we have seen how good she is at looking at the books
I have never believed that AP-I-yi/WaFr was "fooled" by CWS. I believe the machinators of that merger knew exactly what they were getting.
The math is really simple. Less than worthless penny stock merges with "successful," "revenue-generating," privately owned company and the private owners get nothing but shares?*
Can you say "negative sum"? If I were the private owner, I wouldn't merge. Would you?
*The pro forma revenues for 2012 was $13 million! The private owners were giving up their 100% ownership of an allegedly profitable company for a 65% ownership of a public company with $13 million in debt and various outstanding judgments. Seriously?
News 
Market Data 
Discover 
