My DIYH was up nicely today to a several year high.
From todays 10q..
"Subsequent to September 29, 2001, the Company entered into a Master Exclusive Real Estate Agreement with a third-party, providing for the third-party to act as the Company's exclusive auction agent. The auction agent will offer for sale the Company-owned Warren, Tallmadge Avenue (Akron, Ohio), Medina, Arlington Road (Akron, Ohio) and Ashtabula locations through a public auction. Additionally, the auction agent has entered into similar auction contracts with the landlords of the Company's leased Cleveland, North Randall and Eastlake locations and will offer these properties for sale at the same auction in which the Company-owned locations will be offered. The auction is to be held on December 17, 2001. "
Looks like their results were somehow about 13.6 cents per share worse than I anticipated.
Looks like they have about $1.474 per share in book value and about 61 cents in cash.
The stock has came alive as if someone did not believe there was lots of value previously. Now 97-$1.04 on 88,400 in volume. high has been 99 cents.
Spoke with the CEO. This is not a fire sale auction. There are minimums & such. They are hopeful they can sell 2 or 3 properties from this. Said it would be a miracle if they sold them all.
Holding open houses for interested parties to tour the stores.
They have sold 85-90% of the "steel" which I guess refers to the shelving.
He says he & john shields & the Chairman are convinced they are protecting the assets the right way. Insiders have been restricted & unable to buy more.
He had no explanation for the volume & price increase in the stock today.
Mentioned a few people might be surprised at what is left when its all said & done.
No investment banker has been hired and didnt really know what will happen on that end.
I remain bullish here. The value is well in excess of 97 cents per share. I still think $1.60-2.00 is where they may end up.
Time will tell. |
