The past few posts on EuroWeb International Corp. (EWEB) incorrectly interpreted the company's 8-K filing describing its real estate subsidiary, EWeb RE. The 8-K was signed in Hungary, all of EuroWeb's past operations have been in Cenral Europe, and the Company has always spoken about pursuing opportunities in Central Europe...so I believed that the real estate division would operate across the Atlantic. Wrong!
According to an 8-K filed today. EWEB RE is plunking down a cool $2.6 million (more than the total amount of the stock buyback) and potentially as much as $10 million into a construction loan for mixed use (condos + commercial) property in downtown Las Vegas.
By the way, a USC economist just described the Las Vegas real estate market as one of the "most vulnerable" in the United States. This is not encouraging -- I still intend to sell my shares.
EWEB 1-yr chart:
DISCLOSURE: I am long EWEB. Not a recommendation to buy or sell any security.