Ahh you forget. Last year mid June (or thereabouts) they revise value of #2 holding up. Its value was around $11m or so. 2 weeks later they came out and wrote it down to zero.
This is one they were Chairman of. They had 7 or so investments at the time, some piddly little amounts. If they don't actually do anything else there (with respect, what do the 5 analysts and people at BTI actually do?) and are this close to the company- then I think the market discounts their valuations and their problem came along well before Big and GetSwift. How many years now and not a single exit, but a monumental blow up
So definitely below NTA but not sure if undervalued. Refer to previous question. What are they going to do about this? I see this going into 70s before it hits 90s, unless they bite the bullet and sell some of Siteminder to prove they can find a winner
BTI Price at posting:
85.0¢ Sentiment: None Disclosure: Held
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