RE: Book value means nothing.When I value the shares at $6.00 I base the valuation on the value on the core transportation business re: its revenue and income...I did not intend it to reflect the book value. The breakup of value of this company is worth more then the current $3.00 and somebody will buy a company, such as LDM, with over $1.5 billion in revenue yearly. I am not worried about LDM closing its doors. Although, If I paid $30/share for this comapny at $2.89 you might as well already consider it a bust. I'm in at $2.90-$3.10 so I have a little different perspective.
Your point on debt repayment on SK is well taken...it will affect the bottom line in future years but I believe that the core business will be strong enough to weaher that storm. Also, although the market has valued SK at $0...i believe that still may be value here...the company still hasn't told us anything...i do believe it is serious in nature...probably that that the company actually lost money last year instead of came out ahead, but it doesn't mean that SF is bankrupt. Also, the fact that SK does not have the cash to contine operations is directly related to the fact that their statements have been mis-repreesented...once that issue was raised last week...there credit facility was frozen...they have to convince them now they are making the changes to rectify the problem before the credit is reactivated. Regardless, it is going to be very expensive for them to borrow in the short term.