SELL IPAS @ $1.64

Last quarterly earnings disappointed us. We expect our valuation to fall to about $2.70 next quarter based on their guidance. Not a screaming sell, but looks like dead money for a while.

We will take the $.55 in dividends (return of capital) and our 15% gain on this one.

We may be back some day, but not until their valuation starts to move in the right direction.


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