posted
OK I know I'm going to get some razing for this pick, but I can't help but to look past all the BS involved with this company and at it's fundamentals! I have followed this company and the saga for over two years and in my very honest opinion it is undervalued to say the least at this time!
Assets include:
2 Sanibel steak houses est. value 4.5-5 million 2 Hotels one 200 rooms and another with 127 rooms est. value 5-7 million 1 country kitchen restaurant est. value 750k-1.5 million 1 golf course with country club and tons of land est. value ??? but high probably.3-5 million
now I look at the stock and there is some question as to the number of shares authorized, but it is either 350m or 500m so I will use 500m as my calculator
500m x .0021 = $1,050,000.00
there is also some question as to the percentage of the assets held by IBAC, but IBAC holds at least a controlling interest in all of them, so I use 51% of total est. value to come up with that figure
13.5 million on the low est. side x 51% = 6.9 million 18.5 million on the high est side x 51% = 9.4 million
Then there is revenue of about a million a month generated by the group of assets
Just my 2 cents worth on this companies present stock value or undervalue
There has been recent pressure put on the PPS due to a 25% stock divi issued last week, and it seems that many decided to just take cash by selling those shares, but I would say that those who chose to do that are getting thin at this point.
It is also looking like there is another spin off divi in the picture within the next 30 days which should have a positive effect on the PPS at least prior to the divi issue!
Is it worth the time to look at what’s here now! I think so!!!!
Wishing you all a safe and happy New Years Rick
Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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I have been a member of this forum for several years now and I do not need to be told that there are a few other IBCX topics! In fact if you could go back far enough you would see that I was the first one to ever post a IBAC thread here! I started and dated a new thread because I would like to discuse the value of a company and not read dribble about who's right and who's wrong in company affairs! The bottom line is what it is! Things are changing within this company and I think it's time for a fresh look at just what the value is! I would welcome anyones input on what that bottom line really is and varifications on asset values or authorized share figures would be nice as well!
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
Thank you for the technicals, Rick- it's nice to see an objective outlook on this one. At least they have a product to offer the public, unlike so many BBs. I did some research on this one: not impressed by the trends, but hey, for what it's worth, I'm in at .002 now. Lots of selling lately- that's a good thing to me- tells me that it's time to get in. Thanks again for separating the logic from the emotions.
-------------------- Z Posts: 339 | From: Clearwater, Fl | Registered: Mar 2004
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posted
Your welcome Zeker! I sure would like to see a tax assesment on the Rosewood Counrty club and golf course. That and any other pertinent property valuations. I also wish that I had a definitive AS/OS number to calculate from. All I have on that subject is a PR stating that the AS was increased to 500m then a statement saying it was lowered to 350m, but no documents to back that up! Deleware charges $20 for corperate info, so it's not just as easy as opening a web page to find out.
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
Good luck jinx- price has held steady since the 19th through a lot of pressure. If it does see the teens, I'll CA down and double up my position. The fundies are worth one CA attempt.
-------------------- Z Posts: 339 | From: Clearwater, Fl | Registered: Mar 2004
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posted
Rick- you covered the all the worst-case scenarios that you have access to, and it's obvious that there's value even at those levels. I'm not looking to retire on this one, but if it hits, I'm definitely going to let my freebies ride.
-------------------- Z Posts: 339 | From: Clearwater, Fl | Registered: Mar 2004
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posted
Quick ratio doesn't appear to be too bad, around 1 to 1. I don't use the quick ratio to disqualify a stock, it can only enhance a play if it is better than most pennies. IBCX is better than most penniess. Excuse me for saying, but pennies cannot be be played from fundementals. Pennies are much more sensitive to volume/price variance, and TA indicators.
It is my opinion that this is/has been under some dilution, and it will go lower yet. Rarely does it get oversold past the 30 RSI. I like it at .0015 / .0017, I am guessing that as bottom.
If anyone truly wanted to know the share structure, call :
Transfer Agent: Atlas Stock Transfer Corp., Salt Lake City, UT 84107
If he's gagged, I'd say no thank you.
BTW, this is not a BB, it is a nonreporting PINK.
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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posted
I'm sitting here picking apart the PR's and trying to make heads or tails of what to expect next!
