I had noticed that Mr. Bershad had made substantial recent purchases, but since I had purchased GSIG as a net net stock, and it turns out it is not, my reason for holding GSIG was gone. I did not mean to imply there aren’t other reasons to invest in this company. For me it just started to feel too speculative and not classically a value investment. YMMV.

You are correct regarding those issues. One point I make is that I do not believe what the company releases. It has had a lot of accountability issues and it certainly has a credibility program, at least with me. But Mr. Stephen Bershad, CEO of Axsys Technologies, has had multiple conversations with GSIG’s management and has had an inside look at the company’ books during these meetings. The reason that he purchased over 3 millions shares of GSIG after these meetings is what makes GSIG promising.

GSIG initially looked like a good Net Net stock. I purchased a small position thinking that worse case the accounting problems would result in a 50% restatement. I was wrong. I discovered that GSIG made an Acquisition that they owe over $200 million on. At 11%. I sold my position at a loss, accepting that I had made a mistake. I have included a link to a discussion of the GSIG issues. Good luck!

http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_G/threadview?m=te&bn=22905&tid=2015&mid=2015&tof=2&frt=2#2015

The preliminarey proxy (14A) the comapny filed regarding the liquidation of assets indicates that the company will try to have the payments made by the end of this year. However, it really depends on market conditions (finding willing buyers, etc.) Specifically the proxy states:

We currently estimate that, if we are able to dispose of substantially all of our non-cash assets, the aggregate amount of all liquidating distributions that we intend to pay to TSC stockholders will be in the range of $2.39 to $2.69 per share of TSC common stock. We currently anticipate that the majority of the remaining proceeds from the liquidation would be distributed by the end of 2009, and that any additional proceeds would be distributed by way of a final liquidating distribution, either from the Company or the Liquidating Trust, within three years after the approval of the Plan of Dissolution.