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Strategies & Market Trends : Value Investing
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To: 56Chevy who wrote (52489)10/12/2013 10:59:10 AM
From: Spekulatius1 Recommendation

Recommended By
Jurgis Bekepuris

  Read Replies (1) of 78751
 
CFIS - I don't think CFIS book value is at 3$ any more, it's probably closer to 2.5$. The company continues to issue shares and it appears that after the latest offering at 1.1$, the sharecount is at ~10.8 M shares:
sec.gov

It looks like new holders , amongst them Wellington Group hold more than 50% of the voting shares, which means that they could call the shots, if they combine their votes.

The issue that i am seeing, is that this bank is still loosing ~0.3M$ Per quarter, even though they spent only 0.27M$ on reserves. The balance sheet has been recapitalized for the most part and even though it does not look strong, it's probably adequate. However, where does this bank go from there?

To just break even, they need to cut their expenses by roughly 10%. I think this bank has nowhere to go and the new owners should push for a sale or a merger with another bank.

interesting situation and thanks for bringing it to this board.
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