I do believe that the spin off will take place because it gives Ed Hayter another public company to toy with! It's the structure of that spin off that I find the big question! It's my guess that the PR's prior to the spin off X date will bring up the PPS conciderably. If I'm reading the PR corectly, it says. There will be a 4.5-5m value on the spin off and that a one time divi in cash/stock or both will be payed (and heres the kicker) to common share holders only and not to officers and directors! Will they use a portion of the proceeds from the spin off to buy a public shell to reverse merge the hotels and golf course into?? What will be left to divi to shareholders? Those are the big questions, but I still feel that the PR's will add to PPS!
Heres the excerp from the 12/18/06 PR
The first action that was approved was the spin/sell off of the company's restaurants and its holdings in its food service businesses, the value of the transaction is expected to be a minimum of $4,500,000 or as high as $5,000,000 dollars with a dividend to be paid to common shareholders in the form of either cash/stock or both. The dividend will be paid to shareholders only and exclude all officers and directors of the company. The company expects the transaction to be ready to close within Thirty (30) days, at that time the company will announce the payment/dividend structure and provide the name and symbol of the new company.
The second action that was approved was the merger of IBAC Corporation and the remaining real estate owned assets and future acquisitions into a fully reporting and trading OTCBB company, the surviving entity will include all of IBAC's real estate holdings and will maintain the IBAC name and share structure. The shareholders will receive equal value in the transaction of shares of the merger.
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
I would not expect an audit to ever be done, or would I expect that they will become an OTCBB reporting company. That is a standard lure and promise of many pinks. They PR that and dilute into that news usually.
I cannot tell you how many companies promised audited financials and a move to the OTCBB this past year. I cannot even tell you how many met those promises. I would guess out 4,000 / 5,000 total pinks, maybe 10 / 15 actually moved to a higher exchange ??? Be interesting to know the real numbers. I'd would settle for audited financials, wonder how many promised that and failed to deliver that much ???
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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posted
It was stated by the company that the audit is done and in company hands! Why it has not been released and filed is anyones guess, but I think that it has something to do with the planned reverse merge, and that maybe we will only see this audit after a merge has taken place! The above PR gives me that indicator.
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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IBAC Corporation Updates Status of Audited Financials
NEW YORK, Nov 21, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pinksheets:IBCX) announced today that it has a final draft of its audited financial statements and after review will release them to the public. "The company and the shareholders have waited a long time for this moment and we are now very excited that now we will be able to become a fully reporting company and file to move up to the OTCBB." Said Wayne Burmaster President
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
It is always some reason, rational, excuse, why they haven't published audited financials. ric, you have been playing pennies long enough to KNOW that rarely does a company deliver on audited financials and/or moving to a higher exchange. To suggest otherwise would be misleading. Can you name just 20 pinks out of all pinks that have published AUDITED financials, (ones that never have previous to them promising to do so), and moved to a higher exchamge, in the year 2006? If you cannot name 20, how bout 10.
quote:Originally posted by rickpic: It was stated by the company that the audit is done and in company hands! Why it has not been released and filed is anyones guess, but I think that it has something to do with the planned reverse merge, and that maybe we will only see this audit after a merge has taken place! The above PR gives me that indicator.
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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posted
That means nothing. You and I have seen that a thousand times without it coming to fruition. Until the AUDTED financials are published, I say it is only supposition, inuendo, and probably deceit.
quote:Originally posted by rickpic: Here is the PR related to the audit
IBAC Corporation Updates Status of Audited Financials
NEW YORK, Nov 21, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pinksheets:IBCX) announced today that it has a final draft of its audited financial statements and after review will release them to the public. "The company and the shareholders have waited a long time for this moment and we are now very excited that now we will be able to become a fully reporting company and file to move up to the OTCBB." Said Wayne Burmaster President
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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posted
Final draft does not equal audited financials. It's all in the words they use, in the end, the only thing that means anything is the real thing. Final Draft in their terms could just be some kid with some crayons drawing some numbers. But then again they could report it tomorrow, but given that was over a month ago........
