Solitron Devices (OTCQB:SODI) is a micro-cap company with a long and interesting background. The company emerged from bankruptcy in 1993, and until very recently it was still dealing with the aftermath of this event. The company had to repay pre-petition creditors a small amount of money each year, and also had to pay for environmental problems at its former facilities. In the mean time, the company has performed well operationally, and the amount of cash on the balance sheet has been growing steadily. Because the company has been unwilling to return cash to shareholders through dividends or share repurchases, it is trading at a severely depressed valuation. This has not gone unnoticed, and several activist investors have accumulated...
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