FTAR -- Selleing HQ

It looks like FTAR has put its headquarters up for sale accoriding to a link on Google Finance. I missed this as I almost never use Google Finance.

This story was not reflected on my Reuters station and I am almost certain not reflected by Bloomberg but will have to double check on Tuesday. I just searched the 10Q reported 1 day before this story ran and can find no mention of this. Checked all the 8-ks since the begining of the year, nothing. This seems rather odd and leads me to the following thoughts.........

If the good people at globest.com report that FTAR is selling their HQ and no one hears it, did it really happen? http://www.globest.com/news/903_903/newjersey/160542-1.html

More importantly, the sale of the headquarters will provide 2 key data points that are going to shed substantially more light on my bullish thesis for FTAR. First, I used $16.5M for the value of this building in my liquidation value analysis which translates to $0.80 per share. They may sell it for more or less than I estimate but it will make at least one uncertainty certain.

Second, the terms of the sale will be a huge clue as to what is likely to happen with the K-Mart option. If its a sale leaseback agreement with a long duration I think this is a big clue that there maybe an agreement coming down the pipe. If this is an outright sale with FTAR moving out in late 2008 or early 2009 than I think the K-Mart option goes to way way way way out of the money (from the current level of way way out of the money).

* DISCLOSURE: I or accounts I manage are long FTAR.OB. This is not a recommendation to buy or sell any security. For informational and educational purposes only.