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The Mystery of the $113 Millıon Deli
https://www.nytimes.com/2021/06/02/magazine/your-hometown-deli.html
Credit.Illustration by Kelsey Dake
The Mystery of the $113 Millıon Deli
It made headlines around the world: a New Jersey sandwich shop with a soaring stock price. Was it just speculation, or something stranger?
Credit.Illustration by Kelsey Dake
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In a letter
to his investors this April, David Einhorn, founder of the hedge fund Greenlight Capital and a well-known short-seller, complained that the stock market was in a state of âquasi anarchy.â As one piece of evidence, he pointed to Elon Musk, whose commentary on Twitter, Einhorn said, amounted to market manipulation. âThe laws donât apply to him, and he can do whatever he wants,â Einhorn noted. As another example, he cited a restaurant in rural New Jersey called Your Hometown
That compared to expenses of $172,000 for consulting fees, professional fees and administrative costs.
The firm, which raised $2.5 million through a private stock sale in April 2020, ended the quarter with cash of $1.1 million.
Hometown, a publicly held firm, repeated its intention to engage in a business combination with a private entity whose business presents an opportunity for our shareholders.
Hometown said it has no particular business combination in mind and has not entered into any negotiations regarding such a combination.
The report also noted Hometown, with first-quarter sales of about $5,300, has recently ended two consulting agreements that had cost $40,000 per month.
In its SEC filing Friday, Hometown said it disavows the price of its publicly quoted stock on the over-the-counter markets.
Paul Morina, Hometown s president and CEO, could not be reached for comment on the SEC filing. He is also Paulsboro High School s principal and the coach of its wrestling team.
The value of the company s stock has ranged from $5.75 to $15.75 per share over the past 52 weeks. It had a range of about $13.37 to $13.43 per share Monday.
In its filing, Hometown noted its Mantua Avenue deli does not generate significant revenues. The hoagie shop had sales of about $14,000 in 2020, when revenues were reduced by COVID-19 restrictions.
A curious case of ‘$ 100 million in delicatessens’ and part-time universities
Duke and Vanderbilt University, some of the most prestigious study seats in the U.S., are among the largest shareholders in the company, which has a single sandwich shop in New Jersey and a $ 100 million stock market valuation, despite only $ 13,976 in recent sales. year.
The curiosity of Paulsboro, a town of a dust refinery on the banks of the Delaware River, is well-known on Wall Street, when Hometown International was named by hedge fund manager David Einhorn as an example of “near-anarchy”. take on financial markets.
“The pastrami must be amazing,” Einhorn said joking in a letter sent to investors a fortnight ago, citing a nine-figure assessment of Hometown as an example of how toothless financial regulators allowed destructive frantic feeding. “Small investors who are absorbed in these situations,” he wrote, “are likely to be affected.”