Zabera Demonstrates Uncertainty in Small-Micro Cap Risk Arbitrage [View article]
Jae - you should have read why they are not delisting - first an unsolicited offer was made at $5.50, which was rebuffed and then this last announcement reference looking at other strategic options (read takeover?). The shares have popped 25%. A takeover is just as good an arbitrage exit ...
hmm, isn't the real trouble that it is hard (nigh impossible) to predict the future. btw, your adjusted formula doesn't take into account the cost of the new stores built in 01, but does include their future cash flow - all in hindsight of course.
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