Tangelo Games Corp. IPRSF

RE:Warrant extension approved

[Bringtherain]

Tangelo is undrwater, ie worth less than the debt, let alone debt+equity.
If you take the TTM EBITDA and divide that into the total debt, you get a big multiple.
So of course they extended the warrants and did not alter the price, as they will never be worth anything.
Messing with the equity stakeholders, or giving them a sense of false hope.

The only one who comes out financially intact is the CEO, who at $400k is way overpaid. No operational role either.
Results to date?  nada. 
He doesn't even get the BoD to reprice his options.  Why? Even at a penny, no value. This speaks voumes as to how management is thinking.

I guess TEC has been offered $40-50MM for this. Very fair price but leaves TEC with a large write off and equity holders wiped out.

Finally convinced a friend to sell his 200k as $6k is better than zero. Plus he get a nice offset against all other gains.

Dead money folks. Hope is not an investment strategy.