any idea what the assets are worth? i know book value usually isnt reliable in a case like this because stuff is can be carried way below book. I bought some just on the assumption that liquidation value could be maybe $20 or so but also thinking this is a ploy to get a higher bid.
The provide a range of net asset values every quarter.
It was $13.80-15.83 before today and I guess it went down a few cents.
As for the Preferred, their dividends are halted for now, and the company intends to buy them back in the open market. And they also expect to complete the Liquidation within 2 years/
So I wonder if the liquidation changes things with respect to them not being callable ? If the company is liquidating, they preferred holders cant force the company to stay open just to pay their dividends.
In any event, they could easily satisfy that by setting the money aside and liquidating anyway.
It sounds as if Ashner thinks values are too high and he is closing up shop & foregoing his mgmt. fees to sell out so maybe a premium to net asset value is possible. I would LOVE $20.
But, I didn't listen to any conference calls historically and I guess there is or will be one today.