77c too cheap to ignore, page-9

BW, there are lots of people like you out there who can't do the maths on this one, hence the fall in SP. Means people like me get to make some money.

I know, I USED TO BE THE 2IC OF A HEAVY MACHINERY HIRE FIRM.

The debt is not like sub-prime, it is based on debt of the machinery. I.e. buy a 100K truck and it is leased. Some machines leased, some owned, some part leased.

If they need to repay debt, they sell the truck!

This is really easy math.... Trucks worth $400M, debt on trucks is $262M... Add in receivables, minus payables blah blah, Net assets is $282M. Even righting off goodwill ($107M), still $175M in assets.

170M shares (at 77c when I bought) = Market cap of $131M.

Thats $44M below pure assets value, And $151M below real asset value.

Bargin of the century.

People need to learn to read a Balance sheet before they lose their money.....