Counsel Corporation CXSNF

RE:Buy

[OutOfMyDepth]

Agreed. I'm still a little raw. It stikes the that the one time write down dropping the book value from $1.17 to $0.77 was timed to attract a buyout offer (i.e. bring the book value down to explain the lower stock price) - if there was an urgency to kill 35% of the book value that couldn't wait, I didn't see it. What is interesting to me here is we've been waiting 2 years for management to find a strategy to deal w the new mortgage rules, 6 months to see outcomes of management's return to sustainable profitability strategy - now only to see a surprise sale offer for $0.68 before reporting on Q2 (mortgage industry's best quarter). We saw Q1 break even at $0.00 per share. Analysts are forecasting Q2 at $0.04 and Q3 at $0.02. If Q4 can avoid losses that pegs earnings at $0.06/share for the year. At a standard 10x valuation, that puts the stock value forecasted to $0.60 (easily $0.68 on positive momentum i.e. 11x ratio). So don't tell us we're lucky to get an $0.18 premium over the $0.50 stock price. The only positive to their offer is that investors would get instant liquidity from a stock the would take me months to pull out of (due to low trading volumes). But as I've said before - that's the charm of this stock. Investors are in for the long ride - so it's not a very liquid stock. I made what I thought was a strategic investment in a company getting a bank license to expand on an already strong mortgage portfolio. Has there been any indication when this special meeting is being called?