Div hacked 50%, No earnings....liquidation IS ON!!
It appears that investors are now seeing the writing on the wall. Amazing when people actually read the filings and then compare to prior fictional filings. Going through 3 auditors is a warning..hello.
Selling everything in sight because there is nothing coming from operations, then declare a dividend of which 51% goes to the CEO, are you serious?
I guess the gig is almost up?
SEC case pushed to DEC, class actions abound on many different fronts, 10k is abysmal and the next 10q will be indicative of the continued trend to doom.
A lack of money will kill a company faster than any lawsuit can.
Well that explains the stock run up from May 30th - looks like the stock got bumped by 10% and now will settle back to prior trading range on bad news.
Not that anybody trading this stock seems to pay attention to the 10K - but I can't seem to fathom the connection between $62M market cap and a company with:
Net ANNUAL revenues of $5.7 million (we are now talking about a less than $6 million business).
Operating LOSSES of $8.2 million (with no immediate opportunity for improvement).
SOLE source of positive cash flow is asset sales (for past two years)
The assignment of rights to the trust looks like it could be a drain on cash because the purchaser gets the rights to future cash flows BUT LPHI is stuck with the obligations to fund the trust ($609K in FY 13)
Equity currently stands at $28 million - down from $55 million just two years ago.
Why is this trading for more than 2X net book value - makes no sense.
At $3.7 million in annual dividends this investment would have a 20 year payback period.
Appears to be only slightly less reasonable that a Dr. Cassidy LE.
Adjusted book is at least $.40 below reported IMHO. I agree, there is no way this should trade above book value since the company is indeed in liquidation. The bogus sale of the trust income, assuimng there ever is income above the financing costs, provides more money to pay out to the Pardo Family Trust in Gibralter. Life fraudbusting says, it is the rape of the company's assets. If and when they go bankrupt or get shut down (there are a bunch of lawsuits out there) there will be no way to recover that money. Sad.