New Jersey Deli Owner’s Valuation Gets Flagged by Einhorn
Why would the owner of Your Hometown Deli, located in the southern New Jersey town of Paulsboro, rate a mention in a shareholder letter from David Einhorn’s Greenlight Capital LLC? “Someone pointed us” to it, the hedge-fund manager wrote in his first-quarter letter, released Thursday. The deli belongs to Hometown International Inc., whose stock trades over the counter. Fewer than 45,000 shares changed hands in the past 12 months, according to data compiled by Bloomberg. Last year’s sales were $13,975. Yet the company’s market value this year reached $113 million, as Einhorn noted in the letter. “The pastrami must be amazing,” he wrote.