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Whilst net-nets have all but dried up on the major U.S. markets they can still be found in the land of forgotten stocks, namely the OTC markets. This is the first in a number of net-nets I've recently uncovered which I'll be writing up as time permits.
Impreso Inc (ZCOM) is a pink-sheet which is classed by the OTC markets website as Dark or Defunct, my kind of stock!
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Today's stock is another pink sheet from the Walker's Manual of Unlisted Stocks (2002-2003 6th Edition).
First things first, Mortgage Oil Corp (MGAG) isn't an oil company, it's a real estate investment company with some cash and investments on its balance sheet. Walker's informs us that the firm was spun off in the liquidations of Mortgage Guarantee Company and Mortgage Service Co. in 1946 and 1949 respectively. The mineral, oil and gas rights that the firm once possessed were distributed out to shareholders as dividends in 2005. Since 1991 the company has been primarily engaged in investing in Real Estate Limited Partnerships and LLC's. How exciting I hear you say!, bear with me as it gets interesting. Howdy folks,
I recently acquired some old Walker's Manuals of Stocks including the 6th edition 2002-2003 Walker's Manual of Unlisted Stocks (These books tend to trade at prices no self respecting value investor would pay but occasionally you can find them selling at reasonable prices. I recommend periodically scouring Amazon, Alibris and Abebooks to see if any cheap copies come up for sale). Whilst leafing through the 6th edition Manual of Unlisted Stocks I came across a number of interesting royalty trusts including Trinity Petroleum Trust (TTYP) |
David J. FloodUK based Value Investor. Archives
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