another very key piece i'm trying to figure out is how much cash is on the books.. they have been renting it out for more than monthly payments
this could play into divy too
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After a series of negotiations, we entered into, on July 11, 2011, a settlement agreement with the FDIC, pursuant to which we paid the FDIC the net amount $511,000 in exchange for full ownership of the building previously occupied by the Bank and now occupied by Bank of the Ozarks (the "Building"). Simultaneously, we entered into a lease with Bank of the Ozarks, which commenced retroactively to September 11, 2010 and expires on September 10, 2013. The building is subject to a mortgage held by 1st Manatee Bank, with a maturity date of August 31, 2013.
In summary, since September 11, 2010, our business has consisted of owning, maintaining and holding for rent the approximately 7,000 square foot building, leased to a single tenant. Accordingly, our sole source of income has consisted of rent under such lease and our net income has consisted of the net margin between such revenue and the sum of the debt service with respect to the mortgage and operating expenses.
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All posts are strictly my opinion and are not buy or sell recommendations.
