Viskase Holdings, Inc.

Food-casings/holding company with a net loss and negative equity; unusual balance-sheet structure.

Strengths

• Very high reported liquidity — current ratio 58.6 (99th) — cash/holding structure

Risks

• Net loss — ROA -8%
• Negative equity — ROE 135% is an artifact
• Opaque holding structure lowers confidence — per 10-K

Notable findings

• Restatement, although pursuant to the rules of the OTCQB, Enzon is required to re-apply to the OTCQB following such change of control transaction The Merger Agreement and the transactions contemplated thereby, 8-K ↗
• Exec changeRecent 8-K item 5.02 8-K ↗
• Auditor changeRecent 8-K item 4.01 8-K ↗
• Chronic dilutionShare count +10%/yr over 4y (dilution, book value/share -136%)
• Pending mergerAs noted above, we have entered into the Merger Agreement with Viskase and our stockholders have approved the Reverse Stock Split Proposal and the Merger Proposal