Last year tiny management ran a negative cash flow over $ 25 million! It is obvious that this is the reason why the market values tiny well below the value of the portfolio. While tiny management sits around waiting for something to happen, shareholders pay the cost. This is further exacerbated as a result of the portfolio value declining purely on it's own. Simply stated, management has not done a good job using the capital provided by shareholders and at the rate they are draining cash from the company, one can only conclude that the market will continue to hammer the share price. Chuck Royce, are you paying attention?
The obvious solution is to sell the portfolio into a more cost effective structure with a better management. Now, I suspect that if the management of tiny were also large shareholders, they would be looking to do just that! Alas however, the entire lot combined hold a pittance in shares, so one may conclude that salary is much more important to management and directors than selling the portfolio to benefit shareholders.
I have seen this time and again and it is a crime for shareholders, especially those who think management is working for them.
The waiting has gone on for too long. Either management shows shareholder proactivity or we need to get activist involvement. Carl ichan, where are you?