Tuesday, April 21, 2009 12:06:26 PM
It is important to remember here that this is a spin-off OF WHAT WE ALREADY OWN. All that changes is the packaging. When companies do this they are looking to do one or both of two things.
The first is to unlock value - in other words betting that, packaged separately, spoofem.com and the remaining Ligatt businesses will be given a higher valuation in the market then when packaged together. This is often the case, as the market typically applies a "conglomerate discount" to unrelated lines of business in a given corporate structure. Once separate, each can be positioned and tweaked to appeal to a much more specifically interested audience of investors.
The second reason is to allow the businesses to be managed separately, possibly with independent managements. So far we have not seen any indication that this is Greg's intent, but it would make sense to do this. One of my concerns with IGTP is that Greg seems to have a large number of balls in the air, and, despite the number of overall employees, it seems Greg is stretched pretty thin to set directions for the various lines of business.
If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!
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