PIOE, the good and the not so good.
This post is based solely on my own opinions. I have formed these opinions over the past 2+ years of owning PIOE common shares. Anyone wishing to comment, please feel free to do so.
The Good:
1) PIOE was able to emerge from bankruptcy more than two years ago with a plan for acquisitions.
2) They acquired the two newest parts of RCP Advisors less than 2 years ago. "RCP 2 and RCP 3 each operate as indirect wholly-owned subsidiaries of P10 Holdings, Inc." (quote from latest Form ADV of RCP)
3) PIOE reports financial information each quarter (and annually) on a regular basis. Annual reports are audited by one of the "big 4", KPMG LLP.
4) PIOE stock has increased more than 150% since emerging from bankruptcy. (comment: this is based on a pre-acquisition price of about $.40 per share.)
The Not-so-good:
1) As far as I know, PIOE has no business of its own. In this sense it is still a shell company. (PIOE's predecessor designated themselves a "shell company" in their last SEC 10-K filing in 2017.)
2) PIOE gives very little information regarding any plan they may have for further acquisitions or for establishing some business for themselves outside of RCP. (They did hint in their last Annual report about additional business as follows, "We are in the early stages of developing relationships in credit ...")
3) Since their financial reports are "consolidated" we cannot tell exactly what is attributable to RCP and what is attributable to PIOE. (comment: I have assumed in the past that most, if not all, the revenues reported are from RCP. It would be nice to know if this is, in fact, the case.)
4) Although PIOE share price for 2019 has increased almost 90% to date (from $.78 on Dec. 31, 2018), it is down about 15% from the highs of 2018. (comment, although there was one trade on 3/28/18 at about $1.84, I am arbitrarily using $1.50 as an approximation to the high price in 2018).
