Posted 11/11/2013 20:40 (#3438740 - in reply to #3438703) Subject: Re: American Crystal trades at $1,350
Moorhead, MN
Hard to disagree with anything you said. I do believe there's $24 million of lease revenue from Pro Gold. I don't know anything about the quality/debt load/etc of the Pro Gold facility but there are a lot of people that will pay 10x for an income stream like that ($240 million of value for ACS' stake).
The really interesting development in all of this is ACS' legal team making a determination that shares have to stay with the current JV if the owners can't find a new JV partner for them. If I understand that correctly, the company is really bailing out its non-farming share owners at the expense of their farmer-owners' equity (via both the shares and their working capital).
Going to be a fruitful winter for Ag-focused attorneys in the RRV.
American Crystal trades at $1,350
