Both of u guys did gr8 wrk to uncover this idea. Kudos… 
. Its rare to find a co. selling for less thn cash + investmnts in this roaring bull mkt. 1 more kicker here is the probabilty that majority of spin-offs outperform the mkt.
However, wat r ur views regrdng the customer concentration risk? 100% of revenues cm frm one customer. Wat r the plans, if any for customer diversification?