Aug. 4 at 4:33 AM
$IMMR My calculations (which are subject to change as the misfit toys of their portfolio go up and down) say: Stocks value
$132MM, Cash at last Q was
$68MM, so
$200MM in solid relatively liquid assets. About
$45MM in liabilities, so
$155MM IF B&N were liquidated and just let IMMR.
$155MM divided by around 33 mm shares is
$4.70 with unknown "earnings power" because it is not clear if they continue to get royalties etc. The portfolio of stocks they own looks like a garbage heap, except, possibly BNED. The entire company is really BNED, so looking at their worth via selling BNED leaves you with a bad investment. However, if BNED takes off, they add about $.33/share for every dollar BNED goes up above
$8. I would rather invest in, and pick my own microcaps rather than having them (through owning IMMR) do it and then if you like BNED, buy that on its own.
