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Handleman Company Message Board

  • watchthedownside watchthedownside Aug 8, 2007 1:40 PM Flag

    Liquidation value is $3-$4/share tops

    ....you must really adjust the balance sheet to a real world timely liquidation.....many of you are probably forgetting to subtract some pain for the company's $50mm in present value of non-cancelable leases, $33mm in inventory purchase commitments and $72mm in other obligations, including software purchase commitments and Crave earn out provisions....none of these are 100% hits, but adjusted, probably total abount $70mm that is not on the liability side of HDL's balance sheet

    the only value for this company is as a going concern imho

    also be careful that there are not income tax time bombs given price waterhouse's comments at the front of the 10K

 

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