Tuesday, May 24, 2016 2:21:02 PM
Income/balance sheet analysis is irrelevant.
James Toomey was former Chairmen to Coast Financial (Nasdaq: CFHI) before the housing crisis and recession wiped his company out.
He's very tightly managing this shells share structure. He even took a $230K loss on conversion in December in order to maintain share integrity.
The selling points of this RM play are very attractive.
The latest Q says they've found an attractive, potential merger candidate and are now looking for a financier to facilitate an LOI. I'd speculate with Toomey's connections, that should not be a problem.
Toomey seems willing to spend his own capital to get this done; and that's attractive. Normally you see penny CEOs dumping on shareholders in order to cover the cost of administrative fees just to file a public notice.
I think to anyone that looks, you will tell that Toomey has been behaving in a very fiscally disciplined manner. My expectation is that while he has the reigns of this process, that we'll continue in a disciplined fashion.
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