Nearly 1/3 of the entire shares issued have traded today at an average of about .13, so someone has bought up 1/3 of the company for about .13/share. That values the company at 3.8 million dollars, but the SEC filling showed a 30 million dollar spread between assets and debts (if that number is right?). Shareholders equity was listed as 29 million dollars, in the latest 10-Q. That is $1.00/share in shareholders equity remaining. Which begs the question "Why did they file BK?" in the first place???? Since they were down to 5 million in cash at the end of June, my guess is they ran out of cash and could not sell convertible debt to hose shareholders with again, and could not borrow against the assets. So the current stock price is 10% of the stockholders equity, which is mostly plants and equipment. My guess is they could sell the equity part of the assets for 10 cents on the dollar, but will they get full value for the debt part of the assets. If the sell the assets in full for 50% discount, the stock holders get nothing.
So it all hinges on the BK plan, and how many buyers line up to buy the remains, or if BCON can walk away from a lot of debt, and take one more run at it?
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
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