I suppose you didn’t take the tender offer for the PacificCorp issues? I think it was 185 for PPWLM. This made me think that Buffett was looking to do something with his cash. He didn’t buy back Berkshire shares which is my proxy for determining if they are undervalue. Anyway, I kind of wish I still had them as he doesn’t like to receive but not pay out dividends. Ha.
I let go of the NSS due to UK ownership but my understanding is that we still have the 0% dividend tax treaty with them so they might be fine.
Glad to see the sharing of ideas.
I don’t own all of these. Maybe about 10-12 of them and none of the PPW stocks. I would have a look at it and see for sure.
This was just a good way for me set up a spreadsheet to track some of these.
AILIN trading at 6.27% yield at ask of 70.5 per my numbers as an idea if anyone is interested.
I’ve got a lot of various Ameren already or I’d probably add to it. Not a recommendation.
Thanks, YH.
Still asking 70.50 (70.25 bid). I bid for a few at 70.50 and paid 70.48
There seemed to be a lot of volume yesterday in OTC traded utility sub preferreds. I was curious if someone from III was getting liquidated or something LOL.
I’m also seeing AILLP available for $64.55 (6.2% CY). Yesterday, CNLTP and CNPWP were a couple of the higher volume issues that moved so they’re probably a couple of good ones to watch if those who bought yesterday are looking to unload on a quick flip.
I bought some CNPWP actually.
Concerning MSEXP,
Can anyone provide the appropriate contact (phone or email) for Middlesex general council to whom the sellers representation letter and opinion from external counsel should be sent? I tried Broadridge, but they were no help. Thanks.
mg,
I swore you are supposed to send all of that to Broadridge and they are the ones who are supposed to contact MSEX. Did they actually say they would not assist in the process? Below is what they told me.
” Please be advised to remove the restricted legend on the shares, we will require you to complete the attached Non-Affiliate Seller Representation letter and return along with Legal Opinion from counsel. We advise you to also confirm with your counsel that the 6-month period has been met, to provide the legal opinion. Please note there is no fee to remove the restriction.
Please mail all correspondence to the one of the applicable addresses below:
Standard Mail:
Overnight Packages:
***Addresses were listed here. Both for Broadridge*******
Attn: BCIS IWS
If you have any additional questions, please feel free to contact us.
Thank you,
Gwendolyn
Correspondence Department
Broadridge Corporate Issuer Solutions”
With that said I do not have that person’s contact info either and I do have a question for them.
Broadridge shareholder services (via phone) indicated I need to provide those items (sellers rep letter + opinion of counsel) to general counsel at MSEX, but then also wasn’t able to provide any contact info at MSEX, and told me to look on their website. So not super helpful, and may not be a reliable source of info on this.
mg,
I would definitely email SHAREHOLDER@broadridge.com. Give them both your account numbers. The old MSEXP number and the new MSEX restricted account number.
Then just explain what you want to do. They replied back to me within 24 hours.
I am 99.9% positive you MUST work with Broadridge. I am also pretty sure that is exactly what LT did.
AILLN at 78 ask should give a 6.28% yield excluding accrued dividend.
I already own some so prob not adding to it today. I’d like to see some Eversource issues come back up in yield. The best of those that I see is CNTHO at 43 ask for a 6.14% yield.
Are there any obscure/solid utilities with nice yields? Maybe smaller market caps but still some variety of monopoly? I haven’t found much from various screeners.
Yield,
I also have my fair share of AILLN. Depending on how long those $78’s are there I might pick some up. I see HAWLM (ask is 6.91%), not sure everyone would say they are ‘solid’ though. I would. Bought and sold them often during the recent fire troubles.
pig are they still paying dividends or were they suspended?
They are still paying the preferred’s. Never skipped a payment. I believe there is some measure of protection as HE would have to add 2 board members from among the preferred ranks if they were to skip payments. I’m unsure as to how many payments they would need to skip for that to happen. But I’m pretty sure that is why they never messed with them throughout the litigation period.
Thanks Pig, maybe a small pinch of spice to add some yield to the account.
nsaro and nsarp are two viable choices on dumps. It takes a while but I bought some of both with good yields over the last 2 years
I loaded up on the HE preferreds back when the fear was greatest. My gut told me that the the courts/government would not let them fail and it seems to have turned out that insurers are bearing a greater portion, the bank of hawaii has split off and the capacity of HE to meet it’s obligations appears to be much more likely.
If I recall correctly they may even have a request to up rates. I’ve noticed anecdotally that there have not been days where these issues are trading in 8%+ range anymore as was the case and the 6.91% mentioned by pig pile is the best I’ve seen as well from the series in recent days.
I would have thought that with the 10 year yield increasing and volatile that these HE preferreds in particular would go back into a yield range but perhaps the market is feeling better about the company.
I am also in the various SCE with the PRM issue about 8% and my underlying assumptions are basically the same. CA has a facility for supporting fires (certainly not large enough) and courts seem to be allocating greater responsibility to insurers as well as citizens are being forced to take some losses. That one is callable in Nov 2028. There is the PRL issue which is at 5% coupon and maybe those of us holding will be lucky and they’ll continue to leave it outstanding (redemption date was Jun 2022).
