sanity check

To reinforce the key figures...

MMG has book value of $4.5 per share (including $1.56 in cash)

earnings of 17-25c per share

Also, has decent amount of ASSET LEVEL non-recourse debt and completely debt free at fund level

And despite this, the market is valuing the company at $1

Can anyone explain what risk the market is placing on MMG to price it so low? Surely, in a firesale all company assets could be sold off for $1 (nominal figure) and add this to cash backing.... total value per share $2.56

Comments?

IMO they should sell ACM