Turn Around, page-40

I don't think it is a good idea for the market to be paying 75% ish of book value when there is so much opacity. Book val would be about $2.19.

If things are going well: Now we know that a crap raise is required, and have the risk that there could be a very discounted placement made to an outsider or key person, and not pro rata to shareholders, leading to dilution. But if this happened (along with a firm offer of finance) it might offer a good opp afterwards. Although I might complain that shareholders will need to same info that the funder is relying upon to be fully informed. The business has apparently made an 8 to 10% ROA in the past, but not sure how much GG "pretending" has assisted in creating that metric.

If things are going badly: We also have the risk that debtors are blowing out, and that the 90 day policy is not being continued. The Mezzanine debt might suddenly not be available as expected. The "deliberate" restriction of new origination is a more than just a red flag IMO. Sounds insane to me, or like we are only getting part of the story, and that the board or management might be desperate, and playing risk up and cross fingers.

Has anybody ever had any shareholder enquiries answered by SIV? Would be good to get some answers if anybody has a line in!

All IMO