The shell company Europa Acquisition I Inc. was one of eight shell entities set up in 2010 by Peter Reichard and Peter Coker Sr., the North Carolina-based investors in deli owner Hometown International.
After Reichard and Coker sold them, most of those shell companies including the one later purchased by Trump s former real estate tax lawyer Allan Schwartz ended up having their registrations revoked by the Securities and Exchange Commission for failing to keep current in their disclosure filings, records show.
Your Hometown Deli in Paulsboro, N.J., is no mere neighborhood delicatessen. Despite racking up less than $40,000 in sales over the past two years, the deli s parent company has a $100 million valuation on the over-the-counter stock market.
Beware of Arguments via Outliers April 22, 2021 9:00am by Barry Ritholtz
$100 Million New Jersey Deli Is Representative of Nothing
The nature of “bulletin board” stocks is that they often trade far above fair value no matter what part of the market cycle we’re in, not because of broad excesses.
Bloomberg, April 20, 2021
By now, you surely have heard about the small deli in New Jersey that happens to be a publicly traded company with a market value of about $100 million. The resulting commentary has focused on how this is a sign of out-of-control markets that, as hedge fund manager David Einhorn of Greenlight Capital wrote in a letter to clients, is “fractured and possibly in the process of breaking completely.”
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Coker s Hong Kong-based son, Peter Coker Jr., is chairman of Hometown International, whose Your Hometown Deli in Paulsboro, New Jersey, had sales of only about $35,000 in the past two years combined.
Despite those meager sales, Hometown International had nearly 8 million common shares of stock outstanding. On Monday, shares of the company rose 0.15% to $13.01. Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey . HWIN reached a market cap of $113 million on February 8, Einhorn wrote in Thursday s letter. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing.