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Scott's Liquid Gold Inc. Message Board

  • mathis_m_g mathis_m_g Nov 28, 2012 8:40 PM Flag

    Why SLGD stock is worth $2.50...

    If the current $9,500,000 bid for a sale-leaseback deal for the SLGD facilities falls apart before the drop dead date of 20 December, the building could be worth 1.5 times the price or $1.50 to shareholders or $1.20 after paying off the mortgage... The SLGD brand name and iconic furniture polish product could be sold to another manufacturer for $1.30.... $1.20 + $1.30 = $2.50 or 7.5 times today's closing price of $0.33. SLGD's 30% owner / CEO awards himself $395,000 salary to lose money for 14 of the last 15 years because a do nothing Board of Directors who always "hire" him... This feckless Board needs to be held accountable for their own role and lack of fiduciary responsibility to shareholders... Mark Goldstein's hapless "management" and checkered personal and professional past needs to be terminated by a real shareholder revolt which would lead to an orderly auction...

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    • i'm not sure where you get your numbers, which seem absurdly high to me....but I agree 100% with the last half of what you say about Goldstein and the board. Their comportment has been despicable. Goldstein has had literally ZERO accountability from time immemorial...which is exactly the way he has wanted he can literally remain in a delusional world of running down the halls of Scott's Liquid Gold like it is the 1960's, safely ensconced in the "love and support" of the "grown ups." Meanwhile, Rome has burned, at the hands of an incompetent CEO, for a generation now.

      It has been proven to me, manifestly, that this company, and its board, are psychologically defective, and characterologically diseased. The company is a laughingstock of the corporate governance accountability space. Goldstein "pockets" bids to acquire the company, and expressions of interest are not even brought before the board. The evidence is incontrovertible, and I can't tell you how many people I have talked to who said Goldstein doesn't return calls, especially when it comes to expressions of interest in purchasing the company.

      The board consists of mere shells of men...whose only "mandate" internally, is to give Goldstein what he "exchange" for their board fees. The board is morally, and fiduciarily fetid and corrupt, in that specific sense, among others.

      • 2 Replies to tim_stabosz
      • 12:34 p.m. Thursday 29 November 2012

        Mr. Stabosz:

        Having read your federal filings and message board postings, I'm extremely impressed with your writing... You have the "eloquence of diction."

        Now, back to SLGD... What do we know? We know that a 3rd party is willing to purchase SLGD's Denver facilities on condition of a triple net $3.25 lease for 3 years (about $370,000 total) on about 120,000 square feet... SLGD only needs that plant if they stay in busines in Denver. This is not a good option as they have lost money 14 of the last 15 years in Denver... Without the leaseback, the buyer would probably disappear... That would be good because it would be the precursor for the shareholders being able to sell off the assets (facilities, brand name, machinery) separately... I have purchased Scotts Liquid Gold aerosols yesterday at Lowes, Menards, Wal-Mart... It would be easy enough to use the blanket purchase orders for SLGD products as collateral to buy the whole company for a breakup... My $2.50 number is entirely reasonable...

        My recommendation is that a group of shareholders representing roughly 25% of the shares obviously want change. However, Goldstein is still in control... Would it be more efficacious to offer Mr. Goldstein a lifetime annuity of roughly half what he is making for HIS support of your breakup idea? This would enable Mr. Goldstein to ride off on the purple sage. On the other hand, this would enable you to takeover the company and sell of the parts (facilities, brand name, machinery) for much more than my $2.50 number.... This would be relatively painless...

        You could even move the 30 blue collar jobs to your hometown of LaPorte, Indiana which has a company called Fas-pak specializing in mixing and filling containers for the very companies that SLGD sells to now... Or, Fas-pak could use the Denver building to expand its own operation...

        How difficult would it be to contact the bank who owns the $3,100,000 mortgage? Incentivize them to waive their covenants by agreeing to auction the building to pay off the mortgage in full....

        Let's get this deal going... I love Scott's Liquid Gold!

        Sentiment: Buy

      • Agreed, and unfortunately no accounting standards, no SEC rules and apparently nothing else can stop CEO Goldstein from continuing his antics!! But if you do believe there is a stick to wack Goldstein let us know because i will gladly throw in my few thousand shares to vote for it.

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