I hold a position, but an investor friend of mine asked this. Does anyone care to comment?
Did I read the recent press release on the sale of 30% of assets to Kang for $80M? By my math, it sounds like he is buying $126M of assets for 63% of value and leaving shareholders with ownership of the remaining $289M in assets and all the $153M of liabilities. Shareholders' equity is about to drop from $261M to $216M ($136M plus the $80M cash). Am I missing something, or is this an absurd deal? Why did the board agree to this?
Because Kang is a #$%$! And the BOD are all his family! Wake up! This co. is worth #$%$! They alsways have the hghest sles ever and lose money! Why? Because Kang and the gang are being paid way more then they should be.