We recently were the bearers of bad news to a bank client’s board of directors. We had to tell them that their stock, determined on a minority, nonmarketable basis, was not worth 160% of book value— the price at which they had been redeeming stock. “How,” they asked, “could our value decrease when we are still profitable and our book value has gone up?”
Length: 1 pages (PDF 50 kB)
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