Pointless response!
The $86 million is a bond . It must be bought back as is the case with all bonds ( promise to pay). It comes at a high interest rate during its life. Its a big IOU.
Quote " They have $450mil in cash." NO they don't. That was at the beginning of the yearand much of it was used during the last 6 months.
They've sold assets to raise cash as well. In doing so, the plans for those assets are tabeled. They've stated that without passage of prop % , they would be forced to focus on smaller projects.
The remaining shares that weren't sold remains will be sold and that's dilution .
If I didn't know the financial state this company is in, I'd go to the financialsand last report. There you'd find why they were pushing Prop 5 . Lucky for the Longs it didn't pass. But now the shape is almost as bad and the future is questionable.
Reality check needed. The post sounds all to familiar like the daily flood I see every day. Promotions, assumptions, claims, and half baked research statements don't get past me. I will expose them for what they are .
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