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Swisher Hygiene Inc. Message Board

  • iyel iyel Nov 16, 2012 2:21 PM Flag

    You can rant all you want about Swishers failings

    but they just got 123 million for an asset they bought less than 2 years ago for 90 million and 50 million of that was stock and the rest assumption of debt. That leaves them from this deal about 90 million or so net cash plus whatever cash is left that they can report if or when they ever finish this audit. Having paid off the banks the debt they have left ought to be around 15 million. So they are not quite dead yet.

    The next question will be after they finally and at long last tell us how big a mess their AR is will be the whats next. They have a pile of cash and little debt. As a former Coolbrands shareholder this is all looking like a movie I have already seen. Stay tuned

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    • Thanks Lyel for your helpful post and cash reminder; I am staying tuned.

      • 1 Reply to snawatcher
      • You're welcome. Look-until they finally come up with audited returns for the last year we wont know down to the last penny what their bottom line really is. There are a few things however we can assume. Like does anyone here think they could have gotten 123 million for Choice if chapter 11 was around the corner? Why pay a tidy sum if you thought you could get it in a fire sale? I have to figure the buyer had a pretty good look at the financials. We also know that between the original Coolbrands cash they got(62 million) plus another 190 million or so they raised from 3 private transactions that Swisher did have a mountain of cash and not a lot of debt at one point back say 18 months ago. We also know the covenants to the loans they just paid off restricted them taking on new debt so how bad could their balance sheet really be after every I and T is dotted and crossed? The first and only story we got as it pertains to the restatements was that it involved AR-a non cash item. Ifso the chances of them surviving their own self made mess may be better than the price of the common suggest. A better question and one that as a Coolbrands shareholder I am familiar with is where do they go from here. Selling their largest asset may suggest they like Coolbrands are looking for another way to go. I wonder now if they want out of the cleaning business, plan to sell the rest of what are now penny ante assets and start all over. Just speculating here and nothing else. But at a buck and change the downside is somewhat limited and the RRR is actually not bad.

    • well, this is good. they will need some cash to settle the shareholders lawsuit if the money isn't gone paying off those who bailed.

      Sentiment: Hold

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