valad sp eulogy

Longs can one of you provide a eulogy for the SP.
What triggered the price to move from $2.00 from late 2007 to less then $0.04. How can this be justified. Surely it is well undervalued.

Surely they have huge equity in thier assest sinced they raised over $1 Billion in 2008. Here is the info. Valad has already raised $200 million by selling convertible notes to Kimco Realty Corp of the US as part of an agreement between the two companies. Valad raised $340 million in February for a new fund to target British property and it raised $470 million in the same month to invest in offices and industrial sites in Scandinavia.

Please someone explain to me how this company is worth a SP of $0.04 with a market cap of $60M