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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Bonnie Bear who wrote (2821)7/8/1998 2:31:00 AM
From: S. maltophilia  Read Replies (1) of 86076
 
<<I can't imagine a company selling at less than 0.1 book value and 0.01 p/s going bankrupt>>
Their book value appears at first glance to be ~$6/share. But I would give their inventory a nice haircut. What I've seen of it is of fairly low quality--much of it out of date and missing a lot of important current titles. Now books can be returned to publishers most of the time, but only for credit. That may help pay some of the bills, but it won't help if the company is liquidating and has no future purchases to make. Furthermore, they have to ship the books back at their expense and that's a lot of tonnage. What they can get out of what they are not returning will not be much.
I would also discount the value of their equipment and fixtures. The last thing the world needs is surplus bookstore fixtures. BKS & BGP have all the furniture they need, the independents are a dying breed, and AMZN surely doesn't want them. I need a few shelves; hope I can get some cheap when they close their store near me.
I haven't yet seen the press release (if any) regarding Lincoln the Liquidator, but it seems that this takeover is the equivalent of the repo man.
It is truly outrageous that this stock was pumped tenfold this week. I think there will be precious little for the shareholders when this is all said and done. The pumpers deserve to be under the jail for this sordid little episode.
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