RE:RE:Don't Sleep on Zenabis Global (ZENA)madmax69 - (12/1/2020 5:16:29 PM)
RE:Don't Sleep on Zenabis Global (ZENA) This is dead...most MJ stocks are up 30-40% in the last month...some even more. Hopefully a larger player has mercy on this mismanaged asset and picks it up cheap and turns it around. That's the only way its going up and you know it BuddyBoy.
Other than a few clowns and foreigners, most posters/readers on the Zena board know that the problem in buying out Zena is the $200 million debt it carries. No, you can't buy Zena for $40 million because that what it's Market Cap is - not quite how it works and it's pretty stupid to think so.
They have no cash - they're being sued for non-payment by two companies that we know of and have another $25 million in current bills besides, so expect a few more liens.
The $6 million they'll clear from the sale of Delta goes directly toward the $9 million loan that's due on Dec 31 - but who knows if that deal will actually go through? Hopefully those $1 million dollar builder liens aren't on the Delta facility?
And as an aside - they orignally valued the building at $12 million (appraised by Buddyboy Appraisals and Other Bullsh*t Ltd.) which means they'll have a one time write off expense of $6 million when the sale goes through - just like they write down inventory valuation.
French fry salesman Shai Altman couldn't even give investors enough courtesy to explain how the sale proceeds would be used - or what he should do, provide the strategic plan going forward.
If they had positive or good news - they would share it, right? No news is not good news.
The only path without declaring bankruptcy is another financing - and the reality is that's just another delay to the inevitable.