Posts: 330 | Registered: Feb 2005
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posted
First off I do own shares in this company. Not a big position but none the less I do have a position. Some of the recent price drop can be attributed to the 25% free trading stock dividend. Many, including myself call this a form of dilution. Therefore we have people that have sold once they recieved the Divy as well as people having sold for tax purposes.
What bothers me most is the fact that if they have the Audited Financials as they say they do, why are they incurring the expense of buying an OTCBB shell instead of uplisting? That's the one I can't get over. I do feel the company will be pumping out some PR's next week and throughout Jan. From the DD I have done the Country Club deal is not closed so those cannot at this time be used to assess value. I agree with Will that fundamentals don't do much from BB's and especially Pinks. I would also like to see the company put in writting the share structure since the TA won't give it out. It's a simple thing to do and by not doing it gives the impression of something to hide.
IF they are not massively diluting here and do issue the PR's I expect them to, then we should get a very nice run to .02 or even .025. It will be interesting to see how they, the company, plays this.
Look for mid to late Jan for the run up. This is my opinion and nothing more.
GLTA Wally
Posts: 3255 | From: Los Angeles California | Registered: Jan 2006
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posted
"I would also like to see the company put in writting the share structure since the TA won't give it out."
Obviously you have taken the time to call the T/A, and found them to be "gagged". Not a very comforting sign, matter of fact, it is unnerving. They are also incorporated in DE, where you would have to buy the information regarding A/S changes, unlike NV & WY.
I don't disagree that this will bounce, and can be a profitable play, but to suggest it is good company, or a long term hold, is misleading. Too many red flags.
I like it at .0015 / .0017 for a bounce to .0055 / .006.
If they begin a heavy PR campaign, you can bet they will be diluting into it.
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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posted
I agree with you Will, that it cannot not be suggested that this is a good company. As you said too many red flags. Like I said IF THEY Don't dilute the heck out of it it will run like it did recently. But this is a swing at best and not a long term hold.
GLTA Wally
Posts: 3255 | From: Los Angeles California | Registered: Jan 2006
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I have been a member of this forum for several years now and I do not need to be told that there are a few other IBCX topics! In fact if you could go back far enough you would see that I was the first one to ever post a IBAC thread here! I started and dated a new thread because I would like to discuse the value of a company and not read dribble about who's right and who's wrong in company affairs! The bottom line is what it is! Things are changing within this company and I think it's time for a fresh look at just what the value is! I would welcome anyones input on what that bottom line really is and varifications on asset values or authorized share figures would be nice as well!
No problem. And yes I saw you in those other threads - and some all by yourself also. I am still working on some DD here myself. I would liquidate all the restaurant/food and count that as the div and equity to go where they want to go. I didn't see that in your original post here which is why I put a link to the other threads - not for you but for myself. I like to be able to go to the current threads and be able to link up to what others have already found. This PR http://biz.yahoo.com/bw/061218/20061218005804.html?.v=1 says a whole mouthful IMO. and the history must be counted along with it. Judging on the face I wouldn't touch this thing. Looking at the charts makes it a bit more interesting. Good luck M8.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Lots of feedback here. The attitude towards Ed or current managment is noted and agreed with where i sit, but that does not make assets or revenues go away! At 500m authorized that still give the current PPS a value of 1m total! Who here will say that that is not an undervaluation of the assets and revenues? I feel like others that the current drop is due to the 25% divy shares being dumped by holders who just want cash out! I don't think there are many left willing to sell down here at this level, and that means that pending events that should be PRed should rebound the PPS for a nice gain here! Others are right in stating that this is no long term hold! It's just another stock to play with, and if we are lucky we find the low and take gains on the rebounds!
Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
It looks like someone is buying at .0021 because they dropped the bid to .002 x .0021 again and the volume is picking up! Thats where I got in at, and I think this point right here is very very close to where it will rebound from!
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
It looks to me like this stock is setting up for a very nice move. The ask is bouncing up and down, like there are very few shares to get at the current ask price!
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
"The attitude towards Ed or current managment is noted and agreed with where i sit, but that does not make assets or revenues go away!"
It does when Hayter is involved. Real quick too!! He's also up to his neck in FGFC...another of his uhhh...stock "promotions". Nose keeps pointing to Windsor Crapital........
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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