In December of 2013, the world’s biggest stone manufacturer, Mistys Stone, filed for bankruptcy.
Mistys Stone had been in a tight spot for years, with the price of its stone falling, and the company was facing a debt load of up to $150 million.
The company had a deal with a local company that had made the stones for other companies, but the company found itself out of business, and it wasn’t going to make any more money by selling to a new buyer.
It was just too expensive, said the company’s founder and chief executive officer, Yael Shtadman.
After years of negotiations with the new buyer, Mistytys Stone went public in April of 2014, and its stock is trading on the New York Stock Exchange at $37.60 per share.
Its shares trade on the London Stock Exchange and have surged since then, rising to nearly $60 a share.
The Stone Mountain location of Mistys was sold to a group of investors led by New York hedge fund manager, John Cramer.
That group bought Mistys from the original Stone Mountain owners in October of 2014 and put it into liquidation.
In August of 2017, the Stone Mountain property was sold again for $6 million to a private equity firm.
There is still some doubt as to whether the Stone Mountains property will be sold again.
But the company is looking to sell another location, which it says is a natural asset, and is considering buying another site in Canada, as well as other sites.
So why buy the Stone mountains stone?
The problem is, they have a very low price to sell at, said Shtada.
“If you’re going to invest in a business, you have to think about the long-term benefit of your investment,” said Shgadsky.
“It’s a lot of money.
And that’s the problem for the investors.
It’s not worth it.”