gitreal, you provide valuable insight into HMNC. I recently came across the name in the SEC filings and am quite intrigued. I have never seen a situation where a company receives a bid and trades so far below the takeout price. It is bizarre. I was unable to find any information on Crowncorp Investmnet Corp. I don't care too much about Hondos operations. I'm only interested in trying to figure out the value of the companies assets and whether or not this buyout is for real. I am very skeptical but there are some reasons to think this offer could be real. The most compelling reason is that people could go to jail if this is a ploy to manipulate the stock price. Second is that Grossberg has been acquiring shares in the open market. Don't know who he is, but hopefully he did his homework before buying 11mm shares. Miertschin also owns 13mm shares, so he should be motivated to maximize value. Lastly the market cap of 16mm seems extremely cheap. They claim to have 14mm in property plant & equipment and 2.5mm in debt. Say they can sell the plant, vehicles, office equipment, etc.at 50c on the dollar they get 6mm. No idea what the land and mining rights are worth. The company says the tailings have 1oz of gold and 30 ozs of silver per ton. Let's call that 3bln worth of metal. They claim it cost 450/ton to process. So cost 450mm to process tailings for 3bln in metal. That leaves 2.5bln in profit. Discount that by 99% and you still have 25mm worth of p&l which is nearly double the current market cap of the company. In addition they have the 540 acres of mineral rights. In summary it does not seem like a stretch that an aquirer would be willing to pay more than the current market price for the company. What do you think?
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