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Thursday, November 17, 2005 10:59:52 AM
I'm not really that crazy about the tv show and new furniture line yet. Once LFWK can establish themselves as an coast to coast provier of quality lofts, I don't see the power behind the name. Real Estate investing is like dominos. You first need one success sale that funds two more acquisitions. These two acquisitions determine if the company will be a long term success or not. So in my opinion this is a solid company with an experienced leadership with decent connections. The successful smaller lofts could be considered the base, the Ambrose building is one of their two starters. By my calculation June 30th was the approval of the funding which means the purchase or service agreement probably finalized in early July. Renovation on the first two probably began in mid July. So about 4 months for half the units means this project will probably close by March 2006.
There are definitely some downsides to LFWK. The CEO is busy with the renovation plans and I guess with the tv show and furniture line to inform the investment community of the company's progress. So instead of a slow and steady pps climb we will be on a crazy rollercoaster ride. If you ask me Dennis is not that great of a CEO, but I do believe in his real estate connections. If LFWK could just get a PR person on the inside to manage investor relations we would be somewhere above $0.02 in a short time and we could stay there. Right now dilution is not even an option. He would be crazy to let millions of shares go at this level just to raise a few thousand bucks. OR...raise a few thousand and invest it in a PR person. It would really only take one guy or gal. No daily PR needed just once a month.
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