Yes, jeffrey, I noticed all that in the 10-K. Extremely low tax basis, although reflected in the deferred taxes, resulting in a Price to Book Ratio of 50%. I ignore any residual value of their industrial plant and business, as well, dangerously, as the Superfund potential liability. (Although this sounds like it won't exceed $5 million)
The catalyst, if any, may be the age of the major shareholder, now in his mid-70's.
It's not one to rise up quickly, but I did take a little nibble today.
Quite the balance sheet!! I don't think I've seen one like it in a public company before.
peter |
