Stanley Furniture (STLY) recently sold essentially all of its assets and changed its name to HG Holdings. The company has delisted from NASDAQ as it no longer has an active business and is now listed on the OTC markets. The short version of this article is that the company trades for just under the cash on its balance sheet and has other assets leaving a reasonable estimate of value at 50% above its current share price. There has been forced selling because the company has left the national exchange. There are a variety of investors who won't (or can't) own shares trading over the counter which has resulted in the price declining.
The company is relatively straightforward to value, now that the sale of their asset has gone through and they have released their 10-Q for the quarter after the sale. By far their biggest asset is $6.8 MM in cash.
The company kept a couple of other assets, including $0.6 MM of restricted cash. It is to be used for workers' compensation claims they also kept, so I will subtract it from the liabilities on the balance sheet and deduct the difference, which is $0.9 MM.
