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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (41974)3/25/2011 8:33:45 PM
From: JHalperin1 Recommendation  Read Replies (3) of 78673
 
The likely reason for GFRE's recent plunge is selling by HAP, an original invested fund whose lock up expired earlier this month. GFRE is suing them for recently selling too much, thus violating the lock up terms. GFRE is now below tangible book and bromine is at an all-time high... go figure. GFRE's numbers are clean as BDO just issued an unqualied report. Additionally, "scams" do not engage big 4 accounting firms to improve their internal controls as GFRE has done with Deloitte. GFRE's audit risk is low as the bulk of their balance sheet is cash and recievables and given the environment and their subpar internal controls, BDO had to "over-audit" their balance sheet. If there was a material change in their business, GFRE would be obligated to inform the market. They issued a minor clarification PR today with no mention of material changes which in my book proves there haven't been any. By quarter's end tangible book should approximate 6.00 per share with current earnings of 2.00 per share. I've been averaging down and obviously am nervous given the massacre over the last few weeks. Yet I cannot find any company specific reason for this other than the HAP issue.
Incredibly pathetic what's happened with GFRE. Probably a "buy of lifetime" but no guarantee.
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