Builder, Its a real problem valuing this company. They have one division that is actually generating positive cashflow and one that is sinking them faster than the Lusitania. The biggest problem is management. I love their engine treatment and used to buy it at Pep Boys. Once I was told by the manager of the Pep Boys store that it was being discontinued I bought the rest of the stock they had. I found it about 6 or 9 months later at Kmart. I bought those too and was glad I did since they never restocked it. The burden of this staffing company is basically sinking them. What kind of green jobs do these guys fill? We were entering a recession when they made this decision and they were sold a bill of goods. Go back and look at the news to January before the name change. The CEO stated the company was going to do $124 million in sales and generate $16 million in profit. This was all going to be generated by this acquisition, which from my examination was losing money and had debts to their eyeballs. I believe this acqusition was done in the hopes of hiding the fact that the company's Nigeria plan was up in smoke. They sold $2MM in product to Cood Resources and my guess is they got paid a couple hundred grand on that. They were building a plant in Nigeria, where has that gone? How do you value something like that? I don't know if its possible for them to unwind the staffing deal, but that is what I would do. I would hire some real sales staff and push the crap out their treatments. I'd work with the creditors and have a concrete plan and enlist their help in getting product out there. It always seems like a one and done situation for their sales. We never hear from these people again. That makes this impossible to value realistically.
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