I wasn't trying to poo poo it,
as I think I've tried to indicate, part of my philosophy with things like this is identifying a floor.
One could argue I missed the floor 9as my floor is t.o. at 250m, but as it has not yet been taken out, I remain to be disproven on that ... but in terms of liquid assets, it has clearly dipped well below that.
In the absence of debt, and in the presence or real revenue (I don't know, presumably at least 30m/yr) I'm willing to assert that their revenue in that field (a growing important field) is worth mcap 5-10x sales in a t.o. , , again they do not have debt obligations, a suitor can simply through SpragueInc under the bus (what's that $5m/yr? more?) and still keep the engineers, the sales, and the products ...
So I still see a floor with sales at lets say 35m on a scorched earth t.o. of at least 175m ... more than today.
So yes, I see this as a low risk high reward proposition. Yes, it could fade to 30 cents and suitors may not show up and SpragueInc might send and email to snackman which apparently has ExecutiveOrder effect, ... but seriously ... no debt obligations, notrth of $30m in revs ... that is worth something.
I put the 20/80 in terms of the meaningful mid-term independent company gain that most investors would look for.
And yes, give the shorter length of the downside, I think it is a good place of put a modest amount of speculative capital.
As far as my direct after tax thingy's ... what can I say, I'm kinda sick of these motherfuckers (folks need to get these things off their chests every once in a while) but in certain protected asset allocation classes ... the various IRAs ESAs and these sorts things in which I highly value a floor and have no inkling towards timely performance, I have recently found fit to divert some resources there.
I have, for example, a nephew all of 3 months old of very limited means where local laws allow me gift in a protected way, where in the final analysis, its baby rattles, chew toys, diapers, or some stupid WAVX.
I always do better with other peoples money than I do my own.
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