Here's my take, fwiw ...

LGDI owns about 50% of NAD AU, worth about $14mm, 25% of GORV, worth about $1mm, and 18% of ACA CN, worth about $1mm, for a total of $16mm in equity stakes of other companies. This compares to a total market cap for LGDI of $22.6mm (226mm shares outstanding). Clearly the company is at risk of bankruptcy, or at least a severe dilution of equity holders, but I imagine their phosphate assets are worth quite a lot to some buyer, and the company supposedly has little debt. Cash has fallen from 25mm a year ago to 18mm on 3/31 to 11mm on 6/30 to 4mm on 9/30, so clearly they are running out of time and liquidity. They need a big investor to bail them out. According to their Q3 (Sep 30) 10-Q, the company has 56mm of assets (net of 4mm cash) vs 7mm of liabilities:

www.sec.gov/Archives/edgar/data/1132143/000115752311006627/a50057405.htm#item1

Attara has apparently liquidated its 31mm shares (15% of the company) … the hedge fund is closing down at the end of the year due to poor performance and mass redemptions. Perhaps that has exacerbated the selloff in LGDI, who knows.

I just bot 85k shares at 10 cents, what the heck. Doubling down. Probably throwing good money after bad, but there is some option value there I suppose (hope).