PTGI: Liquidation arbitrage opportunity with little downside and +50% potential upside
PTGI Holdings (PTGI), formerly Primus Telecommunications, is in the final stages of a piecemeal sale and liquidation which has been ongoing over the past few years. In November, the company announced that to save money, it would delist its shares from the NYSE, forcing them into the OTC market. This drove significant technical selling as disqualified holders exited their positions and shares dropped from $3.45 the day before the announcement to $2.66 currently, despite no fundamental developments in the underlying value of the remaining pieces of the business.
In an effort to keep this summary brief, here is a high level summary of the divestiture activity which...
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