I previously mentioned how UE's management doomed all its shareholder. It turn out to be right as UE now trades way below $2.00 and has fallen 50% off its highs.

The big question now, after all this heavy selling down is UE worth buying?

Its current NAV per share is about $2.75 and the recent rights issue price of $1.50 forms a very strong support level.

I think that any purchase at $1.50 or lower would be a good deal as you are getting in at almost half the asset value only. By paying a price lower than the initial rights taker, it does give comfort and more margin of safety.

I do feel that management is corrupted and does not serve in good faith to its shareholders, therefore its not a stock to be held for long term. A short term trade at $1.50 ......