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Check this incredible value.. Western Standard Corporation (OTC:BB - WSTD), principle asset is the 76.25% ownership of Smow King Resort snowking.com , in Jackson, Wyoming.
The 9,965,000 outstanding shares current sell at $.0625 bid / $.28125 ask. Current value based on ask price is (aprox), $2,800,000. During the last 9 months the company earned $.10 / share, estimated (by me), to earn $.12-.13 for the year ended Dec '98. 10K should be released by month end. WSTD current sells just over 2 X's earnings!
This compares to '97 results that, on an operational standpoint results were good, but a $1,000,000 write off overshadowed earnings from operations.
The balance sheet is lousey, but it discounts the true value of the "probable" net assets should they be sold. Read the 10Q's and 10K's and get your own feel. The Company appears to have the borrowing capacity to finance it's operations. Most of this flexibility appears to be from refinancing mortgages.
Regards,
Paul Andrews,
Minneapolis, MN
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