Good writeup. Congrats on your successful trading of this stock -- unfortunately this has been one of my buy and holds over many years. I keep holding because it is priced so far below tangible book value that I agree - I have been waiting for someone to buy BDR, not the other way around.
BDR is priced around 1/3 of sales. The new compnay will be purchased at around 1/2 of sales, so they are paying a higher price tag. Lets hope the new purchase "raises all ships" or in other words, I assume they must have some degree, however small, of profitabiilty?? And thus, maybe for starters, the entire new entity will be trading at at least 50% of sales. Anyone know if these guys are profitable?