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Here’s the press release.

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  1. from 20 minutes reasing the LMI S-1, here’s what I see…

    -There’s a $65m loss that won’t be treated as a NOL due to IRS regs.

    -Consolidated revs of $8m (most of that through their acquired companies) in 2005 with a loss of $19m.

    -Small # customers, disproportionate share of revs tied to a handful. Contracts can be nullified with 60 days’ notice by either party.

    – 1/3 to 1/2 of the proceeds will be used to retire debt. This gives LMI enough cash for 12 months of operations

    – One director has a $18k/month (no typo) car service expense.

    – CEO’s base is $270k

    People, this isn’t 1998! Massive SG&A expenditures, unreasonable expenses, no earnings with high exec salaries don’t send a good message…What am I missing? Wouldn’t buy this with a 10’ poll!

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