Thanks to (FL)Great example of robber barons. This thing listed...

Thanks to (FL)


Great example of robber barons. This thing listed for a billion less than four years ago. In that time, management blew almost the whole lot.

The amazing thing is that amongst all this destruction, BNB collected $9.5m in management fees in the past six months. The board has now hired a CEO for $900,000 a year. To do what, I don't know as this thing is essentially a cash box on wind down mode.

When the market is at its peak these people are buying. Now the market has tanked, they decide to do a capital return! Isn't their mandate to buy low sell high?

Not only that, these robber barons have gambled some cash on derivatives as well which now requires booking $40m as a liability. There is around net $280m cash left. $100m will be returned in a capital reduction. Possibly $30m will go to break the management agreement. $15m for even more 'management' fees. Management keeps the rest of the cash in the company so that their exhorbitant salaries continue to get paid. I think 60 cents a share is all shareholder are going to get from this dog.