one more thing..
"...which is the reason he was paying off creditors with Ludvik stock in the first place."
I believe the creditors were paid in cash as you stated next..
Does creditors agreeing to take $1/share for stock they've been given automatically assign a value to the entire company? Not sure about that.
No the creditors had control of the situation in bankruptcy. Frank had to pay them to reform the remaining assets and get them out of his business. this is a form of receivership which is used to settle in a bankruptcy case. The creditors had claims but not enough to justify taking everything from him. Its possible that some of the 50 million in assets were sold in order to satisfy this claim.
Once again, Frank set the price and paid it himself. What was his motivation?
Motivation is to become a successful hedge fund manager imo. The creditors agreed to the price, so perhaps they agreed that the remaining assets were worth ATLEAST 20million.
Why not just give them cash?
He did. Frank is a millionaire and has lots of millionaire friends imo.
The asset's listed at $7.7 million in the 2012 annual, so that's all I know.
I dont know where you found that? 2012 annual of WNTR ? Was this before or after Frank became CEO?
Thanks for the debate. I hope it works out for all of us as well. After years of legal headache, Frank has finally become public with Ludvik Holdings, and now has a debt free company with millions in assets on the books. Frank has indicated that we will get audited financials. If this happens we will be able to see everything about ludvik Holdings inc. Which has been a private company all along until now.
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