Wednesday, March 28, 2007

Biloxi Marsh Land Company (BLMC)

This is a very interesting company. It trades on the pink sheets under the symbol BLMC. Biloxi Marsh Lands Corporation was founded during the 1930s to acquire and own approximately 90,000 acres of wetlands in St. Bernard Parish, Louisiana.

The land they own is not buildable since it is essentially marshland, but the value in the company is the minerals (natural gas) that lie under its land. It has formed a subsidiary to partner with some operators to start development of this mineral potential. The company has no debt on its books and paid out a nearly 10% dividend last year.

I am attending a conference in New Orleans next week and I have been trying to arrange a meeting with the President but so far they have been a little squirrely about the entire thing. Hopefully, some things will come through in the next few days and I will have a meeting with management and post what I learned.

1 comment:

Markopolis said...

I like the blog. I'm influenced by contrarian and value principles as well. I just wrote a little on PE on my blog to.