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This thread is for discussion of FLYT, Interactive Flight Technologies. The stock trades at $1.50 after the recent 1 for 3 reverse split, book value is near $4, and there is $40 million or so in cash and short term investments. The company's in flight entertainment systems did not sell as well as expected; the final blow to this line of business was the investigation of the in flight system FLYT installed on Swissair Flight 111, which crashed in September. The investigation has not concluded that the system caused the crash, but this is still being studied. After the crash, the company announced a desire to enter the much more mundane dry cleaning business. A shareholder's lawsuit (now settled) and a shareholder revolt led to the replacement last month of the entire Board of Directors with a new slate headed by entrepreneur Irwin L. Gross. Gross will discontinue the dry cleaning initiative, and look instead for investments involving interactivity, software and gaming. Gross appears to be an honest and experienced businessman, but some of his ventures have lately not met shareholder expectations. If Gross succeeds here, and if the Swissair cloud lifts, this stock could increase substantially. Let the debate begin. |
