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Revision History For: BOFL - Bank of South Florida - Extremely undervalued

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BOFL - Bank of South Florida

Currently about 0.80
Market Cap of about $10 mil
Book Value 7.80!!!

After looking at their last quarterly filing they are holding $75 million in cash and $100 million in securities. On their last quarterly report they wrote off all of there good will and made a forward looking write off of foreclosures - hence the large negative number. Since these are both one time charges, why is this stock so depressed? Does anyone have any info that could help?

I did take a small position just because I cannot pass up a company that liquidating would make me 10x what the current price is. Even yahoo has a 1 year price goal of 5.00 a share listed...