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Post# of 79921
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valueseeker666

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valueseeker666

Re: None

Sunday, 07/29/2007 2:52:11 PM

Sunday, July 29, 2007 2:52:11 PM

Post# of 79921
Book value is negative $44 mill.
You have do deduct $110 in preferred stock which is like debt because it needs to be paid back.
Also, $30 mill. for 10% of the gravel in the ground is wrong according to accounting rules you can only use your cost, not future revenue as an asset.
They lease the pit, and the owner is trying to terminate the lease because no subcontractors are permitted. According to the latest PR they are bringing even more subcontractors in.
When you deduct taxes and Pref. dividends there is no income left for the common stock.


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