MCsweet, Carl Worth, et. al.: WNMLA: You may want to relook at this one again now. It's seems to me, it's selling just above cash, and management might attempt to do something to benefit stockholders.
Here's how I see it (I could be wrong!):
There's Bexil (BXL): While they announced (8/16) some problems,
("BEXIL CORP Files SEC form 8-K, Non-Reliance on Previous Financials, Audits or Interim Review"), they also gave a 2nd q report:
biz.yahoo.com
Here are some key points:
"The Company consummated the sale of its fifty percent interest in York in April 2006 and realized a net after-tax gain of approximately $20,000,000." (This is a cash sale, I believe, and represents all or almost all of holding company BXL's business. BXL has no ltd.)
"Approximately 25% of Bexil's shares are owned by Winmill & Co. Incorporated." (So WNMLA gets/controls/deserves $5M of the above sale proceeds.)
Turning to WNMLA, I see from Yahoo, 1.54M shares outstanding.
So BXL's cash equivalent to each WNMLA share is 5.0M/1.54M =$3.24/sh. WNMLA has no ltd. (This is cash-in-search-of-a business because BXL is seeking to invest the $20M cash in another business. (Aside: if only they could get another York! That was bought for about $3M in 2002; BXL subsequently eliminated York's ltd, squeezed $12M in dividends out of it, and now has sold the thing for an after-tax $20M. So sweet!)
WNMLA owns 24% of dink (and cigar-butt?) reit, Tuxis. TUX. TUX ,selling near its low for the year, has a market cap now of $5.9M. There's no ltd, according to Yahoo. So WNMLA's share is $1.4M or $.91 per share.
Another dink company: WNMLA owns 24% of Foxby (FXX) trading at $2.20 with a net asset value of $2.64 (as of 5/'06). Maybe that's worth .50/sh. to each WNMLA shareholder.
There's Midas funds: I believe that's privately held (not part of FXX). Value depends on how much you want to pay for "assets under management" (AUO, the key metric for this business) I've had discussions on other threads where apparently I've been too conservative and wrong: I value these things as a buyer of the business at 1.5% of AUO. Others use 2-5% depending. Anyway, AUM for Midas is $190M (a/o 5/'06). Because that is really tiny in the asset management world, I figure Midas funds to a buyer might be worth only 1% AUM or $1.9M/1.54 = $1.23 to a WNMLA shareholder.
There may (or may not be) more. WNMLA has cash on its balance sheet of $1.17 per share and no ltd, according to Yahoo. I'm assuming that's an accounting number (equity method?)where the cash is actually in accounts of WNMLA's investments, and so already counted in the above valuation.
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In past on this thread there's been some concern about how management doesn't seem to deliver value to shareholders. Some of that might be resolved with this (July 28 report)
"The Company also announced today that the Board of Directors of the Company has authorized a program to buy back up to 500,000 of its shares in the open market and in privately negotiated transactions over the next five years, which may provide additional market liquidity as it returns excess cash to stockholders." (Not soon and no assurance it'll happen, but maybe. Could be a negative if insiders are privately offered buy prices above market value - which I (and my attorneys -g-) have had happen at other companies I've been in.)
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Anyway, I'm back in the stock today.
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