patientlywaiting, I think your instincts are on target.
I know a guy in a very similar business as The Person Whose Name Shall Not Be Uttered (“TPWNSNBU”) and his company (the guy’s) is absolutely sucking wind. They might shut down this year. And they’ve been in the business for over 20 years.
Also, it appears that TPWNSNBU was a partner with a group of investors that purchased the company (the “Company”) from its previous owners in late 2004. (There doesn’t appear to be any high and mighty private equity firm behind the Company – probably just a group of normal investors.) Now, where do you think valuations for mortgage-related companies were in late-2004? Yup, pretty high. Now, how does business compare today with late-2004 for most of these companies? Yup, pretty shitty. Now, what are valuations like today for such mortgage-related companies? Yup, pretty shitty. You see where I’m going with this?
