As of December 31, 2009 the KSIN Notes were in default and consequently interest was payable at the rate of 12%. In May 2010 KSIN cured the outstanding default and the interest rate of the Notes reverted to 10%. At the same time, in consideration for an increase in the interest rate on the KSIN Notes from 10% to 11%, effective October 2010, and from 11.0% to 12.0%, effective October 2011, with a minimum interest payment in cash of at least 7% of the outstanding principal, ReHo agreed to an extension of the maturity of the KSIN Notes to February 2014 from September 2010 and September 2011.
Adding up all the different parts gives us a value of $222.35m Singer Asia alone is worth $177m Add in the cash and notes $44m Shares outstanding =5.2m Current Value/Shr. =$42.75 Without Notes : $37.38
Liquidity Holding Period Taxes Insider Holdings (CEO ~20%) Notes…..when and if Exchange Rates Continued Buybacks USE LIMIT ORDERS Pays dividends once a year Hold in a Roth IRA