This is the IHub message board for Cambridge Capital Holdings, Inc. (Formerly JB Oxford Holdings). The company was previously an on-line brokerage but sold its accounts to TDAmeritrade and switched to real estate. They purchased ten acres of land in Destin, Florida in 2005 and late last year bought two gold claims for $6.25 million in the Yukon Territory and in British Columbia.
The company has tangible equity of around $50/share but is trading for around $20. The reason for the deep discount is likely because the company is controlled (the CEO owns a majority of the outstanding shares). While a significant portion of the equity is now in land, earlier it was mostly in cash but the stock still traded at a deep discount, again likely since the company is controlled. The company hasn't done much in the past couple of years other than make a few investments and it isn't obvious whether shareholders will see any of the equity.
More information including financials can be found at pinksheets.com at http://www.pinksheets.com/quote/quote.jsp?symbol=cchi
or older filings can be found at sec.gov at http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000816330&owner=include&c
Update (12/30/07). The company still has fairly solid equity of around $40/share and the stock has been trading between $5 and $11. Being a controlled company, it's almost a pure play "CEO Confidence" stock--the deep 75% - 85% discount of the share price to equity is undoubtedly largely tied to lack of faith in the CEO, Christopher Jarratt, either through the belief that he doesn't have shareholders' interests in mind or that he is incompetent in running the business. If someone knows the CEO personally, that person would probably have an incredible advantage in deciding whether the large discount is warranted or not and do well by appropriately investing or shorting.