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Saturday, March 17, 2007 10:17:35 PM
Go easy dude/dudette.
First of all, this is not a 100 million/year company. The last financials posted were 2002 at 83 million. Bear in mind, Dans had posted losses for each of the last 4 years they were reporting.And, these were pretty serious losses. With such losses year to year, Dans went dark and was delisted to the pinks.
Secondly, look at the PR's from Icon stating that they are assuming all "liabilities" for Dans. Then Dans in an email to someone here says they have debt to take care of.
My guess, Dans was in heavy to lenders and Icon bailed them out. Icon now owns the better chunk of Dans.
Sure they have product at Walmart. It's tutu's and ballet slippers for little girls. And stretch pants for "larger" dancing ladies. Yes they have been around since Abe Lincoln. So what? Look at any online vendor for dancewear. The Euros have captured the market and Dans is passe.
Uplisting the backdoor method never proves viable. Sure, split those shares every way fron Sunday, uplist to Naz or whatever and watch for massive institutional interest? Yeah right! Rather watch for Legal shorting and options. Watch hedge funds make pablum out of this. Companies that have shown consistently that they can't turn a profit get killed on the big boards. And Dans will get killed. At least without icon, they will get killed.
From the little info gleaned on this one, it's pretty clear that Dans management is keeping mum on the deal. Red flag? For sure. My guess, these guys racked up some serious debt since 2002 and the $70 mil is a bailout, only to keep the Danskins name alive.
Would I buy? Yes but not until these guys spill the dope and tell us the real reasons for this "intellectual property" fire sale.
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