COSN: re: "it appears COSN lost 14M in the last reported quarter (ended 9/30), so it is unlikely that they have anywhere near 28M in tangible assets left at this point"
You are likely right. TUTS says its going to get net cash of $22.75 from the deal.
One could guess ---guess wrongly though :>( ---
that as push came to shove, COSN might've at least better husbanded the cash they had.
They did have more than $28M as recently as 3 1/2 months ago:
"REDWOOD CITY, Calif., Oct. 28 /PRNewswire-FirstCall/ -- CoSine Communications, Inc. (Nasdaq: COSN - News), a provider of managed, network-based IP and Broadband Services Delivery Platforms, today announced revenue for the quarter ended September 30, 2004 of $1.1 million and a net loss of $14.6 million, or $1.47 per share, as compared to revenue of $4.0 million and a net loss of $ 8.2 million or $0.84 per share for the quarter ended September 30, 2003. The company ended the quarter with $33.6 million in cash and short-term investments and no long-term debt."
What sloth or shenanigans kept them from just closing shop then I wonder? I don't see anything that suggests that they had any reason to assume losses wouldn't continue and that the company should not fold (with the 33.6M less closing costs distributed to stockholders). |
