Sunday, July 26, 2009

I get to go to Disney World in 2014

We've never had to have too much of an excuse to have a family get together, and when we get Sherrie's Mom and Dad, both her brothers, and some or all of the children and grandchildren of the siblings together it's a houseful. About four years ago we were at her brother Scott's home celebrating his birthday. Now, this next part and the one following can get confusing so you might want to take notes. This is the second marriage for Sherrie and me and by coincidence her daughter's name and my youngest daughter's first names are the same - Angela. Fortunately Sherrie's daughter has been called "Ang" most of her life and my daughter has been called "Angel". Write that down.

Anyway, we were celebrating Scott's birthday and Maeve, Ang and Jim T's daughter, climbed up in Sherrie's lap (excuse me Grammy's lap - Sherrie is Grammy and I am Pa) and said excitedly, "Grammy, I'm going to Disney World for my fifth birthday!", to which Grammy replied with equal excitement, "That's wonderful Maeve. Who are you going with?" Maeve responded "You and Pa".

Thus did we not only learn that we were going to Disney World for the first time since 1983, but that a tradition has been instantly established whereby each grandchild got to go to Disney World with Grammy and Pa for their fifth birthday. No parents, no siblings, just one child as the center of attention for three nights and four days. We stay at Contemporary on the Concierge level because it is incredibly convenient and includes snack and breakfast amenities that are convenient.

We've done it twice with Ang and Jim T's children, first Maeve in 2006 and Truman in 2008. We get to do it again in 2o1o with Ian, the first child of Angel and Lee.

And I can tell you we are probably looking forward to it as much as Ian, and given that every time we get together he reminds me we are going to Disney World for his fifth birthday, that would be hard for some to comprehend. For four days we get to see wonder, excitement, and happiness that gives us a joy that is hard to describe. Oh sure, it is tiring, but it is a marvelous tired.

And we get to do it again in 2014. Angel and Lee's second child, also a son, was born on July 21st. And Angel and Lee chose my middle name for him, so Silas Phoenix Tucker will be going to Disney World in 2014 too. For all my life, I have shunned using my middle name or even telling anyone what it was because it was subject to ridicule.

Well, I'm here to tell to tell you that Silas is officially a cool name and I get to take my grandson to Disney World in 2014 to watch him discover all the marvels and wonder that the park and its attractions holds.

If you have a grandchild approaching his or her fifth or sixth birthday, start making plans to take a trip to Disney World. I promise it may be the best few days you will ever have had (at least until you get to take the next one for their birthday).

Sunday, July 19, 2009

Things I've learned about surgery

About three months ago I almost got to meet the driver of a speeding Toyota because losing 40 pounds caused already droopy eyelids to worsen and diminish my peripheral vision to the point I didn't see the oncoming car as I made a left turn.

A week ago, on Monday, I underwent blepharoplasty to remove the excess skin. Here are some tips for you if you decide to have a similarly very-visible surgery.

1. Do not joke with the surgeon, asking him to save the removed tissue so you can have it tanned and make a wallet. His hands will jerk as he laughs.
2. Do be ready for seemingly endless comments about looking like a raccoon.
3. Do not, on being asked what happened, say your wife has been beating you, at least not more than two or three times. This is because someone will believe you and when that happens the wife will beat you like a rented mule.
4. When attending a function with more than two people attending, wait until everyone arrives and only then give all the details of what happened, beginning with the Toyota, lest you have to repeat it at least once for every 2.7 people attending.
5. Do not be timid in brushing away hands with long fingernails that are used to point out salient features that have changed as a result of the surgery.
6. Resist the temptation to believe you can attend church with 2,400 fellow worshipers on Sunday and just wear sunglasses to mask the bruising. It will attract more attention than not doing so (see rule of 2.7 in number 4 above).

On the plus side:
1. Screaming, unruly children in stores instantly quiet themselves when you draw near.
2. Panhandlers will not ask for spare change, apparently thinking you are worse off than they.
3. The vision improvement will be instantly apparent even before the swelling begins to diminish.

Other than that, with the weight loss and surgery, I need to have another photo made because I don't look like me from early 2008.

Monday, July 6, 2009

The travel industry is changing and it may not all be good

One of the things I have said consistently over the last twenty-five years of helping people find the very best vacation, is that the cruise industry, as small as it is, has more drama and corporate intrigue than any other industry three time its size. In the last twenty years the number of cruise lines has dropped from over thirty to three dominant lines, and if there is any truth to a rumor that surfaced today, the population is going to get smaller. "Insiders" report that Carnival Corporation, parent to Carnival Cruise Lines, Holland America, Costa, Princess, Cunard and others may be preparing to offer $35.00 a share for Royal Caribbean Cruise Lines, parent of Royal Caribbean International, Celebrity, and Azamara. Carnival Corp. has something over 80 ships with 10 new builds on order, RCCL has over 20 ships with 7 new builds on order including two copies of the world's largest cruise ship, the Oasis and Allure.

From a stock price above $40.00 for Royal Caribbean (RCL) and close to $60.00 for Carnival Corp. (CCL) both have tumbled with RCL at one time close to $5.00 a share and a target price of $1.00 tacked on it by Barclay back in January. Carnival dropped as low as the mid-teens. RCL closed on July 6 at $12.89 with Carnival at $25.44.

For a number of reasons, I don't plan to rush out and buy a lot of RCL even though I think the breakup value (value of the assets if they were sold off individually) is probably close to $26.00 a share based on publicly available information.

Some of those reasons include:
1. Regulatory hurdles - It's true total cruise sales, as a percentage of total vacation sales is quite small. But if CCL were to take over RCL, the new entity would control about 82% of all North American cruise berths and revenue. I don't see the U.S. Department of Justice letting that happen in the U.S., nor various regulatory agencies in Europe letting this happen.
2. The "chemistry" between the top execs at CLL and RCL, Micky Arison and Richard Fain, is the sort of thing that makes legends, with a spirit of competition that seems very real even though there are those that would say it isn't. I don't see CCL taking over RCL without it being hostile, on a level that would make the RJR Nabisco takeover described in "Barbarians at the Gate" a veritable picnic.
3. $35 a share would be about a 34% premium over breakup. CCL has never paid a premium for anything it acquired that I know of and is unlikley to start now.

This merger would be a bad idea if for no other reason than it concentrates too much of an industry in one board room. That said, the seascape will almost certainly change this year because both cruise lines are undervalued and the industry, although prices are on the rise for the first time in a year or so.

Some have suggested Star Cruises, an Asian based line (parent of Norwegian Cruise Line until Apollo Management bought NCL) might be a logical buyer. I don't think that will happen because Star has their own issues, they lack liquidity, and the capital raising power to come up with the roughly $8 billion needed.

So, if there is any chance that RCL could be in play, who might be the player? Apollo Management. This is a money raising machine. Yes they have had problems over the last few months, have nearly twice the money needed to buy RCL at risk with Harrah's and more. But they went back into the REIT (Real Estatte Investment Trust) market in the last couple of days and are raising money just like old times. While still a stretch, Apollo seems more likely to succeed should RCL be put in play than Carnival Corp. Apollo owns three cruise lines, NCL, Oceania, and Regent. They control something over 10% of the industry and would be a formidable competitor to CCL should such a venture succeed.