FIGI was added to our list on 08/14 @.65 and the positive conference call helped move the stock higher even with cost savings pink sheet listing.
more importantly PlanMaestro posted a great write up yesterday “Fortress International Group: Fortitude Is a Virtue” .
my comments on the post were
“I was surprised to hear institutional analysts on the call from Morgan Stanley and Oppenheimer. Thought I was the only one building a position before the call the other day :)
Norman H. Pessin just increased his position to 929,284 based on the 13d filed on 04/04/10. As you know Paul Sonkin and Hummingbird have been holding tight as other value shops such as Pinnacle threw in the towel. Back in 07 the Baupost Group held a large position but they also sold out.
I’m optimistic based on the following
cleaner capital structure
3.5-4.00 million in the improved cash balance
reduced size of board from 9 to 6
reduced costs from pink sheet listing
Rubican sale and related obligations
recovery of 1 million dollars on previously written off bad debt,
management’s commitment to being cash flow positive for 2010
new large contract wins
these are a few of the reasons to be optimistic.”