Adam Peithman

Annual rerport for $AMTY came in. $2.5M in cash now vs $1.9M market cap. Adj. NCAV (excl. both sides of the operating lease) grew to $3.2M. $AMTY is less profitable (NI=$96k), but real Q is can it avoid losses in future. Prob wouldn't invest personally but fun to think about.

Probably not worth your time if you’ve got loads of money, but there’s an interesting little odd-lot arb in Arbutus $ABUS. Dutch tender at $5.00–$5.75. Stock trades at ~$5.00. Put up $495 and make anywhere from $0 to $74 depending on where it clears. Closes September 29.

$VASO is up ~75% since we first covered it in December. Yet after selling off its IT business, it looks even more interesting today. Nearly 92% of the market cap is backed by cash, and the stock trades at just 1.3x EV/EBIT. Free write-up below:

ERKH and the bank. But ERKH says there is no binding agreement yet. The 2023 transaction valued ERKH at ~1.08x TBV, and I think a new deal could be somewhere around that level. Even at a conservative 1x TBV, we get ~20% upside. Disclosure: I own shares.

Long story short this deal fell through by mid-2025 bc the buyer couldn't raise capital. Today, less than a year later, and another potential buyer has appeared. A recent PR showed that a company called Brightside Financial filed with the Fed to acquire... 3/x

The bank is ridiculously overcapitalized with a 41% Tier 1 risk-based cap ratio. Business slightly unprofitable, so BV is slowly eroding, but it's clear mgmt is trying to sell it. In 2023 they agreed to a deal in which shareholders would've received $20-$22 per share. 2/x

Found an interesting special situation. $ERKH Eureka Homestead Bancorp is a small thrift in Louisiana that converted from mutual ownership in 2019. Today it trades at about 0.8x book ($14.70 vs ~$17.90 BV)... 1/x

Sometimes a stock's past performance doesn’t matter. If you're searching for ideas using screeners, then you will miss many of today’s developments. I don’t think there’s any shortcut to digging through the filings.

But who knows if anything will happen. The operating business loses money, even though the business technically turns a profit due to investments. I want to like it more than I do. The telecom business is obviously not worth nothing. But the stock has been flat for years.

Since the spin off from $LICT, they've bought back ~60% of shares originally issued. In 2025 they bought back ~9%. And they're purchasing them at what the share price is today, $1,700. There's been some M&A talk, too (see below).

$CIBY is a strange Gabelli-controlled OTC asset play. It has a market cap of $18.5 million, and NCAV is almost $19 million, mostly cash, T-bills, and liquid investments. You're paying almost nothing for its telecom business, and they've been aggressively shrinking share count.

They do have a SBC that dilutes at 2-3% per year which is annoying but nothing too egregious. Interesting little opportunity. (5/5)

Before 2016, they were losing money consistently though. Who knows how the business fares in the future. But it’s cheap on assets too. If you adjust for the ROU lease asset/operating lease liability then it’s trading around 85% of NCAV. Again, this doesn’t seem right. (4/5)

Net income was ~$250,000 in 2025 and ~$650,000 in 2024 (fiscal years end June 30th). If they get anywhere close to that in 2026 and beyond then the stock is absurdly cheap, 1x EV/E. The current price doesn’t seem right to me. (3/5)

The business is nothing extraordinary. They make tires for many different kinds of applications, especially ones that don’t get flat. They’re all American made. (2/5)