Florida Gaming Corporation (OTCPK:FGMGQ) assets were auctioned for $155m. After repayment of $144.5m of net debt and liabilities, $10.5m is likely to be left for equity holders. These funds are due to be distributed to shareholders in company's liquidation.
With today's closing market cap of $3.5m, this represents a significant 200% upside for the equity holders.
Share price has been very volatile over the last couple of days, so limit orders are advised.
Background for the case
Florida Gaming Corporation owns jai-alai frontons (popular sport within Latin America and other countries with Hispanic heritage) with simulcasting operations in Miami and Ft. Pierce, Florida.
The Company's operations at these frontons include casino gaming, poker games, card rooms, live jai-alai...
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