TCPIF: An Unexpected Journey
TCPIF is allegedly being acquired by a shell company of Ellis Yan, it's old CEO and 70% shareholder. The company has been a mess for years. No reliable financials, harassment suits, auditors quitting; just about every shady thing you can think of. A breach of their covenant caused the stock to crash to ~.20 while a bid from Yan shortly thereafter shot it back up. The bid is for $1 for every share he doesn't own and is expected to close after the proxy meeting on February 13th. The stock trades for around .90 or an 11% discount to the bid. A few conditions have to be done before it closes: Audited balance sheet, BDO's doing it ~ IMO the biggest risk of the deal not going through because if they don't they probably won't get..... Financing....they have a revolver with PNC. They have to get this extended at least until June. If credit was tight I'd say it'd be tough. Hearing of extensions from other frauds every day makes me believe t...