From looking at the 10-K, it seems pretty clear that there won't be more than a few to several hundred thou worth of additional working capital generated from the liquidation of RX's working capital. It's barely, albeit marginally, material.
LTF, those are great questions, I wish they had a conf call. I think Fillepelli was shocked by the institutional holder during the last Aug conf call who really took him to task - basically saying that the only thing to do was liquidate the biz.
That large shareholder believed the gov side of the biz was worth $2 - $2.50 in a sale. Obviously he could be wrong or just bs'ing.
And I agree that you'd think they should be able to generate a few bucks of net cash flow as the A/R and A/P wind down, but I dont know enuf to be certain.
I'm no expert on TSTF. I mean I've read the last q and recent pr's, listened to the cc and thats it.
It seems to me that its worth a multiple of the current shareprice as long as the gov biz hasn't deteriorated during the past five months. And I believe they have enuf cash to self finance for the short term w/o a facility.
I know this is a long shot since they havent mentioned it since the Aug call, but it sure would be nice if they could get some of the retro billings they mentioned - I mean they sounded confident that they would get a decent portion of the million bucks. On the flip side, with the recent pr's, they've had ample opportunity to update, but have not. Maybe thats a reason whey the CEO is leaving, he f'd up on the retros.
I'm long TSTF, but its not a large holding. I mean even at .70, there is some risk.