Float of about 1.6 million shares

As I recall from when I use to follow the stock more; MAHI had outstanding 1.6 million shares with about 30% held by insiders, the Dotts.

I do not think that number has changed in decades and goes back to the late 1980s and maybe even earlier.

Louis J. Desy Jr.

Clean shell

While it IS possible for this company to be sold as a clean shell, I do not think that is going to happen.

While people can look up more of the history of the company, here is a short summary of what I remember:

1: Company, Monarch Services, was a publishing company in the 1960s and a little earlier.

2: Company had a customer, Avalon Hill, that used it to print its boardgames, commonly known as wargames. Avalon Hill was run by a guy named Charles Roberts.

3: Avalon Hill ran into financial trouble and was unable to pay Monarch Services, so Monarch services took over Avalon Hill for the money owed. This was pre 1970.

4: Boardgames and wargames started to grow in popularity in the 1970s and 1980s. With that a large part of Monarch Services business became printing games for its Avalon Hill Division. Many games did very well and sold in excess of 100,000 copies.

5: At the height of wargamming it was estimated that 1% of the population had played a wargame. Of that amount the split seemed to be about 99% men and 1% women. The thinking on that split is that the games appealed to people who had an interest in politics, history and economics. There was also a heavy presence from various professions like computer science, e3nginering and government or military professionals.

6: Wargames and Board games declined in the 1990s and 2000s due to the rise of role playing games, computer games and the internet.

7: During the 1970s and 1980s the company did well, and I think, even at one point paid a dividend for several years.

8: In the 1990s the company started to have problems as computer games gained market share. While the company had several computer game programs that were very good, it was not enough to offset the decline in overall game sales. The company did try some games aimed at the popular market but those only had limited success and were not enough to offset the losses in other areas.

In the good times the decision on a print run for a game was if they should do a run of 5,000 copies or 10,000 copies. In later years, late 1990s, according to what I could tell, no wargame company was doing print runs of more than 3,000 copies and even those were taking time to sell out. There are even some reports of some companies in the 2000s doing wargame print runs of as little as 250 copies of a game.

9: The company also tried to expand into other areas. They had a Boys Life magazine, I think also published Girls Life, a Tobacco shop, a line of plush toys for infants; but none of these areas worked. At best the efforts broke even and at worst added to the losses.

10: In 1998, without any warning, the company sold off its entire game line and IP to Hasboro for something like $8 million around August 1998. The flagship magazine, The General, stopped publication. While Monarch Avalon still existed, it now was nothing but a shell with a pile of cash and no debt.

11: Shareholders expected and hopped for a distribution of the profits from the sales of Avalon Hill and its IP, but management decided instead to try a few more business lines. The company bought 18 acres in a county near Baltimore to run catered events, like birthday parties and weddings. As it turned out, there was not really enough demand and the company lost money every quarter.

12: Around this time, 2000 or 2003 or so, and for a few years, there was a proxy fight with a guy named A J Sutton. He and a few other shareholders tried to get the company to pay out some/most of the cash instead of losing money on trying a new business. They were not able to win because the officers had 30% of the shares and able to retain control.

13: Finally, the company and officers decided to pay a liquidating dividend of $0.62 per share. That took place on March 2, 2010.
https://www.sec.gov/Archives/edgar/data/202685/000020268510000002/aoy.txt

The company also filed to de register and stop filing reports with the SEC.

At that point I thought the company was dead, but its corporate charter was kept going. But in 2016 it was admin dissolved so it looks like the company was finally gone BUT with the company filing to revive the corporate charter yesterday, the company is in existence but it looks like there are no operations and no assets.

While the company is a 'clean shell' it looks like there is no interest of them wanting to sell it to anyone. While in theory someone could buy a majority of the shares and force that, that would probably take a lot of time and money to do. So I can't see that would be worth it, plus even if it worked it could take years to do.

Louis J. Desy Jr.

