Yes pop, at first, I would think it would point to a company that is seriously undervalued, but IBCX has not been under the radar, it was recently the most talked about stock on Ihub. In Feb 2005 Ed held a Paltalk interview and stated the company had $30 million in assets, the Royal Arkansas Hotel and Convention Center were worth over $20 million, insured for $19 million and only had a $1M mortgage on it. That is a substantial asset that would be attributable to shareholders IMO.
Now, in mid 2006, Gary Becker was to buy 51% of the hotel for just over $2M, a fraction of what 1/2 the hotel should be worth. We know he didn't have that kind of money, as he was charged with 8 counts of theft and fraud for over billing guests credit cards to meet payroll.
I would really like to know who would sell 51% of a hotel that is insured for $19M for just over 1/10th the entire insured value.
That also leads me to believe the hotel isn't profitable. Every single money trail I follow starts big and gets smaller, and I can't figure out where it all goes. I also wonder if the auditors came up with the same result.
Also, Ed has mentioned that he owns a majority stake of IBCX through his Turner Hughes company which seems like nothing more than a holding company. My thought process keeps leading me to look at Turner Hughes as a possible part owner of the IBCX assets. There has to be a logical explanation for the current PPS. There are subsidiaries on top of subsidiaries, a possible spin off, a reverse split and two forward splits. These things do nothing to add to shareholder value as we have seen, so my big question is: What do the shareholders of IBCX actually own?
I think Paltalk is the best avenue for a shareholder interview, Ed has addressed shareholders there before and is familiar with it. Also, enough of us have heard his voice to be able to authenticate it.
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