after infusion of $2.9 billion and pay-off of $1.5 billion in debt, what the math works out to, as far as I can tell, is $27/share in cash and no debt.... Am I missing something HUGE, here?
There is no room down, but it has room to go up.
Not to burst your bubble but the 2.9 was not owned outright. There is a wherehouse line and some depositor money that was used to make the original loans.The compnaies cash position is in the equity at Fremont General not in the loans held by Fremont Investments.You need to understand the relationship between the two. Read the financials.However, there is 1.5 bil at Fremont General which does work out to about 20 per share. It would be intersting if FMT starts buying their own shares with it.NYC.... Watch out for shorts jumping out windows.
This sure looks as good as Bull Run Gold did a decade ago, 1.00 per share cash, fifty cent price.