dsurf. good post and you are probably very accurate in your assessment.
Over the years i have become more very (call me cynical) of lack of true disclosure. When a company starts generalising about their position i begin to worry. What are they hiding/not telling the average investor. The mere fact they mention $30m cash or equivelant (what is the equivelant made up of) raises red flags.
On face value this stock looks a dead set bargin. Its only when you lok into it that there are concerns raised. It seems the further you dig, the more questions and copncerns are raised. Dsurf, you mention about their book value. is their business shrinking or growing. How much money do they have exposed to where. These are all pertainent questions.
For the sake of investors and a friend who invested heavily in this company i hope i am wrong.
Just my opinion of course all all investors should do their own research