Manati Industries, Inc (MNII)

[JDoggs_Money]

Hi Deet,

To answer your questions - the MAX conversion per the last company filing (1990) said they can convert between 5 to 20 shares of commons. I would assume 20 at this price? But honestly I don't know that they would convert. They have preference for payout over commons, which is how most preferred shares work. But worst case payout to commons (if we see full payout and my math was correct?)...and this was assumed extra conservative was about $115 per share after debt and preferred are paid off.

I 'think' the debt from the claim was written off decades ago when they transitioned to the new company name (Manati Sugar to Manati Industries). It appears the new debt was created on loans from Bangor Punta, a subsidiary of theirs. I think Bangor was strictly in the US and didn't have issues when MNII was confiscated. They used a loan from them to start an airline, which was unsuccessful ultimately along with some other ventures. Now they sit and wait for the claim payment vs going into more debt.

Since 1990 it looks like they had admin debt and accumulated debt from preferred share assumptions. Looks like at the time of about $25k per quarter. So I'm assuming about $3.5mil debt before preferred payment. So not much compared to the original claim. And it sounds like the debt on hand is negotiable since the debt is to Bangor and they already own the preferred shares. So I am assuming worse case in my calculations, but it could be much better.

Have a good one.