W2007 Grace Acquisition I, Inc. (fka WGCBP)

[mrholty]

Thanks for the note on PDNLB. Unfortunately it doesn't look as skeevy as I normally go for.

Tell me where I have it wrong.

Only asset now is some cash + property in Mass that its trying to sell. Google tells me they have it listed for $4.9M.

The business will basically be breakeven if it can sell environmental tax credits to the state each year (haven't seen if that is true) otherwise they will lose a few hundred thousand.

The income from Broadway Partners Fund II in May and June is interesting but one doesn't know if that is a new dividend or a one time payout. It appears that fund was funded in 2006 so at the height of RE values but it was only a $1M investment. With the high-end RE market being hot lets say its worth its $1M.

Total liquidation value - $.5M + $4.75 + $1.00 = 6.25 less $1.8M = Net $4.45M / 4.3M shares + 1.7M options = value of $.70 less fees so maybe its worth $.5M.

Is this what you are thinking or do you think they will actually execute on their plan to borrow and grow multifamily properties. That has been the boilerplate for a while and no execution. Am I missing something?