if i was peter puccetti, here is what i would do. 1) get control of DSM. 2) DSM offers to buy out LFD in a share exchange transaction. shareholders of LFD would get 45M shares of DSM in exchange for 182M shares in Longford. This would value DSM at $46M book value and LFD at $$27M book value. After the completion of the merged company, DSM would have 120M shares outstanding and a NAV of $73M ($46M ree and $27M cash) and a stock price of about $.84. 3) Concurrent with this, I would do a 4:1 rollback, so the book value was about $3.35 per share and there were about 40M shares outstanding. 4) Then I would do a stock raise, doing a private placement of about 20M shares at about $3.50 and raise about $70M of fresh cash. Combine this with longfords and dachas prior cash, the treasury would have about $100M of cash and about $50M or ree (im rounding here), and 60 million shares outstanding and a stock price of about $3.50 per share 5) Then I would ramp up the business of being a medals trading company.................and make big money for shareholders.
all speculation and guess work on my part!