My shares are in street name. Just yesterday, I received a letter from Gristedes Sloan's dated March 10, 1998. The letter answered most of the questions on this board. Has anyone else seen this, and if so what do you think?
On the face of it--the company may be undervalued. Their recent results suggest growth. And the food retail industry is consolidating. Yet interest and volume in this stock seem quite limited? Are any NYC-area investors aware of problems that might impede appreciation?
The 10-K and 10-Q forms that were to be filed by May 1 are not yet filed. The Dow Jones newswire said on about the 5th that they would be filed on or about the 13th. I am surprised they are not filed yet. I went on vacation and just got back. If they are not filed by Tuesday the 26th, I think I will call investor services to see if I can find out what is going on.
The crux of the problem appears to be difficulties with the reverse merger when Gristede's and Sloan's merged with Red Apple. The rules governing the reverse merger are difficult to deal with, so says GRI.
Dow Jones also said there was perhaps a $0.39 loss per share. If the SEC forms were not filed, I don't know what they base that on.
If you hear anything let me know what and where you found it.