HALO Public Offer Valuation, page-107

I thought was one of the worst IPOs I've ever seen. The valuation was a joke and I have no sympathy for buyers of the ipo however....

This now trading close to net cash per June 30. Assuming management hasn't burnt cash like a drunken sailor and there is a buyer out there somewhere that will pay anything for the tech, customer base etc this is nearing a liquidation play.

As per my previous posts, I hold management with no regard, don't believe in the scalability of the model but provided most of the cash hasn't been wasted, if this drops a little further I might be tempted to nibble as a pure liquidation play.

however with the top 20 being mostly staff or staff of related parties I doubt this happening. In fact I fully expect more of the cash to be wasted on related party transactions.

Current thought is I would only buy this at a 50% discount to net cash if i thought there was any chance it would be liquidated purely to compensate for the high likelihood that this company finds a way to waste that cash.

note. I don't hold the stock and after finding borrow I have been short the stock and have closed my short.