A Second Chance Special Situation

Liquidating a 115 Year Old Legend

Last year I had invested in a small company that operated out of Oklahoma whose real estate value was worth way more than the company’s market cap. This isn’t uncommon for a lot of these tiny companies but this company was different. Their business was a relic of an American past that no longer exists. While the company has been ran by the same family for 115 years that family sees that the writing on the wall. Their business has slowly become harder and harder to run in the modern world. The silver lining is that this business owns over 100 acres of prime real estate along the Oklahoma River that it is looking to sell.

The company listed the property for $27 million earlier this year and on April 21st, the company announced they had a buyer and that the sale should close sometime in the fourth quarter of 2025. The company’s stock price went from $325 from the time I had first covered it all the way up to $455 per share after the announcement of this sale. I sold my shares on this share price pop but recently looked back over the company and read something interesting. The company’s sale of their property did not come to fruition and now the company is looking for another potential buyer. This has sent the stock price plunging all the way back down to the $365 per share.