PCG… idk
I think these are under Eversource now and desirable from where I stand.
UEPEP ask $74 ~6.16%/6.26% with accrued
Ex date is 4/17
AILLN 79 ask yields 6.20%, CNTHO 6.14% at 43 ask, AILLM 6.135% at 80.2 ask. Could change and double check my math and your objectives before ordering any.
I trade in and out of these a lot as a disclosure note.
Holders of UMBFP:
I cannot foresee this NOT being called for 7/15. Yields a little over 7, and I am wearing a huge amount below $25.
UMB provides banking to Fidelity customers as it’s the routing bank on my account at Fidelity.
No other preferreds exist and I suspect they just pay this off and do not issue another preferred.
lt–this came about with the acquisition of Heartland Financial on 1/31/2025.
Tim I loaded up on this one as a place to park my money. It’s better than a CD although not FDIC. It keeps my hands off the cash and I know I will be getting the money back to roll over in about 3 months. Hopefully the same comes about with SPNT -PB and WCC-PA Oops, my mistake they already issued 800 million of 6-3/8% bonds to call this
That’s not a fact to be overlooked IMHO, Tim. As far as I could tell, UMBF has never used preferreds in its corporate stack… That implies to me that even if it was a marginal economic call situation, they most likely planned to retire these asap when they agreed to the aquisition… Add in that it’s NOT going to be a marginal economic situation in July based on call vs letting it RESET and then not be callable again for the next 5 years, and it’s tough to figure a scenario where these won’t be called, barring economic catastrophe developing out of nowhere in the next three months.
that’s fun. I had dinner at friend at the old fidelity building on saturday. the old umb bank building is is dilapidated state in wyco. guess it makes sense they are intertwined.
bought 500 and might buy a little more if it stays below par.
Not sure why UMBFP is over here on the illiquids page, but they just paid out “dividends”. Fidelity called them “cash” and Schwab says “non-qualified”
Fidelity has them listed as Qualified on the research page…….. and Schwab, of course, says “Qualified tax status is unknown” which seems to be their default for too many preferreds. QOL also says qualified.
I guess I should go check the prospectus……. I just bought more in my taxable account.
Does this usually get worked out on the 1099, or will this require a call to get it corrected?
Mark in CO–I will check and see why it is on that page.
Mark—I see you are referring to discussion. My bad–thought you were referring to the spreadsheet of 50 and 100 issues-
https://www.dallasfed.org/research/wei
No doubt in my mind that these dividends are qualified.
The term illiquid refers to the low trading volume if I’m not mistaken.
Not sure if I offered this one up but I’ve had it for a bit, very high risk and esoteric and yields about 12%. It reminds me of a Gridbird type special. They have water rights in California with some converted pipelines and lots of lobbying efforts and pieces in motion. It may fall flat on it’s face or may work out. It’s been improving since I started nibbling.
Everyone has shared so much with me here so this is an idea to consider and do a very deep dive before pulling the trigger on it. I’d be interested in hearing people’s takes. Maybe you all will scare me out of it.
Cadiz Preferred
CDZIP
The Yield is 100% ROC, so take that under advisement in whether you buy it in a taxable or tax-deferred account.
https://investors.cadizinc.com/investor-resources/cdzip-tax-form-8937/
Interesting YH
Up around Northern Calif where I’m at there is a problem with selenium and arsenic, iron and manganese in the ground water due to the volcanic rock formations underground. Why I don’t drink my well water.
This company manufactures filtration systems for these contaminants. The towns of Davis and Sonoma have this problem. Not sure who the 3 contracts they landed in Oct are with, but 1.6 million isn’t much. As for the other project they are involved in a water bank in the Mojave desert storing water underground they just bought 180 miles of surplus pipe. I assume to run water to and from there. The Lancaster, Palmdale and Apple Valley (misnomer if I ever heard one) are suburbs of Los Angles and growing.
Suburbs of L.A.? Get a map, Charles.
Rocks, things have changed a lot since I was a kid. We have a warehouse in Ontario Calif and shop foreman commutes every day from Apple valley.
Not much different than living in Modesto and working in Santa Clara or going from lake county to Santa Rosa.
I have worked with people who do it and customers also.
Not a recommendation but I bought some.
AILLN, yield on ask 6.26%
CNLHP $39 bid ~5.77%
Ex is 5/9
The average CY for the 30 or so illiquids on my spreadsheet is 6.00% today, down from 6.05% recently.
CNLHP bid $40 ~5.63%
CNLHO bid $40 ~5.63%
CNLHO bid now $41.50
CNLHP bid now $48
Ugh. Stupid meetings. Missed my chance to sell at 48 for CNLHP. Good catch Ken. I was just too slow. Naturally I wonder why someone wanted them that badly.
Frenzied final minutes of the day in these 2 issues. Odd.
Someone dumped 500 CNLHP at $48, hopefully someone here, or Gridbird.
Ken, I managed to say goodbye to my CNLHO stash. Till we meet again.