Hey, Rob.
I called Ed Brody (who was out) and spoke to Bob Torres, the CFO. Financials are now at their securities attorney's office being given the 'eagle eye', and should be released "soon". The accountants still have some work left, but minimal from what I gathered. I'm not a financial guy, and he was just rolling out voluntary info faster than I could get it all down, but the future looks very good.
The lawsuit is one which DFNL should not have filed because, according to Mr.Torres, MDCE has more than enough documentation to counter every claim. Basically, Mr.Torres said the plaintiffs have filed this suit with "dirty hands" and will be lucky if they don't get indicted when this thing is over.
The gravel pit purchase will be concluded June 20. The present owner declared bankruptcy, so details have to pass Bankruptcy Court scrutiny. Purchase price is about 250,000 shares of MDCE stock, and $150,000 in cash, but terms are such that MDCE will not have to pay cash "out of pocket". Plus, if I remember correctly, they also get a cement plant with it.
This management team seems to have a special talent for picking up valuable properties at 'distress sale' prices. The gravel pit is probably worth 10 times what they are paying, for example.
I said to him,"Sounds like you guys are doing everything right." To which he replied,"Yeah, I think we are. I know the stock is in the dumps right now, but I think 30 days from now you'll see it much higher."
If anyone is familiar with finance, give Bob Torres a call, and maybe we can get more specifics than I've been able to provide.
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