Andatee China Marine Fuel Services Corp (AMCF)

[mdimport]

Tangible Book Value / share = (total Assets - (goodwill + intangibles + liabilities)) / O/S

= (250,279,530 - (1,245,594 + 9,392,615 + 189,442,163 + 363,225)) / 9,860,159

= $5.05

Typically you'll see a company like this trading at a multiple of its TBV.