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TOPIC: Irns

Irns 14 years 4 months ago #848

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[Update on IRNS & SALN]
Since 12/31/04

SALN up from .11 to .57, up 418%
IRNS up from .65 to 2.30, up 253%
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Irns 14 years 4 months ago #837

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[Info on IRNS...]
Big names are involved in IRNS and SALN, but they don't appear to be very active in getting a reverse merger for IRNS. I have owned both IRNS and SALN in the past. They have used cash in IRNS from previous investments to buy out shareholders. The Hambrecht family is involved in both IRNS and SALN. Also ... JOHN WARNOCK, CEO of Adobe Systems, is a large investor in SALN. JANN WENNER, founder or Rolling Stone Magazine, is a director in SALN.
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Irns 14 years 4 months ago #835

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[Irns]
I would appreciate thoughts and views about IRNS.

I have acquired a little bit of this stock for the following reasons:

1. I see that Robert Hambrecht and William Hambrecht are directors. I assume these guys see decent deal flow, and should have ample opportunities to find attractive investments for this shell.

2. Although the company has virtually no cash, it does own 13.78% of Salon, which is public trading under the symbol SALN. Today, SALN is trading with a bid of .13. Those securities would be worth a little over $2 million if they could be sold at the bid. While there should be some discount for the illiquidity of the position, there is some value there under any scenario. The total market cap of IRNS is a little over $500K at the ask price. From a valuation standpoint, the Salon stock has some value. Even if you give it a 50% illiquidity discount it is worth $1 million. Also, like all shells, this shell has some value. The cheapest shell on the profile list is about $200K. So from a valuation perspective, I like this stock.

To me, the main weakness of the stock is the flip side of the strength I identified in point one. While the Hambrechts should have good deal flow, they also have a lot of other and better places to make money. This company is far from their top priority, so they probably don't care much if a deal doesn't close in the next twelve months.

I would appreciate thoughts from others.
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