aside from the prospect of 'electronic shuffleboard' what good news are you expecting....:shrug:
the old management expanded way too quiclky leaving new ceo and management with way too much debt and problems with the sec.
bank gave them until december to pay up on the 160 million. new ceo got that extended to end of january and then end of march and now until the end of april (seems the bank is open minded to work with them if they can show improvement of business model). other choice is bankruptcy. bank doesn't want that, srz doesn't want that and neither do shareholders.
srz sold some money losing properties last month and now have that debt down to about 115 million vs the 160 million and also have other non profit properties on the market for sale.
Q1 earnings report should be out late april early may.
good news to rocket this biatch?
- sell some more properties reducing that debt even more (i think they will)
- have a good profitable Q1. i think they will
- secure favorable rates and new financing for the remainder of the debt.
the new CEO and COO have proven history with other companies and also have huge incentive in stock options to make SRZ work. no way are they looking for the easy way out in BK.
btw, they cleared up the issues with the sec recently and have no more issues with sec.
seems to me they are working hard in and making progress in restructuring the company.
75% of the stock is held by institutions and insiders.
this was a $25 stock 6 months ago.
some speculate it's worth $10 a share even in BK and a lot speculate it's worth $5 easily in BK. i don't think it's worth shit in BK.
new CEO has a history of turning companies around and selling them so srz a good takeover possibility. speculation is $3 to $8 a share in a takeover.
realisticly, i'm guessing sell some more property soon, they get another extension on the loans then have a good Q1 and then get the refinancing.
if all that happens we're talking $2.50+ a share very short term.
JMO from my research.
huge gamble because there is the chance of BK which could totally ruin my investment.
my plan is to hold my 26,100 shares in my cash account to something over the $2 mark and sell. will decide when and if that happens.
my 25000 shares i have in my ira, i'm hoping to hold for 5+ years unless something drastic changes. hoping for it to hit $10 to $15 in 5 years.
like i said, gambling here and don't want anybody to follow unless they understand they could lose their whole investment. i got so screwed in my mutual funds in the last year i'm taking some shots to get it back quicker. playing the market like a 30 year old
