Post by
Tree2tree on May 27, 2022 11:23am
Quarterly report: on track for massive cash distribution
So I was 'right' a little too early back in November, as they ended up having a small amount of ginseng left to be harvested this year.
Highlights of quarterly report as of March 31:
- Cash continues building up: cash and ginseng inventory of $1.22 per share. Sales are continuing, converting the remaining inventory to cash.
- Plus the last ginseng to be harvested, worth another 9 cents per share.
- Other assets worth $0.49 per share; most is real estate, which will probably sell well above book value.
- Total liabilities of only 16 cents per share. This includes termination packages of employees, which as already been announced as they exit ginseng business.
BOTTOM LINE: Net assets, mostly highly liquid, of $1.72 per share at book value; likely to increase at the time of liquidation a few months from now.
The company has confirmed they will harvest the remaining ginseng and wind up the business later this year.
A special dividend is possible at any time, they don't have to wait for liquidation. Insiders are major shareholders, so they will also want to get their money out.
The company cannot switch to another line of business without shareholder approval. So even minority shareholder will have the right to take the cash, please.
Comment by
ABDPhil on May 28, 2022 10:34am
I understand that IGP is another lobster cage in which you have imprisoned yourself. Ginseng is the perennial plant with a thousand and one properties. For your ignorance, it is of no use. The next step for you is to buy lottery tickets.
Comment by
Tree2tree on May 30, 2022 8:06am
Phil, your own lobster cage is your asinine personality, which overrides any kind of objectivity or honesty. What a miserable life. For the rest of the board, if you are actually interested in making money, IGP is now OUT of ginseng (having made millions, thank you, as long as people were buying); they are now into CASH.
Comment by
ABDPhil on May 30, 2022 9:40am
Essentially, you're offering to use money to buy IGP's assets, not knowing what they'll do with them. You present your anticipations as realities, all detailed in a beautiful story with unicorns.
Comment by
Tree2tree on May 30, 2022 10:06am
You really have no idea what a forkin jerk you are. I can say it on this board since almost nobody is reading.
Comment by
ABDPhil on May 31, 2022 8:57pm
@Tree2tree: Have you found a new tenant for your lobster trap? Hold on, it will come.
Comment by
DempsterMill on May 30, 2022 4:14am
would indeed be a great outcome. Thanks, hade missed some info in your post. Fingers crossed!