Adfitech Inc (fka ADFT)

[Olmsted]

Seems to be a motivated seller at 2.50. I hope it is one of the old TMST bondholders just looking for liquidity, as opposed to someone who sees fundamental issues.

But to that distinction, did anyone see anything in the recent financials that concerned them? I thought they looked solid. It looks like they are experiencing good growth in pre-closing business to replace the surge in post-closing (forensic) that we knew would not last. Management continues to tease us with hints on new projects, and I'm really curious what plays out with the line about obtaining state mortgage licenses:

We also had a significant increase in building maintenance and supplies, primarily due to projects completed during the second quarter of 2012, and in licensing fees, related to various state mortgage lending licenses obtained by our subsidiary, VLN, Inc.”

Origination? Servicing? Both?