The purchase of Sam's has been bothering me, since it was announced. Why would a company that is making multimillion dollar, brokered deals in Dubai fool around with a retail operation? Retail is tough and volatile and they have entered a very competitive environment, dominated by Home Depot and Lowes....well I got it!
Sam's was purchased to be given, at a later date, to those large stockholders - insiders, who will be out once the new owners come in...Emaar, Wessal, ...or whoever. These large stockholders are "locals"...Canadians, who need a golden parachute to make way for the new guys. They are of no value to the new direction of Sulja but they own large amounts of shares.
The purchase, with our money, will go to them free and clear when a merger, takeover happens and we won't scream because it will take us higher to get rid of the small frys and giving them a $6M company won't affect the stock value in the light of a new owner.
The name Sulja may even survive with the new retail operation...the new name will be more international...and will focus on exports from Canada and imports to ...wherever...
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