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Friday, October 08, 2021 2:14:25 PM
First a very big thanks to you for drawing my attention to this stock. I bought shares at 9.03 so I've more than doubled that money, much thanks to you.
Now, thinking about what the settlement can be worth, I remember you writing that 49% of the stock is held by insiders (in April, though). From what I understand, the settlement provides for a cash payment to the minority shareholders only, not to insiders.
Thus, with 24 M shares outstanding (iHub's figure) the minority owns some 12 M shares. Then the settlement should be worth at least 25 USD per share, which at current levels ascribes a negative value to RENN.
This seems strangely low. What do you think; do I miss something in my back-of-the envelope calculation?
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