You left out Garrett's convertible. He isn't going to convert at these levels because he deeply cares about the other shareholders and is a nice guy, and doesn't need to make extra money he just has been here 8 or 9 years and just for fun.
And this is what we =know= about so far, obviously there are the payables being covered in shares as well.
The book value is questionable when you don't know how many shares are going to be backing it by the time any form of shareholder distribution happens.
Regardless of business conditions, the management is starving the parent company.
The good news is they converted ECAB at $3/share on a $25 book (your term).
Thats the good news. And we got a new boiler. And its the year of the dog.
Its wierd how the company acts like everything is great; and if Solomon talks about the book value per share on the call being $25 or whatever!!!
They could fix it, buy back 10 million shares at 50 cents! It costs $5 million, but with $600 million in assets they can't come up with that kind of money.
