I think this company is probably worth nothing because of the $97.4 million of "nonaccruable receivables" and other issues. They made loans backed by illiquid and distressed collateral (the race track bonds) to a company that is affiliated with a director. What other shenanigans is this company up to??? Considering the size of their balance sheet, it doesn't take much to sink the equity. The optimistic scenario values the company at $30-40M, which is where it is trading now. This assumes that the company will one day regain economic profitability, which it hasn't done in quite some time. Not only are they not making an economic profit, they are making an accounting loss! Interest rates are going to be low for a while too.
The tangible book value of this company is only $80M, but how much of the receivables are going to be repaid? How many more years of losses?
FYI, if none of those nonaccruable receivables (doubtful debt) get paid the tangible book value of equity is worth less than zero. They are racking up losses on top of that. You really think the market cap should be $30M?? Interest rates are remaining low. They couldn't even sell their Uk biz and will incur $5-6M in shutdown costs probably.