For what it is worth, my sister lives and works in Purchase, and I visit infrequently. But to the focus, they, MVC management, now blame their audiitors for their SEC problems. Both in-house and Madison Avenue IR people tell you "we are waiting on the auditors". I suppose the inexperienced can believe that line. The hired IR people say they are now preparing a presentation. If it is for a road show, perhaps the financials are about to be made public. That would be a positive step. Cooperman and other value money (Wynnfield) have bought stock, supporting one's idea of under-valuation. Has anyone noticed the amount of overhead MVC carries in terms of credit and lending personnel for MVC's limited portfolio. These credit types are normally well paid, as are their directors. I did not mind so much until I was told the mistakes made with the auto dealership losses. The management really had no experience in that line of business, and they did not have the most rudimentary internal controls (per their auditors) for the controls involved in auto floor plan finance. Let's hope the directors focus up and get MVC back on track.
If you are not smart enough to do your accounting and get out your financials within 180 days, do you really think you have the expertise to lend money to high risk credits? I dropped by their offices. They could not even find their old annual reports for me.