How can a business be valued at its net current receivables? Right or wrong, a business offered with a price tag of $580 million now comes to market at $220 million? The main question is, what would you pay for an enterprise that carries (high certainty) receivables $229m and generates negative free cashflow for next two years while carrying property (net) & intangibles worth $100m and a cash register that already pays off all the debts? Off course if I get my money (receivables) back, then I’m buying the entire future free cashflow generating capabilities of the enterprise for free. With current lowest (self calculations) margin of safety around $3, I feel the herd has sold too much too soon and will continue to do so in near future. Timing the purchases can be an issue, however since the lemmings are fast headed the other way, this gives for an outstanding buying opportunity.