Concord Camera (LENS) has sold off dramatically in the past few weeks on no news and relatively unextraordinary volume. The company still represents my largest holding, and I’m preparing to double down and load up more on the heels of this unjustified further mispricing. In short, I find the shares to be highly undervalued, and if only management were to return the hoards of cash to shareholders, LENS could easily be worth $8-9 per share in a pretty short period of time. Yes — that cash return catalyst is an apparent long shot, yet I still think the margin of safety is more than sufficient to offset the risk of continued thumb-sucking on the part of management.

That said, I will assert that I think it’s time for a change in the approach to running this company. There is simply no excuse for the struggling stock price given its significantly higher intrinsic value and the hard underlying asset values. I’d encourage shareholders (including CEO Ira Lampert, other company executives, and MT Trading) to seriously consider strategic financial alternatives and responsible uses of cash in order to unlock value.

There are tons of options: A special cash dividend, share repurchase, sale of the company, asset sale, or (in all its unlikelihood) a liquidation. While the company may realize cost savings through layoffs, new revenue streams through other product sales, e.g. OnGuard, and perhaps the exit from the business of major competitors, I am utterly unconvinced that any of these will happen with any significant likelihood and I am underwhelmed by the long-term viability of the single-use camera business. I find it within the fiduciary responsibility of executives to work to unlock the obvious but for some reason dormant, value here.