Glad to hear sir, sounds like this is a clean shell! This is my opinion and pure speculation at this point, but it is possible the son has sold the shell to a company who wants to go public. Clean shells are worth quite a bit of coin, as they provide a vehicle for a private entity to go public without doing a traditional IPO.

If this is the case here and the share structure remains the same as back then, we should be in for one hell of a ride up! Time will tell.

Float for MAHI

1: AS I recall from the past years, and I have followed MAHI since the 1980s, is the company had 1.6 million shares outstanding with 30% held by the founder and his son. The father, Eric Dott, passed away in 2016 so I am going to guess that all of the 30% shares with officers are held by the son now.

2: While it does look like the company filed for reinstatement, I do not think anything else will be going on. I also notice that the company stopped filing annual reports and then did an administrative dissolve around the same time as Eric Dott passed away (at age 89) so I am going to guess there was some 'disruption' with filing the annual report while the estate was being settled.

3: While the company charter does appear to be properly filed now and annual reports being brought current, I do not think there are any assets or operations anymore and am not even sure why the stock still trades.


Louis J. Desy Jr.

DEF NOT ALOT

Not sure but 140k shares moved it up from just under .05 to .14 and back down to .08 within the last 20 mins of trading. I’m guessing there aren’t many shares in play here!

My goodness .... nice one here!

FILING WAS 338PM WHO FOUND THIS SO QUICK EOD ?? NICE JOB .. IM A BUYER IN AM LUV THE SS
MONARCH SERVICES, INC.: D05982202
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ARTICLES OF REVIVAL (STOCK)
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CERTIFICATE OF CORRECTION 12/28/2000 12:12:00 PM B00210 0649 4
ARTICLES SUPPLEMENTARY 12/21/2000 11:58:00 AM B00208 0935 3
3-113 AND 3-117 SUPPLEMENTAL FILINGS 12/18/2000 2:06:00 PM B00207 0817 10
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ANYONE HAVE A GUESS ON A POSSIBLE FLOAT ????

Seems strange

Seems strange that anyone would file to revive the company. I am not even sure the Dotts (father and son who where officers of the company and owned about 30% of the shares) are still around or not anymore. I talked with the son a few times back in 2007 when they still owned the 18 acres but didn't see what could be done with it except maybe selling it off as three house lots. As it turned out, the land eventually was sold to the county for about $500K and then later the company paid a liquidating dividend.

Louis J. Desy Jr.

Was just thinking the same

$MAHI

Market cap so cheap as long as the share structure remains intact. Should be an exciting day here tomorrow!

Cheers!

$MAHI

Yupp revival just filed in MD. Here’s the link


https://egov.maryland.gov/BusinessExpress/EntitySearch/BusinessInformation/D05982202

.10 hitting ..looks like a reinstatement

$MAHI

Took a starter?

The company has been gone for about a decade now. Even the corporate charter was dissolved after the company paid out a liquidating dividend in the 2000s.

Why would you 'take a starter' in a company that is gone?

Louis J. Desy Jr.

Took a starter.

$MAHI

Administrative dissolution

I took a closer look, and it looks like the corporate charter was dissolved years ago for not filing property tax reports. i.e. It was dissolved as an administrative dissolution as far as I can tell.

Louis J. Desy Jr.

Why still listed?

Anyone have any idea why the company is still listed? Is someone planning on doing anything with the company at some point?


Louis J. Desy Jr.

Any news from the company?

Anything going on?

For some reason, the company still keeps it corporate charter current.

Louis J. Desy Jr.

High and low over past year

It looks like the stock has ranged from $0.0008 to $0.04 but no idea why or what is going on.

Since the company filed to delist years ago, there are no more reports being filed, and the last SEC reports filed seemed to indicate that all of the money, except a small amount to 'wind down' was paid out as a special liquidating dividend.

The company still files the annual reports with the state of MD corporations division, but it is not clear why the bother since there are little assets and no operations.

Louis J. Desy Jr.

Anyone here still holding MAHI shares?

It looks like the corporate charter is still active and being filed each year.

Louis J. Desy Jr.