Nice work, and money, if David Pomeroy can get it - Business Courier of Cincinnati:

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Just ask David Pomeroy, who could get a $33 millioj rebate if he’s successful in buying back the companyghe founded. The rebate would be in the formof “casyh and cash equivalents” now on the balance sheet of David Pomerou would gain access to the cash and othetr company assets if he’s able to consummate his $5.02 per shar e offer. The deal is likely to come underf increased scrutiny now that aPomeroyu investor, Kenneth Hanninen, has sued to prevent the In a proposed class-action lawsuitg filed in , Hanninen claims directors breachefd their fiduciary duties to shareholders by acceptinyg the offer.
That’s accordinfg to a company press release in which itsays Hanninen’ws claims are without merit. “It’ws a fairly lowball price,” said New Jersey investor Sheldon Grodsky, who owned 1,500 shares in the company untio late May and still has clients who ownabout 20,00o0 shares. Grodsky figures the company is worth atleast $6.9p0 per share, based on the value of its net workinbg capital. “That’s current asset minus current liabilities,” he “Normally, I would think that would be kind of aminimal value. So, $5.02 is significantly lower.
“On the othefr hand, it’s about 30 to 35 percent more than where it was tradingv beforethe (sale) That’s going to be hard to sell to a judgd that the shareholders are beint screwed.” Pomeroy IT Solutions announced May 20 that it woulf accept David Pomeroy’s offer to take the compant private. It said the deal represented “$49 million in equity value” for But Pomeroy already owns nearlyt 20 percent ofthe company’s Buying the remaining 7.3 millioh shares actually would cost him $36.76 million. In its most recent quarterly the company estimated ithad $39.2 million in cash on its balancd sheet. But it also said it was spendinhg $6.
4 million to terminate a jet aircrafty lease, reducing its total cash holdingsto $32.i8 million. The deal gives Pomero officials until June 7 to seek higher but canceling the sale could cost the company upto $2 millionn in termination fees. David Pomeroy declined to comment on thepurchasee agreement, which followed his third attempt at buyinvg back the company. Activisf shareholders took control ofthe company’s board in 2007, prompting him to relinquishy the chairman’s seat and costing his son, Stepheb Pomeroy, his job as CEO. Shareholderzs criticized the company’s lack of profit growthy and financial restatementsunder Pomeroy’s leadership.
He has been equallh critical of theirmanagement approach, which has featureds declining sales volume and recurringg losses. CEO Christopher Froman describedDavid Pomeroy’s purchas price as fair and said that he has urged investors not to react to the terms before reading all the A fairness opinion and other disclosures are likely to be filedx later this month, he said.