4rilla notes that the snowy sidewalks around the city-owned South Worcester Industrial Park are unshoveled. For 3 years now, Worcester’s been trying to give part of this site to PharmaSphere, who thus far hasn’t gotten their act together.
Worcester, MA Shovelgate Redux, by 4rilla on Flickr. Creative Commons Attribution, Noncommercial, Share Alike license.
Bill Randell, who’s been bird-dogging this thing like nobody else, notes that PharmaSphere’s parent company, Converted Organics, has a poor liquidity ratio compared to others in the “Fertilizers & Agricultural Chemicals” industry.
Converted Organics (COIN) ranks lowest with Current Ratio of 0.53; Potash (POT) ranks next with Current Ratio of 0.90; and Scotts Miracle-Gro (SMG) ranks next lowest with Current Ratio of 1.43.
Mike Piper’s Accounting Made Simple explains that “a company’s current ratio serves to provide an assessment of the company’s ability to pay off its current liabilities (liabilities due within a year or less) using its current assets (cash and assets likely to be converted to cash within a year or less).”
So COIN owes twice as much in the coming year as they have in assets.
If I understood any of this stuff I would try to figure out whether the owners of Converted Organics have made a profit or loss off of this thing in the last 3 years.