The company is now Pink Current he says with a wink.
Financials for period ending 5/31 should have come out on 7/15. Yet Fair delays them until 10/4. Anyone ask Fair why it took almost another 90 days?
This stock is going to consistently alternate between Pink Current and Pink Limited, just like it has in the past few years. There is no in house controller (who resigned) as all accounting is being done on the outside (as stated in a filing last year) which opens the company up to errors. If they ever audit the books I would expect major restatements like the inventory adjustment they made in this past quarter.
The Rasmussen Cabinets LOI turned out to be nothing. Who would want to sell their company to Third Bench who has very little free cash flow? Except for a distressed, almost bankrupt company, nobody would.
Fair is going to have to dig himself out of this mess. He is getting paid because he is taking monthly management fees from all his companies. He still doesn’t own any common stock. Why would he? He knew long ago that he would reverse split the stock even when he told shareholders he had no plans to. At some point, he will start paying himself dividends on his Preferred stock (in the form of common stock) because he sees how well it’s working out for Canouse and friends. That is what you have to look forward to.
Even if Fair tries to sell the underlying businesses there so much debt owed that the company has zero (more likely negative) equity.
The only hope for common shareholders is if complete irrationality hits the market and people toss money at this without knowing the history of the company. Oh wait, that has already happened. But, it could happen again. Never say never.
