Well now that this company's interest income is no longer enough to support it's caretaker expenses, and they operating in the red, maybe this would be a good time to take a look at thoses expenses. Let's see, there are 10 employees who also work on other businesses so I guess that is part time, but the company is leasing (from the CEO's company)11,000 ft at what, $24k a month? Somebody is making out, but maybe not the general shareholders. Then there are the salaries and bonuses and options, what, about half a mil to the CEO alone. And, there has been no action in the company for a long time. But, what really is the hurry, at these rates. Of course, some of those NOL's will start to expire in 2009, I guess that is something they have to think about (but the motherload is good far beyond 2009, to be fair). Still, this "lottery ticket" someone said we are holding, is starting to produce losses. Now, I have not spent a lot of time studying this, so if I have anything materially wrong here, I would appreciate being corrected and I apologize in advance for any errors. It just seems in the broad sense, that this is not going our way, but must be good for somebody because money is moving out. Just my humble opinion.
You are dead on with everything you said... especially its about time to do something while you guys collect payment while being real choosy on finding a deal. However, this stock will not be dependent on their slight loss vs. interest expense over a few months or quarters past.. it will be on the deal that is done and the multiple of our return going forward. I still think our upside is large downside quite small. And yes there is a block that is almost cleaned up here at 6.00.