Got Parlay?

[dougem]

Anybody join in on MMPIQ ? This has not received much attention yet, but could have serious potential. Some basic information below.

1)Recent filing indicates over $200M shareholder equity (Meruelo Maddux Properties Inc, 3/18/10 8k bottom of page 90).
2)Equates to over $2/share ($200M divided by approx 88.1M shares).
3)Principles Meruelo & Maddux own over 50% of the total shares.
4)Taylor/TAM Fund own over 13% of total shares (many bought after BK)
5)John Maddux (President/COO) acquired 502,679 shares at .10. After BK, form 4 filed on 3/31/09.
6)With approx 63% of shares "locked up", this leaves approx 32.6M shares "max" available.
7)This Company is one of Los Angeles largest property owners & could have many eyes on this for submitting enhanced plans after the exclusive period ends.
8)Current Debtors plan submitted is not yet confirmed by BK Court, indicates equity after BK, but based on plan guidelines with owning existing equity. This plan currently discriminates against small holders, but I do not believe a BK Judge would confirm in the current format. Further hearing on this plan is scheduled for 3/31/10.

With the Insider holdings, I believe this could develop into a similar situation as General Growth Properties (GGP), Fremont General Corp (FMNTQ), Pilgrims Pride (PPC). Looking at FMNTQ, it has approx 82M shares with approx $100M equity & has increased over 50X over the last 1.5 years. When FMNTQ exclusive period ended, some enhanced plans by others were submitted which are beneficial to existing equity (I believe this may happen with MMPIQ soon).

Chart link below. Float appears to be tight as evident on price spikes in January & March with not much volume. Recent trading activity is on very small volume & still appears someone is trying to keep the price down with small sells (question trading between themselfs to promote selling, while they accumulate?). Note: Currently there are some Bashers on the MMPIQ board that confirm there is value, but is trying to promote selling while he accumulates.

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