Expo Holdings Inc. (EXPH)

[Acc441]

Nafe appears on the tax rolls as owner of the land and buildings. I have a different take on it. How and why did this happen?


That brings us to a character called KING...King owns P & U displacements along with land and facilities..... because KING can....he sells you the land along with the 2 manufacturing bldgs sitting on the land....after all...the land comprises roughly 5.6 acres and I don't think you would pay $816k for 5.6 acres(land only) in lovely North Wilkesboro.....at the time of sale KING owed SBBP roughly $460k for the land & buildings.


Prior to selling you the land and buildings KING's business was paying roughly $5200 p/mo to SBBP, LLC ..the interest rate was roughly 5.75%.....had KING not sold it to you KING(actually his business) would have had a ballon payment due to SBBP, LLC in the amount of roughly $425K which would leave a ZERO balance owed to SBBP, LLC on the land and Buildings.KING had taken his company public and found access to cash via share sales... KING decides to sell the land & facilities to you...remain in the facility and agreed to pay you....say......$10K p/mo.....KING then founds a company called BILKS Holdings....magically the rent factor on the land/buildings grows and grows.....remember....KING had sold the land/buildings to you and all land and buildings were gone from the P & U displacements asset list....except of course an "ADDITION" valued at $5200(mid 2007 and roughly the same birth date as BILKS Holdings))....this "addition/facility has magically been erased from the P & U balance sheet as well.....just to be safe KING decided to not only file financials very very LATE....KING also decided to omit the rent expense for several filings until September 17, 2010....oops.


It's good to be King.